The Real Deal New York

  • Judge throws out Brooklyn Bridge Park group’s suit against Pierhouse developers

    Toll Brothers and Starwood will continue construction at 130 Furman Street in Brooklyn Heights
    July 29, 2016 01:30PM By Kyna Doles
    130 Furman Street

    Pierhouse at Brooklyn Bridge Park and Doug Yearley

    A Brooklyn judge tossed out a second lawsuit brought by DUMBO community group Save The View, which aimed to block developers from finishing construction at 130 Furman Street in the Pierhouse development along the Brooklyn Heights waterfront. [more]

  • Black Spruce scoops up Hell’s Kitchen portfolio for $110M

    14-building, 273-unit multifamily package clustered on West 49th Street
    July 29, 2016 01:03PM By Mark Maurer
    308 West 49th Street and 340 West 49th Street in Hell's Kitchen (inset from top: Meyer Orbach and Aaron Jungreis)

    308 West 49th Street and 340 West 49th Street in Hell’s Kitchen (inset from top: Meyer Orbach and Aaron Jungreis)

    Josh Gotlib’s Black Spruce Management picked up a portfolio of 14 Hell’s Kitchen walk-up rental buildings for $110 million, sources told The Real Deal. [more]

  • Two Savoy Park tenants contracted Legionnaires’ disease

    NYC Dept. of Health to test water supply at affordable Harlem complex
    July 29, 2016 12:07PM By Will Parker
    2300 Fifth Avenue in Savoy Park

    2300 Fifth Avenue in Savoy Park

    Two cases of Legionnaires’ disease have been identified in the last 10 months at Fairstead Capital’s recently-acquired Savoy Park apartment complex in Harlem, according to the New York City Department of Health and Mental Hygiene.

    In a letter sent to tenants at 2300 Fifth Avenue on July 18, the department announced it would begin testing the water at the building, following existing protocol that requires an investigation when two or more instances of the disease occurs at a single address in 10 months or less. It’s the only building in the seven-building complex where the disease has been identified. [more]

  • Brookfield, Urban American to spend $16 million to retrofit Harlem buildings

    Landlords will upgrade 3,000 units to reduce emissions and save $4M in energy costs a year
    July 29, 2016 11:41AM
    The Heritage at 1295 Fifth Avenue and Philip Eisenberg

    The Heritage at 1295 Fifth Avenue and Philip Eisenberg

    Brookfield Property Partners and Urban American Management are spending $16 million to “green” five apartment buildings across Harlem.

    And while the developers hope to reduce energy emissions by as much as 29 percent, the upgrades will also save them about $4 million a year, Crain’s reported. [more]

  • Inside TheRealDeal
  • WATCH: How Deborah Rieders sold a townhouse in a near-impossible location

    The Corcoran Group broker talks about one of her most challenging listings
    July 29, 2016 11:00AM By Alistair Gardiner

    Deborah Rieders

    Corcoran Group broker Deborah Rieders was ahead of the curve when she moved to Williamsburg in 1989.

    “I truly didn’t understand why my friends and family members would pay so much more to live in Manhattan, when you can have so much more space, so much more sky, so much more nature — and really more interesting culture and a less expensive way of life,” Rieders told The Real Deal.

    Though she sold $94 million in real estate last year, Rieders wasn’t always selling homes of “Eat, Pray, Love” fame. Watch the Corcoran broker discuss one of her most challenging listings — a townhouse directly beneath the Brooklyn-Queens Expressway — in the video after the jump.

  • New bill brings good news for condo buyers

    Agency's restrictions on community eligibility for financing grew onerous: OPINION
    July 29, 2016 10:30AM By Kenneth Harney

    Housing and Urban Development secretary Julian Castro

    Congressional Democrats and Republicans haven’t agreed on much lately, but they’re together on one issue that affects condominium buyers and sellers across the country: The Federal Housing Administration (FHA) has bungled its condo finance program.

    In a rare moment of bipartisanship before heading home for the summer, the Senate unanimously passed legislation that will require the FHA to lighten up on its condo financing regulations and make low down payment FHA loans more available to the people they are supposed to serve — moderate-income buyers, many of them minorities and first-time purchasers, who turn to condominiums as their most affordable option. The vote in the Senate followed a 427-0 vote in the House earlier this session. [more]

  • Man accused of killing landlord Menachem Stark is no dummy: expert witness

    Kendel Felix understood he was waiving his rights when he confessed to the grisly 2014 murder
    July 29, 2016 10:09AM
    From left: Menachem Stark and Kendel Felix

    From left: Menachem Stark and Kendel Felix

    Kendel Felix, the Brooklyn man who confessed to aiding the grisly 2014 murder of Williamsburg landlord Menachem Stark, is no dummy, according to a psychologist testifying on behalf of prosecutors.

    “I apologize for my colleague yesterday for saying you were brain damaged and below intellect,” psychologist Kathy Yates testified Thursday, according to the New York Daily News. [more]

  • Michael Bloomberg and Donald Trump: Frenemies no more

    Former mayor and GOP presidential candidate trade barbs
    July 29, 2016 09:39AM
    Donald Trump and Michael Bloomberg

    Donald Trump and Michael Bloomberg

    Former mayor Michael Bloomberg spared no words Wednesday when referring to Donald Trump as insane, reckless and even a con man. Nor did the GOP presidential candidate hold back Thursday when referring to Bloomberg as a “very little guy.”

    Despite the recent vitriol, the frenemies have basically co-existed until now. [more]

  • Church pastor faces manslaughter charges after deadly fire at Brooklyn SRO

    Luckner Lorient warned multiple times over 10 years to vacate 1434 Flatbush Ave.
    July 29, 2016 09:05AM
    Luckner Lorient

    Luckner Lorient

    Nearly two years after a deadly fire at an illegal Brooklyn SRO, the church pastor who owned the building was charged with manslaughter and criminally negligent homicide.

    Prosecutors said Luckner Lorient, a 78-year-old pastor, ignored orders from the city’s Department of Buildings to vacate the three-story, wood-frame building at 1434 Flatbush Avenue, the New York Times reported. And despite multiple citations from the FDNY, he continued to run Eglise Baptiste Clarte Celeste on the ground floor of the building. Lorient also illegally turned the top two floors — which had been designed for one-family apartments — into SROs that he rented to 23 people. [more]

  • Crest snags $25M loan for UES rental

    Mesa West Capital provided the acquisition financing for 118 East 93rd Street in Carnegie Hill
    July 29, 2016 08:37AM
    118 East 93rd Street in Carnegie Hill (inset from left: Bruno Caruso and Russell Frahm)

    118 East 93rd Street in Carnegie Hill (inset from left: Bruno Caruso and Russell Frahm)

    Montreal-based Crest Realties has landed a $25 million loan from debt fund Mesa West Capital to finance its acquisition of a Carnegie Hill rental building. [more]

  • TRD Special Report: Inside the title insurance cartel

    How the industry became the bulletproof behemoth it is today
    July 29, 2016 08:04AM By E.B. Solomont
    Illustration by Dominic Bugatto for The Real Deal

    Illustration by Dominic Bugatto for The Real Deal

    (Editor’s Note: This story first ran on March 24, 2016.)

    TRD Special Report: On December 10, 2013, regulators summoned the nation’s biggest title insurance firms to 1 State Street.

    Much of the hearing focused on the technicalities of title insurance fees and covenants. Representatives of firms in attendance, including Fidelity National, First American, Old Republic, and Stewart, spoke of enabling “the American dream of homeownership.” But then came a question about strip clubs. [more]

  • Forest City Ratner: The sequel

    Key executives leave and layoffs take hold as company makes transition to REIT
    July 29, 2016 07:35AM By Rich Bockmann
    Bruce Ratner and MaryAnne Gilmartin

    Bruce Ratner and MaryAnne Gilmartin

    In May, a few months after its conversion to a real estate investment trust, Forest City Enterprises briefed investors on moves it had taken to strengthen its balance sheet.

    Its presentation was titled, “Forest City: A New REIT 95 Years in the Making.” And while Bruce Ratner, the scion who founded local division Forest City Ratner in the 1980s and ran it up until three years ago, didn’t quite put it in terms of centuries, he did say becoming a REIT had been on his wishlist.

    “Some of us felt for the longest time that we should be a REIT,” he told The Real Deal during an interview this month at FCR’s MetroTech headquarters in Downtown Brooklyn. And as he drew out the word “longest,” Ratner elicited a knowing laugh from MaryAnne Gilmartin, his successor and current CEO sitting across from him. [more]

  • These neighborhoods are Manhattan’s construction meccas

    Interactive map shows amount of construction approved in each zip code since 2006
    July 29, 2016 07:22AM By Bushra Shaikh and Will Parker

    Screen Shot 2016-07-28 at 4.35.47 PM copy

    If you sometimes feel like Manhattan is nothing more than one big construction site, this map will probably make you feel vindicated. Through an analysis of Department of Building construction filings over the last 10 years, The Real Deal mapped out Manhattan’s zip codes by the total building square footage included in initially approved construction applications. One note before we get started: remember that just because a project was approved doesn’t mean it was necessarily built. … [more]

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  • Allure asks judge to toss AG’s subpoena surrounding Harlem nursing home purchase

    Authorities blocked the $32M sale
    July 28, 2016 06:20PM
    From left: Joel Landau, The Rivington House at 45 Rivington Streeton the Lower East Side and Eric Schneiderman

    From left: Joel Landau, The Rivington House at 45 Rivington Streeton the Lower East Side and Eric Schneiderman

    The Allure Group is not happy about the New York State Attorney General’s probe into its purchase of a Harlem nursing home. [more]

  • Knicks star Porzingis rents PH at Moinian’s Sky

    Latvian basketball prodigy also leases two pads for his brothers: report
    July 28, 2016 06:05PM
    From left: Kristaps Porzingis (credit: Wikipedia) and 605 West 42nd Street

    From left: Kristaps Porzingis (credit: Wikipedia) and 605 West 42nd Street

    At 7-foot-3, Kristaps Porzingis apparently enjoys looking down on the rest of us. The Latvian-born Knicks forward rented a corner penthouse at Moinian Group’s 71-story luxury tower Sky in Hell’s Kitchen.

    The pad, which features sweeping views over Manhattan and the Hudson River, was asking $8,000 per month, the New York Post reported. The 20-year-old prodigy also rented two more units in the tower for his brothers. Located at 605 West 42nd Street, the 1,175-unit tower includes three swimming pools and an indoor basketball court reportedly designed by fellow Knick Carmelo Anthony. [more]

  • Acuity to sell loft office building near Penn Station for $50M

    Buyer Lucia Chen financing deal with loan from Madison Realty Capital
    July 28, 2016 05:48PM By Katherine Clarke

    335 West 35th Street (inset: Lucia Chen)

    The Chen Foundation is in contract to purchase a 12-story loft office building at 335 West 35th Street for $50 million, sources told The Real Deal. [more]

  • Bronx i-sales grew in first half of 2016, multifamily market remained strong

    Overall pricing and number of sales rose year-over-year
    July 28, 2016 05:31PM By Kyna Doles
    Ariel Property Advisors

    (credit: Ariel Property Advisors)

    Buyers aren’t shying away from the Bronx’s investment sales market, even as the rest of the city saw the number of deals shrink in the first six months of the year, according to the mid-year report from Ariel Property Advisors. [more]

  • Rejoice, Android users: TRD’s mobile app is now available in the Google Play store

    Latest update includes cleaner design and easier navigation
    July 28, 2016 04:20PM
    The Real Deal mobile app is now available on Android devices

    The Real Deal mobile app is now available on Android devices

    The Real Deals new mobile app is now available on all Android devices. Visit the Google Play store to download the latest updates for our new and improved app.

    The latest version  includes a separate feed for our new Los Angeles website, which joined The Real Deal‘s family of news websites in January. An updated navigation bar allows readers to access each of the three markets with ease, and a new “National” tab aggregates our New York, South Florida and Los Angeles websites into one stream. [more]

  • Macklowe seeking $1B loan for 1 Wall Street conversion

    $1.5B resi project will include condos, rentals and a Whole Foods
    July 28, 2016 03:30PM By Mark Maurer
    1 Wall financing

    From left: Proposed rendering of One Wall Street, Harry Macklowe and the current facade

    Harry Macklowe’s Macklowe Properties is in the market for a $1 billion senior construction loan for its residential conversion of the office skyscraper at One Wall Street, sources told The Real Deal. [more]