The Real Deal New York

  • HFZ in talks for $1.2B construction loan from TCI

    UK hedge fund among potential lenders for Chelsea megaproject
    October 25, 2016 06:00PM By Mark Maurer and Hiten Samtani
    HFZ Chelsea

    Ziel Feldman and a rendering of 76 11th Avenue in Chelsea (credit: Bjarke Ingels Group)

    Ziel Feldman’s HFZ Capital Group is in advanced discussions to line up about $1.2 billion in construction financing for its Chelsea mixed-use megaproject known as the Eleventh, The Real Deal has learned. The loan, if it closes, would be one of the largest construction loans of this cycle. [more]

  • Co-working company Industrious NYC taking 17K sf at 215 PAS

    Asking rent at the SL Green-managed building is $70 per sf
    October 25, 2016 05:24PM
    215 Park Avenue South

    215 Park Avenue South

    Brooklyn-based co-working company Industrious NYC has inked a deal to take 17,255 square feet of space at 215 Park Avenue South, marking the company’s first foray into Manhattan.

    The lease is for 15 years and Industrious will take the entire 12th floor of the 20-story building, Commercial Observer reported. The building is owned by Dever Properties and managed by SL Green. The asking rent is $70 a square foot. [more]

  • Filing for DOB permits is not lobbying: city officials

    The Office of the Clerk opinion clarifies an earlier lobbying law
    October 25, 2016 03:55PM
    NYC City Hall

    NYC City Hall

    A 2013 update to the city’s lobbying laws had some developers, engineers and architects, who regularly file for permits from the Department of Buildings, wondering if they counted as lobbyists.

    The Office of the City Clerk, which regulates lobbying activities in the city, issued an opinion Monday clarifying that participating in the DOB filing process for matters “relating to the issue of permits, approvals or other construction related documents” does not constitute lobbying, Crain’s reported. [more]

  • From the New York October issue:Harney There’s trouble brewing in appraiserville — and it’s beginning to cost some unsuspecting homebuyers money. Those hoping to close in the coming months should be aware.

    The problem is part work overload, part resentment over fees. In many markets, diminishing numbers of experienced appraisers are available — or willing — to handle requests for their work on tight timetables and at lower fees than they used to earn. [more]

  • Inside TheRealDeal
  • WATCH: Gil Dezer on land banking for the next SoFla cycle

    Developer said most of his preconstruction units are sold, leaving him in a favorable position
    October 25, 2016 02:55PM By Alistair Gardiner and Sean Stewart-Muniz


    From the South Florida website: Gil Dezer checked in with The Real Deal South Florida Managing Editor Ina Cordle to give an update on his current projects, and explain how his firm is positioning itself to take advantage of the next demand wave when it comes. Click here to watch the full interview and more.

  • Extell files offering plan for boutique condo at 1010 Park Ave.

    The 16-story project is adjacent to Park Avenue Christian Church
    October 25, 2016 02:35PM By Katherine Clarke and Will Parker
    Gary Barnett and 1010 Park Avenue

    Gary Barnett and 1010 Park Avenue

    Extell Development chief Gary Barnett, the poster boy for “go big or go home”-style development projects, is going small with his latest condo. [more]

  • Swig Co., Himmel + Meringoff secure $200M to refi 8 Times Sq.

    Partners received the 10-year, fixed-rate loan from Citigroup
    October 25, 2016 02:00PM By Miriam Hall
    8 Times Square

    8 Times Square

    UPDATED, 5:50 p.m., Oct. 25: The Swig Company and Himmel + Meringoff Properties landed a $200 million loan from Citigroup to refinance their office-and-retail building at 8 Times Square, formerly known as 1460 Broadway. [more]

  • Muss to test market for 56 condos at Sheepshead Bay tower

    The rest of the 232 apartments at the 28-story project would be rentals
    October 25, 2016 01:30PM By Chava Gourarie
    1501 Voorhies Avenue

    Renderings of 1501 Voorhies Avenue in Sheepshead Bay

    Muss Development and AvalonBay Communities filed a so-called “test the market” application for 56 condominium units at a proposed 232-unit residential tower in Sheepshead Bay, according to documents filed with the state Attorney General’s office.

    The condos will occupy the top floors of what will be Sheepshead Bay’s tallest building, at 331 feet. Perkins Eastman is the architect of record for the glassy 28-story project at 1501 Voorhies Avenue, spanning 260,000 square feet of residential space and 15,000 square feet of commercial space. [more]

  • Empire Capital buys McCarren Hotel & Pool for $22M

    Williamsburg property boasts first outdoor saltwater pool in Brooklyn
    October 25, 2016 01:03PM By Hiten Samtani and Kyna Doles
    The McCarren Hotel & Pool at 160 North 12th Street (inset from top: Josh Rahmani and Ebi Khalili)

    McCarren Hotel & Pool at 160 North 12th Street (credit: McCarren Hotel) (inset from top: Josh Rahmani and Ebi Khalili)

    A group of investors led by Empire Capital Holdings purchased the McCarren Hotel & Pool in Williamsburg for $22 million, sources told The Real Deal. [more]

  • Dermot, Rockwood land $58M loan for purchase of EV rental

    Partners close on the $100M purchase of 130-unit building at 250 East Houston
    October 25, 2016 12:30PM By Rich Bockmann
    250 East Houston (inset: Stephen Benjamin)

    250 East Houston Street in the East Village (inset: Dermot Company’s Stephen Benjamin)

    The Dermot Company and Rockwood Capital pulled off a $57.6 million acquisition loan from BBVA Compass to close on the $100 million purchase of a 130-unit rental building at 250 East Houston Street in the East Village, the firms announced Tuesday. [more]

  • Alicia Glen on 421a: “If you broke it, you better figure out how to fix it”

    Deputy mayor also provides update on the city's affordable housing initiative
    October 25, 2016 12:02PM By Kathryn Brenzel
    Alicia Glen

    Alicia Glen

    It was supposed to be an occasion to tout the growth of construction in New York City. But the conversation at the New York Building Congress breakfast Tuesday morning inevitably turned to 421a, the death of which is seen as a major barrier to developing rental housing.

    “If you broke it, you better figure out how to fix it,” said Alicia Glen, deputy mayor for housing and economic development. She didn’t say explicitly who “broke it,” though she urged the audience to “continue to put pressure on our leaders in Albany to get this done.”  [more]

  • Meet the convicted criminals who lived in Trump Tower

    Building has been home to questionable characters over the years
    October 25, 2016 11:30AM
    The Trump Tower at 725 Fifth Avenue

    The Trump Tower at 725 Fifth Avenue

    Trump Tower has been home to a long line of criminals over the years — some with ties to Donald Trump.

    One of them was Joseph Weichselbaum, a helicopter pilot who flew customers to Trump casinos and spent years in prison for cocaine trafficking. “It was fine, other than parking issues,” Weichselbaum said to Bloomberg of the building. “And try getting a bagel or a container of milk.” Weichselbaum was indicted for drug trafficking in 1985. Trump wrote a letter in his defense, calling him a “credit to the community.” While he was in prison, his girlfriend bought two units in Trump Tower and Weichselbaum lived there after his release. [more]

  • US home prices rise 6.2% year-over-year in August

    Prices are forecast to rise 5.3% over the next year: Case-Shiller
    October 25, 2016 11:05AM

    Home prices in the U.S. are on the rise, as lack of inventory and low interest rates help push prices upwards.

    The S&P CoreLogic Case-Shiller Index, which measures home prices nationwide, reported 6.2 percent growth in home prices in August, year over year, and a forecast of 5.3 percent growth in the next 12 months, up slightly from the 5 percent increase projected in July. [more]

  • Don’t miss out on The Real Deal’s Shanghai showcase

    Leading US firms to join China's top brokers and most active investors
    October 25, 2016 10:30AM


    The top brokerages across the U.S. will all be joining The Real Deal in Shanghai this November for our second Real Estate Showcase & Forum in China. Representatives from Douglas Elliman, Sotheby’s International, Town Residential, Brown Harris Stevens and many others will join China’s top brokers and most active investors at the event.

    The event will take place at the five-star Jing An Shangri-La Hotel from Nov. 17 to 19. Our 2016 show will bring prominent industry professionals and investors from the United States to Shanghai, including former New York Gov. George Pataki. Douglas Elliman chief Howard Lorber, HFZ’s Ziel Feldman and Witkoff’s Steve Witkoff have recently joined our growing list of distinguished speakers, who will share market insight on key panels throughout the event. [more]

  • City accused of keeping affordable apartments in Upper Manhattan vacant

    Activists say HPD-owned buildings in Inwood, Washington Heights should be renovated, filled
    October 25, 2016 10:04AM
    21 Arden Street and 2110 Amsterdam Avenue

    21 Arden Street and 2110 Amsterdam Avenue

    Despite a massive shortage of affordable housing in New York, activists say the city’s left two buildings in Upper Manhattan totally vacant for several years. They’re urging the city to make repairs to the buildings, which would free up 26 affordable apartments.

    The Housing Preservation Development owns 21 Arden Street in Inwood and 2110 Amsterdam Avenue in Washington Heights, DNAinfo reported. Community Board 12 passed a resolution in 2014, saying two buildings owned by the Housing Preservation Development — 21 Arden Street and 2110 Amsterdam Avenue — could be renovated and set aside as affordable housing. [more]

  • Tenant lawyer to pay fine for dislodging surveillance camera from BLDG building

    Arthur Schwartz alleges Lloyd Goldman's firm used device to harass his 94-year-old client
    October 25, 2016 09:30AM
    From left: Lloyd Goldman, 95 Christopher Street and Arthur Schwartz

    From left: Lloyd Goldman, 95 Christopher Street and Arthur Schwartz

    A lawyer who removed a surveillance camera from a Lloyd Goldman-owned apartment building in 2015 agreed to pay $700 to make the court case go away. [more]

  • Chinese billionaire buys One57 pad at big discount

    Unit traded for 25% less than its 2014 sales price
    October 25, 2016 09:02AM
    One57 (credit: Douglas Elliman)

    One57 (credit: Douglas Elliman)

    “Escape from New York” has officially escaped from One57 at an $8.2 million loss. Chinese Billionaire Liu Yiqian is the mystery buyer of a 62nd floor apartment at One57 that saw its price chopped by 25 percent since its initial sale in 2014. [more]

  • Construction spending in city to soar to $128B through 2018: report

    But uncertainty over 421a still clouds over residential sector: New York Building Congress
    October 25, 2016 08:30AM By Kathryn Brenzel
    From left: Groundbreaking for SL Green's One Vanderbilt and Richard Anderson

    From left: Groundbreaking for SL Green’s One Vanderbilt and Richard Anderson

    Construction spending in New York City is expected to soar to $127.5 billion by the end of 2018, signaling that the building boom of the past few years still has legs.

    In its latest report, the New York Building Congress predicts that spending will hit $43.1 billion in 2016, a 26 percent increase from 2015’s $34.4 billion. [more]

  • CB Developers refis LES dorm with $71M loan

    New mortgage from LoanCore replaces $55M loan on 140K sf building
    October 25, 2016 08:00AM By Konrad Putzier
    From left: Adi Chugh, 101 Ludlow Street and Charles Blaichman

    From left: Adi Chugh, 101 Ludlow Street and Charles Blaichman

    Charles Blaichman’s CB Developers refinanced its Lower East Side student-housing building at 101 Ludlow Street with a $71 million CMBS loan from Jefferies LoanCore, sources told The Real Deal[more]

  • Anthony Paolone and Steven Marks

    Anthony Paolone and Steven Marks

    From the October issue: This September, investors who bet on the stock market’s broad indexes got a new tool. They can now invest in real estate investment trusts separately from financial stocks and insurance firms — a category that REITs had been lumped into for more than 15 years. [more]