The Real Deal New York

  • Vornado seeks dominion in West Chelsea

    REIT saw "robust demand" and "record rents" across Manhattan in Q2
    August 04, 2015 05:20PM By Rey Mashayekhi
    260 11th Avenue in Chelsea and Steven Roth

    260 11th Avenue in Chelsea and Steven Roth

    Vornado Realty Trust’s recent acquisition of the Otis Elevator Building will help the company become “one of the largest owners in the West Chelsea market,” chair and CEO Steven Roth said on the real estate investment trust’s second quarter earnings call Tuesday. [more]

  • John Catsimatidis

    John Catsimatidis

    From the August issue:  John Catsimatidis on the Greek debt crisis’s effect on New York, Bjarke Ingels on his 2 WTC project, and more of this month’s notable quotes. [more]

  • Hello Kitty pops up in Times Square

    Japanese brand opens short-term shop in former Radio Shack space
    August 04, 2015 04:24PM By Rich Bockmann
    1565 Broadway and a Hello Kitty mascot

    1565 Broadway and a Hello Kitty mascot

    Say “Hello Kitty” in Times Square while you can.

    The ubiquitous Japanese brand — whose whiskered visage has adorned lunch boxes and backpacks for more than 40 years — is operating a pop-up shop on the Times Square bow tie through the holiday season. [more]

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

    Queens hospital trades for $10.9M; Akelius buys Crown Heights rental building for $10.5M
    August 04, 2015 03:55PM By Kyna Doles
    Michael Wahba, 28 East 72nd Street, 48 East 79th Street and 1500 Carroll Street

    From top left: Michael Wahba, 28 East 72nd Street, 48 East 79th Street and 1500 Carroll Street

    From Asden Properties’ Bronx purchase to Akelius’ Crown Heights buy, we recap last week’s activity in the New York City’s investment sales market for properties between $10 million and $20 million.

  • Inside TheRealDeal
  • What’s trending on LLNYC: NYC’s cryotherapy spas, pre-birth blowouts … & more

    The most buzzworthy posts on TRD's sister publication
    August 04, 2015 03:43PM

    fholding-speed-hair_181822160039.jpg_article_singleimage

    1. More and more, brand-spanking new mothers are requesting blow outs and glam appointments before heading to the delivery room.

    2. Rich people have no idea what it means to be poor, a new study published in Psychological Science reports.

    3. The hottest coldest beauty craze to hit NYC is cryotherapy — a spa treatment that pumps out air hovering between an icy minus 184 and 292 degrees Fahrenheit.

  • Chetrit Group moving forward with Hudson Yards development

    Company takes site off the market, recapitalizes with $60 million loan
    August 04, 2015 03:10PM By Rich Bockmann
    From left: 541 West 37th Street and Joseph Chetrit

    From left: 541 West 37th Street and Joseph Chetrit

    The Chetrit Group landed a $60 million acquisition loan for its Hudson Yards development site, and is renewing plans to develop the property it had put on the market earlier this year. [more]

  • Grocery mogul bought Trump’s Park Avenue pad

    Ray Berry, founder of the Fresh Market, paid $21M for penthouse last month
    August 04, 2015 02:40PM By Rey Mashayekhi
    502 Park Avenue in Midtown (inset: Donald Trump)

    502 Park Avenue in Midtown (inset: Donald Trump)

    Ray Berry, founder of gourmet supermarket chain the Fresh Market, is the buyer of Donald Trump’s $21 million Park Avenue penthouse, according to property records filed with the city Tuesday. [more]

  • Gary Barnett’s Extell takes stake in 1710 Broadway

    Developer to partner with C&K; site could give rise to 1,000-foot tower
    August 04, 2015 02:30PM By Hiten Samtani and Mark Maurer
    1710 Broadway

    From left: 1710 Broadway in Midtown (inset: Gary Barnett, Meir Cohen and Yoron Cohen) (Barnett photo credit: STUDIO SCRIVO)

    Gary Barnett’s Extell Development is coming in as a partner on C&K Properties’ Midtown development site at 1710 Broadway, The Real Deal has learned. The site offers about 370,000 buildable square feet in one of the busiest areas of Manhattan and could accommodate a tower as high as 1,000 feet. [more]

  • Tadao Ando-designed 152 Elizabeth gets construction loan

    Deutsche Bank provide $40M in financing for Sumaida + Khurana’s Nolita project
    August 04, 2015 02:10PM By Konrad Putzier
    From left: rendering of 152 Elizabeth Street and Tadao Ando

    From left: rendering of 152 Elizabeth Street and Tadao Ando

    Sumaida + Khurana secured a $40 million construction loan from Deutsche Bank for its Tadao Ando-designed condominium project at 152 Elizabeth Street in Nolita, The Real Deal has learned. [more]

  • Trump sues celeb chef for backing out of DC hotel project

    Jose Andres claims the Donald's comments on immigrants made partnership "impossible"
    August 04, 2015 01:50PM
    Andres Trump

    From left: Jose Andres and Donald Trump

    Donald Trump is suing celebrity chef Jose Andres for $10 million after Andres backed out of the Trump International Hotel project in Washington, D.C., in the wake of the GOP presidential candidate’s comments on Mexican immigrants.

    Andres recently scrapped plans to open a restaurant at the $200 million luxury hotel development in D.C., claiming that Trump’s comments labeling Mexican immigrants as criminals and rapists made it “impossible” to partake in the project. [more]

  • City considering rezoning former LICH site

    Council member seeks compromise between developer Fortis and residents
    August 04, 2015 01:25PM
    Rendering of the new development of the former Long Island College Hospital site in Cobble Hill and Council member Brad Lander (inset)

    Rendering of the new development of the former Long Island College Hospital site in Cobble Hill and Council member Brad Lander (inset)

    The site of the former Long Island College Hospital is at the center of a rezoning proposal involving developer Fortis Property Group, local residents, and the City Council. [more]

  • July DOB report: Development in the Bronx breaks out

    Borough accounted for the majority of planned residential units filed with DOB in July
    August 04, 2015 01:01PM By Will Parker

    4-months-DOB

    Plans for a Donald Trump luxury clubhouse and two massive affordable housing buildings were filed with the Department of Buildings on the same day in July, and all three were in the Bronx. With land availability and prices far below those of neighboring Manhattan, the Bronx is becoming a zone of real estate extremes, and developers are moving in fast. [more]

  • Spinola joins board of Lightstone REIT

    Former REBNY prez stepped down at the end of June
    August 04, 2015 12:32PM By Rich Bockmann
    David Lichtenstein and Steven Spinola

    David Lichtenstein and Steven Spinola

    A little more than a month after stepping down as the longest-serving president at the Real Estate Board of New York, Steven Spinola is getting back to work.

    Spinola, who stepped down at the end of June after nearly 30 years heading the influential trade organization, is taking a role as the independent director on the board of governors at a real estate investment trust run by the Lightstone Group, the company told The Real Deal. [more]

  • The Plaza Hotel at 768 Fifth Avenue in Midtown

    The Plaza Hotel at 768 Fifth Avenue in Midtown

    Embattled developer Jonathan Winston’s former Plaza Hotel spread is hitting the auction block after falling into foreclosure.

    An LLC with links to Winston’s wife, Eve, acquired the two-bedroom unit at the iconic hotel for $6.5 million in 2009. But the LLC fell behind on loan payments and now Eve is on the hook for more than $1 million in unpaid loans, since she personally guaranteed the mortgage. [more]

  • The Long Island city apartment in question

    Long Island City “squatter” apartment (credit: Airbnb)

    “Squatter” lists rent-controlled apartment on Airbnb. Gluten-free dining sweeping the Upper East Side. $13 million renovation for Upper West Side homeless shelter. Read these stories and more after the jump.

  • Vornado buys Otis Elevator Building on Far West Side

    REIT planning to turn the West Chelsea property into office space
    August 04, 2015 11:20AM
    The Otis Elevator building at 260 Eleventh Avenue (credit: Kate Leonova)

    The Otis Elevator building at 260 Eleventh Avenue (credit: Kate Leonova)

    Vornado Realty Trust is the new owner of the Otis Elevator Building at 260 11th Avenue, a bet on growing office demand in the neighborhood. [more]

  • Sign up for TRD’s new real estate database

    Get listed in front of 2.1 million monthly visitors
    August 04, 2015 10:50AM

    Real Estate Pro Directory

    The Real Deal’s newly launched real estate professional database will make navigating the New York City market a breeze.

    The new directory is a searchable database featuring the city’s brokers, appraisers, mortgage bankers and other real estate professionals. It is powered by commercial mortgage brokerage Eastern Union Funding.

    Want your name on the list? Click here to submit your information and get found by 2.1 million monthly visitors.

  • Does social media make any difference for resi firms?

    Question marks remain over medium's effectiveness
    August 04, 2015 10:20AM By E.B. Solomont

    social-media-From the August issueThe day after mega brokerage Douglas Elliman launched its new 300-plus-page magazine this spring, its top executives and brokers took to social media. 

    Top producer Frances Katzen posted a photo of herself with boot-clad feet propped up on her desk holding the tome, which featured supermodel Naomi Campbell on its cover. Meanwhile, Hamptons broker Jessica Cohen shared a shot of herself reading her copy poolside with her dog in hand.

    But those viral campaigns are few and far between for most firms. And while everyday social media may now be an integral (and mandatory) part of every New York City firm’s business strategy, there is still a very large question mark surrounding how effective it actually is. [more]

  • Eataly likely to open at 4 WTC by year’s end

    Gourmet food hall to take up 41,000 square feet
    August 04, 2015 09:41AM
    From left: 4 World Trade Center and Mario Batali

    From left: 4 World Trade Center and Mario Batali

    Buon appetito! The long-awaited Downtown Eataly outpost is most likely opening before Christmas. [more]

  • Legal fight over Washington Heights’ first hotel

    Hotel Cliff’s sales agreement under dispute
    August 04, 2015 09:15AM
    Hotel Cliff, under construction

    Hotel Cliff, under construction

    The grand opening of Washington Heights’ first hotel wouldn’t be complete without a bit of legal wrangling. [more]

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