The Real Deal New York

  • Blumenfeld gets $77M loan for 125th Street project 

    The 232K SF building will be designed by starchitect Bjarke Ingels
    September 26, 2016 06:10PM By Chava Gourarie
    146 East 126th Street and David Blumenfeld

    146 East 126th Street and David Blumenfeld

    Blumenfeld Development Group secured $77 million in financing from the State Housing Financing Agency and AIG for its 232,000-square-foot mixed-use East Harlem project at 146 East 125th Street.

    The 233-unit building will have 34,444 square feet devoted to commercial use on the first two floors. It’s unclear how many of the rental apartment units will be affordable.  [more]

  • Lorber, Feldman and Witkoff join TRD’s Shanghai showcase

    Industry heavyweights join growing list of distinguished speakers
    September 26, 2016 05:10PM
    Howard Lorber, Ziel Feldman and Steve Witkoff

    From left: Howard Lorber, Ziel Feldman and Steve Witkoff

    With Chinese investment in U.S. real estate continuing at an accelerated rate, The Real Deal is heading back to China this November for our second Shanghai forum and showcase.

    The event will take place at the five-star Jing An Shangri-La Hotel from Nov. 17 to 19. Our 2016 show will bring prominent industry professionals and investors from the United States to Shanghai, including former New York City Mayor Rudy Giuliani. Douglas Elliman chief Howard Lorber, HFZ’s Ziel Feldman and Witkoff’s Steve Witkoff have recently joined our growing list of distinguished speakers, who will share market insight on key panels throughout the event. [more]

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

    To read the other wisdom nuggets, click here.

  • Slate, Adam America land $41M loan for Park Slope rental

    Building at 541 Fourth Avenue to hold 130 units
    September 26, 2016 03:45PM By Konrad Putzier
    From left: Slate’s Martin Nussbaum and David Schwartz (credit: Tobias Truvillion), and 541 Fourth Avenue in Park Slope (credit: Google Maps)

    From left: Slate’s Martin Nussbaum, David Schwartz, and 541 Fourth Avenue in Park Slope (credit: Google Maps)

    Slate Property Group and Adam America Real Estate pulled off a $40.9 million construction loan from Santander Bank for their 130-unit Park Slope rental project at 541 Fourth Avenue. [more]

  • Inside TheRealDeal
  • Durst backs Clinton, Kalikow goes with Trump

    Durst joins list of independents and Republican New Yorkers supporting Democratic candidate
    September 26, 2016 03:15PM
    Durst-Douglas1

    From left: Donald Trump, Peter Kalikow, Douglas Durst and Hillary Clinton

    He’s with her.

    The Durst Organization’s Douglas Durst has come out in support of Hillary Clinton ahead of the first presidential debate, saying she is a “tested public servant” who is ready to lead. [more]

  • Chetrit, Zilberman’s estate sell Bed-Stuy rental for $52M

    107K sf property on Myrtle Avenue was built in 2007 as condos
    September 26, 2016 03:02PM By Mark Maurer
    756 Myrtle Avenue (inset from top: Henry Zilberman and Joseph Chetrit)

    756 Myrtle Avenue in Bedford-Stuyvesant (inset from top: Henry Zilberman and Joseph Chetrit)

    The Chetrit Group and the estate of late developer Henry Zilberman sold a 72-unit Bedford-Stuyvesant rental building to Brooklyn investors Mordechai Spira and David Katz for $52.4 million, or about $490 per square foot, according to property records filed with the city Monday. [more]

  • Gary Barnett says Noho building landlord is trying to cheat him out of lifetime lease

    The saga over a nondescript mixed-used building continues
    September 26, 2016 02:30PM By Kathryn Brenzel
    736 Broadway and Gary Barnett

    736 Broadway and Gary Barnett

    Gary Barnett’s Extell Development is entangled in yet another battle over a decidedly modest 11-story Noho building.

    Extell lobbed a lawsuit against the building’s owner UD 736 Broadway LLC, led by Jeong Kim, for trying to cheat the real estate company out of its interest in 736 Broadway, according a documents filed Sept. 14 in New York State Supreme Court. Extell claims that it has a lifetime lease on the third-floor of the mixed-use building and that Kim is ignoring the terms of their agreement. [more]

  • Demand burns bright despite slight dip in sales volume for newly built homes: report

    New home sales in August fell 8% from July, but rose 21% year-over-year
    September 26, 2016 01:50PM By Cathaleen Chen
    New home construction in Redding, California (Credit: Redding Homes Blog)

    New home construction in Redding, California (Credit: Redding Homes Blog)

    Newly built, single-family homes saw a slight dip in sales volume in August from the previous month, but don’t fret — sales volume is still up massively year-over-year.

    In August, purchases rang in at a seasonally-adjusted annual rate of 609,000 units, according to data released by the Department of Housing and Urban Development and the Census Bureau. The rate is down 7.6 percent from July, but up 20.6 percent since August 2015. [more]

  • Moinian Group secures $100M to refi NoMad office building

    Loan for 13-story property includes a $33M gap mortgage
    September 26, 2016 01:27PM By Miriam Hall

    Joseph Moinian and 60 Madison Avenue (credit: Moinian)

    The Moinian Group locked in a $100 million loan from Deutsche Bank to refinance its NoMad office building at 60 Madison Avenue, according to property records filed with the city Monday.

    The loan for the 13-story property near East 27th Street replaces a $66.5 million loan provided by Wachovia Bank in 2007. The new financing includes a $33.5 million gap mortgage, records show. [more]

  • Obama hopes to change America through upzoning

    Administration calls on local governments to increase development
    September 26, 2016 12:57PM
    Midtown East and Barack Obama

    Midtown East and Barack Obama

    It’s not every day that real estate developers find themselves in agreement with the Obama administration. On Monday, the White House released a “toolkit” of economic facts and talking points encouraging local and county governments to overhaul their zoning laws and housing policies. The takeaway? The president wants more development — and higher densities — to combat a nationwide housing shortage that’s dragging down the economy. [more]

  • Here’s what the $10M-$20M NYC investment sales market looked like last week

    Castellan scoops up vacant NoMad lot next door to its project; Rybak bags LIC dev site
    September 26, 2016 12:20PM By Kyna Doles
    7 East 30th Street in Midtown, 11-12 44th Drive in Long Island City and Sergey Rybak

    From left: 7 East 30th Street in Midtown, 11-12 44th Drive in Long Island City and Sergey Rybak

    Last week in the world of mid-market New York City investment sales, the Daughters of Jacob Nursing Home in the Bronx sold for $17.4 million and Barrett Design and Development picked up an East Village development site for $11.5 million. Click here for the story and more.

  • Victoria’s Secret model Isabeli Fontana sells CPS pad for $2.5M

    Co-op had been on the market for more than a year
    September 26, 2016 11:50AM By Isabel Schwab

    Isabeli Fontana and her apartment at 120 Central Park South (credit: Georges Biard)

    From Luxury Listings NYCEven for Victoria’s Secret models, it seems not everything in life is easy. Isabeli Fontana, a Brazilian swimsuit model, has finally sold her apartment at the Berkeley House at 120 Central Park South for $2.5 million, after it lingered on the market for more than a year. [more]

  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    September 26, 2016 11:20AM

    Screen Shot 2016-09-26 at 10.01.31 AM

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • Penthouse at 42 Crosby is biggest contract of the week with $25M ask

    Deals are way down in 3rd quarter of 2016
    September 26, 2016 10:50AM
    42 Crosby Street

    Rendering of 42 Crosby Street (credit: CORE)

    The penthouse at 42 Crosby Street went into contract last week with an asking price of $25 million, making it the biggest residential contract of the week. [more]

  • Paydirt: Kushner’s “Wally Edge” bromance, new development hopscotch, transparency’s big fail … & more

    The industry news you need to know to start your week, and what’s ahead
    September 26, 2016 10:30AM By Hiten Samtani
    From left: Jared Kushner, 45 East 22nd Street, and 100 Barclay

    From left: Jared Kushner, 45 East 22nd Street, a screenshot of Rentlogic and 100 Barclay

    UPDATED, 2:30 p.m.. Sept. 26: Transparency is apparently overrated: “I’ve never been in the position where I thought providing detailed information about the market is a bad idea,” Gary Malin, president of Citi Habitats’, told TRD at the start of September. He was referring to the firm’s new partnership with RentLogic, a startup that tracks building violations and complaints to help tenants understand the buildings they’re considering renting in. [more]

  • Bowing to pressure, WeWork tells workers they can co-unionize

    National Labor Relations Board argued parts of the 22-page handbook were unlawful
    September 26, 2016 10:00AM
    Screen-Shot-2016-08-26-at-1.44.24-PM-e1472233771492

    WeWork space in Brooklyn Heights (credit: WeWork) and Adam Neumann

    It doesn’t always have to be a labor of love at WeWork. The co-working giant settled a dispute with the National Labor Relations Board late last week, agreeing to inform workers that they have the right to form a union and discuss wages. [more]

  • Fin! Developers cook up plan for resi building at home of former Lutèce restaurant

    Upper East Side site to give way to 16-story, 29-unit development
    September 26, 2016 09:19AM By Rich Bockmann
    From left: Gordon Gekko, Don Draper and Lutèce restaurant at 249 East 50th Street

    From left: Gordon Gekko, Don Draper and Lutèce restaurant at 249 East 50th Street

    Famed French restaurant Lutèce may live on in memory and the screen, but its old home is cooked.

    The consortium of Chinese families that bought the former of home of the hot spot that, in its heyday, was considered the best restaurant in America, plans to develop a 16-story residential building at the Upper East Side site. [more]

  • Hedge fund slowdown is dragging down office rental growth

    Trophy rents in Manhattan have stayed static: report
    September 26, 2016 09:00AM
    Rendering of 425 Park Avenue (credit: DBOX for Foster + Partners) inset: Cynthia Wasserberger)

    Rendering of 425 Park Avenue (credit: DBOX) (inset: Cynthia Wasserberger)

    As major hedge funds close down or downsize, rental growth in trophy office buildings is also fizzling. [more]

  • Westbrook wouldn’t let Clinton rent office space at 444 Madison

    Investment firm said it didn't want to deal with such a famous tenant
    September 26, 2016 08:17AM
    444 Madison Avenue (inset: Hillary Clinton)

    444 Madison Avenue (inset: Hillary Clinton)

    Hillary Clinton probably shouldn’t bank on a vote from executives at Westbrook Partners.

    The investment firm refused to let the presidential nominee sublease the 32nd floor of its 444 Madison Avenue, the New York Post reported. Clinton had reached an eight-year agreement in 2014 to sublease the entire floor from Rainier Investment Management, which had leased the space for two years.

    Though the deal was fairly far along, the landlord stepped in and blocked Clinton Executive Services Corp., a private company owned by the Clintons, from leasing the space, the Post reported. [more]

  • Sugar Hill sells Williamsburg rental building to GDC Properties for $45M

    The property at 385 Union Avenue is fully leased
    September 26, 2016 07:45AM
    385 Union Avenue in Williamsburg, Brooklyn (Credit: Cushman & Wakefield)

    385 Union Avenue in Williamsburg, Brooklyn (Credit: Cushman & Wakefield)

    A little more than a year after Sugar Hill Capital Partners bought a Williamsburg apartment building, GDC Properties is taking the property off the firm’s hands for $45 million.

    Sugar Hill sold the six-story building at 385 Union Avenue after filling it with tenants and making improvements to the property, the Wall Street Journal reported. Robert Shapiro and Brendan Maddigan, of Cushman & Wakefield, marketed the building. [more]

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