The Real Deal New York

  • Inside Fried Frank’s annual bash at Cipriani

    Who's who of CRE talked poaching, market woes
    December 07, 2016 04:50PM By Katherine Clarke, Hiten Samtani, Mark Maurer
    From left: Norman Sturner, Ofer Yardeni and Jeff Blau

    From left: Norman Sturner, Ofer Yardeni and Jeff Blau

    Cipriani in Midtown was abuzz Tuesday night as hundreds of the city’s most powerful brokers, developers and lenders descended on law firm Fried Frank’s annual holiday extravaganza to trade intel, schmooze and engage in a mandatory back-slapping session.

    But while the mood was undoubtedly festive, even the brokers had to admit the market outlook seemed a little grimmer than it did this time last year. [more]

  • Restauranteur Simon Oren lists historic UES mansion for $19M

    Five Napkin Burger head honcho bought the home at 121 East 79th Street for $2M in 1997
    December 07, 2016 04:30PM By Isabel Schwab
    The living room at 121 East 79th Street

    The living room at 121 East 79th Street

    From Luxury Listings NYCIt turns out restauranteur Simon Oren is not only talented in investing in food places, he’s also got a knack for investing in real estate.

    The restauranteur behind such New York staples as Cafe D’Alsace, French Roast, Le Monde, Maison, Nice Matin, Pigalle, L’Express and Five Napkin Burger (among others), has just listed his townhouse at 121 East 79th Street for $18.5 million, according to city records. If he achieves even close to the asking price, he’ll be getting an incredible return on investment for the home, which he bought in 1997 for only $2.1 million. [more]

  • 1187 North Hillcrest Road;

    1187 North Hillcrest Road;

    From the December issue: The cloud computing firm Oracle, founded by Larry Ellison, is in contract to pay Invesco $368 million, or $1,165 per square foot, for an office building in Santa Monica, The Real Deal has learned. Twinkies heir Evan Metropoulos, brother of Playboy mansion owner Daren Metropoulos, is said to have made a lowball offer for a Trousdale Estates compound owned by controversial Lebanese-Nigerian business mogul Gilbert Chagoury, according to a source with knowledge of the dealings. Some cities pay developers through incentives to come build. But in Beverly Hills, where the streets are paved in Tiffany’s gold, a developer is shelling out megabucks to the city. [more]

  • De Blasio furious after Congress sets aside only $7M for
    Trump Tower security

    City officials had estimated it would cost $35M to cover NYPD overtime through Inauguration Day
    December 07, 2016 03:30PM
    Mayor Bill de Blasio leaving Trump Tower (credit: Getty Images)

    Mayor Bill de Blasio leaving Trump Tower (credit: Getty Images)

    Mayor Bill de Blasio blasted congressional Republicans after they set aside only $7 million of the $35 million city officials wanted to cover NYPD overtime for protecting President-elect Donald Trump at his Fifth Avenue home. [more]

  • Inside TheRealDeal
  • The Big Open House: An unexpected oasis on the High Line

    LLNYC got a sneak peek at the Soori High Line
    December 07, 2016 03:00PM By Liz Lucking
    The Soori High Line’s model unit

    A model unit at the Soori High Line

    From Luxury Listings NYC:  Squeezing through a gap in the chain-link fence that guards the still-very-much-under-construction Soori High Line, we were rather nervous about what we were about to see.

    The 11-story building at 522 West 29th Street is architect Soo Chan’s debut New York City project, and it will hold a total of 31 one- to five-bedroom units. [more]

  • Icon Realty pays $27M for ex-Ring building from Extell

    The vacant 12-story office building was one of the few Barnett still owned in portfolio
    December 07, 2016 02:30PM By Rich Bockmann
    30 East 23rd Street and Gary Barnett

    30 East 23rd Street and Gary Barnett

    Terrence Lowenberg and Todd Cohen’s Icon Realty Management just picked up one of the former Ring portfolio buildings from Extell Development for $26.5 million.

    Icon paid about $815 per square foot for the vacant 12-story, 32,500-square-foot office building at 30 East 23rd Street in the Flatiron District, property records filed with the city Tuesday show. [more]

  • WATCH: The world of investment sales has turned on its head

    TRD discusses some of the big moves
    December 07, 2016 02:05PM By Alistair Gardiner

    TRD‘s Mark Maurer and Hiten Samtani

    Back in October, the city’s most successful investment sales brokers, Doug Harmon and Adam Spies, left Eastdil Secured. Earlier this week, key members of JLL’s leading investment sales brokerage team jumped ship to Colliers. And just yesterday, TRD revealed that Cushman and Wakefield’s Bob Knakal has renegotiated his contract and might be a free agent by early 2018. TRD’s managing web editor Hiten Samtani sat down with associate web editor Mark Maurer to discuss some of these big moves. Watch the video here.

  • Harlem landlord Big City Realty cheated rent-stabilized tenants, lawsuit claims

    Investigation by pro-tenant group says firm handed out market-rate leases in J-51 buildings, billed for false repairs
    December 07, 2016 01:45PM By Rich Bockmann
    Housing Rights Initiative's Aaron Carr, 535 West 155th Street and Lucas Ferrara

    Aaron Carr, 535 West 155th Street and Lucas Ferrara

    Nearly 30 tenants at several Harlem rental buildings filed a lawsuit Tuesday against Big City Realty, claiming the landlord routinely flouted state rent-regulation laws.

  • Far West glide: NHL signs lease at 1 Manhattan West

    Deal includes office space, retail store and NHL-branded public skating rink
    December 07, 2016 01:20PM
    Manhattan West

    Renderings of 1 Manhattan West

    After months of negotiations, the National Hockey League scored a lease at 1 Manhattan West. [more]

  • Sutton lands $101M Signature loan for 34th St. retail building

    Superdry recently signed a lease at the two-story property
    December 07, 2016 01:00PM By Konrad Putzier
    21 West 34th Street inset from top: Jeff Sutton and George Klett)

    21 West 34th Street (inset from top: Jeff Sutton and George Klett)

    Jeff Sutton’s Wharton Properties obtained a $101 million loan from Signature Bank to refinance its retail building at 21 West 34th Street, property records filed with the city Wednesday show. [more]

  • Michael Shvo’s next day in court is March 29

    Developer is charged with tax evasion related to art purchases
    December 07, 2016 12:34PM By Katherine Clarke
    NYC courtroom and Michael Shvo

    NYC courtroom and Michael Shvo

    UPDATED, 2:05 p.m., Dec. 7 (See correction appended): Michael Shvo, who was indicted on charges of tax evasion related to his art collection in September, won’t go before a judge again until the end of March.

    Shvo made a court appearance Wednesday. The control date, which was simply for the prosecutor and defense counsel to report on the status of Shvo’s pending case, revolved primarily around issues of discovery and the difficulties of understanding the specific tax structures involved in Shvo’s case. [more]

  • Fortis files plans for two new resi buildings at LICH

    It's still unclear what else the developer plans for the site
    December 07, 2016 12:20PM By Kathryn Brenzel
    From left: Long Island College Hospital, Terrence Storey, Joel Kestenbaum and Jonathan Landau (credit: Larry Ford)

    From left: Long Island College Hospital, Terrence Storey, Joel Kestenbaum and Jonathan Landau (credit: Larry Ford)

    Fortis Property Group filed plans for two residential buildings at the Long Island College Hospital site in Cobble Hill, a move that reveals what is likely a small piece of what the developer envisions for the 20-building site.

    The developer plans to build a 17-story apartment building at 350 Hicks Street that will include 46 units across 58,612 square feet and a 58,874-square-foot community facility, according to documents filed with the city’s Department of Buildings on Wednesday. Fortis plans to demolish a two-story parking garage on the site, which is attached to the former hospital’s Fuller Pavilion. [more]

  • After Trump victory, Republicans grow bullish on housing: survey

    Meanwhile, Democrats see dip in confidence
    December 07, 2016 11:51AM
    2016 election map

    2016 election map

    Whether or not people voted for Donald Trump may help determine their confidence in the housing market, according to a new survey by listing site Trulia. [more]

  • These were the top home sales in BK, Queens in November

    A penthouse in Dumbo topped the list at $8M
    December 07, 2016 11:20AM By Miriam Hall
    One John Street and Pierhouse

    One John Street and Pierhouse

    A penthouse in Dumbo sold for $8.1 million, making it the borough’s priciest single-family home sold in November. [more]

  • Fordham University launches real estate program to challenge NYU, Baruch

    School will offer certificate program at Manhattan campus
    December 07, 2016 10:50AM
    Fordham University at Lincoln Center (credit: Fordham)

    Fordham University at Lincoln Center (credit: Fordham)

    Fordham University is taking on NYU and Baruch College by launching a real estate program at its Manhattan campus. [more]

  • WeWork ramps up India expansion

    $16.9B co-working giant forms partnership with one of country’s largest CRE landlords
    December 07, 2016 10:30AM
    Adam Neuman and Taj Mahal

    Adam Neumann and Taj Mahal

    Facing competition from dozens of new co-working operators, WeWork is feverishly working to expand into India, one of the most lucrative markets outside the United States. [more]

  • BCB lists W’burg portfolio for $50M

    Trio of buildings has 101 units, most of which are stabilized
    December 07, 2016 10:00AM
    From left: 218 South 3rd Street, 373 South 4th Street, Bennat Berger and 380 South 4th Street

    From left: 218 South 3rd Street, 373 South 4th Street, Bennat Berger and 380 South 4th Street

    BCB Property Management has listed another apartment portfolio for sale.

    The company is looking to sell a trio of Williamsburg apartment buildings at 218 South 3rd Street, 373 South 4th Street and 380 South 4th Street with an asking price of $50 million, Crain’s reported. [more]

  • Affiliate of Nelson Management launches multifamily investment fund

    Robert Nelson-led vehicle to target $450M in NYC building purchases
    December 07, 2016 09:30AM By Konrad Putzier
    Robert Nelson

    Robert Nelson

    The investment arm of Robert Nelson’s Nelson Management launched its second real estate investment fund, which will focus on buying multifamily properties in New York City.

    Global One Investments’ fund has already raised $30 million from investors, Nelson told The Real Deal. Nelson would not say how much equity he plans to raise for the fund, but said the firm is targeting $450 million worth of acquisitions.

    One reason the firm is looking to invest in multifamily now, according to Nelson, is the prospect of higher interest rates. Pointing to a recent rise in Treasury yields, Nelson said “all of that (…) starts to squeeze values a little bit, so I see this as an opportune time to jump back in and look for opportunities.” [more]

  • Winick branches out in South Florida

    Retail specialist looks to capitalize on relationship with NYC investor clients doing deals in Miami
    December 07, 2016 09:00AM By Rich Bockmann

    From left: Aaron Butler, Jeff Winick and Kenneth Hochhauser with the Triptych Miami Design District

    Winick Realty Group, one of Manhattan’s Top 5 retail brokerages, is expanding outside the tri-state area for the first time. [more]

  • This year’s buyers at 432 Park got average discounts of 10%

    “This is a recognition of the product that’s coming up behind this one.”
    December 07, 2016 08:30AM
    432 Park Avenue

    432 Park Avenue

    With no shortage of ultra-luxury pads on the market, the developers of 432 Park Avenue are sweetening their offer to would-be buyers and offering millions of dollars worth of discounts for the supertall’s priciest residences.

    Buyers who signed contracts and closed on their units this year got an average discount of 10 percent, according to data from real estate appraisal firm Miller Samuel cited by Bloomberg. [more]