The Real Deal New York

  • Tavern on the Green, $38M later.

    Tavern on the Green, $38 million later.

    Inside Tavern on the Green’s $38M renovation. Yorkville real estate prices spike as Second Avenue subway nears. Fashion model joins Stribling team. Read these stories and more after the jump.

  • Is Staten Island the next Brooklyn?

    David Barry hopes cheaper prices, state-of-the-art amenities will draw younger crowd
    April 24, 2014 05:25PM
    Rendering of Ironstate Development's URL Staten Island project

    Rendering of Ironstate Development’s URL Staten Island project

    With young people increasingly priced out of Manhattan and pushed to the outer boroughs, New Jersey-based Ironstate Development hopes to cash in with its $150 million Urban Ready Living project slated for the North Shore of Staten Island. [more]

  • Investors buy stake in Cobble Hill hospital project: sources

    Borough Park group includes investor Chaim “Harry” Miller
    April 24, 2014 05:05PM By Adam Pincus
    Long Island College Hospital

    Long Island College Hospital

    A Borough Park investment group active in the acquisition of New York City hospitals closed yesterday on a 49 percent stake in the project to redevelop the Long Island College Hospital in Cobble Hill, sources told The Real Deal. [more]

  • Piquet Realty nabs second New York office spot at 555 Madison

    Space to accommodate 100 agents
    April 24, 2014 04:55PM
    Cristiano Piquet and 555 Madison Avenue

    Cristiano Piquet and 555 Madison Avenue

    Florida-based Piquet Realty, which acquired the Portman Group’s brokerage arm Portman Realty earlier this month, has inked a lease for a new New York City locale in the Coates Building. [more]

  • Inside TheRealDeal
  • Rabbi Pinto offered plea bargain

    Deal would see prominent spiritual adviser serve a year in prison, testify against former top cop
    April 24, 2014 04:35PM By Hiten Samtani
    Rabbi Pinto

    Rabbi Yoshiyahu Pinto

    An Israeli prosecutor has offered Rabbi Yoshiyahu Pinto, a spiritual adviser to several New York City real estate power players, a plea bargain that would see him sentenced to prison for one year. [more]

  • From left: Marc Holliday, Mikhail Prokhorov and Alexander Rovt

    From left: Marc Holliday, Mikhail Prokhorov and Alexander Rovt

    Based on the valuations of recent deals, investors don’t appear overly worried about a slow-down in the white-hot New York City property market anytime soon. Investors like Jeff Sutton and Thor Equities’ Joseph Sitt continue to rack up mega-acquisitions, while other big players are sitting on plenty of cash. Who will do the buying? Here are ten companies and individuals likely to splash the cash on major real estate purchases in the coming months. [more]

  • Schumer calls for more tech-friendly Brooklyn office towers

    Also on the agenda: North Brooklyn-to-Downtown “nerd bus”
    April 24, 2014 04:15PM
    Charles Schumer and Downtown Brooklyn

    Charles Schumer and Downtown Brooklyn

    In a panel discussion at Brooklyn Tech Triangle U Wednesday, New York Senator Charles Schumer called for a “nerd bus” and nerd ferry” to transport an influx of Brooklyn tech workers, as well as new office towers to house their business endeavors. [more]

  • Hell’s Kitchen residents push for bus garage

    Port Authority should move forward, federal grant or not, locals say
    April 24, 2014 03:45PM
    Buses on the daily trek between New York City's West Side and New Jersey

    Buses goinging from New York City’s West Side to New Jersey

    Overwhelmed by the slew of buses outside homes and businesses, Hell’s Kitchen residents are asking the Port Authority to move forward with a proposed bus garage — with or without financial help from the federal government.

    The $400 million Galvin Plaza Bus Annex would house 100 buses and provide direct access to both the Lincoln Tunnel and bus terminal. [more]

  • Twitter co-founder’s new startup takes 40K square feet in Soho

    Jack Dorsey's latest venture, payments specialist Square, takes space at 375 West Broadway
    April 24, 2014 03:15PM

    Jack Dorsey and 375 West Broadway

    Square, a San Francisco-based startup that makes mobile-payment processors, grabbed 40,000 square feet at Real Estate Equities’ 375 West Broadway in Soho.

    With the new office, Square’s total staff will grow from 35 employees to 385. The state’s Empire State Development Corporation offered $5 million in tax credits for the deal. The company raised about $100 million in venture capital financing earlier this month, Crain’s reported. [more]

  • More headaches for Larry Gluck at 666 West End Avenue

    Stellar Management accused of mistreating workers just weeks after row over use of pool
    April 24, 2014 03:00PM
    Larry Gluck and 666 West End Avenue

    Larry Gluck and 666 West End Avenue

    Larry Gluck’s Stellar Management, the Upper West Side landlord that caught heat over blocking rent-stabilized tenants from a property’s newly-installed pool, is now under fire for allegedly mistreating workers at the same building. [more]

  • Electrical contractor boss buys Battery Park condo for $11.6M

    Five Star's Gary Segal grabs Ritz-Carlton Residences condo
    April 24, 2014 02:40PM
    10 West Street

    10 West Street

    Five Star Electric president Gary Segal snapped up the Ritz-Carlton Residences penthouse condominium in Battery Park City for $11.6 million. [more]

  • 461-west-131st

    461 West 131st Street

    City officials said they have found locations for two of three displaced Success Academy charter schools, and expect to finalize a spot for the third later this week.

    School officials and the city have not yet agreed on the details of occupancy at the new sites. Mayor Bill de Blasio revoked offers in February for spaces in public school buildings – in Lower Manhattan, Harlem and Queens – because he said it would force out current programs for displaced children. [more]

  • Unlimited ceiling as price of air rights soared last year

    Valuations for vertical space surged, and in some cases, sold at par with dirt
    April 24, 2014 01:46PM
    Extell Development's Gary Barnett

    Extell Development’s Gary Barnett

    The average price of air rights in Manhattan jumped 47 percent year-over-year — to $305 per square foot in 2013 — as the ballooning price of land pushed developers to build taller. Gary Barnett’s Extell Development did the most air rights deals of any developer last year. [more]

  • Le Soleil Hotel departs from zoning diagram design

    On-site rendering reveals changes for Executive Resorts' West 36th Street property
    April 24, 2014 01:17PM
    Rendering and DOB diagram of 38 West 36th Street

    Rendering and DOB diagram of 38 West 36th Street

    A Peter Poon-designed Le Soleil Hotel at 38 West 36th Street is rapidly sprouting, and the design has undergone a few changes. Zoning diagrams filed last April match the current version posted on Le Soleil Hotels’ website.

    But renderings on-site, as noted by New York Yimby, differ from the drawings filed with the Department of Buildings. The renderings also differ from recent depictions of the structure on the hotel’s website. [more]

  • Landlord accused of trashing apartments hit with subpoena

State agency claims JBI Management tried to run tenants out of rent-regulated buildings
    April 24, 2014 12:57PM
    From left: Gov. Andrew Cuomo, 98 Linden Street, 300 Nassau Avenue and 119 Boerum Street

    From left: Governor Andrew Cuomo, 98 Linden Street, 300 Nassau Avenue and 119 Boerum Street

    The Cuomo administration’s Tenant Protection Unit served Brooklyn-based JBI Management with a subpoena yesterday, months after tenants alleged that workers destroyed their bathrooms and kitchens with sledgehammers. [more]

  • Painter David Deutsch’s Turtle Bay home sells for $13.5M

    Private equity firm Carlyle buys townhouse on East 49th Street; asking was $16.5M
    April 24, 2014 12:15PM By Hiten Samtani
    Interior shots of the townhouse at 226-228 East 49th Street

    Interior shots of the townhouse at 226-228 East 49th Street

    UPDATED, 2:59 p.m., February 24: The estate of painter David Deutsch sold his townhouse in the historic Turtle Bay Gardens neighborhood to the Carlyle Group for $13.5 million, property records filed today with the city show. [more]

  • Balloon over the city captures the view from future towers

    Images intended to help developers and architects with pricing, design
    April 24, 2014 11:45AM

    Aerial photograph from white balloon (Credit: (Inset: Curt Westergard)

    Virginia-based Digital Design and Imaging Services sent a large balloon into the sky over Manhattan this week to snap photographs of future skyscrapers’ views for developers and architects. [more]

  • Baruch to commence $100M renovation project at 17 Lex

    Lawrence and Eris Field building to get new facade, elevators
    April 24, 2014 11:25AM
    The at 17 Lexington Avenue

    The Lawrence and Eris Field building at 17 Lexington Avenue

    Baruch College has scored state funding to carry out a $100 million renovation of its oldest building, according to college officials. The college will kick off work next year at the Lawrence and Eris Field building, located at 17 Lexington Avenue, and plans to replace the elevators and swap its brick façade for glass walls.

    Baruch has $98.3 million for the first phase of the project, including about $30 million in state capital funds. “We want to make the facade more open and available to the public and the students,” a Baruch spokesperson told DNAinfo. [more]

  • Mack-Cali sells NJ office complex for $97M

    Wyndham hotels occupied 249,500-square-foot property in Parsippany since 2009 opening
    April 24, 2014 11:00AM

    22 Sylvan Way in Parsippany, N.J. (Inset: Mack-Cali CEO Mitchell Hersh)

    Mack-Cali Realty Corporation, the biggest office landlord in New Jersey, sold a 249,400-square-foot commercial building in Parsippany, N.J., for $96.6 million, according to the firm. [more]

  • Space invaders heading south

    South Florida office space draws more companies from New York, elsewhere
    April 24, 2014 10:30AM By Mark Maurer
    Miami Tower

    Miami Tower

    From the South Florida Market Report: With asking rents well below those in New York and other northern cities, plus the subtropical climate and diversified workforce, South Florida office buildings continue to draw businesses from all over.

    “New-to-market, high-profile companies are making strong commitments,” said Ken Krasnow, managing director at CBRE in Broward and Palm Beach counties.

    For example, global law firm Jones Day signed a 21,363-square-foot lease in August for a full floor at 600 Brickell, a 40-story tower developed by Foram Group and known in the market as Brickell World Plaza. [more]