The Real Deal New York

  • Plans unveiled for a smaller 611 Madison Avenue

    Structure to stretch six stories high, total 27,853 square feet
    April 16, 2014 02:50PM
    611 Madison Avenue

    611 Madison Avenue

    A new round of permits are on file for 611 Madison, where a new structure will soon replace an existing seven-story townhouse.

    The new version will be smaller than the current building, rising only six stories, or 112 feet. The building will span 27,853 square feet in total, with offices located on the top two floors, according to New York YIMBY. Fogarty Finger, who is also behind the recently-revealed plans for 11-51 47th Avenue in Long Island City, is listed as the architect of record. Zurich Holding Company is the developer. [more]

  • Co-op president dodges suit over Kips Bay apartment

    Plaintiff has no standing to sue, appeals court decides
    April 16, 2014 02:30PM
    From left: 333 East  23rd Street and Mark Andermanis

    333 East 23rd Street and Mark Andermanis

    The president of an affordable housing co-op board won the legal tug-of-war over an apartment in Kips Bay.

    A resident of the East Midtown Plaza at 333 East 23rd Street filed a lawsuit last month accusing co-op board president Mark Andermanis of illegally securing a four-bedroom unit in a Mitchell Lama building, typically reserved for families with six or more members. [more]

  • Morris Bailey’s JEMB buys Brooklyn lot with 185K sf

    $38.5 million deal made for site across from City Point
    April 16, 2014 02:15PM
    jemb-brooklyn

    420 Albee Square and Morris Bailey

    JEMB Realty picked up a Brooklyn parking lot with 185,000 buildable square feet for nearly $38.5 million.

    The lot at 420-428 Albee Square sits across the street from the City Point megadevelopment in Downtown Brooklyn. The Girard family owned it for years, while a parking operator held a long-term lease. [more]

  • Ex-Governor David Paterson joins real estate crowdfunding site

    New iFunding hire to link crowdfunding with affordable housing goals
    April 16, 2014 02:05PM
    From left: David Paterson and William Skelley

    From left: David Paterson and William Skelley

    Real estate crowdfunding  platform iFunding has tapped former New York Governor David Paterson to talk shop with lawmakers and business leaders as Director of Community. [more]

  • Inside TheRealDeal
  • Flurry of repricing as Downtown landlords hike asking rents

    Prices raised on 1.43M square feet of the neighborhood’s 12.2M available square footage in Q1
    April 16, 2014 01:44PM By Hiten Samtani
    From left: Peter Turchin, Lower Manhattan and Sacha Zarba

    From left: Peter Turchin, Lower Manhattan and Sacha Zarba

    Downtown landlords took advantage of the area’s growing popularity by re-pricing about 1.5 million square feet of the 12.2 million square feet available in the first quarter of 2014. According to newly released data from CBRE Group, the vast majority of this space — about 1.43 million square feet — was priced higher. [more]

  • Thor, Edelstein make Miami Design District buys

    Company, developer complete separate purchases totaling more than $20M
    April 16, 2014 01:25PM By Eric Kalis
    NEST building (inset: David Edelstein)

    NEST building in Miami (inset: David Edelstein)

    From the South Florida site: Thor Equities continued building its portfolio in Miami’s Design District with a $9.6 million acquisition, while developer David Edelstein picked up two properties in the district for $10.6 million, The Real Deal has learned. [more]

  • American Realty Capital’s New York REIT kicks off trading

    Shares jump nearly 3.8 percent to close at $10.75 Tuesday
    April 16, 2014 01:05PM
    Nicholas Schorsch

    Nicholas Schorsch

    American Realty Capital’s New York REIT, which listed its shares on the New York Stock Exchange Tuesday, finished day one on the upswing.

    Shares of Nicholas Schorsch’s New York City-centric real estate investment trust closed trading at $10.75 a share Tuesday, jumping nearly 3.8 percent in the final hour of the day’s trading. Before Tuesday, shares were valued at $10 each. The New York REIT, which snapped up roughly $1.8 billion worth of New York City real estate in 2013, indicated that its 23 retail and office holdings are worth $12.47 a share in pre listing marketing materials, according to the Wall Street Journal. [more]

  • City to build “net zero” public school on Staten Island

    Skidmore, Owings and Merrill designing $70 million P.S. 62
    April 16, 2014 12:45PM
    Renderings of P.S. 62 in Staten Island

    Renderings of P.S. 62 in Staten Island

    The city is gearing up to build a 444-seat Staten Island elementary school that runs solely on the energy it produces, in a project the developer calls a “laboratory for ideas for future construction.” [more]

  • Greenpoint convention center to open by October

    Exhibition space to total 28,000 square feet
    April 16, 2014 12:20PM
    79-franklin

    79 Franklin Street

    Developer Joshua Guttman is working to open the Brooklyn Expo Center in Greenpoint.

    The proposed convention center at 79 Franklin Street near Noble Street would hold a 2,200-seat banquet hall, offices, a cafeteria and meeting rooms. Exhibition space will total 28,000 square feet. The site is expected to open by October. [more]

  • City wants $82K from church leveled on 9/11

    Tax lien put on 155 Cedar Street, which was crushed in WTC collapse
    April 16, 2014 12:03PM
    Former church at 150 Cedar Street and rendering of 130 Liberty Street

    Former church at 150 Cedar Street and rendering of 130 Liberty Street

    The former site of the St. Nicholas Greek Orthodox Church, now owned by the city, has been hit with a tax lien of more than $82,000, despite a previous religious exemption. [more]

  • Carlisle to build Midtown apartments averaging 7K square feet

    In switch from plan for larger structure, building on West 55th Street to hold only four units
    April 16, 2014 11:30AM
    12-w-55

    Carlisle’s Evan Stein and 12 West 55th Street

    J.D. Carlisle Development filed plans to build a six-story Midtown residential property with a mere four units, rendering each apartment an average of 7,000 square feet.

    The developer’s property at 12-18 West 55th Street, between Fifth and Sixth avenues, has air rights exceeding 100,000 square feet. The new plans would replace earlier ones with a 55-unit, 22-story property on the site of townhouses. Perkins Eastman is serving as the architect of record. Cornerstone Advisers is advising the landlord in developing the site. [more]

  • Top Manhattan apartment sales: April 7-14

    An interactive map of the priciest recorded deals, plus total overall sales and average prices for the week (click on numbers to see data)
    April 16, 2014 11:08AM

  • NYC’s construction industry stages comeback

    Hard hats seeing the most work since the market peak, but developers more cost conscious
    April 16, 2014 10:30AM By Sasha von Oldershausen
    From left:

    From left: Louis Coletti, Jay Badame, Richard Anderson and Barry LePatner

    From the April issue: New York may have been one of the last cities in the country to get hit by the recession and one of the first to recover from the real estate downturn, but that doesn’t mean there wasn’t suffering here. And among the hardest hit segments of real estate was the construction sector. [more]

  • Related’s Tribeca Park rentals could sell for $300M

    Property in Battery Park City also includes 2,700 feet of retail space
    April 16, 2014 10:05AM
    tribeca-park

    400 Chambers Street, Adam Spies and Doug Harmon

    The Related Companies’ Tribeca Park rental building in Battery Park City hit the market — and is expected to sell for $300 million.

    Eastdil Secured brokers Adam Spies and Doug Harmon were tapped to market the 325,365-square-foot property at 400 Chambers Street and North End Avenue. [more]

  • bronx-box

    322 Jackson Avenue in the Bronx

    Sunnyside to build public plazas below the 7 Train. Meatball Shop co-owner on the days of paying $250 in monthly rent in Williamsburg. Resolution: 4 Architecture unveils two-module prefab home in the Bronx. Read these stories and more after the jump.

  • Nasdaq exchanging atrium for TV space in $10M makeover

    MarketSite at 4 Times Square to gain studio, conference rooms
    April 16, 2014 09:00AM
    nasdaq

    Nasdaq MarketSite at 4 Times Square, and studio inside

    The Nasdaq stock exchange plans to pay $10 million to vastly upgrade the interior of its MarketSite space at 4 Times Square. [more]

  • Big East inks lease at Durst’s 655 Third Avenue

    Athletics conference moving headquarters from Rhode Island to Midtown East tower
    April 16, 2014 08:30AM
    655-third

    655 Third Avenue and Karen Kuznick

    The Big East Conference, a collegiate league which competes in NCAA Division I sports, has landed an office at Durst Organization’s Midtown East tower at 655 Third Avenue.

    The 10-year lease covers the 13,740-square-foot seventh floor, which will undergo a full renovation. Asking rent for the space is $54 per square feet, according to CoStar Group data cited by the New York Post. Durst leasing associate Karen Kuznick represented the landlord in-house, while Newmark Grubb Knight Frank brokers Jeffrey Rosenblatt and Bill Harvey represented the tenant. [more]

  • Jay Z cohort eyes addition for former artist haven in Tribeca

    Plans call for four additional stories on two-story structure
    April 16, 2014 08:00AM
    From left: 172 Duane Street and Damon Dash

    172 Duane Street and Damon Dash

    The owner of a tiny building in Tribeca’s historic district is reportedly seeking to top it with four more floors, according to an alteration application filed with the city. [more]

  • Top stories

    April 16, 2014 07:25AM

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    4. Cushman & Wakefield lands Citigroup contract
    5. SL Green pursues 1 Vanderbilt plan with de Blasio: sources

  • Tribeca Holdings snaps up home to Graff Diamonds

    UK-based firm acquires 710 Madison Avenue for $70M
    April 15, 2014 06:30PM
    From left: Tribeca Holdings' Aidan Brooks and 710 Madison Avenue

    From left: Tribeca Holdings’ Aidan Brooks and 710 Madison Avenue

    London-based Tribeca Holdings picked up 710 Madison Avenue, home to Graff Diamonds, for $70 million. [more]

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