The Real Deal New York

  • Big Mac killer? Chinese burger joint opens on Fifth Avenue

    Uncle Sam Fast Food to open first US store at 307 Madison
    July 30, 2014 06:10PM By Rich Bockmann
    307 5th and Dennis Karr

    307 Fifth Avenue and Dennis Karr

    A Bejing-based hamburger chain indebted to high- and low-brow American grub has inked a lease to open its first U.S. restaurant on a stretch of Fifth Avenue in NoMad that just happens to be bookended by Shake Shack and McDonald’s.

    Uncle Sam Fast Food has signed a 5,600 square-foot retail lease at 307 Madison Avenue, where it expects to open its first U.S. flagship store by year’s end. [more]

  • Large development site near High Line hits the market

    Part of an 11th Avenue parking lot can accommodate 440k sf, could fetch $400M
    July 30, 2014 06:00PM
    Edison properties parking lot between 17th and 18th streets from 10th Avenue

    Edison Properties parking lot between 17th and 18th streets from 10th Avenue

    A portion of a West Side parking lot could soon be home to one of the largest development projects along the High Line. [more]

  • Extell inks contract for Upper West Side synagogue

    Parcel at 44 West 66th Street has 75K sf of development rights -- and is next to Megalith site
    July 30, 2014 05:46PM By Adam Pincus
    Habonim-Barnett

    Congregation Habonim at 44 West 66th Street and Gary Barnett

    Gary Barnett’s Extell Development signed a contract to buy a parcel at 44 West 66th Street that is now occupied by a synagogue. The parcel is adjacent to a development site that builder Megalith Capital Management recently purchased. [more]

  • Bank of America to pay $1.3B in mortgage-fraud case

    Judge's order follows jury finding that bank and exec sold defective loans
    July 30, 2014 05:30PM
    boa

    BoA CEO Brian Moynihan

    Bank of America has been ordered to pay $1.27 billion in penalties in a mortgage fraud case.

    Federal District Court Judge Jed Rakoff determined the Charlotte, N.C.-based bank’s penalties for selling defective loans to Freddie Mac and Fannie Mae prior to the financial crisis. A jury found the bank liable back in October. In addition, a top manager of the Countrywide Financial division was found responsible for selling the loans, which were in a program called the “hustle.” [more]

  • Inside TheRealDeal
  • In what location will famed eatery Pastis eventually land?

    In what location will famed eatery Pastis eventually land?

    Embattled Rabbi Pinto’s journey from minister to powerhouse spiritual advisor. Pastis will be forced to relocate, Keith McNally’s team says. NYC ranks second among the favorite cities of the super rich Read these stories and more after the jump.

  • Vornado puts full-block office building on Broadway up for sale

    The 620K sf property could go for $600M, sources say
    July 30, 2014 04:30PM
    From left: 1740 Broadway, Vornado CEO Steven Roth, Darcy Stacom and Bill Shanahan

    From left: 1740 Broadway, Vornado CEO Steven Roth, Darcy Stacom and Bill Shanahan

    Vornado Realty Trust is putting the full-block office tower at 1740 Broadway up for sale. [more]

  • Extell faces contempt charge in escrow dispute with banker

    JP Morgan exec says developer failed to return $440K after UWS condo purchase fell through
    July 30, 2014 04:15PM By David Jones
    From left: Gary Barnett and 80 Riverside Drive

    Gary Barnett and 80 Riverside Boulevard

    Lawyers for Extell Development are scheduled to appear in court next month on a possible civil contempt charge amid claims that the developer is refusing to hand over $440,000 to a bank executive in a long-running dispute at the Rushmore condominium on the Upper West Side. [more]

  • Steps to develop Bed-Stuy theater thwarted by opposition

    Son of former caretaker said he turned back work crews at Slave Theater at 1215 Fulton Street
    July 30, 2014 04:00PM
    Slave Theater

    Slave Theater at 1215 Fulton Street

    The son of the former caretaker of Bedford-Stuyvesant’s historic Slave Theater is blocking early steps the owner is taking to develop the Fulton Street site.

    Omar Hardy said he has stopped workers from entering the building to carry out jobs such as collecting soil samples, reported the Brooklyn Eagle. Now, he said he would tear down a proposed fence. The owner, Fulton Halsey Development LLC, has sought permits for the fence to keep out intruders, according to a city filing cited by the news site. [more]

  • New $350M fund to be invested in affordable housing

    Money coming from NYC Retirement Systems, Citi Bank, Wells Fargo, Morgan Stanley, others
    July 30, 2014 03:30PM
    From left: Scott Stringer and Bill de Blasio

    From left: Scott Stringer and Bill de Blasio

    Mayor Bill de Blasio and Comptroller Scott Stringer will establish a $350 million fund to support affordable housing.

    The proposal is seen as a step forward in the mayor’s plan to create and preserve 200,000 affordable units over the coming decade. [more]

  • Douglas Elliman launches sales at Chetrit’s Midtown tower

    Units at the 47-story building at 135 West 52nd Street start at $1.5M
    July 30, 2014 03:15PM By Claire Moses
    135 West 52nd Street (Credit: Williams New York)

    135 West 52nd Street (Credit: Williams New York)

    Douglas Elliman has officially launched sales for a new Chetrit Group and Clipper Equities building at 135 West 52nd Street. [more]

  • Silverstein to push for new zoning at Hudson Yards tower

    At hearing, firm to make case for doubling number of residential units at 520 West 41st Street
    July 30, 2014 03:00PM
    silversteinW41final

    From left: Larry Silverstein and 520 West 41st Street

    Silverstein Properties is slated to present a proposal before the Department of City Planning tomorrow, to argue why the 106-story Hudson Yards tower project should be zoned for more residential use. [more]

  • Italian family buys NYC Church Missions House for $50M-plus

    Luxury condos, retail planned at landmarked 281 Park Avenue South
    July 30, 2014 02:38PM By Hiten Samtani
    The Church Missions House at 281 Park Avenue South and John Cirualo (inset)

    The Church Missions House at 281 Park Avenue South and John Ciraulo (inset)

    New York City’s Church Missions House, an elaborate six-story Flemish-Renaissance landmarked building at 281 Park Avenue South, is in contract for north of $50 million, The Real Deal has learned. Sources said that a prominent Italian family — two sources identified them as the Garzoni family — beat out New York-based players such as Aby Rosen’s RFR Realty to land the deal, and is expected to convert the building into boutique condominiums with retail at the base. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    July 30, 2014 02:00PM

    1. If you liked it then you should’ve put a key in it
    2. The 20 most expensive buildings in NYC
    3. Priciest pads of Greenwich, Conn.

    Like The Real Deal on Facebook for breaking industry stories, links to quirkier pieces and lively conversation about important properties in New York and around the world. [TRD's Facebook Page]

  • Sharif El-Gamal gains full control of Islamic museum site

    Developer pays Con Ed $10.7M for fee interest on 49-51 Park Place; all lawsuits settled
    July 30, 2014 01:40PM By Hiten Samtani
    From left: Sharif El-Gamal, 51 Park Place (center) and Jean Nouvel

    From left: Sharif El-Gamal, 51 Park Place (center) and Jean Nouvel

    Sharif El-Gamal now has full control over the site of his upcoming Islamic museum at 49-51 Park Place, The Real Deal has learned. El-Gamal’s Soho Properties, which had a long-term ground lease with Consolidated Edison for the Lower Manhattan site, just closed on the fee interest for $10.7 million. [more]

  • Nordstrom Rack joins roster at Empire Outlets

    Discount retailer will take two-floor space at megaproject in St. George nabe on Staten Island
    July 30, 2014 01:30PM
    Nordstrom Rack at Empire Outlets rendering

    Nordstrom Rack at Empire Outlets in Staten Island rendering

    Nordstrom Rack will take a 34,000-square-foot retail space at BFC Partners’ $580 million Empire Outlets mall project on Staten Island. [more]

  • Boerum Hill lot goes for $18M

    Purchase of 85 Nevins Street is latest Brookyn buy for Avery Hall Investments
    July 30, 2014 01:00PM By Tom DiChristoper
    From left: 85 Nevins Street and Avery Hill founders Brian Ezra and Avi Fisher

    From left: 85 Nevins Street and Avery Hall founders Brian Ezra and Avi Fisher

    A Boerum Hill corner lot at Atlantic Avenue and Nevins Street sold for $18 million, according to city property records filed this week. The buyer is an LLC registered to Avery Hall Investments, a real estate acquisitions and development firm focused on Brooklyn property investments. [more]

  • Moin Development to buy Sutton Place rentals for $19M

    David Moinian mulls flipping property at 1055-1057 Second Avenue; site boasts 50K buildable sf
    July 30, 2014 12:30PM By Mark Maurer
    1055-second

    From left: David Moinian, Robert Khodadadian and 1055-1057 Second Avenue

    David Moinian, CEO of Moin Development Corp, is in contract to acquire a four-story building with 50,000 buildable square feet in the Midtown thoroughfare of Sutton Place for $19 million, The Real Deal has learned. [more]

  • Yext expands at One Madison

    Online business listing aggregator will take up more than 95,000 square foot
    July 30, 2014 12:00PM
    From left: Yext CEO Howard Lerman and 1 Madison Avenue

    From left: Yext CEO Howard Lerman and 1 Madison Avenue

    GeoMarketing company Yext is expanding at One Madison Avenue. [more]

  • NYU Langone granted $1B in federal funds for Sandy repairs

    Cash will go toward hazard mitigation projects, infrastructure reinforcements
    July 30, 2014 11:30AM
    NYU Langone Medical Center at 550 First Avenue

    NYU Langone Medical Center at 550 First Avenue

    The Federal Emergency Management Agency approved $1.13 billion in funds for repairs and mitigation projects for NYU Langone Medical Center.

    The federal aid will account for 90 percent of the project’s total costs, Crain’s reported. A planned budget allocates $540 million to repair NYU’s Smilow Research Center, Schwartz Care Center, the Medical Science Building, Skirball Institute, Tisch Hospital, Alumni Hall, Rusk Institute, Perelman Building, Schwartz Hall and Coles Student Laboratories. [more]

  • Hidrock sells SpringHill Suites in Midtown for $82M

    Hong Kong investment firm Keck Seng makes debut NY buy
    July 30, 2014 11:00AM
    hidrock-1

    25 West 37th Street and Abraham Hidary

    Hong Kong-based Keck Seng Investments, which largely owns hotels and office buildings, broke into the New York City market with its first acquisition there: a SpringHill Suites by Marriott in Midtown for $82 million.

    Hidrock Realty sold the 173-room, Gene Kaufman-designed property at 25 West 37th Street for $82 million. The hotel opened last year. Hidrock also developed the Courtyard at Marriott, at 960 Sixth Avenue, which it does not plan to sell. [more]

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