The Real Deal New York

  • Dealmaking kicks off early with ICSC weekend parties

    Show runners plan to move conference to Javits Center’s upper floor next year
    December 02, 2016 06:00PM By Rich Bockmann
    Dealmakers attend ICSC's New York show in 2014

    Dealmakers attend ICSC’s New York show in 2014

    More than 10,000 retail brokers, landlords and tenants are expected to descend on the Jacob K. Javits Convention Center next week for the International Council of Shopping Centers’ annual expo. But seasoned pros know they don’t have to wait until Monday to start wheeling and dealing. [more]

  • WATCH: NYC real estate’s week in numbers

    An $81M townhouse contract, a purchase of air rights for $800 psf, and more
    December 02, 2016 05:30PM By Alistair Gardiner


    A 51.5-foot steel pedestal, a 60,000-square-foot lease at 650 Fifth Avenue and 8,600 acres of unused land. In real estate, it’s all about the numbers.

    To see some of the biggest news of the past week in 10 numbers, watch the video here.

  • Architect Robert A.M. Stern taking 62K sf at One Park Avenue

    Firm will occupy 16th and 17th floors at the 20-story building
    December 02, 2016 05:00PM
    One Park Avenue (credit: Vornado) and Robert A.M. Stern

    One Park Avenue (credit: Vornado) and Robert A.M. Stern

    Robert A.M. Stern is moving his famed architecture firm from Hell’s Kitchen to Vornado Realty Trust’s One Park Avenue, a move that will provide space for the firm to double in size. [more]

  • The Cincinnati waterfront

    The Cincinnati waterfront

    From the December issue: After half a century, a six-lane trench — the remnants of a failed plan to build an interstate in the  nation’s capital — will be filled in with a 2.2 million-square-foot development. [more]

  • Inside TheRealDeal
  • Wonder Works, Girona list Chelsea townhouse for $37M

    West 17th St. property formerly housed Karim Rashid's studio
    December 02, 2016 04:00PM
    357 West 17th Street (credit: Compass)

    357 West 17th Street (credit: Compass)

    Wonder Works Construction and Development, in partnership with Girona Ventures, listed a 11,000-square-foot Chelsea townhouse for $36.8 million, after extensively renovating the property. [more]

  • Chinese firm to nab Elmhurst hospital building for $125M

    Madison Realty Capital is lender on deal
    December 02, 2016 03:40PM By Katherine Clarke

    Josh Zegen and 90-02 Queens Boulevard

    Ding “John” Wai’s Sentry Operating Corp. is purchasing a former Queens hospital for $125 million, sources told The Real Deal.

    The building, at 90-02 Queens Boulevard in Elmhurst, was formerly part of St. John’s hospital, and spans about 260,000 square feet. The purchase also includes a five-story parking garage across the street at 87-28 58th Avenue, which will remain in its current state to provide tenants with parking. [more]

  • Adele rented Deron Williams’ Tribeca PH during her NYC tour

    The apartment at 35 North Moore Street is currently on the market for $28M
    December 02, 2016 03:15PM By Isabel Schwab

    Adele and the apartment at 35 North Moore Street (photo credit: Egghead06 via Wikipedia)

    From Luxury Listings NYCWhile Adele was bemoaning the breakup of Brangelina during her New York City tour earlier this year, it turns out she was living in some pretty sweet digs.

    The queen of heartache rented Deron Williams’ tremendous apartment at 35 North Moore Street for almost three weeks during her New York City tour, according to the property’s listing agent Andrew Azoulay of Douglas Elliman. [more]

  • AllianceBernstein’s former CEO Lew Sanders is buyer of
    432 Park PH

    Unit closed for $60M, records show
    December 02, 2016 02:47PM By Katherine Clarke

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

    Lew Sanders, the former CEO of asset manager AllianceBernstein, is the mystery buyer of one of the priciest penthouses at 432 Park Avenue. [more]

  • Inside Madison Realty Capital’s holiday bash: PHOTOS

    Though bravado was abundant as usual, a choppy market has real estate players worried
    December 02, 2016 02:41PM By Hiten Samtani and Alistair Gardiner

    Scenes from Madison Realty Capital’s holiday party at the Top of the Standard (credit: Alistair Gardiner)

    The hustling started at the coat check. Cards were exchanged, deals boasted about, and agreements were struck to cut the impossibly long line at the Top of the Standard. Equal parts glamor, braggadocio, and dealmaking, it was time again for one of the marquee events on the real estate holiday party circuit: Madison Realty Capital’s annual bash.

    Click here to read more and see all the photos.

  • RXR, Westbrook move forward with 47 Hall conversion

    Developers file DOB plans to convert 500K sf warehouse to office building
    December 02, 2016 02:12PM By Rich Bockmann
    47 Hall Street (credit: RXR) and Scott Rechler

    47 Hall Street (credit: RXR) and Scott Rechler

    RXR Realty and Westbrook Partners are moving forward with their plan to convert over 500,000 square feet of warehouse space at the edge of the Brooklyn Navy Yard into a trendy office property. [more]

  • Denham Wolf claims Gansevoort developers, tenant owe $10M in commissions

    Maiyet inked a 15-year lease for 60-74 Gansevoort with Aurora Capital, William Gotlieb Real Estate
    December 02, 2016 01:48PM By Kathryn Brenzel
    From left: Renderings of 60-68 Gansevoort Street, 70-74 Gansevoort Street and Jonathan Denham

    From left: Renderings of 60-68 Gansevoort Street, 70-74 Gansevoort Street and Denham Wolf’s Jonathan Denham

    A commercial brokerage claims that Aurora Capital Associates, William Gottlieb Real Estate and fashion retailer Maiyet together stiffed it on nearly $10 million in commissions. [more]

  • The Feds should be on the hook for Trump Tower security costs: Mark-Viverito, Garodnick

    Cost to keep president-elect, family safe at the building estimated to be $1M a day
    December 02, 2016 12:40PM
    Dan Garodnick, Trump Tower and Melissa Mark-Viverito

    Dan Garodnick, Trump Tower and Melissa Mark-Viverito

    City Council Speaker Melissa Mark-Viverito and Council member Dan Garodnick have launched a petition aimed at forcing the federal government — rather than New York City — to foot the bill for security at Trump Tower. [more]

  • L+M, CIM unveil plans for two resi towers at 260 South Street

    Buildings will span 1M sf and include 1,350 units
    December 02, 2016 12:10PM
    Rendering of 260 South Street (credit: Handel Architects)

    Rendering of 260 South Street (credit: Handel Architects)

    UPDATED, Dec. 2, 1:35 p.m.: L+M Development Partners and CIM Group unveiled plans to build two mixed-use towers at 260 South Street on the Lower East Side. The two towers will span more than a million square feet and up to 1,350 apartments combined.

    The taller of the two towers will rise almost 800 feet. Twenty-five percent of the units will be set aside as affordable. [more]

  • $65M listing for SoFla penthouse would set Miami record

    Duker spent five years building out three-story unit's interiors
    December 02, 2016 11:45AM By Sean Stewart-Muniz
    The tri-level Apogee South Beach penthouse (Inset: William Duker via Boat International)

    The tri-level Apogee South Beach penthouse (Inset: William Duker via Boat International)

    From the South Florida website: When hedge fund honcho Ken Griffin closed on a $60 million condo at Faena House in Miami Beach last year, the deal shattered all residential price records in Miami-Dade County.

    Now, a challenger has appeared.

    William Duker, an investor and former attorney, just listed his tri-level penthouse at the Apogee South Beach for $65 million with Carlo Gambino of Douglas Elliman. [more]

  • When will Fannie, Freddie switch to new credit-scoring model?

    1.1M home loan applicants were turned down in 2015 due to more stringent criteria
    December 02, 2016 11:05AM By Kenneth Harney
    Albany Houses and a good FICO credit score

    Albany Houses and a good FICO credit score

    You probably know that your credit score is a crucial factor in your ability to qualify for a mortgage. You might also know that your score can vary depending on the type of scoring model your lender uses. If it’s an old, outdated version you might get a lower score. If it’s a newer, more advanced model, you’ve got a better shot at being scored more fairly.

    Which brings up an end-of-the-year controversy: The two behemoths of the mortgage business — Fannie Mae and Freddie Mac — continue to use a credit scoring model that even its developer, FICO, says is not as “predictive” as its much newer models. Worse yet, Fannie and Freddie require that all lenders who want to submit loan applications to them must also use the same, outdated technology. [more]

  • Kleeberg mansion set to hit auction block

    Townhouse at 3 Riverside Drive was first listed for $40M in 2012
    December 02, 2016 10:30AM
    Kleeburg Residence at 3 Riverside Drive

    Kleeburg Residence at 3 Riverside Drive

    After a series of price reductions, an Upper West Side mansion known as the Kleeberg Residence will be auctioned off later this month.

    The five-story, eight-bedroom house at 3 Riverside Drive has been on and off the market for years, the Wall Street Journal reported. Now, with the owner facing foreclosure, the house will be sold to the highest bidder on Dec. 20th. It’s expected to fetch between $13 and $16 million, according to the paper. [more]

  • City’s hospitals spend billions amid construction surge

    Health care construction spending to increase to $8B through 2018
    December 02, 2016 10:00AM
    Richard Anderson and construction site at 1283 York Avenue

    Richard Anderson and construction site at 1283 York Avenue

    The city’s health care sector is seeing a surge in construction spending as hospitals spend billions updating outdated facilities and adding preventative health services, a new study finds.

    Hospitals in the five boroughs spent more than $6 billion on construction between 2013 and 2015, and are expected to dole out another $8.2 billion through 2018, according to a new study and survey from the New York Building Congress. [more]

  • WATCH: Billy Macklowe talks market, Trump and leverage

    21 East 12th Street developer said there's less pressure from lenders in this cycle
    December 02, 2016 09:34AM By Katherine Clarke and Alistair Gardiner
    Billy Macklowe

    Billy Macklowe

    With condo prices slipping at the top end of the market and the potential impact of the presidential election confounding brokers and experts alike, the New York real estate community is facing uncertainty on several fronts. Click here to watch the video and read more.

  • HelloFresh gobbles up 22K sf in Midtown South

    Asking rent was reportedly in the high $60s per square foot
    December 02, 2016 09:12AM
    40 West 25th Street in Midtown South

    40 West 25th Street in Midtown South

    HelloFresh — a growing player on the make-it-yourself meal kit scene — has leased 22,000 square feet at 40 West 25th Street in Midtown South.

    The Berlin-based company inked a 10-year deal to occupy two full floors at the 135,000-square-foot building, Commercial Observer reported. The asking rent was in the high $60s per square foot, and the space will include a custom kitchen.

    Savills Studley’s Joseph Genovesi and John Harte represented the five-year-old company, which ships ingredients and recipes to customers. Paul Kotcher and Jordan Plesser of Brickman represented the landlord, Unizo Holdings Company. [more]

  • Key City Council vote on Pier 40 air rights set for next week

    If zoning subcommittee gives the OK, full Council could vote next month on $100M transfer to St. John’s Terminal
    December 02, 2016 08:30AM
    Rendering of St. John's Terminal With Pier 40 Air Rights

    Rendering of St. John’s Terminal With Pier 40 Air Rights

    A key City Council committee is scheduled to vote Monday on a $100 million transfer of air rights from Pier 40 over the Hudson River to the 1.7 million-square-foot redevelopment of the St. John’s Terminal. [more]