The Real Deal New York

  • New tool allows landlords to track who goes in and out of rental apartments

    GateGuard aims to crack down on illegal Airbnb sublets
    October 27, 2016 06:00PM By Konrad Putzier
    Rendering of Gate Guard (click to enlarge)

    Gate Guard and Ari Teman (click to enlarge)

    Depending on where you stand, Ari Teman’s new product is either a neat amenity or a big step toward total surveillance of tenants. Or maybe it’s both.

    GateGuard is similar to a virtual doorman: Installed at a building’s front door, it allows tenants to accept deliveries or buzz in friends. But it also includes a camera with face recognition technology that records who enters which unit at what time, and transmits that information to an online dashboard.  [more]

  • You can follow the “Yellow Brick Road” to Elton John’s old Soho apartment

    His former pad at 50 Wooster Street just had a price chop to $16M
    October 27, 2016 05:30PM By Isabel Schwab and Katherine Clarke

    Elton John and the apartment at 50 Wooster Street (credit: David Shankbone)

    From Luxury Listings NYC: Not only does this Soho apartment have a tunnel specifically designed for cats to journey from the kitchen to the litter box, but as it turns out, it was also the former home of legendary rock star Elton John.

    Neither of those fact seem to be enough to sell it, however, and the apartment at 50 Wooster Street just experienced a significant chop from its original listing price of $23.25 million, to its current price of $15.95 million. [more]

  • Direct lenders are playing a bigger role with commercial debt deals in BK, Queens

    Direct lenders are playing a bigger role with commercial debt deals in Brooklyn and Queens
    October 27, 2016 04:45PM By Adam Pincus

    commercial-market-chart-1From the October issue: Non-bank mortgage lenders have jumped head first into the large-loan markets in Brooklyn and Queens as banks pull back, a review of city records by The Real Deal shows.

    San Francisco-based ACORE Capital, Los Angeles-based Mesa West Capital, and Midtown-based Two Harbors Investment Corp. — all direct lenders — originated loans of more than $50 million on cash-flowing commercial properties in the past year. Those were the largest loans in the two boroughs that the three firms had ever made, according to records. [more]

  • NYC tax revenue falls for first time since 2012

    Collection of real estate transaction tax fell by 9.7%
    October 27, 2016 04:15PM

    New York City Hall

    New York City’s tax revenues declined about 1 percent in the past few months, reversing a trend of continuous growth since 2012. And a choppy real estate market is a major culprit.

    Between April and August, year-over-year collections from real estate transaction taxes fell 9.7 percent while business taxes decreased by 26.1 percent, according to City Council data. Revenue from personal income and sales taxes also declined, but because of sky-high land values, revenue from property taxes rose. [more]

  • Inside TheRealDeal
  • Screen-Shot-2016-10-18-at-4.22.42-PM

    Trevor Noah on “The Daily Show”(credit: Comedy Central)

    Luxury Listings NYC’s November/December issue is just around the corner and there’s a lot to look forward to. We’ve got South African comedian and “The Daily Show” host Trevor Noah on our cover and gossip queen Cindy Adams inside, along with our annual holiday gift guide.

    Ahead of the publication of his new nonfiction book “Born a Crime,” Noah douses big issues like racism, religion and Donald Trump with a heavy does of humor. Be sure to check out our custom photo shoot with the Comedy Central star.

    Meanwhile, New York City institution — gossip columnist Cindy Adams — let us into her uptown penthouse to discuss her unusual annual ritual for man’s best friend.

    We’ve also go our ultra-luxe holiday gift guide, a conversation with fashion designer Billy Reid, a peek inside the Lower East Side’s newest cocktail kingdom and much, much more.

  • Lo Russo stepping down as head of Cushman in New York

    John Santora, firm's former North American CEO, will replace him
    October 27, 2016 03:07PM By Adam Pincus and Mark Maurer
    Ron Lo Russo and John Santora

    From left: Ron Lo Russo and John Santora

    In a major shakeup at Cushman & Wakefield, Ron Lo Russo will step down as president of the brokerage’s New York tri-state region, The Real Deal has learned.

    John Santora, the New York-based global chief operating officer and chief integration officer for Cushman, will replace Lo Russo in the role effective Dec. 1, a spokesperson for Cushman confirmed. Lo Russo will stay on at the firm and lead the firm’s agency/leasing practice in the tri-state region. [more]

  • A new look at Blumenfeld’s Bjarke Ingels-designed Harlem project

    The “black satin” facade was “inspired by an elephant’s skin”
    October 27, 2016 02:45PM
    145 East 125th Street (credit: Blumenfeld Development Group)

    145 East 125th Street (credit: Blumenfeld Development Group)

    Blumenfeld Development Group unveiled new renderings for its Bjarke Ingels-designed East Harlem rental project. [more]

  • Hudson Companies, Gilbane to convert Bronx jail into $300M affordable housing complex

    Development slated to include 740 affordable units and 21K sf of retail space
    October 27, 2016 02:23PM
    A rendering of the Peninsula credit: WXY Architecture + Urban Design)

    A rendering of the Peninsula (credit: WXY Architecture + Urban Design)

    Hudson Companies, one of the developers behind the La Central complex, is doubling down in the Bronx, with plans to convert the now-shuttered Spofford Juvenile Detention Center into a $300 million affordable housing complex. [more]

  • Secretive Trump megadonor lists condo on Billionaires’ Row

    Robert Mercer put his apartment at 117 East 57th Street on the market for $3.5M
    October 27, 2016 01:48PM By Isabel Schwab

    Robert Mercer’s apartment at 117 East 57th Street

    From Luxury Listings NYC: Billionaire Robert Mercer, a major Republican donor and Donald Trump supporter, and his wife Diane have listed their condo at the Galleria at 117 East 57th Street for nearly $3.5 million. [more]

  • Blackstone now has more than $100B in dry powder

    Fund manager reports profitable third quarter
    October 27, 2016 01:15PM By Konrad Putzier
    Stephen Schwarzman and Michael Chae

    From left: Stephen Schwarzman and Michael Chae

    Thanks in part to some major real estate sales, the Blackstone Group had a profitable third quarter. But arguably the most interesting news was buried in the earnings presentation: the fund manager’s dry powder crossed the $100 billion threshold for the first time.

    Blackstone now has $102 billion in uncalled capital — up 20 percent from $85 billion a year ago. The firm’s real estate funds alone sit on $33.2 billion in dry powder – up from $27 billion. [more]

  • MAC close to inking big deal at Stellar’s One Soho Square

    80K sf lease would be the largest to-date at redevelopment project
    October 27, 2016 12:55PM By Rich Bockmann
    From left: Singer Selena, Rendering of One Soho Square and Larry Gluck

    From left: Singer Selena, rendering of One Soho Square and Larry Gluck

    Stellar Management is close to signing the biggest tenant yet to its flashy Soho office-and-retail redevelopment project.

    MAC Cosmetics is in late-stage negotiations to take roughly 80,000 square feet of office space at the developer’s 768,000-square-foot One Soho Square property, sources told The Real Deal. [more]

  • How a missing 84-year-old woman got Compass its first win at the REBNY residential awards

    Karen DeMeco took home the gold in the "Deal of the Year" category
    October 27, 2016 12:32PM By Katherine Clarke
    Winners of REBNY's 28th Annual Residential Deal of the Year Awards for 2015-2016 with their managers and REBNY leadership. (Credit: Richard Lewin)

    Winners of REBNY’s 28th Annual Residential Deal of the Year Awards for 2015-2016 with their managers and REBNY leadership. (Credit: Richard Lewin)

    Compass agent Karen DeMeco posted the company’s first REBNY residential awards gala win Wednesday night for a deal that saw her chasing a missing title document and then a mysteriously disappearing elderly client. [more]

  • Benny Goodman’s UES condo hits the market for $8.6M

    The King of Swing’s former home spans just over 3K sf
    October 27, 2016 12:00PM
    200 East 66th Street and Benny Goodman

    200 East 66th Street and Benny Goodman

    Can you swing it?

    The former apartment of Benny Goodman — the famed jazz musician known as the “King of Swing” — is now on the market for $8.6 million, the New York Post reported. [more]

  • Trump TV started as threat from Kushner to Roger Ailes: report

    Campaign created a potential audience of millions who feel their views aren't heard in media
    October 27, 2016 11:30AM
    Jared Kushner

    Jared Kushner

    Trump TV might have started as a threat to ex-Fox News chief Roger Ailes from Jared Kushner during the Republican primaries, according to a Bloomberg cover story on the marketing powerhouse Trump’s campaign has built.

    But if the rumored TV network did begin as a threat, it has grown into a real possibility.

    According to Bloomberg, once the idea had been seeded and drew interest from five media companies, Trump, encouraged by his son-in-law Kushner, was hooked. “One thing Jared always tells Donald is that if the New York Times and cable news mattered, he would be at 1 percent in the polls,” a Bloomberg’s source said. “Trump supporters really don’t have a media outlet where they feel they’re represented.” [more]

  • Download The Real Deal’s mobile news app

    Now available for download for Apple and Android users
    October 27, 2016 11:05AM

    PhoneThe Real Deal is bringing a cleaner design and more seamless navigation to our latest mobile update, which is now available for download in Apple’s App store and the Google Play store.

    The latest version of our app includes a separate feed for our new Los Angeles website, which joined The Real Deal‘s family of news websites in January. An updated navigation bar allows readers to access each of the three markets with ease, and a new ‘National’ tab aggregates our New York, South Florida and Los Angeles websites into one stream.

    We’ve also incorporated a smoother, sleeker design. A new feature, which is located on the bottom left of a post, lets users increase the text size for easier reading. Like our previous app, you can text, email or share stories to your social media sites, via the icons located on the bottom of each post. You can also search for stories you may have missed by clicking on the magnifying glass in the top right corner of the homepage.

    Click here to download the iPhone app, or search for “The Real Deal” in the App Store. Android users, you can download the latest version here.

  • Workers at Dermot Company’s newly-purchased EV rental forced to take big wage cuts: report

    Employees at 250 East Houston were reportedly told to accept much lower pay or leave
    October 27, 2016 10:39AM
    250 East Houston Street

    250 East Houston Street

    Doormen and maintenance workers at the Red Square rental complex in the East Village have been offered an ultimatum: take a pay cut or be out of a job, according to a report. [more]

  • Tale of two tech companies: NYC welcomes Uber, while Airbnb faces new restrictions

    Airbnb's adversaries are more sophisticated than Uber's, according to experts
    October 27, 2016 09:45AM
    Gov. Andrew Cuomo, airbnb founders Joe Gebbia, Nathan Blecharczyk and Brian Chesky and an Uber car

    Gov. Andrew Cuomo, Airbnb founders Joe Gebbia, Nathan Blecharczyk and Brian Chesky and an Uber car

    In a tale of two tech companies, Uber is seeing the best of times while Airbnb is perhaps about to see the worst. [more]

  • Hedgie heavyweight drops $33M on 432 Park condo

    The 4K sf apartment on the 87th floor was listed for $38M
    October 27, 2016 09:23AM
    432 Park Avenue (Photo: DBOX for CIM Group/Macklowe Properties)

    432 Park Avenue (Photo: DBOX for CIM Group/Macklowe Properties)

    The sales keep coming at 432 Park Avenue. Just one month after a Saudi billionaire officially scooped up a penthouse for $88 million, another deep-pocketed buyer has closed on a pad high in the sky, paying over $8,200 per square foot for those Big Apple views. [more]

  • As Manhattan’s luxury market cools, Hamptons high-end properties rise in Q3

    Median sales price for the top 10% of the market was up, but the middle market slipped
    October 27, 2016 08:30AM By Miriam Hall
    Oceanfront homes in the Hamptons

    Oceanfront homes in the Hamptons

    Following a slowdown that has affected the local market for more than a year, Hamptons luxury properties saw a jump in prices and sales volume in the third quarter.

    The quarter’s median sales price for Hamptons luxury properties — which is the top 10 percent of the market — was $6.2 million, a 17 percent rise year-over-year. According to Douglas Elliman’s latest market report, sales over $5 million increased 29 percent year-over-year and sales below $1 million rose 22 percent year-over-year. Across the entire Hamptons market, sales increased 2 percent compared to this time last year, the first rise in five consecutive quarters. [more]

  • The Big Open House: In Greenwich Village, a condo building suited for green thumbs

    In the latest installment of our series, we were treated to a look at 21 East 12th Street’s sales gallery
    October 27, 2016 08:00AM By Liz Lucking
    The penthouse staircase at 21 East 12th Street (credit: Wordsearch)

    The penthouse staircase at 21 East 12th Street (credit: Wordsearch)

    From Luxury Listings NYC: Just south of Union Square, in a space once occupied by a dreary parking garage, a new luxury condominium building is beginning to grow.

    Although 21 East 12th Street is still very much under construction, LLNYC was treated to a tour of the building’s nearby sales office for the latest installment of out Big Open House series. Here is a sneak peek at the luxury homes the rectangular tower will soon deliver to its future residents. [more]