The Real Deal New York

  • Half of apartment sellers in 3rd quarter got their price or higher

    Inventory still short of what market needs; median sale of luxury units now at $5M
    October 01, 2014 12:01AM By E.B. Solomont
    A one-bedroom at 33 Riverside Drive listed at $900,000

    A one-bedroom at 33 Riverside Drive listed at $900,000

    Nearly half of the properties sold in Manhattan during the third quarter traded at or above their listed price, the highest level in six years, according to Douglas Elliman’s quarterly report released Wednesday. [more]

  • Savanna paid $24.7M for West Chelsea art gallery site

    But demolition of building at 540 West 26th Street delayed by suit filed by current tenant
    September 30, 2014 06:00PM By David Jones
    savanna

    Rendering of 540 West 26th Street in Chelsea (Inset: Jamison Weiner)

    Savanna has closed on a deal that will see the firm pay $24.7 million to acquire and redevelop a West Chelsea art gallery site owned by the Silvermintz family, The Real Deal has learned. But construction on the project will likely be delayed by an ongoing legal battle with an existing tenant. [more]

  • Rezoning could yield bonanza for far west High Line site

    Change in designation could yield 175K buildable square feet for small property
    September 30, 2014 05:30PM By Rich Bockmann
    From left: Bob Knakal and a map showing 606 West 30th Street

    From left: Bob Knakal and a map showing 606 West 30th Street

    The owner of a small development site facing the newly-opened section of the High Line is looking to sell, but the property’s zoning requires a buyer who can see the potential in some of the most remote real estate on the Far West Side. [more]

  • St. Patrick's Cathedral

    St. Patrick’s Cathedral

    432 Park Avenue Instagrammer arrested. Behind the scenes of St. Patrick’s $175M restoration. The tricky tangle of Grand Central Terminal’s air rights. Read these stories and more after the jump.

  • Inside TheRealDeal
  • Brookfield affiliate edges out competition in Revel casino bid

    Top offer comes as dispute reportedly simmers between Revel and bidder Glenn Straub
    September 30, 2014 04:45PM
    Revel Casino Hotel in Atlantic City

    Revel casino hotel in Atlantic City, N.J.

    A Brookfield Asset Management affiliate, the frontrunner earlier today in an auction for the bankrupt Revel casino hotel in Atlantic City, has been edged back out, according to Reuters. [more]

  • Lower Manhattan sees uptick in hotel activity

    Nearly 3,300 rooms divided across 17 new projects are coming to the area
    September 30, 2014 04:20PM
    Rendering of the Four Seasons at 30 Park Place

    Rendering of the Four Seasons at 30 Park Place

    Hotels are booming in Lower Manhattan. [more]

  • WeWork rival the Yard plows ahead with fourth location

    Company expands in Manhattan with 23K sf lease at 885 Sixth
    September 30, 2014 03:55PM
    yard

    From left: 885 Sixth Avenue in Midtown, Lance Leighton and the Yard

    Shared workspace provider the Yard has grabbed a fourth location in Manhattan, this time at 885 Sixth Avenue in Midtown. [more]

  • Guggenheim Museum to expand into new space

    Planned space described as “one efficient, multi-use building”
    September 30, 2014 03:30PM
    The Solomon R. Guggenheim Museum at 1071 Fifth Avenue

    The Solomon R. Guggenheim Museum at 1071 Fifth Avenue

    The Solomon R. Guggenheim Museum is taking a page from MoMA’s book and crafting plans for an expansion. [more]

  • Are America’s working-class neighborhoods disappearing?

    In New York City, the creative class has taken over Manhattan and much of Brooklyn
    September 30, 2014 03:05PM By Business Insider
    Source: Martin Prosperity Institute/Richard Florida for Business Insider

    Source: Martin Prosperity Institute/Richard Florida

    As America has transitioned from a manufacturing economy to a knowledge- and service-based economy, entire neighborhoods and cities have been restructured, according to a recent study by the Martin Prosperity Institute. … [more]

  • A building inspector tops NYC list with $179,000 in OT pay

    All told, 31 city employees made $100K-plus in overtime compensation in 2014
    September 30, 2014 02:40PM
    hammel

    NYCHA complex Hammel Houses in Queens

    Department of Buildings inspector John Murphy topped the list of city employees receiving overtime pay in 2014.

    He collected $179,099 in after-hours work in the 2014 fiscal year. The 3,347 additional hours of work amounted to more than triple his current $68,609-a-year salary. Thirty-one city workers made more than $100,000 in overtime during the fiscal year. The year before, 20 employees made the list. [more]

  • Law firm renews 400K sf spread in the GM Building

    Long-time tenant Weil, Gotshal & Manges to stick with top 10 floors in iconic office tower
    September 30, 2014 02:20PM
    767 Fifth Avenue

    767 Fifth Avenue

    International law firm Weil, Gotshal & Manges inked a 15-year extension on its 400,000-square-foot lease in the General Motors Building.

    The spread at Boston Properties’ 767 Fifth Avenue occupies floors 23 to 32 as well as space on the sixth. The extension of the lease is to begin in 2019. “The General Motors Building has been our home since the building opened in 1968,” Barry Wolf, a Weil executive partner, said in a release. [more]

  • Gotham Realty taps JLL to market 30 Broad

    Landlord has been shopping the 46-story tower since June
    September 30, 2014 02:00PM By Hiten Samtani
    30 Broad Street (Credit: CoStar Group) and Scott Latham

    30 Broad Street (Credit: CoStar Group) and Scott Latham

    UPDATED, 3:54 p.m., Sept. 30: After four months of trying to push the property themselves, Charles Ishay’s Gotham Realty Holdings is bringing in JLL to help it sell 30 Broad Street, a 46-story Downtown office tower.

    A JLL team composed of Scott Latham, Inbal Himelblau-Denman, Anthony Ledesma and Stephen Shapiro will be marketing the 420,000-square-foot property, according to a source familiar with the process. The tower is located on the southwest corner of Exchange Place and is just under 90 percent leased, according to CoStar Group data. [more]

  • Lone hold-out puts kink in HAP’s West 187th Street plans

    Firm fails in bid to buy last parcel for development, but says project not “materially affected"
    September 30, 2014 01:35PM By E.B. Solomont
    HAP's Eran Polack and a rendering of the West 187th Street development

    HAP’s Eran Polack and a rendering of the West 187th Street development

    HAP Investment Developers’ plans for a lilac-hued rental building on West 187th Street have hit a snag.

    First announced in November 2013, the Karim Rashid-designed building was to have 100 units at 653-667 West 187th Street. But HAP was missing a key piece of the assemblage: the deed to 653 West 187th Street. [more]

  • Special interest seen in Park Lane Hotel landmark bid

    Campaign raising questions as to whether third party wants to block Macklowe, Witkoff project
    September 30, 2014 01:10PM
    20140930_witkoff_park_lane

    From left: Park Lane Hotel and Steve Witkoff

    A small group is looking to secure landmark status for the Park Lane Hotel at 36 Central Park South, and some insiders see the hand of a special interest guiding the effort.

    People with knowledge of the campaign told the New York Times the landmark backers are likely acting on behalf of someone who doesn’t want to see a new 850-foot tower move forward, such as a rival developer or wealthy condo owner in a nearby home. The property – the last jewel in Leona Helmsley’s massive estate crown – sold to a partnership that included developers Harry Macklowe and Steve Witkoff for $660 million. [more]

  • Centaur, Greyscale plan for pair of Chelsea condo buildings

    The Jardim would hold 36 units ranging from one to four bedrooms
    September 30, 2014 12:45PM
    centaur

    Rendering of Jardim in Chelsea, and Centaur’s Harlan Berger

    Centaur Properties and Greyscale Development Group unveiled plans to construct two 11-story condominium buildings in Chelsea.

    The complex, called the Jardim, is slated to hold 36 apartments ranging from one to four bedrooms. Centaur and Greyscale acquired the block-through site at 527 West 27th Street for $45 million. [more]

  • News Corp. paying $950M for Move as online listings space heats up

    Rupert Murdoch's purchase of web operator follows Zillow's $3.5B buy of Trulia
    September 30, 2014 12:20PM
    From left: Move Inc. CEO Steve Berkowitz and Rupert Murdoch

    From left: Move Inc. CEO Steve Berkowitz and Rupert Murdoch

    Rupert Murdoch is adding real estate to his vastly growing media empire. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 30, 2014 11:55AM

    1. One billion square feet of office space — on the cloud
    2. Planning commission OKs Alma Realty’s Astoria Cove proposal
    3. Sales launch at Metro Loft Developers’ 443 Greenwich Street

    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]

  • Williamsburg rental marks third deal for Massey Knakal fund

    Commercial brokerage’s investors partner with RiverOak, Kalikow Group in $17.5M purchase
    September 30, 2014 11:30AM By Adam Pincus
    Yerrall-Richardson-Kalikow

    From left: George Yerrall, 68 Richardson Street in Williamsburg and Gregory Kalikow

    UPDATED, 12:45 p.m., Sept. 30: An investment fund formed by Massey Knakal Realty Services and RiverOak Investment closed its third deal since being launched in 2011 — this one to acquire a $17.5 million rental property in Williamsburg. [more]

  • Silvercup Studios’ next production: apartments in Long Island City

    Development division of film producer to put up 26-story building at recently acquired site
    September 30, 2014 11:00AM
    silvercup

    Silvercup’s Alan Suna and 27-21 44th Drive in Queens

    Silvercup Properties, the development division of film and TV production company Silvercup Studios, filed plans for a 26-story apartment building in Long Island City.

    The 145,000-square-foot building at 27-21 44th Drive, between Sunnyside Yard and Jackson Avenue, is set to hold 115 apartments. Apartments will average under 1,000 square feet. There will be a 6,780-square-foot ground-floor commercial component. [more]

  • Bill Rudin explains Lower Manhattan’s appeal: VIDEO

    Developer sees wave of Americans seeking "urban experience"
    September 30, 2014 10:30AM
    Bill Rudin on Bloomberg TV

    Bill Rudin on Bloomberg TV

    Real estate giant Bill Rudin said demand is strong for condominiums at the Greenwich Lane residence his family is  co-developing, and while he thinks the product is unique, he also sees a broader wave of people relocating to lower Manhattan.

    “There’s a broader trend in terms of urbanism. You’re seeing people coming into New York City, wanting to work in New York City, and live in New York City,” Rudin told Bloomberg TV.  “It’s a huge trend that people want that urban experience.”

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