The Real Deal New York

  • Is Detroit poised to overtake Brooklyn as the next low-rent artist haven?

    Is Detroit poised to overtake Brooklyn as the next low-rent artist haven? (Source: Mike Kline via Flickr)

    GM Building co-buyer Zhang Xin says loose global liquidity will boost real estate market. Is Detroit the next Brooklyn? Peek inside 1110 Park Avenue‘s fancy new digs. Read these stories and more after the jump.

  • Gorjian brothers grab Hell’s Kitchen rentals for $26M

    Site of Coliseum pub and 10 apartments offers 41K buildable square feet
    September 22, 2014 05:05PM By Mark Maurer
    gorjian

    From left: Justin Gorjian, Cobby Gorjian and 312-314 West 58th Street in Hell’s Kitchen

    Development firm Gorjian Real Estate Group acquired a Hell’s Kitchen rental building with 41,000 buildable square feet for $25.5 million, according to property records filed with the city today. [more]

  • Staten Island group proposes new elevated community

    Higher, denser homes would accommodate new retail and tourism opportunities
    September 22, 2014 04:55PM
    From left: James Oddo and Sandy damage in Staten Island

    From left: James Oddo and Sandy damage in Staten Island

    A portion of South Beach in Staten Island could be transformed by a plan to rebuild homes damaged during Superstorm Sandy on a common elevated platform.

    The South Beach Civic Association has proposed replacing vulnerable bungalows and two-story houses in Sunnymeade Village with about 50 elevated homes, the Wall Street Journal reported. The plan has the backing of borough president James Oddo, who has advocated for elevated housing in other low-lying areas including Midland Beach and Ocean Breeze, according to the newspaper. [more]

  • This month in real estate history

    1922: Artists ask DA to probe studio rentals
    September 22, 2014 04:30PM By Adam Pincus
    Artist George Bellows

    Artist George Bellows

    From the September issue: An influential group of American artists asked the New York District Attorney to investigate landlords who were renting artists’ studios to “pseudo artists and loose living people,” 92 years ago this month.

    The League of American Artists, which included important painters such as George Bellows and Robert Henri, cited a survey that found that 70 percent of the studios in Manhattan were occupied by people of “questionable character,” with the problem particularly acute in Greenwich Village and Columbus Circle. [more]

  • Inside TheRealDeal
  • Alliance Private Capital buys Williamsburg site for $35M

    Five-story, 70K sf residential property could be built
    September 22, 2014 04:10PM
    driggs

    G4′s Jason Behfarin and 510 Driggs Avenue in Brooklyn

    Brooklyn investment firm Alliance Private Capital Group paid $35 million for a Williamsburg residential development with up to 70,000 buildable square feet.

    Michael Kohn, CEO of Alliance Private Capital, plans to construct either a condominium or rental building at 510 Driggs Avenue with a parking garage and ground-floor retail. The property, near North 8th Street, can be as big as five stories. G4 Capital Partners provided the buyer with a $22 million bridge loan. Retailers would be expected to pay about $200 per square foot in monthly rent. [more]

  • New York, northern NJ among nation’s top 10 buyers’ markets

    Favorable conditions leave home shoppers less likely to face fierce bidding wars
    September 22, 2014 03:40PM
    Zillow's market findings based on actual sales prices compared to asking prices

    Zillow’s market findings based on actual sales prices compared to asking prices

    While U.S. home values enjoyed a slight year-over-year uptick in August, some markets continue to prove especially favorable to either buyers or sellers.

    For home seekers in the New York and northern New Jersey areas, the market is especially ripe for buyers at the moment, according to the latest Zillow analysis of buyers’ and sellers’ markets nationwide. According to the findings, the New York area market ranked eighth nationwide among top buyers’ markets, because the area is seeing conditions that leave home seekers less likely to face the fierce bidding wars common along the West Coast. Providence, Cleveland, Philadelphia and Milwaukee topped the best buyers’ markets list. [more]

  • Event design firm takes 38K sf at Industry City

    30% of 6 million-square-foot complex in Sunset Park remains vacant
    September 22, 2014 03:10PM
    sunset

    From left: David Stark (Credit: Design Milk) and Industry City at 882 Third Avenue in Brooklyn

    Event production firm David Stark Design and Production signed a lease for 38,000 square feet at Industry City in the Brooklyn neighborhood of Sunset Park.  [more]

  • Donald Trump in talks to open hotel in Dubai

    Property in the UAE would also include a golf course
    September 22, 2014 02:40PM
    From left: Donald Trump, Ziad El Chaar and Dubai

    From left: Donald Trump, Damac Managing Director Ziad El Chaar and Dubai

    Donald Trump is looking to open a hotel in Dubai. [more]

  • Jean Nouvel’s 53rd Street tower PH units revealed: PHOTOS

    82-story structure to have over 442K sf of residential space, composed of 140 residential units
    September 22, 2014 02:10PM By Adam Pincus
    Moma-Tower-Front

    From left: Jean Nouvel, 53 West 53rd Street rendering and floor plans

    Floor plans for the Jean Nouvel-designed MoMa tower planned for Midtown reveal that the largest penthouse will be nearly 19 times the size of the smallest staff apartment. Developer Hines disclosed those figures in an application filed last month to sell condominium units at the 1,050-foot skyscraper. Click here for a slideshow and more.

  • Skanska: No one knows if Ratner’s B2 building will leak

    Builder claims design for Atlantic Yards modular building is flawed
    September 22, 2014 01:40PM
    From left: B2 rendering and Richard Kennedy

    From left: B2 rendering and Richard Kennedy

    Skanska USA Building and Forest City Ratner remain locked in legal battle, trading blame for flaws in the design and construction of modular units for their 32-story building in Prospect Heights. In documents brought to light today, Skanska charges that the building could leak from thousands of joints in the façade.

    “[I]n simple terms, no one knows if the building is going to leak,” wrote Richard Kennedy, co-chief operating officer at Skanska USA Building, in a letter to Forest City Ratner dated August 8 and reviewed by the Atlantic Yards Report blog. [more]

  • Middle-of-the-block condo projects now front and center

    Side street developments almost as expensive as corner lots
    September 22, 2014 01:10PM
    From left: Michael Stern and the Walker Tower on West 17th Street in Manhattan

    From left: Michael Stern and the Walker Tower on West 17th Street in Manhattan

    Side streets are getting more popular as locations for upscale condo developments [more]

  • Warrant issued for Robert Durst after skipping court

    Estranged member of real estate family accused of violating Douglas Durst's restraining order
    September 22, 2014 12:40PM
    Dursts

    From left: Robert Durst and Douglas Durst

    A judge in New York City Criminal Court issued a warrant for the arrest of Robert Durst, an estranged member of the Durst real estate family, after he failed to show up at a court hearing today.

    Robert Durst was charged last year with allegedly violating the terms of the restraining order Douglas has against him. He was accused of approaching Douglas’ home at 413 West 43rd Street on June 2 and staring into a surveillance camera. Robert had been ordered in April 2012 to stay away from his estranged brother. [more]

  • Terrorism insurance program thrown into uncertainty

    Property owners and insurers await Congressional action, vote delayed until after elections
    September 22, 2014 12:10PM
    U.S. House of Representatives

    U.S. House of Representatives

    The renewal of a federal program that provides a backstop for property insurers in the event of a terror attack faces fresh uncertainty after the House adjourned early without holding a vote.

    The Terrorism Risk Insurance Act was passed in the wake of September 11 and provides a government subsidy for excessive expenses incurred by insurers following a terror attack. Property owners fear that if the law is not renewed, insurance premiums could skyrocket, especially in high-risk areas like New York City. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 22, 2014 11:40AM

    1. NYC is now home to 103 billionaires, more than any city
    2. Kelly Ripa and Mark Consuelos sell SoHo penthouse
    3. This week in renderings: 538 Aperture, Gateway Elton Street

    Like The Real Deal on Facebook for breaking industry stories, links to quirkier pieces and lively conversation about important properties in New York and around the world. [TRD's Facebook Page]

  • Chinese investor Kuafu files Hudson Yards condo-hotel plans

    Developers paid $115M for West 38th St. property and air rights
    September 22, 2014 11:10AM
    hudson-yards

    462-470 11th Avenue renderings

    Plans have been filed with the Department of Buildings for a 47-story condo-hotel tower in Hudson Yards.

    New York City-based Chinese private equity firm Kuafu Properties, Siras Development and BlackHouse Development chief Sean Ludwick partnered in June on the project at 462-470 11th Avenue, near West 38th Street, according to documents obtained by The Real Deal. A spokesperson for Siras, led by former BlackHouse partners Saif Sumaida and Ashwin Verma, said last week that Ludwick is no longer a development partner. Ludwick, however, denied this. Documents show him as a partner. [more]

  • Brokers say buyers are less frantic as inventory ticks up

    With market showing signs of normalizing, there are fewer bidding wars
    September 22, 2014 10:30AM By E.B. Solomont
    From left: Nora Ariffin and Christopher Kromer

    From left: Nora Ariffin and Christopher Kromer

    From the September issue: Halstead Property’s Christopher Kromer and Nora Ariffin said they brokered more than 65 deals last year — all of them ending with a request for “best and final” offers from competing buyers.

    This year, roughly half their sales are “best and finals,” said Kromer. “There is more available inventory, so buyers are having more choices, and sellers are having to be more competitive.” [more]

  • Fiscal Policy Institute to mayor: tax pied-à-terres

    Of the city's 89,000 second homes, more than 1,550 are worth at least $5M
    September 22, 2014 10:00AM
    From left: a unit at One57 and a unit at the Park Imperial

    From left: a unit at One57 and a unit at the Park Imperial

    The Fiscal Policy Institute is proposing that the de Blasio administration start taxing very expensive pied-à-terres in the city. [more]

  • The skyline of Downtown Jersey City

    The skyline of Downtown Jersey City

    Jersey City is booming. J. Lo still on the hunt for a Manhattan pad. How development is transforming Dumbo. Read these stories and more after the jump.

  • Bed and breakfasts put in jam by short-term rental law, Airbnb

    Number of establishments in NYC down by half since 2011
    September 22, 2014 09:00AM
    Bed and breakfasts at 158 West 13th Street, 230 East 58th Street and 131 West 23rd Street

    Bed and breakfasts at 158 West 13th Street, 230 East 58th Street and 131 West 23rd Street

    The 2011 New York state law that made renting out apartment units or rooms in residential buildings for less than 30 days unlawful, coupled with Airbnb’s booming short-term rental business, has served a one-two punch to the city’s traditional bed and breakfasts. [more]

  • Investor group to buy Cassidy Turley

    TPG, PAG Asia Capital and Ontario Teachers Pension Plan are among the investors
    September 22, 2014 08:30AM
    Cassidy Turley CEO Joe Stettinius

    Cassidy Turley CEO Joe Stettinius

    A group of investors — including private-equity firm TPG — is reportedly buying commercial brokerage Cassidy Turley.

    The deal could be announced Monday, according to the Wall Street Journal. Cassidy Turley has more than 60 offices across the country. Investment management firm PAG Asia Capital and Ontario Teachers Pension Plan are also part of the group that is planning to buy Cassidy Turley, the Journal reported. [more]

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