The Real Deal New York

  • A Hamptons mansion with political connections has hit the market

    The Southampton party pad will soon host Bill and Hilary Clinton
    July 30, 2016 11:00AM TRD WEEKEND EDITION
    42 Oceanview Drive

    42 Oceanview Drive

    Later this summer, Bill White, the chairman and CEO of Constellations Group, and Bryan Eure, SVP at insurance brokerage Willis Towers Watson, will host fundraiser for Bill and Hillary Clinton at their Southampton mansion. That is, unless you buy it yourself first. [more]

  • The truth about the “dorms for adults”

    WeWork is betting its future on co-living
    July 30, 2016 10:00AM By Business Insider
    TRD WEEKEND EDITION
    WeWork

    WeWork

    “Co-living,” the idea of young professionals living in dorm-like surroundings, has been billed as the hot new trend in housing.

    WeWork, the $16 billion coworking startup, is reportedly betting that its co-living venture, WeLive, will provide the company with 21 percent of its revenue by 2018. Other startups like Common are trying to build an entire business out of the idea. But today, co-living is far from revolutionary. [more]

  • These are the 10 most expensive beaches in the world: Study

    And we're not just talking about NYC
    July 30, 2016 09:12AM TRD WEEKEND EDITION

    Ocean view from 1695 North Ocean Way in Palm Beach (Credit: Sargent Architectural Photography) - See more at: http://therealdeal.com/miami/2016/03/12/196275/#sthash.BvdUvpoU.dpuf

    From Luxury Listings NYC:If you don’t already own a beach house, you are probably wishing that you did right about now. But unless your pockets are particularly deep, don’t even bother trying to holiday on these exclusive shores. [more]

  • Truss files plans for 103-unit Harlem condo

    Developer bought parking lot on Adam Clayton Powell Jr. Boulevard in April
    July 29, 2016 06:19PM By Konrad Putzier
    From Left: 2600 Adam Clayton Powell Jr Boulevard and an interior rendering of the new building (credit: Tuss)

    From Left: 2600 Adam Clayton Powell Jr Boulevard and an interior rendering of the new building (credit: Truss)

    Truss Development filed plans Friday for a 103-unit condo building at 2600 Adam Clayton Powell Jr. Boulevard in Harlem, three month after buying the site for $16 million. [more]

  • Inside TheRealDeal
  • Del Nunzio brought on to help sell BK’s priciest listing

    BHS broker joins Corcoran’s Vicki Negron on $40M Brooklyn Heights mansion
    July 29, 2016 06:10PM By Rich Bockmann
    3-Pierrepont-Place

    3 Pierrepont Place in Brooklyn Heights

    Townhouse specialist Paul Del Nunzio has been brought in to help sell Brooklyn’s most expensive listing.

    The veteran Brown Harris Stevens broker, who recently placed sixth on The Real Deal’s annual ranking of Manhattan’s top listing agents, picked up a $40 million co-listing for the 15-bedroom, 1857 mansion at 3 Pierrepont Place in Brooklyn Heights.

  • Analytics firm Neustar inks lease at SL Green’s 100 Park

    Media firm Intersection to sublet its 23K sf space
    July 29, 2016 05:50PM By Katherine Clarke
    Neustar offices and 100 Park Avenue in Midtown

    Neustar office in Washington, D.C., and 100 Park Avenue in Midtown

    Neustar, a provider of real-time information and analytics to telecom, finance and media companies, inked a lease for 23,000 square feet at SL Green Realty’s 100 Park Avenue, sources told The Real Deal. [more]

  • From the July issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate:

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    To read other smart and/or funny sayings, click here for the full feature.

  • Durst taps EB-5 program to finance Astoria waterfront building

    Majority of the Hallets Point development was shelved after expiration of 421a
    July 29, 2016 05:20PM By Katherine Clarke
    Doug Durst and a rendering of Halles Point

    Douglas Durst and a rendering of Hallets Point in Astoria

    Life, liberty and the pursuit of capital.

    The Durst Organization is looking to raise a quarter of the funds for a residential building at its Hallets Point project from immigrants looking for green cards. [more]

  • What Ailes him: Rupert Murdoch’s $72M One Madison PH off the market

    News Corp. mogul bought the pad for $58M in 2014
    July 29, 2016 05:00PM By Katherine Clarke
    One Madison and Rupert Murdoch

    One Madison and Rupert Murdoch

    Rupert Murdoch can’t seem to decide where he wants to live. [more]

  • And then there was one: Madison Equities combines two PHs at 212 Fifth

    The projected sellout is pegged at $445M
    July 29, 2016 04:41PM By Kathryn Brenzel
    Rendering of 212 Fifth Avenue and Robert Gladstone

    Rendering of 212 Fifth Avenue and Robert Gladstone

    The sprawling penthouse that tops 212 Fifth Avenue almost wasn’t: The developers initially planned to split the condo unit and market it as two separate homes. [more]

  • Bull’s-eye: Extell nabs Target at East Village development

    500 East 14th Street has 42K sf of retail
    July 29, 2016 03:44PM By E.B. Solomont
    Target and rendering of 500 East 14th Street in the East Village (inset: Gary Barnett)

    Target and rendering of 500 East 14th Street in the East Village (inset: Gary Barnett)

    Big-box retailer Target inked a deal to open a small-format store at in the East Village at Extell Development’s proposed two-building development. [more]

  • Publicis Groupe subsidiary puts 80K sf on Midtown South sublease market

    Amid company turmoil, MRY looks to unload office at 11 West 19th Street
    July 29, 2016 03:04PM
    Maurice Lévy and 11 West 19th Street

    Maurice Lévy and 11 West 19th Street

    A subsidiary of one of the “Big Four” advertising agencies is putting nearly 80,000 square feet at its Midtown South office on the sublease market following recent turmoil at the company.

    MRY, a social-media agency owned by French advertising giant Publicis Groupe, is looking to sublet 78,000 square feet at its 11 West 19th Street headquarters between Fifth and Sixth avenues, Crain’s reported. The 11-story building, owned by Thomas Block of Block Buildings, totals 224,000 square feet, records show. [more]

  • Extell finalizing $600M construction loan for One Manhattan Sq.

    Deutsche Bank, AIG-led financing for 80-story condo is 2 to 3 weeks away: sources
    July 29, 2016 02:15PM By Mark Maurer

    Gary Barnett (credit: STUDIO SCRIVO) and One Manhattan Square

    UPDATED, 4:12 p.m., July 29: Gary Barnett’s Extell Development is close to securing a $600 million senior construction loan for One Manhattan Square, following a struggle that led to delays in closing mezzanine financing for the 80-story condominium project.

    A consortium of lenders led by Deutsche Bank and AIG is providing the loan for the Lower East Side project. Sources told The Real Deal that Barnett is two or three weeks away from locking in the financing. [more]

  • Judge throws out Brooklyn Bridge Park group’s suit against Pierhouse developers

    Toll Brothers and Starwood will continue construction at 130 Furman Street in Brooklyn Heights
    July 29, 2016 01:30PM By Kyna Doles
    130 Furman Street

    Pierhouse at Brooklyn Bridge Park and Doug Yearley

    A Brooklyn judge tossed out a second lawsuit brought by DUMBO community group Save The View, which aimed to block developers from finishing construction at 130 Furman Street in the Pierhouse development along the Brooklyn Heights waterfront. [more]

  • Black Spruce scoops up Hell’s Kitchen portfolio for $110M

    14-building, 273-unit multifamily package clustered on West 49th Street
    July 29, 2016 01:03PM By Mark Maurer
    308 West 49th Street and 340 West 49th Street in Hell's Kitchen (inset from top: Meyer Orbach and Aaron Jungreis)

    308 West 49th Street and 340 West 49th Street in Hell’s Kitchen (inset from top: Meyer Orbach and Aaron Jungreis)

    Josh Gotlib’s Black Spruce Management picked up a portfolio of 14 Hell’s Kitchen walk-up rental buildings for $110 million, sources told The Real Deal. [more]

  • Two Savoy Park tenants contracted Legionnaires’ disease

    NYC Dept. of Health to test water supply at affordable Harlem complex
    July 29, 2016 12:07PM By Will Parker
    2300 Fifth Avenue in Savoy Park

    2300 Fifth Avenue in Savoy Park

    Two cases of Legionnaires’ disease have been identified in the last 10 months at Fairstead Capital’s recently-acquired Savoy Park apartment complex in Harlem, according to the New York City Department of Health and Mental Hygiene.

    In a letter sent to tenants at 2300 Fifth Avenue on July 18, the department announced it would begin testing the water at the building, following existing protocol that requires an investigation when two or more instances of the disease occurs at a single address in 10 months or less. It’s the only building in the seven-building complex where the disease has been identified. [more]

  • Brookfield, Urban American to spend $16 million to retrofit Harlem buildings

    Landlords will upgrade 3,000 units to reduce emissions and save $4M in energy costs a year
    July 29, 2016 11:41AM
    The Heritage at 1295 Fifth Avenue and Philip Eisenberg

    The Heritage at 1295 Fifth Avenue and Philip Eisenberg

    Brookfield Property Partners and Urban American Management are spending $16 million to “green” five apartment buildings across Harlem.

    And while the developers hope to reduce energy emissions by as much as 29 percent, the upgrades will also save them about $4 million a year, Crain’s reported. [more]

  • WATCH: How Deborah Rieders sold a townhouse in a near-impossible location

    The Corcoran Group broker talks about one of her most challenging listings
    July 29, 2016 11:00AM By Alistair Gardiner

    Deborah Rieders

    Corcoran Group broker Deborah Rieders was ahead of the curve when she moved to Williamsburg in 1989.

    “I truly didn’t understand why my friends and family members would pay so much more to live in Manhattan, when you can have so much more space, so much more sky, so much more nature — and really more interesting culture and a less expensive way of life,” Rieders told The Real Deal.

    Though she sold $94 million in real estate last year, Rieders wasn’t always selling homes of “Eat, Pray, Love” fame. Watch the Corcoran broker discuss one of her most challenging listings — a townhouse directly beneath the Brooklyn-Queens Expressway — in the video after the jump.

  • New bill brings good news for condo buyers

    Agency's restrictions on community eligibility for financing grew onerous: OPINION
    July 29, 2016 10:30AM By Kenneth Harney
    julian2

    Housing and Urban Development secretary Julian Castro

    Congressional Democrats and Republicans haven’t agreed on much lately, but they’re together on one issue that affects condominium buyers and sellers across the country: The Federal Housing Administration (FHA) has bungled its condo finance program.

    In a rare moment of bipartisanship before heading home for the summer, the Senate unanimously passed legislation that will require the FHA to lighten up on its condo financing regulations and make low down payment FHA loans more available to the people they are supposed to serve — moderate-income buyers, many of them minorities and first-time purchasers, who turn to condominiums as their most affordable option. The vote in the Senate followed a 427-0 vote in the House earlier this session. [more]

  • Man accused of killing landlord Menachem Stark is no dummy: expert witness

    Kendel Felix understood he was waiving his rights when he confessed to the grisly 2014 murder
    July 29, 2016 10:09AM
    From left: Menachem Stark and Kendel Felix

    From left: Menachem Stark and Kendel Felix

    Kendel Felix, the Brooklyn man who confessed to aiding the grisly 2014 murder of Williamsburg landlord Menachem Stark, is no dummy, according to a psychologist testifying on behalf of prosecutors.

    “I apologize for my colleague yesterday for saying you were brain damaged and below intellect,” psychologist Kathy Yates testified Thursday, according to the New York Daily News. [more]

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