The Real Deal New York

  • Morgans Hotel Group shareholders OK purchase by SBE

    Nazarian's acquisition is valued at $800M
    September 29, 2016 06:20PM
    10/07/13 Exterior, Hudson Hotel, 356 west 58th street, Manhattan. NY Post Brian Zak

    Hudson Hotel (inset: Sam Nazarian)

    Shareholders voted to approve SBE Entertainment Group’s acquisition of Morgans Hotel Group on Wednesday, in a deal valued at about $800 million. [more]

  • China’s richest man warns the country is facing a RE bubble

    Wang Jianlin says prices are rising in Chinese cities but dropping in smaller towns
    September 29, 2016 05:30PM
    Chinese billionaire Wang Jianlin

    Chinese billionaire Wang Jianlin

    Wang Jianlin — who built a massive fortune developing real estate in China — says the market is now facing the “biggest bubble in history.”

    Jianlin, who is the country’s richest man, says the problem is that prices are continuing to rise in cities like Shanghai, but are dropping in thousands of smaller cities where there are vast numbers of vacant properties. Click here to watch the video.

  • LA hotel backers are beginning to worry about oversupply

    Developers are building thousands of rooms in the city
    September 29, 2016 05:03PM By Cathaleen Chen
    A rendering of the lobby of the Waldorf Astoria being built in Beverly Hills.

    A rendering of the lobby of the Waldorf Astoria being built in Beverly Hills.

    From the Southern California Market Report: The Los Angeles hotel market isn’t huge by comparison with that of New York or Chicago, but developers appear to be intent on rectifying that. With nearly 100 hotels planned, many of them for the city’s central business district, some market watchers are starting to talk about oversupply.

    Yet the hotel companies themselves clearly remain bullish on L.A.’s prospects, particularly in the downtown area. Some 5,468 keys out of a total of 11,120 in the pipeline for Los Angeles County are planned for DTLA, according to an analysis by The Real Deal in late August 2016 that included proposed projects as well as hotels that were under construction. [more]

  • Clockwise from top left: Stuart Elliott, Ben Shaoul, Kelly Mack and Tom Elliott;  Andrew Heiberger and his son Lucas; Ja'Mir ; and Tom Elliott and Taylor Spellman

    Clockwise from top left: Stuart Elliott, Ben Shaoul, Kelly Mack and Tom Elliott; Andrew Heiberger and his son Lucas; Ja’Mir ; and Tom Elliott and Taylor Spellman

    From Luxury Listings NYC: Last night, LLNYC clinked glasses with real estate movers and shakers to toast a new development Downtown, 100 Barclay in Tribeca.

    To see photos from the event, click here.

  • Inside TheRealDeal
  • De Blasio appointee on MTA board skeptical of cost for Cuomo’s Penn Station plan

    The governor-appointed members are not concerned
    September 29, 2016 04:12PM
    Rendering of the Moynihan Train Hall (inset from top: Veronica Vanterpool and MTA's Thomas Pendergast)

    Rendering of the Moynihan Train Hall (inset from top: Veronica Vanterpool and MTA’s Thomas Pendergast)

    An appointee of Mayor Bill de Blasio to the Metropolitan Transportation Authority’s board raised concerns Wednesday about the funding for New York Governor Andrew Cuomo’s grand plans for the new Penn Station. [more]

  • Prana buys five-building Bronx portfolio for $36M

    214-unit multifamily package scattered around Fordham
    September 29, 2016 03:40PM By Mark Maurer
    2101 and 2499 Grand Ave (inset: Prana Investments' Neil McKinnon)

    From left: 2101 and 2499 Grand Avenue in the Bronx (inset: Prana Investments’ Neil McKinnon)

    Prana Investments sunk its teeth into a five-building West Bronx multifamily portfolio for $35.8 million, or about $184 per square foot, sources told The Real Deal. [more]

  • De Blasio administration says new health care facility will make up for Rivington blunder

    The project will also house more than 100 seniors
    September 29, 2016 03:15PM
    Rivington House, Bill de Blasio and 30 Pike Street (credit: Google Maps)

    Rivington House, Bill de Blasio and 30 Pike Street (credit: Google Maps)

    The city plans to build a new affordable housing development and health care facility to make up for the embarrassing and politically consequential loss of the Rivington House. [more]

  • West Elm gets more elbow room at Industry City

    Furniture designer takes another 40K sf in Sunset Park
    September 29, 2016 02:40PM

    Andrew Kimball and Industry City

    Home furnishings chain West Elm has taken another 40,000 square feet at Industry City as a staging ground to help launch its new hotel concept. [more]

  • Tishman Speyer files plans for $3.2B Hudson Yards tower

    The 65-story office tower, dubbed the Spiral, will span 2.2M sf
    September 29, 2016 02:20PM By Miriam Hall
    Renderings of the Spiral at 66 Hudson Boulevard in Hudson Yards

    Renderings of the Spiral at 66 Hudson Boulevard in Hudson Yards

    Everything is spiraling into place for Tishman Speyer.

    The developer officially filed plans Thursday for the Spiral, an office skyscraper that is slated to cost $3.2 billion. Plans filed with the city’s Department of Buildings call for a 2.2 million-square-foot tower, but Tishman Speyer is marketing the property at 2.85 million square feet.  [more]

  • Ashner blasts NYRT’s board again

    Activist investor complains that deal for "shareholder representation" was rejected
    September 29, 2016 01:40PM By Konrad Putzier
    Steve Witkoff, One Worldwide Plaza and Michael Ashner

    Steve Witkoff, One Worldwide Plaza and Michael Ashner

    Another week, another argument over the future of New York REIT. Activist investors Steve Witkoff and Michael Ashner accused the real estate investment trust’s board of “muffling” their voice by refusing to give them representation. [more]

  • EB-5 regional center slaps Dermot with lawsuit over Battery Maritime loans

    Lender claims developer failed to pay interest on $77M
    September 29, 2016 01:13PM By Katherine Clarke and Chava Gourarie

    Battery Maritime Building at 11 South Street

    A major New York City EB-5 regional center has filed suit against entities affiliated with Dermot Company for allegedly failing to pay interest on $77 million in loans granted for its planned redevelopment of the Battery Maritime Building downtown. [more]

  • Investors sue Flushing developer over LES dev site deal

    Owners claim Xingmei Chen failed to close $29.5M contract at 208 Delancey
    September 29, 2016 12:40PM By Rich Bockmann
    From left: Rendering of 208 Delancey Street and the construction site now

    From left: Rendering of 208 Delancey Street and the construction site now

    A group of Lower East Side investors is suing a developer from Flushing for allegedly failing to close on a $29.5 million contract for a Delancey Street development site. [more]

  • Number of US homes under contract fell 2.4% in August

    The fall puts pending homes sales at the lowest level since January
    September 29, 2016 12:13PM

    11932676106_930cd3ac17_bPending home sales fell 2.4 percent in the month of August and 0.2 percent year-over-year, more evidence that the housing market has lost steam in recent months.

    According to the National Association of Realtors, the pending home sales index dropped to 108.5 after a bounceback in July.

    Pending home sales reflect contracts — not closed sales — on existing homes and can potentially offer early indications of the housing market’s movement. The NAR considers 100 to be a sign of a healthy figure in the market. [more]

  • “The Closing” book available for purchase, download

    Candid conversations with moguls, starchitects and a host of other industry heavyweights
    September 29, 2016 11:24AM

    “The Closing” book features 100 candid interviews with industry heavyweights, who share the good, the bad and the ugly they faced while climbing to the top, and for some, falling from grace. The collection is drawn from nearly a decade of The Real Deal’s back-page interview, The Closing, one of the most popular features with readers since the magazine’s inception.

    In no-holds-barred conversations, we learn about the tough times and the triumphs of luminaries like Charles Kushner, who spent his time in prison mentoring younger inmates; and Stephen Ross, who spent as much time as a school boy in the principal’s office as he does now in boardrooms.

    The book is a must-read for anyone fascinated by these very human stories of the grit and determination it took to conquer the world of New York City real estate. It is available for purchase here, or can be downloaded through The Real Deal‘s app on iTunes and Google Play.

    The book is also available on Amazon and Shopify.

  • Mill Basin mansion at 2458 National Drive (credit: Corcoran Group)

    Mill Basin mansion at 2458 National Drive (credit: Corcoran Group)

    It looks like Miami, but its soul is pure Brooklyn. At one time, this “bonkers” estate was the most expensive home in Brooklyn, on sale for $30 million in 2013. [more]

  • Matt Damon scopes out $40M BK mansion

    Brownstone was built in 1857
    September 29, 2016 10:28AM
    3 Pierrepont Place in Brooklyn and Matt Damon (credit: Corcoran)

    3 Pierrepont Place in Brooklyn and Matt Damon (credit: Corcoran)

    In his movies, Matt Damon is almost always in distress — a trope one Quora user calculated cost some $900 billion in fictional money. But in his latest challenge, it’s unlikely that even the U.S. government — fictional or otherwise — can save him: Damon is house hunting in Brooklyn.

    Damon, star of the “Jason Bourne” spy series, and his wife, Luciana Barroso, scoped out the priciest home in the borough — a $40 million mansion at 3 Pierrepont Place in Brooklyn Heights, the New York Post reported. The home, built in 1857, has 15 bedrooms, 16 bathrooms and spans 17,000 square feet. [more]

  • NYC lawmakers ramping up fight against Section 8 proposal

    They say 55,000 low-income households will be forced to pay much more in rent
    September 29, 2016 09:50AM
    Richie Torres and the South Bronx

    Ritchie Torres and the South Bronx

    Lawmakers and housing advocates have joined together to rally against an Obama administration proposal they say is the “greatest near-term threat” to New York City’s housing affordability. [more]

  • Wheels of fortune: Industry players are rethinking what a residential brokerage is worth

    Mergers, acquisitions and funding rounds are on the rise
    September 29, 2016 09:30AM By E.B. Solomont


    From the September issueWhen the venture-backed brokerage Compass secured a cash infusion of $75 million last month, the response from industry rivals was fast and furious.

    The valuation being bandied about — more than $1 billion — did little to silence critics who claimed Compass’ math was lofty enough if it was deeming itself a tech startup, but downright artificial for a residential real estate brokerage. [more]

  • Forbes believes 28 of Trump’s assets lost $800M in value since last year

    Publication claims Trump Tower and 40 Wall combined to lose $187M
    September 29, 2016 08:40AM
    Donald Trump

    Donald Trump

    Donald Trump’s net worth reportedly checks in at $3.7 billion — $800 million less than the value of his fortune last year, according to Forbes.

    Forbes claims that 28 of the presidential nominee’s assets have declined in value in the last year. If you believe the publication, 40 Wall Street, for example, declined $28 million in value. Trump Tower, according to Forbes, is now worth $159 million less than it was last year, having a net value of $371 million. Forbes says Trump Tower has declined due to an estimated 20 percent drop in net operating income and an 8 percent decline in the slowing commercial real estate market. [more]

  • Scorecard: The best and worst neighborhoods for building violations

    A monthly roundup of news and reports on the residential market
    September 29, 2016 08:00AM By Will Parker

    From the September issue:
    If you knew a building had a long rap sheet of violations, including everything from rats to no heat, would you live there?

    Rentlogic, a new website that compiles complaint and violation data citywide, wants to help renters see building violations before they move in. The company compiled a list of the best and worst neighborhoods by quality of building maintenance for The Real Deal. [more]