The Real Deal New York

  • From the archives: The Closing with Sam Chang

    A look back at 2008 interview with the Great Neck-based hotel developer
    August 26, 2016 05:40PM By Lauren Elkies Schram

    Sam Chang (credit: STUDIO SCRIVO)

    How have you been able to be successful?
    I don’t think I am successful yet. My dream is to be a billionaire.

    What is your favorite hotel?
    InterContinental Hotel Hong Kong.

    Is it yours?
    I wish!

    What’s one thing people don’t know about you?
    People who don’t know me think that I’m a real tough guy. But I’m a very easy person to get along with. I have all different kinds of friends. If you’re a janitor, you can be my friend, all the way up to Donald Trump, who’s my friend.

    Read the full installment of the Closing from the July 2008 issue here.

  • Developer sues New York state over Sunset Park land

    W601 Companies bought industrial lot for $92M with partner in 2013
    August 26, 2016 04:27PM By Konrad Putzier
    Sunset Industrial Park at 75 20th Street in Brooklyn

    Sunset Industrial Park at 75 20th Street in Brooklyn

    Developer W601 Companies is suing New York state to take control of a sliver of land at its Sunset Park industrial site.

    Mark Karasick’s development firm bought the 690,000-square-foot industrial lot at 75 20th Street for $91.5 million in 2013 in partnership with Michael Silberberg’s Berkley Properties. [more]

  • LeFrak plans 260-unit mixed-use development in LA

    New York developer bought the Art Deco property for $6M in 2007
    August 26, 2016 03:40PM By Cathaleen Chen
    LeFrak CEO Richard LeFrak and the site at 6436 West Hollywood Boulevard

    LeFrak CEO Richard LeFrak and the site at 6436 West Hollywood Boulevard

    From the Los Angeles website New York developer Richard LeFrak is expanding his footprint in Los Angeles with a new mixed-use project.

    LeFrak has submitted plans for a 278,892-square-foot mixed-use complex with 260 residential units and 17,800 square feet of commercial space, according to city planning documents. [more]

  • TRD’s “The Closing” book available for purchase, download

    Candid conversations with moguls, starchitects and a host of other industry heavyweights
    August 26, 2016 03:10PM


    “The Closing” book features 100 candid interviews with industry heavyweights, who share the good, the bad and the ugly they faced while climbing to the top, and for some, falling from grace. The collection is drawn from nearly a decade of The Real Deal’s back-page interview, The Closing, one of the most popular features with readers since the magazine’s inception.

    In no-holds-barred conversations, we learn about the tough times and the triumphs of luminaries like Charles Kushner, who spent his time in prison mentoring younger inmates; and Stephen Ross, who spent as much time as a school boy in the principal’s office as he does now in boardrooms.

    The book is a must-read for anyone fascinated by these very human stories of the grit and determination it took to conquer the world of New York City real estate. It is available for purchase here, or can be downloaded through The Real Deal‘s app on iTunes and Google Play.

    The book is also available on Amazon and Shopify.

  • Inside TheRealDeal
  • Labor board deems parts of WeWork’s employee handbook “unlawful”

    Workers told an action may be inappropriate “if it made headlines in news outlets"
    August 26, 2016 02:40PM By Konrad Putzier
    WeWork space in Brooklyn Heights (credit: WeWork) and Adam Neumann

    WeWork space in Brooklyn Heights (credit: WeWork) and Adam Neumann

    UPDATED, Aug. 26, 4:23 p.m.: The National Labor Relations Board has found sections of WeWork’s employee handbook to be unlawful, according to a source familiar with the decision, but has not filed a complaint with an administrative law judge (yet). [more]

  • Jeff Sutton secures $195M to refi 529 Broadway

    Loan from UBS, Morgan Stanley replaces previous Deutsche Bank loan
    August 26, 2016 02:24PM By Kathryn Brenzel
    529 Broadway and Jeff Sutton

    529 Broadway and Jeff Sutton

    Jeff Sutton’s Wharton Properties has scored $195 million in new loans to refinance a newly developed retail building in Soho. [more]

  • From Hudson Yards to Governors Island: Mayor taps Related exec to head island overhaul

    Board will vote on Michael Samuelian's appointment next month
    August 26, 2016 01:40PM
    Govenors Island inset: Related Companies' Michael Samuelian)

    Governors Island (inset: Related Companies’ Michael Samuelian)

    Related Companies’ Michael Samuelian may soon tack another major mixed-use development onto his résumé. [more]

  • FHFA extends post-crash mortgage refinance program

    Highly leveraged homeowners can use HARP through September 2017
    August 26, 2016 01:10PM
    Single family homes in Queens

    Single family homes in Queens

    In a boost to highly leveraged homeowners, Fannie Mae and Freddie Mac extended a mortgage refinance program by another year. [more]

  • Advocacy group blames Cuomo for supportive housing shortage

    New report calls on Albany to work out funding
    August 26, 2016 12:40PM
    and Andrew Cuomo

    A homeless shelter in New York and Gov. Andrew Cuomo

    Housing advocates are blaming Gov. Andrew Cuomo for record-high homelessness in the city. [more]

  • Treetop adds to Queens portfolio with $41M buy

    164-unit Elmhurst rental building is mostly rent-stabilized
    August 26, 2016 12:10PM By E.B. Solomont
    94-26 56th Avenue  in Queens and Adam Mermelstein

    94-26 56th Avenue in Queens and Adam Mermelstein

    Treetop Development isn’t slowing down in Queens. The New Jersey-based landlord and developer picked up a 164-unit rental apartment building in Elmhurst for $40.7 million, according to property records. [more]

  • Sioni Group plans 15-story Garment District office building

    Isaac Chetrit collaborator Ray Yadidi targeting tech firms for 65K sf property on West 37th St.
    August 26, 2016 11:50AM By Mark Maurer

    From left: Rendering of 44 West 37th Street (credit: Newman Design), Ray Yadidi and the former building on the site

    Ray Yadidi, a frequent partner of Isaac Chetrit, is planning a 15-story office building on a vacant Garment District site, sources told The Real Deal. [more]

  • Adding zeroes: Amtrak jacks up rent for Queens homeowners

    Astoria residents report rent hikes from $25 to $25,560 a year
    August 26, 2016 10:45AM

    The Hell Gate Bridge and Amtrak’s Joseph Boardman

    Think the price of Amtrak tickets has gotten steep? The railroad is raising rates for a group of Queens residents who have leased space under the Hell Gate Bridge for generations for as little as $25 a year. [more]

  • How Gerald Hines built an $89B real estate empire

    Texas-based firm controls 450 buildings on five continents, including Manhattan's Lipstick Building
    August 26, 2016 10:24AM

    Rendering of 53 West 53rd Street, the Lipstick Building at 885 Third Avenue and Gerald Hines

    Developer Gerald Hines’ namesake firm Hines controls some $89 billion worth of real estate on five continents. But the 91-year-old developer’s big break came in the 1960s when he pitched a group of Shell executives on a Houston office tower by showing them a set of bronze door handles, and promising to outfit the entire development with equally high-end hardware if the oil company would serve as the tower’s anchor tenant. [more]

  • LISTEN: TRD talks Hasidic real estate empire on WNYC

    Ultra-Orthodox investors poured $2.5B into prime Brooklyn real estate
    August 26, 2016 09:33AM
    Mark copy

    Mark Maurer and an illustration of the Hasidic investors and developers have transformed Brooklyn (Illustration by Lexi Pilgrim for The Real Deal)

    The real estate investors from Brooklyn’s ultra-insular Hasidic neighborhoods have spent more than $2.5 billion on acquisitions in five prime Brooklyn neighborhoods over the last decade, and their business practices are evolving to take on increasingly challenging development projects. The Real Deal‘s Mark Maurer appeared on “All Things Considered” to discuss his investigative feature, “Learning and Earning: Hasidic Brooklyn’s Real Estate Machers.” Click here to listen to the segment.

  • Gary Barnett reveals how he won the Ring portfolio

    Extell’s chief offers an inside look at his purchase of F.M. Ring’s prized Midtown South package
    August 26, 2016 09:00AM By Hiten Samtani
    From left: Gary Barnett (Credit: STUDIO SCRIVO), 251 Park Avenue South and Frank Ring

    From left: Gary Barnett (Credit: STUDIO SCRIVO), 251 Park Avenue South and Frank Ring

    Editor’s note: This article originally ran October 21, 2014.

    In a market where rents are on the upswing and demand is strong, an empty building is a rare prize. In the case of the F.M. Ring portfolio, there were 14 of them. Brothers Frank and Michael Ring, long at odds, left about a million square feet vacant for years in Midtown South – a neighborhood where average asking rents are now north of $65 a foot. Not surprisingly, many of the city’s top developers tried in vain to get their hands on the properties. The one to finally pull it off was Extell Development’s Gary Barnett.

    In September 2014, as part of a larger interview for a profile, the developer offered details on the complex transaction for The Real Deal. He described how he was able to outmaneuver the hostile sellers as well as industry rivals to take control of the portfolio. [more]

  • Sam Chang’s latest buy? Two Club Quarters hotels for $155M

    25 West 51st and 40 West 45th combine for 400 rooms
    August 26, 2016 08:30AM
    From left: 25 West 51st Street, 40 West 45th Street and Sam Chang

    From left: 25 West 51st Street, 40 West 45th Street and Sam Chang

    Hotelier Sam Chang is adding to his Midtown portfolio, snapping up two Club Quarters hotels for $155 million. [more]

  • Against the ropes: Judge nixes Denton’s bid to rent Soho pad

    Gawker founder wanted to rent 76 Crosby condo for $12,500-a-month
    August 26, 2016 08:00AM
    From left: Nick Denton and 76 Crosby

    From left: Nick Denton and 76 Crosby

    A bankruptcy judge has nixed Gawker founder Nick Denton’s bid to rent out his Soho loft for $12,500 a month.

    What gives? The annual income wouldn’t cover the expenses on the $4.25 million condominium at 76 Crosby Street.

    Denton — who declared bankruptcy after Hulk Hogan won a $140 million settlement against Gawker Media over an unauthorized sex tape — is personally liable for $10 million. [more]

  • Yankees seeking $1.04B refi for stadium

    Team used public funds to construct city-owned stadium in 2009
    August 26, 2016 07:30AM By Rich Bockmann
    Yankee Stadium in the Bronx

    Yankee Stadium in the Bronx

    The Yankees are looking to reload their bases.

    The team is looking to refinance Yankee Stadium for $1.04 billion, according to documents filed with the New York City Industrial Development Agency, the financing arm of the New York City Economic Development Corporation. [more]

  • CeleBnB: 10 A-listers who used Airbnb and let the world know about it

    The Kardashian clan, Beyonce and Nick Jonas rented palatial pads using the service
    August 26, 2016 07:00AM By Kerry Barger and Gloria Tso

    Beyonce and the Los Altos Hills pad she stayed at during Super Bowl 50 (Credit: Airbnb)

    Celebrities — they Airbnb just like us! Just kidding.

    Not for them are the second bedrooms on quiet, tree-lined streets. A quick sweep of Instagram shows photos from A-listers at beachside compounds and mansions chock-full of outrageous amenities, with captions lavishing praise on the short-term rental service.

    Some stars enjoy the stays on Airbnb’s dime, while others think nothing of coughing up outrageous rates — anywhere from $2,000 to $10,000 per night — to enjoy themselves and let the world know about it.

    Here’s a look at 10 celebrities who have redefined the typical Airbnb experience. [more]

  • Most popular stories on The Real Deal

    August 26, 2016 06:30AM

    Current reader favorites:
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    5. City Hall publishes long-awaited Midtown East rezoning plan