The Real Deal New York

  • Manhattan’s priciest new developments by total sellout

    Nearly half of new condo sales dollars projected to be made at only 12 buildings
    November 30, 2015 10:00AM

    BillionDollarBabies-1New York’s most expensive new condominium buildings get plenty of attention, but it’s nonetheless easy to forget just how expensive they, as a group, are (at least in the eyes of their developers). [more]

  • Apartment buyers using stock portfolios as collateral

    Securities-based borrowing accounts for over 50% of sales
    November 30, 2015 09:30AM By Marynia Kruk

    (Illustration for The Real Deal by David Owens)

    From the November issue: In early 2015, an investment banker and his wife were eyeing a two-bedroom condominium listed at $2 million on the Upper East Side. The couple was wealthy, according to their friend and broker Mike Loftus of William Raveis, but not wealthy enough to buy the unit outright.

    They had $500,000 in cash and “a pretty big portfolio, but not that big,” Loftus said of their financial investments, which he pegged at between $5 million and $7 million. They needed to borrow the balance for the apartment — $1.5 million — but didn’t want to go through the hassle of a mortgage. [more]

  • Sheldon Silver juror begged out, but judge said no

    Deliberations continue Monday morning in former assembly speaker's corruption trial
    November 30, 2015 09:10AM

    From left: Leonard Litwin and Sheldon Silver

    A juror at the corruption trial of former Assembly Speaker Sheldon Silver told a judge she’s agitated by the other jurors reactions to her views, and wants to be sent home.

    Just two hours into deliberations, a note from the juror, whose name is unknown, wrote “My heart is pounding and my head feels weird. I am so stressed out right now…. I need to leave” [more]

  • Construction deaths spike with building boom

    There were 10 fatalities and 324 injuries from July 2014 to July 2015
    November 30, 2015 08:38AM

    Collapse at 25 West 38th Street (credit: Ray Hennessey via Twitter @Hennesseyedit)

    Workers have died and sustained injuries at an alarmingly high rate as construction has boomed in the city over the last two years. [more]

  • Inside TheRealDeal
  • CPW Towers accuses tenant of “illegal” unit combination

    Longtime resident bought adjacent studio in 1998
    November 30, 2015 08:09AM
    400 Central Park West

    400 Central Park West on the Upper West Side

    CPW Towers, the landlord at 400 Central Park West, is suing one of its residents for allegedly combining two apartments at the building without permission.

    The Upper West Side building was rent stabilized until 1987, when parts of it were converted to condos.

    According to the lawsuit, Josefina Berman, a long time resident of the building, purchased a studio condominium adjacent to her own first-floor, two-bedroom, rent-stabilized unit, back in 1998. [more]

  • Most popular stories on The Real Deal

    November 30, 2015 07:30AM

    Current reader favorites:
    1. City orders tenants to vacate Williamsburg rental built by Menachem Stark
    2. Stanley Wasserman in contract for $300M-plus UES portfolio
    3. “25th worst” NYC landlord says Public Advocate Tish James didn’t do her research
    4. This skyscraper will be stretched like chewing gum: VIDEO
    5. Klein Group closes first Israeli bond issuance, while Joel Gluck taps market again

  • Palm Beach’s resi heat wave

    While higher home pricing means fewer investors in the market, more end users are buying
    November 29, 2015 05:00PM By Erik Bojnansky
    Florida East Coast’s West Palm Beach station will be home to 275 rental units

    Florida East Coast’s West Palm Beach station will be home to 275 rental units

    From the South Florida Market Report: Palm Beach County’s residential real estate sector is heating up, thanks in part to banks’ willingness to issue loans again after a reduction in the number of distressed properties in the area.

    The Realtors Association of the Palm Beaches reported that single-family homes were selling faster and at higher prices in this year’s second quarter compared with the same period in 2014. [more]

  • “25th worst” NYC landlord says Public Advocate Tish James didn’t do her research

    Owner Mark Tress says tenants haven't lived in 400 West 57th Street in over 6 years
    November 29, 2015 04:00PM
    The Windemere at 400 West 57th Street.

    The Windermere at 400 West 57th Street.

    The Public Advocate’s office has been criticized for what some have deemed a lackluster fact-checking effort before publishing its annual “worst landlords of NYC” list earlier this week. This probably won’t help.

    One of the landlords who appeared on the list — designed to shame landlords into making repairs — says his building is under renovation and he doesn’t have any unhappy tenants … because there aren’t any. [more]

  • Look inside Herzog & de Meuron’s new West Village condo

    Prices for units in the building range from $2.6 million to $25 million
    November 29, 2015 03:00PM
    Renderings of 160 Leroy

    Renderings of 160 Leroy

    The latest look at a new West Village condominium designed by Herzog & de Meuron shows sweeping views of downtown Manhattan, a swimming pool and a ground-floor courtyard. [more]

  • From left: The launch party was held under a canopy of vines at the McKittrick Hotel’s rooftop garden bar, Frederique van der Wal

    From left: The launch party was held under a canopy of vines at the McKittrick Hotel’s rooftop garden bar, Frederique van der Wal

    From Luxury Listings NYC: Under a canopy of vines and flowers at Gallow Green in Chelsea, the McKittrick Hotel’s rooftop garden bar, Frederique van der Wal, 48, announces the U.S. launch of her flower brand, Frederique’s Choice, to a VIP crowd that includes media executives, models such as Iman, and fashion designers, like previous LLNYC cover star Nicole Miller.

    “Flowers are in the blood of the Dutch,” van der Wal, a former supermodel who has posed for Victoria’s Secret, Vogue and Cosmopolitan, to name very few, says. “Growing up in Holland, flowers are part of our heritage.” [more]

  • From the archives: A market-rate future for the Bronx?

    Development replaces demolition as borough stabilizes
    November 29, 2015 01:00PM By Alison Gregor

    The recent history of Bronx real estate is a tale as much about demolition as development, but the future looks like an era of change.

    A borough of stark contrasts, its northern section, which includes Riverdale, has always been ritzy and is now staving off large-scale development with restrictive zoning regulations. While the borough’s less expensive areas have traditionally served as the steady source of housing for much of the city’s working class, the South Bronx conjures up two principal images: Yankee Stadium and urban decay. Full of government-subsidized housing, the South Bronx is finally seeing the first tentative steps toward creation of market-rate condominiums. Read the full story from the October 2005 issue after the jump.

  • Clear skies for Miami-Dade commercial

    Vacancy rates remain low across across the area's office, retail and industrial markets
    November 29, 2015 12:00PM By Sean Stewart-Muniz
    108-112 CRE UPDATE-FINAL.indd

    Amancio Ortego, creator of the Zara retail chain, acquired an entire block on Lincoln Road for $370 million.

    From the South Florida Market Report: Analysts are prescribing a healthy dose of optimism for commercial real estate in Miami-Dade County, with factors like explosive job and population growth to thank for the ongoing strength of the markets across the board.

    The county is on track to blow past its peak of $6.8 billion in foreign investment recorded last year, with investors continuing to purchase trophy properties in the office and hotel sectors for hundreds of millions. [more]

  • This skyscraper will be stretched like chewing gum: VIDEO

    303 East. 44th St., designed by ODA, features gaps between floors that create private gardens
    November 29, 2015 11:00AM By Alistair Gardiner


    Have you ever seen a building being pulled apart from the inside? You’re about to.

    The latest renderings of 303 East 44th Street show a slender glass tower whose floors are separated by 16-foot gaps and supported by elegantly sculpted concrete beams. The effect is that the building looks like it is being slowly stretched, as if the floors were glued together or stuck together with gum. Click here to see how ODA New York’s Eran Chen does it.

  • Toll Brothers sells two starchitect-designed penthouses

    Units went north of $10M at 400 Park Ave. South and 55 West 17th Street
    November 29, 2015 10:00AM
    The penthouse at 400 Park Avenue South sold for $10 million. (Credit: Toll Brothers)

    The penthouse at 400 Park Avenue South sold for $10 million. (Credit: Toll Brothers)

    It’s been a pretty good few weeks for Toll Brothers and starchitects. A pair of penthouses in the developer’s buildings — designed by two of the biggest names in architecture — sold for more than $10 million in November. [more]

  • (inset: Nancy Novogrod)

    563 Park Avenue on the Upper East Side (inset: Nancy Novogrod)

    From Luxury Listings NYC: A recent listing by Stribling for a Park Avenue co-op selling for $4.75 million noted that the apartment was owned by a former editor-in-chief of a “major design magazine.” A quick look into the documents reveals that while the “design” part of that may be a tad exaggerated, the owner is none other than Nancy Novogrod, the editor-in-chief of Travel + Leisure magazine for twenty-one years. [more]

  • South Florida stargazing

    While Calvin Klein has put his home on the market, Serena and A-Rod have plunked down new roots
    November 28, 2015 05:00PM By Katherine Kallergis
    Poonam Khubani listed her penthouse at the swanky Miami Beach Edition for $27.5 million in September - See more at:

    Poonam Khubani listed her penthouse at the swanky Miami Beach Edition for $27.5 million in September

    From the South Florida Market Report: South Florida is a magnet for celebrities, catering to fashion designers, star athletes and international artists alike. Luxury homes in Miami Beach, Coconut Grove and Southwest Ranches have been among the recent hot spots for buying, selling and listing of real estate by celebs. The Real Deal took a look at what’s been trading among the A-listers. [more]

  • City orders tenants to vacate Williamsburg rental built by Menachem Stark

    Slain developer allegedly cut major corners during construction at 120 South 4th Street
    November 28, 2015 04:00PM

    054 Stark se FINAL.indd

    He’s gone, but certainly not forgotten. Roughly 50 tenants of a Williamsburg rental built by murdered developer Menachem Stark are out in the cold after the Department of Buildings plastered a notice to vacate on the door of 120 South 4th Street. [more]

  • “Passive” Cornell Tech campus to aggressively cut energy costs

    The building method, a hit in Europe, can slash expenses by as much as 90%
    November 28, 2015 03:00PM
    Cornell's "passive buildings" at the tech campus on Roosevelt Island. (Credit: Handel Architects)

    Cornell’s “passive buildings” on Roosevelt Island. (Credit: Handel Architects)

    Students at Cornell Tech spend their days pushing the boundaries of science and technologies. Soon, some will spend their nights doing the same. [more]

  • Is $100M enough to preserve Pier 40?

    Downtown residents speak out at City Planning hearing
    November 28, 2015 02:00PM
    Pier 40 in Lower Manhattan

    Pier 40 in Lower Manhattan

    Last, month Westbrook Partners and Atlas Capital Group agreed to buy 250,000 square feet of air rights at the dilapidated Pier 40 at Hudson River Park, with the $100 million price earmarked for repairs at the facility. But this week, locals expressed skepticism that it would be enough. [more]

  • From the archives: Entrepreneurs rush into NYC real estate market

    Social media sites, data collection firms among new start-ups launched
    November 28, 2015 01:00PM By Candace Taylor

    Longtime friends Carastina DuBrovin, a former agent at Brown Harris Stevens, and Jennifer Kilmurray started Staunton DuBrovin in the fall to cater to wealthy pied-à-terre owners.

    Citi Habitats founder Andrew Heiberger’s well-funded new brokerage, Town Residential, made a splash when it debuted late last year. But the brokerage is far from the only new business in the city. The start of 2011 ushered in a flurry of new start-ups, many with innovative new business models related to New York City real estate.

    Ironically, many of these models don’t involve actually doing deals. With prices down and fewer sales, entrepreneurs are looking for other ways to profit from the business of selling property.