The Real Deal New York

  • De Blasio, REBNY teamed up to win control of public schools

    The mayor and real estate lobbying group also collaborated on 421a
    August 30, 2016 01:00PM
    Steve Spinola and Bill de Blasio

    Steve Spinola and Bill de Blasio

    The powerful Real Estate Board of New York is known for its ability to flex its political muscles for the benefit of developers and landlords. But it appears that the lobbying group has also sought to influence elected officials on other matters — namely, the city’s public schools.

    The de Blasio administration sought REBNY’s help in winning an extension of the city’s control of public schools in 2015, according to a report by City & State. [more]

  • JBL buys LIC site for $25M, plans big box store

    Florida-based firm landed acquisition loan from BH Mortgage
    August 30, 2016 12:25PM By Konrad Putzier
    From left: Jacob Khotoveli and 28-90 Review Avenue

    From left: Jacob Khotoveli and 28-90 Review Avenue

    UPDATED, Aug. 30, 1:02 p.m.: Jacob Khotoveli’s JBL Asset Management and Eric Gleit’s Edge Ventures snapped up a Long Island City development site for $24.9 million, property records filed with the city Tuesday show. [more]

  • US home prices steadily climb in June: Case-Shiller

    Concerns about affordability having a dampening effect on demand
    August 30, 2016 12:04PM

    Untitled-9Home prices across the nation continued to climb in June, even as more prospective buyers decided to sit on the sidelines.

    The S&P CoreLogic Case-Shiller Indices rose 5.1 percent in the 12 months ended in June, the Wall Street Journal reported. That was the same increase reported a month earlier in May.

    The 10-city index – which covers places like New York City, Los Angeles and Miami – climbed 4.3 percent on the year, a slight dip from the 4.4 percent increase recorded in May. [more]

  • TRD’s LA Market Report is almost here

    Special supplement to include ranking of top brokerages, profiles of key players and more
    August 30, 2016 11:30AM

    TRDLA

    The Real Deal is picking up stakes and heading out west! The inaugural edition of our Los Angeles Market Report will arrive in L.A. in early September, with additional distribution in the New York market.

    Our newest special issue will shine a spotlight on the City of Angels, with in-depth coverage of the residential and commercial real estate scenes in neighborhoods from Downtown to the ocean, and from Hollywood to Beverly Hills. We’ll rank the area’s top brokerages and biggest commercial developments, while profiling key local players.

    We’ll also be diving into a hotel building boom that is slated to put thousands of new rooms on the market, and chronicling  celebrity homes trades.

    To receive your copy of the Los Angeles Market Report, email subscriptions@therealdeal.com. And, for daily coverage of the L.A. market, visit TRD LA. — TRD

  • Inside TheRealDeal
  • Boymelgreen banned from selling condos in NY for two years

    Schneiderman reaches agreement with controversial developer, ending lengthy investigation
    August 30, 2016 10:44AM
    Eric Schneiderman, Shaya Boymelgreen and 20 Pine Street in the Financial District

    From left: Eric Schneiderman, Shaya Boymelgreen and 20 Pine Street in the Financial District

    Shaya Boymelgreen has been banned from selling condominium units for two years following a settlement with the state Attorney General’s office over claims he refused to finish work and fix construction defects at half a dozen buildings in Manhattan and Brooklyn. [more]

  • Room with a voice: Starwood incorporating Siri at Aloft hotels

    Hospitality firm is piloting the voice-activated rooms in Boston and Santa Clara, Calif.
    August 30, 2016 10:14AM
    Aloft Santa Clara, one of the test properties for Project Jetson (credit: Starwood Hotels and Resorts) and Siri on the iPhone

    Aloft Santa Clara, one of the test properties for Project Jetson (credit: Starwood Hotels and Resorts) and Siri on the iPhone

    “Hey Siri, which massive hotel company is making a push to outfit its rooms with voice-control technology?” [more]

  • Will Fort Greene’s glut of rentals put an end to rising prices?

    Roughly 7,500 units are in development across 23 buildings
    August 30, 2016 09:38AM
    From left: renderings of 7 DeKalb Avenue, 333 Schermerhorn Street and 33 Bond Street

    From left: renderings of 7 DeKalb Avenue, 333 Schermerhorn Street and 33 Bond Street

    Fort Greene’s sudden logjam of luxury rentals could cut into profits for some of the borough’s top rental developers, ending a price run that’s lasted years.
    [more]

  • How ODA builds outside the box

    From Israel’s first McDonald’s to “pixelated” towers, Eran Chen has built a reputation on defying convention at his clients’ will
    August 30, 2016 09:01AM By Kathryn Brenzel
    Eran Chen (Photo by Michael McWeeney)

    Eran Chen (Photo by Michael McWeeney)

    From the August Issue: When Eliot Spitzer presented his Williamsburg waterfront project to fast-rising architect Eran Chen in September 2014, the timeline and budget allowed for little more than two boxy rental towers.

    Spitzer wanted to meet the deadline to qualify for 421a — the now-expired tax abatement program for new apartment building construction. That deadline, at the time, was June 12, 2015, and the former governor’s development company Spitzer Enterprises filed plans for the 470-unit rental project on Kent Avenue in December 2014. The city’s Department of Buildings approved the plans five months later. [more]

  • The plot thickens: Health care lobbyist with ties to Cuomo involved in Rivington House deal

    Jeffrey Sachs was an usher at the governor's wedding
    August 30, 2016 08:44AM
    Jeffrey Sachs

    Jeffrey Sachs

    As if the sale of Rivington House weren’t controversial enough, it turns out that an influential health care lobbyist with ties to Gov. Andrew Cuomo played a key role in obtaining state approvals that paved the way for the deal.

    Jeffrey Sachs — an usher at Cuomo’s wedding — served as a consultant to VillageCare, the nonprofit that sold the Lower East Side nursing home to Joel Landau and Solomon Rubin’s Allure Group in 2015. [more]

  • L&L Holding isn’t taking a chance on Midtown East rezoning

    The developer found workarounds to old zoning rules to build 390 Madison and 425 Park
    August 30, 2016 08:00AM

    From left: David Levinson, rendering of 425 Park (credit: DBOX for Foster + Partners), rendering of 390 Madison (credit: Kohn Pedersen Fox Associates) and Robert Lapidus (Photo by STUDIO SCRIVO)

    While the long-awaited Midtown East rezoning plan would allow buildings up to 30 percent taller, one developer ain’t waiting.

    L&L Holding Co. found workarounds to the city’s 1961 zoning allows, allowing them to redevelop 390 Madison and 425 Park avenues with or without the rezoning. Instead, David Levinson and Robert Lapidus’ firm employed creative designs at both towers to circumvent one old zoning rule in particular: a requirement to retain at least 25 percent of the old building’s structural steel. [more]

  • Tech mogul Arthur Becker gets trio of townhouses for stake in Soho project

    He's an investor in Madison Equities, PMG’s condo building at 10 Sullivan
    August 30, 2016 07:30AM By E.B. Solomont
    20-50 Sullivan Street and a rendering of 20 Sullivan

    20-50 Sullivan Street and a rendering of 20 Sullivan

    Tech investor Arthur Becker is now the proud owner of three adjacent townhouses on Sullivan Street in Soho in exchange for his stake in the neighboring condominium development. [more]

  • Weak job growth adds to doubts over NYC office market

    Office-using employment growth slowed dramatically in 2015-2016: report
    August 30, 2016 07:00AM By Konrad Putzier
    Empty desks

    More desks are sitting empty as job growth slows

    The New York metropolitan area’s office-using job growth slowed dramatically over the past 12 months, adding to concerns over a potential supply glut in the office market. [more]

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  • 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]

  • 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]

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