The Real Deal New York

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

    HUBB NYC buys in Tribeca, while Newcastle Realty Services sells in Washington Heights
    August 29, 2016 05:45PM By Kyna Doles
    24 West 40th Street in Midtown, Jordan Slone, 13 Christopher Street in the West Village and 121 Chambers Street in Tribeca

    From left: 24 West 40th Street in Midtown, Jordan Slone, 13 Christopher Street in the West Village and 121 Chambers Street in Tribeca

    Last week in the world of mid-market New York City investment sales, HUBB NYC purchased a 10-unit rental building in Chelsea for $16.2 million and Harbor International Group sold a pair of commercial condominium units at a newly renovated property at 24 West 40th Street for $14.9 million. Click here for the story and more.

  • “Night Before Christmas” poet’s townhouse lists for $10M

    444 West 22nd Street currently houses three apartments
    August 29, 2016 05:10PM
    444 West 22nd Street in Chelsea

    444 West 22nd Street in Chelsea

    An early Christmas gift, perhaps? A Chelsea townhouse once owned by the poet Clement Clarke Moore — who famously penned “‘Twas the Night Before Christmas” — has hit the market for the first time in 30 years. [more]

  • Real estate industry takes serious collateral damage in Cuomo-de Blasio war

    Industry players grow frustrated over “childish” feud between governor and mayor
    August 29, 2016 04:50PM By Kathryn Brenzel and Konrad Putzier
    Bill de Blasio and Andrew Cuomo (illustration by Lexi Pilgrim for The Real Deal)

    The “childish” feud between Gov. Cuomo and Mayor de Blasio is hurting the real estate industry, insiders say (illustration by Lexi Pilgrim for The Real Deal)

    A little over a year ago, Mayor Bill de Blasio unleashed a rant about a revenge-hungry presence in Albany: Gov. Andrew Cuomo.

    “What I found was, he engaged in his own sense of strategies, his own political machinations, and what we’ve often seen is, if someone disagrees with him openly, some kind of revenge or vendetta follows,” de Blasio told NY1.

    It was a rare moment of bluntness in what was previously a behind-closed-doors feud, one that industry insiders say is terrible for business and the cause of major headaches such as the death of the 421a tax abatement program and delays in the issuance of state-backed housing bonds.

    “The thing about the conflict between the mayor and the governor is it’s like water polo,” said a representative for a major Manhattan-based developer. “You see them thrashing around at each other on the surface, but below the surface is where the real kicks are happening.” [more]

  • Resi lenders think twice about refinancing an Airbnb home

    Short-term rental service is blurring line between primary, investment properties
    August 29, 2016 03:51PM
    Airbnb founders Nathan Blecharczyk, Joe Gebbia and Brian Chesky

    Airbnb founders Nathan Blecharczyk, Joe Gebbia and Brian Chesky

    In addition to new government regulations, angry neighbors and the occasional orgy, hosts who rent their homes out on websites like Airbnb have something new to worry about. Lenders may be skittish about providing a mortgage or refinancing a home that produces short-term rental income from such companies. [more]

  • Inside TheRealDeal
  • Effy Jewelry designer to buy Garment District office building for north of $50M

    Hematian would relocate firm's HQ to Hidrock-owned property: sources
    August 29, 2016 03:25PM By Mark Maurer
    From left: Abraham Hidary, 53 West 36th Street and Effy Hematian

    From left: Abraham Hidary, 53-57 West 36th Street and Effy Hematian

    A group of investors led by Effy Hematian, the diamond ring designer behind Effy Jewelry, is in contract to acquire a 12-story Garment District office building from Hidrock Realty for north of $50 million, or roughly $650 per square foot, sources told The Real Deal. [more]

  • There’s a long history of alleged discrimination at Trump-owned rental properties: report

    The Donald denies knowledge of such practices, which allegedly date back to the 1960s
    August 29, 2016 02:49PM
    Donald Trump

    Donald Trump

    There’s a long history of alleged racial discrimination at Trump-owned properties.

    An investigation by the New York Times contends that Trump Management consistently turned away black tenants and other minorities from its rental properties, dating back to the 1960s. There was no evidence that Donald Trump helped set the organization’s rental policies, just that he was working for the company while they were in place. The Republican presidential candidate — who has warned black voters that Hillary Clinton is a “bigot” — has denied knowledge of any discriminatory practices at Trump-owned properties. [more]

  • China Orient paid $143M for majority stake in Kaufman Organization’s Ring portfolio

    Seller Principal RE Investors had planned to make exit once buildings stabilized
    August 29, 2016 02:03PM By Rich Bockmann
    George Kaufman and Roy Chen

    George Kaufman and Roy Chen

    Chinese financial services firm China Orient Asset Management Corp. paid $143 million to buy a majority stake in four Flatiron office buildings controlled by the Kaufman Organization, property records show.

    News of the deal broke last week when it was reported that China Orient invested about $60 million of equity in the buildings, part of the former Ring Brothers portfolio that Kaufman controls under a 99-year lease. [more]

  • “50 Shades of Grey” author has spanking new digs in LA

    E.L. James spends $7.25M on the five-bedroom pad
    August 29, 2016 01:30PM
    Erika Mitchell, known by her pen name E. L. James, and her new home at 8800 Appian Way

    Erika Mitchell, known by her pen name E. L. James, and her new home at 8800 Appian Way

    From the Los Angeles website: E.L. James is putting some of those hard-earned erotica dollars to good use.

    The “Fifty Shades of Grey” writer, whose real name is Erika Mitchell, has shelled out $7.25 million for her contemporary five-bedroom fantasy pad in West Hollywood, Trulia reported.

    The 5,616-square-foot bungalow features a media lounge, stone and hardwood floors, a chilled wine cellar, five bathrooms and of course, a wet bar. [more]

  • iPhone-app

    The Real Deal is bringing a cleaner design and more seamless navigation to our latest mobile update, which is now available for download in Apple’s App store and the Google Play store.

    The latest version of our app 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]

  • Witkoff, Ashner push for rapid liquidation of NY REIT

    Investors have accused board of milking the process to line their pockets
    August 29, 2016 12:00PM
    Witkoff Ashner

    From left: Steve Witkoff and Michael Ashner

    Activist investors Michael Ashner and Steve Witkoff are at it again — this time, calling for the liquidation of New York REIT as quickly as possible to maximize shareholders’ returns.

    In an Aug. 29 letter to shareholders, they said they have every reason to believe the board is looking to prolong the process in order to “divert value from stockholders to themselves” through a stream of fees and other expenses. [more]

  • City increasingly depends on motels to house homeless

    Program has cost nearly $50M in past year
    August 29, 2016 11:35AM
    The Quality Inn and Steve Banks

    The Quality Inn and Steve Banks

    The city is increasingly relying on motels to house homeless residents, and it’s costing city taxpayers big time, to the tune of almost $50 million. [more]

  • Crooks steal $20K from Lower East Side landlord’s office

    Thieves busted through basement wall to loot Lucky’s Real Estate, cops say
    August 29, 2016 11:11AM

    An NYPD officer and Lucky’s Real Estate offices at 189 Orchard Street on the Lower East Side

    Thieves pulled off a Hollywood-style heist on the Lower East Side, busting through a basement wall to steal $20,000 from a real estate office, officials said.

    A pair of crooks broke the padlock on a cellar door in a building next to the offices of Lucky’s Real Estate on Orchard Street near East Houston Street, according to the New York Daily News, then smashed through the basement wall to get next door.

    Once inside, the pried open the landlord’s safe and made off with their bounty, which included an expensive bracelet and $20,000 in cash. [more]

  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    August 29, 2016 10:30AM

    Screen Shot 2016-08-29 at 10.04.55 AM

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • Safer bet: Investors turn to residential rental properties

    Low vacancy rates make for attractive, safe investments
    August 29, 2016 10:19AM
    121-129 East 144th Street in Mott Haven (inset: Adam Mermelstein)

    121-129 East 144th Street in Mott Haven (inset: Adam Mermelstein)

    Residential rental properties are increasingly becoming one of the more stable investments in New York City thanks to low vacancy rates and population growth. [more]

  • Paydirt: Dialing Doha, miracle on the Hudson (Yards), Midtown gets buff … & more

    The industry news you need to know to start your week, and what's ahead
    August 29, 2016 09:46AM By Hiten Samtani

    From clockwise: Hudson Yards, Midtown East, Abdullah bin Mohammed Al Thani, and the Empire State Building (Illustration by Lexi Pilgrim for The Real Deal)

    (Paydirt is a new weekly column that riffs on the biggest NYC real estate news of the moment, providing analysis and historical context on the deals and players that make this town tick.)

    Does dodgy diesel have anything to do with the Empire State Building?

    In mid-September, the EPA revealed that Volkswagen had been cheating on its emissions tests. The scandal, which left the German carmaker’s reputation in tatters and rocked its stock, was a big blow for the Qatar Investment Authority, the biggest holder of VW’s preferred shares and the third-largest owner of its common shares. The $335 billion sovereign wealth fund lost about $4.8 billion from the fallout, according to Bloomberg. [more]

  • Long lead time: Luxury pads spending 15 months on market

    Olshan Realty reports slowest August since 2012
    August 29, 2016 09:29AM
    From clockwise: 1133 Fifth Avenue, 20 West 53rd Street, 142 East End Avenue, 820 Park Avenue and 301 East 10th Street

    From clockwise: 1133 Fifth Avenue,20 West 53rd Street, 142 East End Avenue, 820 Park Avenue and 301 East 10th Street

    The luxury slowdown is real. [more]

  • Moskovits, Rubenstein land $197M construction loan for Williamsburg office project

    Developers are ready to break ground at 25 Kent Ave.
    August 29, 2016 08:52AM
    Rendering of 25 Kent Avenue

    Rendering of 25 Kent Avenue in Williamsburg

    Toby Moskovits’ Heritage Equity Partners and Philadelphia-based Rubenstein Partners have secured enough financing to start building their massive office project in North Williamsburg. [more]

  • Sean Parker nabs third Greenwich Village townhouse

    Facebook co-founder plans to build mansion
    August 29, 2016 08:11AM
     36 West 10th Street in Greenwich Village and Sean Parker

    36 West 10th Street in Greenwich Village and Sean Parker

    Ex-Facebook president Sean Parker just scooped up a third townhouse to create a mansion on 10th Street in Greenwich Village. [more]

  • Midtown’s coming exodus

    The once go-to office market is losing tenants at a rapid clip — and has more departures coming down the pike
    August 29, 2016 07:30AM By Rich Bockmann
    Midtown buildings with the most space to fill

    Midtown buildings with the most space to fill

    From the August issue: By now the headlines are familiar: Tenant X is heading Downtown or Tenant Y is taking space on the Far West Side.
    But what’s often left out of the headlines is that those tenants are leaving behind giant blocks of office space elsewhere. And, more often than not, those empty sites are located in Midtown.

    While Midtown has been losing its competitive edge for some time, the slippage has accelerated in the last few years as new office supply has come on the market in other parts of Manhattan and the Midtown stock has become dated. [more]

  • Davey’s Ice Cream scoops up Greenpoint space

    Artisan creamery inks 15-year lease at Ironstone’s 74 Meserole Ave.
    August 29, 2016 07:00AM By Mark Maurer
    Davey's Greenpoint

    From left: Davey’s Ice Cream at 137 First Avenue in the East Village, and the building at 74 Meserole Avenue in Greenpoint (inset: Davey’s ice cream cones)

    Leaving a trail of sprinkles across the city, popular East Village artisan creamery Davey’s Ice Cream signed a 15-year lease for its third location, in Greenpoint, sources told The Real Deal. [more]