The Real Deal New York

  • A Moinian soirée at Hotel Hugo: PHOTOS

    Developer hosted small gathering at the hotel's Bar Hugo
    February 05, 2016 06:39PM By Alistair Gardiner
    Morris Moinian, Ismael Leyva, Frank Seta and Joe Moinian

    Morris Moinian, Ismael Leyva, Frank Seta and Joe Moinian

    Rainy skies on Wednesday cleared just in time for drinks and nibbles at the Hotel Hugo, where Fortuna Realty Group president Morris Moinian entertained a small gathering of friends and associates. [PHOTOS]

  • Beninati’s Bauhouse seeks $80M mezz loan for 3 Sutton Place

    Developer scales back plans for East Side skyscraper, which is now projected to cost $750M-plus
    February 05, 2016 06:20PM By Farah Halime

    A rendering of 3 Sutton Place on the Upper East Side (inset: Joseph Beninati)

    Joseph Beninati’s Bauhouse Group is seeking an $80 million mezzanine loan to fund his troubled residential skyscraper project at 3 Sutton Place, according to investor documents reviewed by The Real Deal. [more]

  • Preet Bharara hits Glenwood with wheelchair accessibility suit

    US attorney claims firm's Liberty Plaza building built with "scores of inaccessible features"
    February 05, 2016 06:10PM
    10 Liberty Street NYC

    From left: Preet Bharara, 10 Liberty Street in the Financial District (credit: Manhattan Scout) and Leonard Litwin

    Leonard Litwin’s Glenwood Management is once again in the crosshairs of Manhattan’s U.S. Attorney Preet Bharara – this time over wheelchair accessibility at one of the Long Island-based landlord’s apartment buildings. [more]

  • Border war: Park Slope resident claims Hidrock’s theater conversion encroaches on property

    Janet Scherer claims land that's technically on Pavilion Theater property as her own
    February 05, 2016 05:55PM By Rey Mashayekhi
    Pavilion Theater NYC

    494 14th Street in Park Slope, next to the Pavilion Theater (inset: Abraham Hidary)

    Hidrock Realty’s planned condo conversion of the Pavilion Theater in Park Slope continues to face new hurdles, with a neighboring resident claiming the project encroaches on her backyard. [more]

  • Inside TheRealDeal
  • Vice co-founder puts W’burg PH on the market for $2.5M

    Gavin McInnes bought unit at 80 Metropolitan for $1.15M in 2011
    February 05, 2016 05:40PM
    80 Metropolitian Avenue in Williamsburg and Gavin McInnes

    80 Metropolitan Avenue in Williamsburg and Gavin McInnes

    Breaking hipster news: Gavin McInnes, one of Vice Magazine’s co-founders, is listing his Williamsburg corner penthouse for almost $2.5 million. [more]

  • Developers of 125 Greenwich in talks with Singaporean bank for $500M-plus construction loan

    United Overseas Bank preparing term sheet to finance FiDi supertall
    February 05, 2016 05:25PM By Mark Maurer and Damian Ghigliotty
    125 Greenwich St

    From left: Proposed rendering of 125 Greenwich Street (credit: ArX Solutions), Davide Bizzi, Michael Shvo and Howard Lorber (credit: Max Dworkin)

    The developers of a supertall Financial District condominium tower at 125 Greenwich Street are in advanced talks to land just north of $500 million in construction financing, separate from a round of EB-5 funding, The Real Deal has learned. [more]

  • Ian Schrager locks in $50M construction loan for 160 Leroy

    Developer aims for a $470M sellout at the West Village project
    February 05, 2016 05:10PM By Ariel Stulberg
    160 Leroy Ian Schrager

    A rendering of 160 Leroy Street in the West Village (inset: Ian Schrager)

    Hotelier and developer Ian Schrager is one step closer to building 160 Leroy Street, securing a $50M construction loan from Dublin-based Talos Capital Limited. [more]

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

    John Liang Chinese buyers real estate

    To read the full feature, click here.

  • FBI, IRS search former insurance magnate’s offices

    Raid indicates active criminal investigation into Alexander Chatfield Burns
    February 05, 2016 04:20PM
    Alexander Chatfield Burns

    Alexander Chatfield Burns (credit: Museum of American Finance)

    Federal authorities raided the Manhattan office of insurance magnate Alexander Chatfield Burns’ former company Southport Lane Management last month, indicating an active criminal investigation into Burns’ insurance dealings.

    About a dozen FBI and IRS agents showed up unannounced at Southport Lane’s offices on Jan. 14 and carted off more than 20 boxes of material as well as copies of computer hard drives, according to the Wall Street Journal. [more]

  • CalPERS closes on purchase of 787 Seventh for $1.9B

    AXA Financial is also close to selling adjacent office tower at 1285 Sixth
    February 05, 2016 03:55PM By Dusica Sue Malesevic
    787 Seventh Avenue

    787 Seventh Avenue in Midtown and CalPERS CEO Anne Stausboll

    CalPERS, a California pension fund, closed on the purchase of a 1.7 million-square-foot office tower at 787 Seventh Avenue for $1.9 billion from AXA Financial, according to property records filed with the city Friday.

    The fund signed a contract in December to acquire the 51-story tower, located between West 51st and West 52nd streets. The property, built in 1985, houses offices for Swiss bank UBS AG among other tenants. The building has a 98.4 percent occupancy rate, according to CoStar. [more]

  • HSBC to pay $470M to settle federal foreclosure abuse probe

    Megabank also agreed to reform its mortgage-servicing practices
    February 05, 2016 03:35PM
    From left: HSBC's Stuart Gulliver, 452 Fifth Avenue in Midtown and Loretta Lynch

    From left: HSBC’s Stuart Gulliver, 452 Fifth Avenue in Midtown and Loretta Lynch

    London-based megabank HSBC agreed to shell out $470 million to end a series of investigations by the U.S. Justice Department and 49 state governments into its mortgage-servicing practices following the 2008 financial crisis.

    The government agencies were investigating allegations that HSBC employed tactics such as the robo-signing of documents aimed at stifling mortgage borrowers’ attempts to avoid foreclosure. [more]

  • Forest City REIT conversion will attract investors: LaRue

    CEO says company is "undervalued," new status "helps us to close" valuation gap
    February 05, 2016 03:08PM
    Forest City Realty Trust

    From left: Charles Ratner and David LaRue

    Forest City Realty Trust’s recent conversion into a real estate investment trust will help the company “attract a larger share of investment” and make the company “even more focused on our real estate business,” according to president and CEO David LaRue.

    Forest City’s REIT conversion, which became official on Jan. 1, came out of a strategic planning initiative, dating back to 2012, that focused streamlining the company to its “core products and core markets,” LaRue said. [more]

  • 432 Park’s first closed sale gets second life as a rental

    The three-bedroom, 4K sf condo is available for $60,000 per month
    February 05, 2016 02:35PM

    432 Park Avenue

    It took less than a month for the first recorded sale at the luxe 432 Park Avenue to resurface — this time as a high-priced rental asking $60,000 per month.

    The first sale for Macklowe Properties and CIM Group’s 1,396-foot-tall tower on Billionaires’ Row was a three-bedroom condominium unit that sold for $18.1 million in January. An entity known as 432 Parkview LLC purchased the unit. [more]

  • Kuafu’s MiMA condos to be priced from $1M to $6M

    Project being rebranded as Manhattan View at MiMA
    February 05, 2016 02:15PM By Katherine Clarke
    The view from the MiMA residences

    The view from the MiMA residences

    Kuafu Properties and Shanghai Construction Group America, the U.S. arm of one of China’s leading construction companies, are gearing up to launch sales at 1 MiMA Tower this spring.

    Prices for the 151 units at 460 West 42nd Street will range from $1 million to over $6 million, according to a new teaser site going live Friday. The condos, which span the 51st through 63rd floors of the building, will also be rebranded as Manhattan View at MiMA, the website shows. [more]

  • Political brethren: De Blasio’s top real estate allies

    Rob Speyer, Bruce Ratner and John Banks number among the mayor's supporters
    February 05, 2016 01:22PM By Konrad Putzier
    Rob Speyer of Tishman Speyer, Lisa Gomez of L+M Development Partners, Mayor Bill de Blasio, John Banks of REBNY and Ron Moelis of L+M Development Partners

    Rob Speyer of Tishman Speyer, Lisa Gomez of L+M Development Partners, Mayor Bill de Blasio, John Banks of REBNY and Ron Moelis of L+M Development Partners (credit: Adam Pincus)

    From the February issue: Mayor Bill de Blasio may not be known as a best friend to the industry, but that doesn’t mean he hasn’t cultivated some significant industry allies. Below is a look at three top real estate players with whom the mayor is particularly tight: Tishman Speyer’s Rob Speyer, Forest City Companies’ Bruce Ratner and the Real Estate Board of New York’s John Banks. [more]

  • Brooklyn lawmaker again pushes landmark status for Coney Island’s boardwalk

    LPC designation could save promenade from faux wood, concrete
    February 05, 2016 12:45PM

    Coney Island’s boardwalk (inset: Mark Treyger)

    Part of Coney Island’s charm is its iconic boardwalk, as synonymous with the amusement park as hot dogs, roller coasters, cotton candy and family fun. [more]

  • UPDATED: Crane activity halted after Tribeca collapse kills one, injures three

    Accident occurred at 8:30 a.m. outside 60 Hudson Street
    February 05, 2016 12:13PM By The Real Deal

    The collapsed crane on Worth Street in Tribeca (credit: FDNY)

    UPDATED: Feb. 5 12:13 p.m. All crane activity will come to a halt on Friday following a crane collapse that killed one person and injured three others outside 60 Hudson Street in Tribeca, according to authorities.  [more]

  • No buyout deal with GGP: Brookfield Property CEO

    Brian Kingston says rumor to take over REIT has no substance
    February 05, 2016 12:05PM By Rich Bockmann
    Brookfield Property Partners CEO Brian Kingston, GGP CEO Sandeep Mathrani with 685 Fifth Avenue and a rendering of 730 Fifth Ave

    Brookfield Property Partners CEO Brian Kingston, GGP CEO Sandeep Mathrani with 685 Fifth Avenue and a rendering of 730 Fifth Ave

    Brookfield Property Partners executives Friday threw cold water on a rumor that the company is planning a buyout of retail giant General Growth Properties. [more]

  • W Hotel Union Square back on the market

    Maryland-based Host Hotels & Resorts acquired 20-story property for $185M in 2010
    February 05, 2016 12:00PM
    W Hotel Union Square

    The W Hotel Union Square

    One of Union Square’s most visible properties is now on the market.

    The W Hotel Union Square is up for sale after owner Host Hotels & Resorts retained Eastdil Secured to market the 20-story property at 201 Park Avenue South. The brokerage is pitching the 205,00-square-foot, Beaux-Arts style building as a possible residential conversion opportunity, per marketing materials. [more]

  • The goal of easing credit requirements for loans is still elusive

    Some lenders not following through on vow to give OK to applicants with below-average scores
    February 05, 2016 11:30AM By Kenneth Harney
    David Stevens

    David Stevens (credit: CNBC)

    Federal housing policy makers and mortgage lending groups have been talking about expanding access to home loans for greater numbers of credit-worthy buyers for more than a year. They call it “opening up the credit box” and insist that it’s an important goal.

    So how’s it going? Not so great. Though there are a few, scattered hints of easing credit requirements, the numbers aren’t impressive. [more]