The Real Deal New York

  • FHA opens window to more borrowers

    New approach could create a pathway for as many as 75K to 100K new loans a year
    August 28, 2015 01:05PM By Kenneth Harney
    Mortgage Bankers

    From left: David Stevens and Clem Ziroli

    If you’ve got a low FICO credit score but believe you can handle monthly mortgage payments instead of rent, here’s some potentially good news: The government is now willing to give you a better shot at obtaining a low-down-payment home loan from the Federal Housing Administration.

    Under a key policy change that took effect last week, lenders nationwide now have more leeway to approve mortgages to borrowers who qualify under FHA’s underwriting guidelines but may have below-par FICO scores. [more]

  • Union group canvasses for Brooklyn Bridge Park’s Pier 6

    Cuomo-aligned Build Up NYC sends 15K fliers to Brooklyn Heights homes
    August 28, 2015 12:35PM
    Rendering of the Pier 6 development at Brooklyn Bridge Park (credit: ODA)

    Rendering of the Pier 6 development at Brooklyn Bridge Park (credit: ODA)

    Long-gestating plans for the Pier 6 development at Brooklyn Bridge Park are getting backing from a union coalition that’s urging thousands of Brooklyn residents to support the project.

    Labor group Build Up NYC mailed fliers Thursday to around 15,000 Brooklyn Heights homes touting the purported benefits of residential towers in the park. The Empire State Development Corp. expects to vote on a modification of the Pier 6 plan, which would use unionized workers, sometime this fall. [more]

  • Gary Garrabrant’s house on Halsey Neck Pond in Southampton

    Giant beer hall coming to Downtown Brooklyn. Sam Zell’s former business partner lists Southampton mansion for $42.5 million. MTA’s 7 train extension to open Sept. 13. Read these stories and more after the jump.

  • Cary Tamarkin sells out High Line condo project after two years

    Construction on 15-unit former warehouse completed earlier this year
    August 28, 2015 11:41AM By E.B. Solomont

    From left: 508 West 24th (credit: Tamarkin Co.), a penthouse condo and Cary Tamarkin (inset)

    Two years after launching sales, architect and developer Cary Tamarkin’s  boutique condominium project on the High Line is officially sold out. [more]

  • Inside TheRealDeal
  • Solow files plans for 42-story tower on East Side

    Proposed building is part of long-stalled $4 billion development project
    August 28, 2015 11:10AM By Rich Bockmann
    685 First Avenue and Sheldon Solow

    685 First Avenue and Sheldon Solow

    Reclusive billionaire developer Sheldon Solow filed plans to build a 42-story mixed-use tower adjacent to his long-vacant development site along the East River, records show. [more]

  • Highpoint Associates drags feet for 7 months on fire repairs

    Landlord is trying to muscle out rent-regulated tenants, residents say
    August 28, 2015 10:42AM

    412 West 46th Street in Hell’s Kitchen

    More than six months after a fire tore through Highpoint Associates’ 412 West 46th Street in Hell’s Kitchen, cutting gas and destroying parts of the roof, the landlord and its property manager Keystone Management have failed to make basic repairs, tenants say.

    Tarps cover holes in the roof, and rainwater is being routed through a series of tarps and hoses, according to residents’ photos.  [more]

  • Related, Sterling’s Willets Point project hangs in limbo

    City withdraws from appeal of a ruling that halted progress
    August 28, 2015 10:09AM

    Willets Point in Queens with Stephen Ross (inset)

    Plans to redevelop and revitalize the Willets Point auto-repair district in Queens have foundered in the face of court challenges and changing city priorities. [more]

  • Barnes & Noble is done with Queens

    Bookseller is leaving its last two locations in the borough
    August 28, 2015 09:36AM

    Barnes & Nobles store at 23-80 Bell Boulevard in Bayside, Queens

    Turn the page and close the book, Barnes and Noble’s story in Queens is over, for now anyway.

    The book store chain announced it would leave its location at 23-80 Bell Boulevard in Bayside, its last location in Queens. The move follows another exit by the company, announced Wednesday, from its store 70-00 Austin Street in Forest Hills. [more]

  • Clintons’ East Hampton vacation spot hits market for $32.5M

    Bill and Hillary summered at the 8-bedroom mansion in 2011 and 2012
    August 28, 2015 09:16AM
    From left: Hillary and Bill Clinton, the Lily Pond Lane home and Hirschfeld with Clinton last year

    From left: Hillary and Bill Clinton, the Lily Pond Lane home and Hirschfeld with Clinton in 2011

    Back before Hillary Clinton was running for president, and a few years after she’d run the first time, she and Bill spent two presumably-charming summers at this historic East Hampton manse, now on sale for $32.5 million. [more]

  • Housing the homeless in private buildings isn’t working

    "Cluster site program" is costly and fails its charges
    August 28, 2015 08:35AM
    60 Clarkson Street in Prospect-Lefferts Garden

    60 Clarkson Street in Prospect-Lefferts Garden, which houses “cluster-site” residents

    Even city officials admit that a program designed to house homeless people for whom there’s no space in shelters is an abject failure, driving out rent-stabilized tenants while also subjecting homeless families to deplorable conditions.

    Yet, more than a decade after the program’s inception, officials still can’t seem to roll out a smarter, less wasteful, more sensible plan.

  • Galleries on West 24th Street in Chelsea and Michael Gillespie and Andrew Edlin (inset)

    Galleries on West 24th Street in Chelsea and Michael Gillespie and Andrew Edlin (inset)

    Gallery owners in Chelsea are feeling the pinch of higher rents caused by flowering development around the High Line. Many have left, headed for fresher, cheaper digs in places like the Lower East Side, and the rest are looking at the door. [more]

  • Most popular stories on The Real Deal

    August 28, 2015 07:30AM

    Current reader favorites:
    1. Can Blackstone’s real estate business keep growing?
    2. Carnegie House residents bolting over Schron’s looming fees
    3. No winners in union fight with WeWork
    4. Joseph Brunner buys again in north Brooklyn
    5. Judge rules in Armani’s favor in fight with SL Green

  • Multifamily divided: Aaron Jungreis sues nephew Raphael Toledano over $100M Village deal

    Rosewood Realty chief claims he was squeezed out of acquisition from Tabak family
    August 27, 2015 06:30PM By Mark Maurer and Kyna Doles
    Jungreis Suit

    From left: Aaron Jungreis, Raphael Toledano, 253 East 10th Street, 27 St. Mark’s Place and 66 East 7th Street

    UPDATED, 10:57 p.m., August 27: Say uncle!

    Rosewood Realty Group’s Aaron Jungreis, one of the city’s elite multifamily brokers, is suing his nephew Raphael Toledano, claiming he was squeezed out of a $100 million deal to acquire 16 East Village rental buildings. [more]

  • Airbnb hires Clinton’s “master of disaster” to handle backlash

    Chris Lehane known as longtime Cuomo, de Blasio adviser
    August 27, 2015 06:00PM
    From left: Chris Lehane and Bill Clinton

    From left: Chris Lehane and Bill Clinton

    With Airbnb facing increased criticism from landlords and lawmakers alike, the home-sharing service hired political operative Chris Lehane – a Clinton administration veteran with ties to both Gov. Andrew Cuomo and Mayor Bill de Blasio – to head its “global policy” and public affairs operations.

    Known as the “master of disaster” for his handling of the Monica Lewinsky scandal and other Clinton administration crises, Lehane liaise with policymakers and lead “efforts to educate more people, organizations and stakeholders about Airbnb,” the company said Thursday. [more]

  • Steve Madden sues Cayre, partners over “crumbling” 720 Lex

    Court filing is the latest drama between retailer, landlord
    August 27, 2015 05:00PM By Rey Mashayekhi
    720 Lexington Avenue in Midtown

    720 Lexington Avenue in Midtown

    Steve Madden’s beef with landlord Cayre and partners continues after the shoe retailer filed a lawsuit this week claiming its flagship Midtown location, at 720 Lexington Avenue, is dealing with a crumbling foundation, water damage and loose and fallen brick.

    The shoe retailer alleges that deteriorating conditions at the location, which it has occupied since 2007, have forced it to vacate the building’s basement and shut down its second-floor retail space in order to accommodate inventory storage, according to documents filed Tuesday in New York State Supreme Court. [more]

  • US market overview panel set for TRD’s Shanghai showcase

    Miller Samuel's Jonathan Miller to moderate
    August 27, 2015 04:25PM
    China Panel

    From left: Andrew Farkas, Greg Peng, Stephen Owens and Jonathan Miller

    The roster of participants in the “U.S. real estate market overview” panel at The Real Deal’s September showcase in China includes an outstanding lineup of real estate luminaries from across the country.

    Andrew Farkas of Island Capital, Greg Peng of Cindat, Dan Kodsi of Royal Palm Companies, Mark Chu of Eastdil Secured, Sean Mei of Partners Trust China and Stephen Owens of Swire Properties have confirmed their participation on the panel. Miller Samuel’s Jonathan Miller is moderating the panel.

    The panel will provide attendees with an overview of the U.S. market as a whole, then focus on the American cities that proffer the best investment opportunities.

    Other panels that day will include an overview of the development market in New York City and beyond, moderated by Farkas, and featuring former Gov. Eliot Spitzer, Steve Witkoff of the Witkoff Group, Ifei Chang of Greenland USA, Stan Gale Jr. of Gale International and Shang Dai of Kuafu Properties as panelists.

    The show will be held at the Shangri-La Hotel in Shanghai from Sept. 10-12. It will feature networking events, breakout workshops and a showcase of U.S. developments.

    For more information on the event, please click here or check out the hashtag #TRDShanghai for updates via social media.

  • BCB’s Berger, Excelsior’s Miller launch JV

    In debut deal, Novel Property Ventures pays $35M for 12-building Harlem portfolio
    August 27, 2015 03:45PM By Mark Maurer
    BCB buy

    From left: 240 West 122nd Street and 222 St. Nicholas Avenue in Harlem (inset: Bennat Berger, Andrew Miller and Steven Vegh)

    BCB Property Management’s Bennat Charatan Berger and Excelsior Equities’ Andrew Miller have teamed up to form a new investment firm, The Real Deal has learned. The company, Novel Property Ventures, burst out of the gate with a Central Harlem multifamily portfolio buy for $35 million. [more]

  • Are NYC’s office brokers neglecting startups?

    New survey finds a third of small tech firms had no contact with leasing agents
    August 27, 2015 03:15PM By Konrad Putzier
    zandieh startups

    From left: WeWork members at the firm’s Soho location, and Ashkan Zandieh (credit: WeWork)

    Considering the real estate industry’s current obsession with tech companies, this number is surprising: a third of New York’s tech startups have never been contacted by a leasing agent, according to a new survey by real estate consulting firm RE:Tech. [more]

  • If it’s broke, make sure they don’t fix it: State agency blasted over “weak” NYCHA oversight

    Comptroller Thomas DiNapoli criticizes agency monitoring $100M in repair funds
    August 27, 2015 02:50PM
    From left: Thomas DiNapoli, Bill de Blasio and Shola Olatoye

    From left: Thomas DiNapoli, Bill de Blasio and Shola Olatoye

    As if the problems at the New York City Housing Authority weren’t bad enough, the state agency charged with overseeing NYCHA’s use of $100 million in repair funds is now under scrutiny. [more]

  • Lawsuit could limit campaign contributions by LLCs

    If complaint succeeds, entities would be identified with their owners
    August 27, 2015 02:05PM
    From left: Shirley Patterson,  Risa Sugarman and Leonard Litwin

    From left: Shirley Patterson, Risa Sugarman and Leonard Litwin

    Corporations are “people,” and they’re the kinds of people who give a lot of money to politicians. But if a new lawsuit winding its way through state courts succeeds, only the actual, human people behind the corporations will be allowed to play. [more]