The Real Deal New York

  • David Bistricer doesn’t seem to like jocks

    Clipper Equity threatens to terminate Equinox lease at 50 Murray Street
    February 11, 2016 02:00PM By Konrad Putzier

    Equinox BistricerDavid Bistricer’s Clipper Equity threatened to kick an Equinox gym out of its Tribeca luxury rental building 50 Murray Street, claiming it produces “excessive noise.” Now, Equinox Tribeca has responded with a $8 million lawsuit.

    Clipper Equity served Equinox with “a notice of intent to terminate the lease” if the alleged noise issue is not resolved by Feb. 16, according to a complaint filed with the New York State Supreme Court Wednesday.

    In its suit, Equinox Tribeca disputes “that the very same noise and vibrations that have been associated with normal exercise at the health club for the last 14 years suddenly rise to the level of “defaults” under the Lease.” The gym claims it can address noise issues without having to move out, and alleges that Clipper Equity’s notice of default violates the lease agreement. [more]

  • The skylines that John Tishman shaped: VIDEO

    The master builder's firm managed construction at three early supertall towers
    February 11, 2016 01:34PM By Alistair Gardiner

    John Tishman, one of the key figures in New York City’s post-World War II building boom, died last week in his Westchester home at the age of 90. Click here to see The Real Deal’s video on Tishman’s legacy.

  • love-real-estate-2

    From Luxury Listings: Can rich people really ever fall in love? Well apparently not with real estate; a new study from Realtor.com has found that listings that include the words “sexy” and “seductive” are on average more expensive than listings with the word “love.”

    “Love is basic,” an economic researcher for Realtor.com told the Wall Street Journal. Happy Valentine’s Day! [more]

  • Morgan Stanley will pay $3.2B to settle crisis-era RMBS charges

    New York state will get $550M of the total
    February 11, 2016 12:31PM
    James Gorman Eric Schneiderman

    From left: Morgan Stanley CEO James Gorman and Attorney General Eric Schneiderman

    Global financial services giant Morgan Stanley agreed to pay $3.2 billion to settle a federal and state probe into Residential Mortgage Backed Securities-related practices that contributed to the 2008 financial crisis.

    As part of the settlement, the bank acknowledged that it relaxed its standards for mortgage loans it pooled and sold to the investors, without informing buyers that it had done so. The bank also admitted that loans with material defects were packed into securities and sold. [more]

  • Inside TheRealDeal
  • WeWork takes 60K sf at USPS’ East Midtown post office

    Coworking space provider finalized 27-year lease at 450 Lexington Avenue
    February 11, 2016 12:06PM
    WeWork-co-founders-40-Lex-Avenue

    From left: WeWork co-founders Miguel McKelvey and Adam Neumann and 450 Lexington Avenue (credit: RXR Realty)

    Usually, neither snow nor rain nor heat nor gloom of night stays these coworking giants from the swift completion of their appointed rounds.

    Except this time WeWork encountered the bureaucratic United States Postal Service, and a lease deal for 60,000 square feet at the USPS’s East Midtown post office took over two years to negotiate.

    The collaborative workspace provider will take the entire fourth floor of the USPS’ six-story facility at 450 Lexington Avenue for a 27-year term. [more]

  • Dear tenant: Maybe we’re converting to condos?

    New AG decree lets landlords float hypothetical conversions in renter-occupied buildings
    February 11, 2016 11:39AM By Will Parker
    guinea-pig-condo-conversion

    From left: A guinea pig and a condominium conversion

    Renters across the city could soon become guinea pigs for landlords contemplating a condominium conversion.

    A new memo from the New York Attorney General’s Real Estate Finance Bureau declares that landlords can now solicit interest and potential pricing for condo conversion projects at buildings which are currently occupied by renters, something they were previously barred from doing. [more]

  • Five arrested over deadly 2015 East Village explosion

    General contractor Dilber Kukic was among those collared
    February 11, 2016 11:02AM
    Scenes from the March 2015 explosion at 121 Second Avenue explosion (credit: Claire Moses / The Real Deal)

    Scenes from the March 2015 explosion at 121 Second Avenue explosion (credit: Claire Moses / The Real Deal)

    The NYPD arrested five people including general contractor Dilber Kukic this morning for their alleged roles in the deadly explosion that rocked the East Village last March. [more]

  • WeWork’s Adam Neumann scopes out Straus’ Whitney Condos

    Fresh off buying a farm, the co-founder of the co-working giant eyes $39M PH on East 74th St.
    February 11, 2016 10:30AM
    33-East-74th-Street-newmann

    Adam Neumann and penthouse at 33 East 74th Street on the Upper East Side

    After splashing big bucks on a 60-acre farm in Westchester last week, WeWork co-founder Adam Neumann once again turned to the city — eyeing a $39 million penthouse condominium unit at Daniel Straus’ Whitney Condos. [more]

  • Commercial market: The looming retail tax hike smackdown

    Prime Fifth Avenue retail hit hard in city's latest tax assessments
    February 11, 2016 10:07AM

    fifth-avenue-biggest-market-value-jumps-large

    From the February issue: International tourists buying up trendy handbags and other bling are not the only ones dialed into the ramped-up retail offerings on prime Fifth Avenue in Midtown. The city’s Department of Finance has also taken note of how rent rates on the most expensive shopping strip in the world are going gangbusters. And the agency’s response has been to slap some high-profile properties with higher tax assessments.

    In the top case, the agency — which released its tentative assessment rolls for the 2016-2017 tax year last month — jacked up values at two retail condos in the same building by a staggering 95 percent. [more]

  • 80 South St. crosses 1M sf in air rights with City Planning vote

    China Oceanwide is proposing a supertall with resi, hotel, office and retail space at the site
    February 11, 2016 09:30AM
    From left: Lu Zhiqiang and a diagram of the planned 80 South Street (credit: Oceanwide Holdings)

    From left: Lu Zhiqiang and a diagram of the planned 80 South Street (credit: Oceanwide Holdings)

    The City Planning Commission this week approved an air rights transfer to China Oceanwide Holdings’ 80 South Street, bringing the site’s total buildable space to just over 1 million square feet. [more]

  • After 7 years, West Village townhouse finally sells for $14.5M

    Interior designers Cortney and Robert Novogratz first put the home on market for $25M
    February 11, 2016 09:03AM
    novogratz-townhouse

    From left: Cortney and Robert Novogratz, and their 400 West Street townhouse

    It took seven years, a major renovation, and multiple price chops, but interior design duo Cortney and Robert Novogratz finally sold their West Village townhouse for $14.5 million. [more]

  • Landlords beware: Rental market could be set for a slowdown

    Vacancy rates are high, new leases are down and landlords are making many concessions
    February 11, 2016 08:30AM By Kathryn Brenzel
    Clockwise: 132 East 62nd Street, 46 East 82nd Street #TH and 28 East 63rd Street #17AB and

    Clockwise: 132 East 62nd Street, 46 East 82nd Street #TH and 28 East 63rd Street #17AB

    Rents may have inched higher for the 23rd month in a row, but a lack of new deals and a large number of landlord concessions hint at an impending market slowdown. [more]

  • PwC near deal for 250K sf at Vornado’s 90 Park

    Largest of the “Big Four” accounting firms already has 800K sf nearby on Madison Ave
    February 11, 2016 08:00AM By Rich Bockmann
    Vornado CEO Steven Roth and 90 Park Avenue

    Vornado CEO Steven Roth and 90 Park Avenue

    UPDATED, Feb. 11, 12:41 p.m.: PricewaterhouseCoopers, the largest of the “Big Four” auditing firms, is expanding beyond its Madison Avenue headquarters to some 250,000 square feet at Vornado Realty Trust’s 90 Park Avenue, The Real Deal has learned.  [more]

  • Most popular stories on The Real Deal

    February 11, 2016 07:30AM

    Current reader favorites:
    1. Meet the little Williamsburg building that’s home to over 1,000 LLCs
    2. Investment sales ranking: Who crushed it and who got crushed?
    3. The (kosher) power lunch
    4. Donald Trump’s kids take spotlight in presidential campaign – with mixed results
    5. WeWork could be raising even more money

  • Aurora, Gottlieb’s Gansevoort project hits Landmarks snag

    Commissioners advise architecture firm BKSK to lower building heights
    February 10, 2016 05:55PM
    Rendering of 46-74 Gansevoort Street in the Meatpacking District

    Rendering of 46-74 Gansevoort Street in the Meatpacking District

    Aurora Capital and William Gottlieb Real Estate’s contentious plan to redevelop 46-74 Gansevoort Street into a commercial hub hit a roadblock.

    The Landmarks Preservation Commission rejected BKSK Architects’ design Tuesday, saying it needed to get rid of the upper floors, particularly the penthouses, to lower the heights of the buildings. [more]

  • NYCHA Red Hook Houses to receive $438M in federal aid

    The FEMA funds will go toward power plants, Sandy repairs
    February 10, 2016 05:40PM
    nycha-red-hook-rendering-NYCHA

    A conceptual design of the power plant (Credit: NYCHA)

    The Federal Emergency Management Agency allocated over $438 million to NYCHA’s Red Hook Houses for Super Storm Sandy repairs and to construct two power plants.

    Architecture firm Kohn Pedersen Fox presented its designs for the new power plants to residents on Monday. The two-story plants will replace temporary boilers that have been in use since the storm. There will also be 12 smaller “utility pods” that will distribute power to the buildings. [more]

  • Resi broker-turned-getaway driver rejects DWI plea deal

    Kinga Tabares allegedly drove off with taxicab while intoxicated after night out in Meatpacking
    February 10, 2016 05:20PM
    Kinga Tabares

    Kinga Tabares

    Residential real estate broker Kinga Tabares, who allegedly drove off with a taxicab while intoxicated after a night out in the Meatpacking District, rejected a plea deal from prosecutors in court Wednesday.

    Manhattan prosecutors offered to let the 27-year-old former Douglas Elliman agent, who now works for the Nassimi Group, plead guilty to felony driving while intoxicated in exchange for six months in jail and five years of probation.

    But Tabares turned down the plea bargain, according to the New York Post, and is due back in court April 11 on charges of grand larceny, DWI and operating a motor vehicle while impaired. [more]

  • Lender Apollo defends economics of 111 West 57th St.

    Analyst asked if JDS and PMG's supertall project should be “mothballed” amid market volatility
    February 10, 2016 05:05PM By Katherine Clarke
    Renderings of 111 West 57th Street

    Renderings of 111 West 57th Street (credit: SHoP Architects)

    Faced with both an uncertain global economy and signs of softening in the city’s ultra-luxury condominium market, should JDS Development Group and Property Markets Group really be soldiering on with plans to build 111 West 57th Street?

    That’s the question an analyst asked of top executives at Apollo Commercial Real Estate Finance, which provided the mezzanine debt for the supertall project on Billionaires’ Row. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    February 10, 2016 04:40PM By Kyna Doles
    Douglas Elliman and CBRE

    (credit: Douglas Elliman and CBRE)

    Manhattan office leasing activity tumbled in January and median townhouse prices reached a 10-year high. [more]

  • Josh Caspi, Daniel Hollander and One Manhattan Square

    From left: Josh Caspi, Daniel Hollander and a rendering of One Manhattan Square

    From the February issue: The Lower East Side is a long gritty neighborhood that’s undergoing a dramatic makeover.  Driving the transformation is the $1.1 billion Essex Crossing mega project, which is set to deliver 1,000 units of housing along with retail, office, and community/cultural uses.

    In our third and final web installment, we bring you TRD‘s interviews with Daniel Hollander, managing principal of DHA Capital, and Joshua Caspi, owner of Caspi Development, who weigh in on the condo and rental market and tell us what they think of Gary Barnett’s decision to market Extell’s One Manhattan Square condo project exclusively to Asian buyers. [more]

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