The Real Deal New York

  • Copperline raises $85M in Israeli bond deal

    Developer with NY, Florida offices could secure another $10M this week
    October 12, 2015 06:15PM By Rey Mashayekhi
    Tel Aviv Stock Exchange

    The Tel Aviv Stock Exchange and Yehonatan Cohen (credit: Globes)

    New York- and Florida-based residential developer Copperline Partners raised $85 million through a bond offering on the Tel Aviv Stock Exchange on Monday, in a boost for U.S. real estate firms looking to the Israeli bond market as a source of capital. [more]

  • Deal for Williamsburg site near Domino Sugar hits snag

    Shulem Herman claims seller canceled contract for $36M buy
    October 12, 2015 05:32PM By Mark Maurer
    south 3rd

    45-51 South 3rd Street in Williamsburg (inset: Shaun Riney)

    Williamsburg investor Shulem Herman is suing the owner of a development site that sits next to the Domino Sugar Factory megaproject for allegedly backing out of a deal that was already in contract. [more]

  • Isaac Chetrit, Yadidi score $130M refi for Midtown office buildings

    Investors acquired two properties for combined $116M in 2012
    October 12, 2015 05:02PM
    Isaac Chetrit Diamond District

    From left: 22 West 48th Street and 15 West 47th Street in the Diamond District

    Investors Isaac Chetrit and Ray Yadidi refinanced two Diamond District buildings with a $130 million loan from Signature Bank.

    The refinancing, arranged by Meridian Capital Group, will go toward 15 West 47th Street and 22 West 48th Street, both located in Midtown between Fifth and Sixth avenues. [more]

  • 1035 Lincoln Road in Miami Beach

    1035 Lincoln Road in Miami Beach

    From the October issue: In one of the largest real estate deals in Miami-Dade history, a full block of Miami Beach’s Lincoln Road traded for $370 million last month. The buyer was Amancio Ortega, the Spanish fashion billionaire who founded Zara and the world’s fourth richest person.

    A partnership led by commercial real estate investors and developers Michael Comras and Jonathan Fryd sold the four properties that run from 1001 Lincoln Road through 1035 Lincoln Road, home to newly built stores leased to Gap, Intermix, Athleta, Apple and a planned location for Nike slated to open in 2016. [more]

  • Inside TheRealDeal
  • MNS closes only Manhattan office

    Mid-sized brokerage moves HQ to BK to focus on outer-borough developments
    October 12, 2015 04:00PM By Rich Bockmann
    MNS Real Estate's new Brooklyn office at 102 North Sixth Street, with Andrew Barrocas and David Behin

    MNS real estate’s new Brooklyn office at 102 North 6th Street, with Andrew Barrocas and David Behin

    Sayonara, Manhattan! MNS real estate is leaving the borough behind as it shifts its strategy to focus on new developments in the outer-boroughs.

    The mid-sized brokerage vacated its 6,140-square-foot office at 115 East 23rd Street in Gramercy when the lease expired in September, and has moved its corporate headquarters to 102 North 6th Street in Williamsburg. [more]

  • Arson charges dismissed against hotel security manager

    Mariano Barbosa accused of setting fires at Yotel, Soho Grand
    October 12, 2015 03:34PM
    Yotel NYC Soho Grand Hotel

    Yotel New York at 570 10th Avenue and Soho Grand Hotel at 310 West Broadway

    Prosecutors dismissed charges last week against a former security manager accused of setting alight fires at two Manhattan hotels where he worked.

    Mariano Barbosa faced arson, reckless endangerment and criminal mischief charges after authorities accused him of creating eight fires at Yotel New York in Hell’s Kitchen and the Soho Grand Hotel between 2009 and 2013. [more]

  • Countdown to TRD’s South Florida Showcase has begun

    Event at the Moore Building in Miami is 3 days away. Get your tickets now
    October 12, 2015 02:53PM

    Miami Showcase 2

    Brokers, developers, architects and other industry professionals are gearing up for The Real Deal‘s second annual South Florida real estate forum and showcase, taking place on Thursday at The Moore Building in Miami’s Design District.

    Attendees will enjoy three panel discussions featuring some of real estate’s major players from Florida and New York’s and nearly 40 vendors booths, showcasing the latest development projects and services in South Florida.

    This year’s show will also feature some changes designed to improve logistics for all attendees. Hallways at the showcase have been widened for better access and traffic flow. And, a new parking structure next to the Moore Building, plus double the number of parking attendants, will make for an efficient parking process.

    So, buy your tickets here, and be sure to follow #TRDForum for up-to-the-minute reports from Thursday’s event.

  • Minskoff’s 51 Astor draws three new retail tenants

    Bluestone Lane Coffe, Chop't Creative Salad Company and Flywheel Sports are joining CVS
    October 12, 2015 02:20PM
    From left: Edward Minskoff and 51 Astor Place in the East Village

    From left: Edward Minskoff and 51 Astor Place in the East Village

    Minskoff Equities had no troubling filling the office space at 51 Astor Place, but retail at the building remained vacant for years. Now, three more shops have taken space, nearly completing the leasing push that began in earnest with the signing of CVS Pharmacy in July. [more]

  • Gural family expands holdings in Brooklyn, Queens

    Properties in Williamsburg and Long Island City set for office conversions
    October 12, 2015 02:00PM
    285 North 6th Street

    285 North 6th Street in Williamsburg (inset: Eric Gural)

    The Gural family is the latest Manhattan real estate dynasty to expand its Brooklyn and Queens holdings, and it has plans to convert two recently-purchased buildings into office spaces for “creative types.” [more]

  • SL Green’s One Vanderbilt gets new renderings

    Midtown East office tower slated for completion by 2020
    October 12, 2015 01:20PM
    One Vanderbilt

    Rendering of One Vanderbilt in Midtown (credit: SL Green)

    SL Green Realty recently got around to filing plans for its much-hyped One Vanderbilt office building near Grand Central Terminal, and new renderings display the clearest vision yet for the 1,500-foot-tall Midtown tower. [more]

  • Broker claims he was stiffed on Herald Square Hotel commission

    Tayyib Bosque, formerly of LI's Charles Rutenberg Realty, claims in suit he repped seller
    October 12, 2015 12:48PM By Mark Maurer
    Tayyib Bosque Suit

    From left: Tayyib Bosque, Herald Square Hotel at 19-21 West 31st Street and Joseph Moshe

    Tayyib Bosque, a former broker at Charles Rutenberg Realty on Long Island, claims he was squeezed out of a $750,000 commission by the brokerage and various players involved in the sale of the Herald Square Hotel. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    October 12, 2015 12:20PM

    1. This mega-mansion is a bargain, and it’s about to hit the auction block
    2. A Park Avenue apartment with Robert A.M. Stern’s personal touches
    3. Richard Fisher’s Astor Place penthouse sells for $14M

    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]

  • SunGard takes 41K sf at Mack-Cali’s Harborside Plaza

    Financial software company's lease will run through 2023
    October 12, 2015 11:55AM
    Harborside Mitch Rudin

    Harborside Plaza along the Jersey City waterfront and Mitch Rudin (credit: STUDIO SCRIVO)

    Mack-Cali Realty announced that SunGard Financial Systems, a financial software firm, will take 41,000 square feet at the developer’s Harborside Plaza 3 building on the Jersey City waterfront. [more]

  • Room with a view but no bars: Developers add antennas to fix cell service in high-rises

    Fiber connections built into buildings assure tenants can use their cell phones
    October 12, 2015 11:25AM
    The view from the top of 252 East 57th Street (credit: Bernstein Associates)

    The view from the top of 252 East 57th Street (credit: Bernstein Associates)

    So you dropped half a million on a condo on the 30th floor, but you can’t use your cell phone.

    It’s a sacrifice many buyers aren’t willing to make. To guard against shoddy cell phone service in towering high-rises, developers are adding distributed antenna systems (D.A.S.) to new buildings. The systems — about the size of a smoke alarm — are installed on each floor of a building, bringing wireless service to tenants. [more]

  • Downtown pads give luxury market a boost: Olshan

    21 contracts signed at $4M and up between Oct. 5-11
    October 12, 2015 10:55AM

    Clockwise from top left: 156 Reade Street, 415 Greenwich Street, 45 East 22nd Street and 87 Leonard Street

    Manhattan’s luxury market is sluggish no longer, with 21 contracts signed last week on properties $4 million and up, according to Olshan Realty’s weekly luxury market report. [more]

  • Jersey City mayor wants to legalize Airbnb

    Steven Fulop's proposal would tax listings at 6 percent hospitality rate
    October 12, 2015 10:37AM
    Brian Cheskey Steven Fulop

    From left: Steven Fulop and Brian Cheskey

    Travelers who dream of staying in Jersey City: rejoice!

    The city’s mayor, Steven Fulop, will offer legislation to legalize and tax web-based short term rental services like Airbnb and Homeaway.

    Fulop is proposing a levy of 6 percent on the Jersey City’s 300 short term rentals, a rate equal to the city’s hospitality tax. His proposal anticipates the tax will raise between $600,000 and $1 million dollars a year. [more]

  • Confusion at “core” of Related’s brokerage partnership

    As first anniversary approaches of development giant’s investment in firm, questions linger
    October 12, 2015 09:50AM By E.B. Solomont
    Shaun Osher, Jeff Blau and Kelly Kennedy Mack

    Shaun Osher, Jeff Blau and Kelly Kennedy Mack

    From the October issue: It was supposed to be a hat, horns and champagne moment last fall when brokerage chief Shaun Osher summoned nearly 100 CORE agents to the firm’s main office at 104 Fifth Avenue.

    As they filed into a conference room on the 17th floor, agents were greeted by their boss, flanked by Jeff Blau, the CEO of the mega development firm the Related Companies. [more]

  • Flushing retail property prices surge in 2015

    Average sales price in the first half of 2015 was $307 psf, up from $150 psf in 2014
    October 12, 2015 09:20AM
    Sky View Parc

    Sky View Parc at 135-10 Roosevelt Avenue in Flushing

    New developments pepper Flushing, and demand for residential, office and especially retail properties is rising to unprecedented levels.

    Average retail rent in the neighborhood in the first half of 2015 reached $307 per square foot, nearly doubling the 2014 average of $150 per foot, according to CPEX Real Estate. [more]

  • Locals don’t like gentrification, NYCHA study finds

    Public housing residents say higher prices, few benefits from influx
    October 12, 2015 08:45AM
    Shola Olatoye

    Shola Olatoye

    Does it really take a $250,000 report to learn that people aren’t happy when their neighborhoods are “discovered” by wealthier outsiders?

    Someone at the New York City Housing Authority apparently thought so. The agency commissioned Abt Associates, a consulting firm, which in turn recruited five project residents to server as “interpreters,” interviewing other tenants. [more]

  • Delos will take 22,000 sf at 860 Washington Street

    Asking rents at the space are between $140 and $200 per square foot
    October 12, 2015 08:09AM
    Paul Scalia 860 Washington

    From left: Paul Scalia and 860 Washington Street in the Meatpacking District

    Health-centric developer Delos Living has signed on to be the first tenant at Romanoff Equities and Property Group Partners’ new mixed-use office and retail project in the Meatpacking District.

    Delos, the company behind Vitamin C-infused showers and circadian lighting, is planning to use the new headquarters space to showcase its WELL Building Standard, a certification program developed by the company that focuses on tenants’ health and wellness. [more]