The Real Deal New York

  • Deputy mayor signals affordable housing compromise

    De Blasio’s Mandatory Inclusionary Housing goes before City Council this week
    February 09, 2016 10:35AM
    From left: Alicia Glen and Bill de Blasio

    From left: Alicia Glen and Bill de Blasio

    Ahead of its meeting with the City Council, Mayor Bill de Blasio’s administration is showing signs it’s willing to compromise on tiered income levels in its signature housing act.

    Critics contend the Mandatory Inclusionary Housing plan doesn’t go far enough for families making less than $40,000. [more]

  • Investment sales ranking: Who crushed it and who got crushed?

    Eastdil squashes rivals and Rosewood makes big gains in heated market
    February 09, 2016 10:00AM By Mark Maurer
    From left: Doug Harmon, Darcy Stacom and Bob Knakal

    From left: Doug Harmon, Darcy Stacom and Bob Knakal

    From the February issue: New York City had a stellar year in 2015 for building sales — with massive properties like Stuyvesant Town-Peter Cooper Village and 11 Madison trading hands. But while it’s the buyers and sellers who normally make headlines, the brokers on those deals made out pretty well, too.

    This month, The Real Deal ranked the top 30 investment sales brokerages for 2015 citywide and by borough. [more]

  • Droga5 takes an additional 110K sf at Silverstein’s 120 Wall St.

    The 34-story FiDi Building is now 100% occupied
    February 09, 2016 09:37AM
    From left: Droga5's Sarah Thompson, 120 Wall Street in the Financial District and Larry Silverstein

    From left: Droga5’s Sarah Thompson, 120 Wall Street in the Financial District and Larry Silverstein

    Global ad agency Droga5 is more than doubling its space at Silverstein Properties’ 120 Wall Street in the Financial District, leasing 110,000 square feet in addition to the 98,000 it currently occupies. [more]

  • Paul Massey launches political action nonprofit

    1NY Together will “foster a dialogue” about wide range of issues
    February 09, 2016 09:01AM
    Paul Massey

    Paul Massey

    Paul Massey is launching a political action nonprofit that will “foster a dialogue in the city” about issues related to education, infrastructure, crime and the economy.

    Massey, who sold the commercial brokerage firm he built with Robert Knakal — Massey Knakal Realty Services — to Cushman & Wakefield reportedly for $100 million in 2014, said he wants to “build consensus” and named the nonprofit 1NY Together.

    “This isn’t a tale of two cities; it’s one city and it can be great for everybody,” he said. [more]

  • Inside TheRealDeal
  • 220 Central Park South, 50 West Street and 30 Park Place

    220 Central Park South, 50 West Street and 30 Park Place

    Buyers who get in early on new condominium developments may shoulder more risk, but they’re typically rewarded with a perk: lower prices.

    In boom times, developers – and marketers – are known to raise condo prices throughout the sales and marketing of a building to maximize sales. To get a sense of the biggest price jumps out there, The Real Deal analyzed projects approved since January 2014 and ranked them based on which developments had the steepest price increases, via amendments to the condo offering plans filed with the state Attorney General’s office. [more]

  • Study finds no “smoking gun” on Airbnb and hotel revenues

    STR research finds no evidence of negative impact on Manhattan hotel market
    February 09, 2016 08:00AM By Rich Bockmann

    Airbnb co-founders Joe Gebbi, Nathan Blecharczyk and Brian Chesky

    A new study suggests the hotel industry and Airbnb maybe be able to “share” the New York hospitality market after all.

    Using data provided directly by Airbnb, hospitality research firm STR Inc. found no smoking gun that the $25.5 billion startup was pilfering the pockets of Manhattan hoteliers and shrinking hotel revenues. [more]

  • Most popular stories on The Real Deal

    February 09, 2016 07:30AM

    Current reader favorites:
    1. Plans for mile-high skyscraper unveiled in Japan
    2. Lenders losing interest in financing high-end condo projects
    3. Queens developer files for 79-story LIC resi tower
    4. Luxury rental unit boom, but whither the renter?
    5. Design team creates attractive $20K homes that could change the housing market

  • Shaoul launching mid-market condos ahead of expected glut

    Developer wants to sell moderately-priced inventory before more supply "comes around in 2017"
    February 08, 2016 06:20PM
    Ben Shaoul Magnum Real Estate

    From left: Ben Shaoul, 389 East 89th Street on the Upper East Side and 385 First Avenue near Gramercy Park

    Ben Shaoul is kicking off sales at two mid-market condo projects this month in a bid to get ahead of the competition for condo inventory priced at less than $3 million. [more]

  • Modular building pioneer Capsys acquired by rival Whitley

    Brooklyn-based firm to shutter factory in Navy Yard
    February 08, 2016 06:05PM By Konrad Putzier
    From left: Nicholas Lembo, a rendering of 335 EAst 27th Street (credit: nArchitects) and Simon Dragan

    From left: Nicholas Lembo, a rendering of 335 East 27th Street (credit: nArchitects) and Simon Dragan

    Modular manufacturer Capsys may be shutting down its Brooklyn factory, but the company’s name will live on. Pennsylvania-based modular firm Whitley Manufacturing is buying Capsys and will keep using the brand, the two companies announced Monday.

    Whitley, which specializes in low-rise commercial buildings, plans to use Capsys’ manufacturing techniques to build multi-story modular buildings for the New York City market at its factory in Leola, Pennsylvania.  [more]

  • Queens lawmaker calls for special architectural districts

    Neighborhoods' character would be protected without landmark status
    February 08, 2016 05:50PM

    Tony Avella

    Queens state Senator Tony Avella wants to create special architectural districts throughout the state, which would still protect neighborhoods from non-contextual buildings without requiring historic landmark status.

    Avella will introduce a bill during the new legislative session that would allow residents to petition for their neighborhoods to be protected by their local zoning authority, the Queens TimesLedger reported. Residents would detail the special design characteristics of their neighborhood and then there would be a public hearing for approval. [more]

  • oscars-2016

    Chris Rock, host of the Academy Awards Feb. 28

    1) A complete list of every ridiculous thing Oscar losers will get in their $200,000 gift bags this year.

    2) A 1957 Ferrari is officially the most expensive car ever sold at auction.

    3) Bernie Madoff’s jewelry to hit the auction block.

  • Bloomberg confirms he’s considering White House run

    Former NYC mayor says current political discourse is "an outrage and an insult to the voters"
    February 08, 2016 05:30PM
    Michael Bloomberg

    Michael Bloomberg

    Former New York City Mayor Michael Bloomberg has acknowledged for the first time that he is weighing a run for the presidency of the United States.

    The billionaire and Bloomberg LP founder told the Financial Times that he is “looking at all the options” as far as a presidential bid is concerned, and expressed his displeasure with the current political discourse dominating the race for the White House. [more]

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

    John Catsimatidis buys Hell’s Kitchen commercial building for $16 million; union labor group sells Flatiron development site for $10.3 million
    February 08, 2016 05:15PM By Kyna Doles
    837 11th Avenue, John Catsimatidis and 50 Orange Street

    837 11th Avenue in Hell’s Kitchen, John Catsimatidis and 50 Orange Street in Brooklyn Heights

    Last week in the $10-to-$20 million investment sales market, the Feil Organization shelled out $17.4 million for an Upper East Side commercial townhouse and John Catsimatidis bought a building next door to TF Cornerstone’s massive residential project on West 57th Street. Click here here for the story and more.

  • Hamptons-Michael-S-Smith

    An aerial view of 101 Lily Pond Lane

    From Luxury Listings NYC: Why buy one giant Hamptons estate when you can buy three?

    That was the thinking of Michael S. Smith, the natural gas billionaire, who recently purchased three Hamptons properties on Lily Pond Lane for a total of $110 million, making it the second most expensive Hamptons deal ever, according to the New York Post. The most expensive, of course, was Barry Rosenstein’s $147 million home that he bought in 2014. [more]

  • VIDEO: The streetcar may be resurrected, and real estate developers are thrilled

    The 16-mile route linking Brooklyn and Queens is estimated to cost $2.5B
    February 08, 2016 04:45PM By Alistair Gardiner

    During his State of the City Address last week, Mayor Bill de Blasio announced his proposal for a San Fransisco-style streetcar system that would run between Astoria and Sunset Park. Because of its proximity to new developments along the East River, a number of major real estate players are supporting the proposal, which is estimated to cost $2.5 billion.

    Watch the video above to see the proposed plans for the Brooklyn Queens Connector.

    For more videos, visit The Real Deal‘s YouTube channel.

  • Landlord sues Bond New York founders for allegedly breaking Tribeca lease

    Ricciotti and Freedman say claims that they "abandoned" 25 Hudson Street are meritless
    February 08, 2016 04:15PM By Rey Mashayekhi
    25 Hudson Street

    25 Hudson Street in Tribeca (inset, from left: Noah Freedman and Bruno Ricciotti)

    Bond New York founders Bruno Ricciotti and Noah Freedman, and an entity they used to sign a lease for their brokerage’s Tribeca office, are being sued by their landlord for allegedly breaking their lease. [more]

  • De Blasio inks law requiring DOB to alert officials of new projects

    The department will have to give weekly updates on applications
    February 08, 2016 03:50PM By Kathryn Brenzel
    From left: Mayor Bill de Blasio and Rick Chandler

    From left: Mayor Bill de Blasio and Rick Chandler

    A new law requires the Department of Buildings to give city officials a heads up when a new building is proposed for a neighborhood.

    Mayor Bill de Blasio signed a bill into law Monday ensuring that the department alert the City Council and Community Boards via email on a weekly basis after an application for a new building or for an alteration requiring a new certificate of occupancy for a building is filed. The bill also requires the department to email notices of rejected applications and also post all this information on its website every week. [more]

  • Phew!: Millionaires’ feud over 1 foot of property on UES is over

    Judge rules Ravi and Suzanne Yadav can proceed with fence plans
    February 08, 2016 03:30PM

    63 East 92nd Street (inset: Philippe Delouvrier)

    It may have not reached Hatfield and McCoy proportions, but the feud between millionaires over one foot of property on the Upper East Side is over — at least for now.

    A Manhattan judge said Ravi Yadav, a Soros Fund Management Fund partner, and his wife Suzanne can go forward with their plans for a fence at their townhouse at 63 East 92nd Street. [more]

  • These are the most expensive BK condos approved last month

    See approved condominium plans from last month and the last year on TRData
    February 08, 2016 02:45PM

    Clockwise from Left: Renderings for 651 New York Avenue (Credit: Loadingdock5), 171 South Portland Avenue (Credit: East River Partners), 559 Carroll Street (Credit: Brooklyn Home Company) and 70, 80 and 90 Lorimer Street (Credit: NY YIMBY)

    Did you know Sunset Park, the off-the-condo’d-path land of beef tongue and dim sum, is getting condos from major Manhattan developer Time Equities? Or that South Brooklyn neighborhoods had four of the 10 most expensive condo projects approved in January? TRData, The Real Deal‘s research website, is compiling data for newly approved condominiums every month. See the top ten condo projects greenlighted by the NY State Attorney General in January (and also during the last year) by clicking here, and for more reports, info and analysis on New York real estate visit TRData’s Data Hub.

  • The Lower East Side goes upscale: Q&A, part I

    David Schneiderman and Deborah Gutoff on the neighborhood's "original game changer"
    February 08, 2016 02:17PM By Adam Warner
    From left: David Scheiderman the Ludlow Hotel at 180 Ludlow Street on the Lower East Side and Deborah Gutoff thumb

    From left: David Scheiderman the Ludlow Hotel at 180 Ludlow Street on the Lower East Side and Deborah Gutoff thumb

    From the February issue: The Lower East Side is a long-gritty neighborhood that’s undergoing a dramatic makeover. Driving the transformation is the $1.1 billion Essex Crossing mega project, which is set to deliver 1,000 units of housing along with retail, office, and community/cultural uses. In our third web installment, we bring you TRD‘s interviews with David Schneiderman, co-founder of Four Winds Real Estate and Deborah Gutoff, senior director of Eastern Consolidated, who talk about the neighborhood’s “original game changer,” as well as what kind of investment opportunities they are seeing right now. [more]