The Real Deal New York

  • Williamsburg rental marks third deal for Massey Knakal fund

    Commercial brokerage’s investors partner with RiverOak, Kalikow Group in $17.5M purchase
    September 30, 2014 11:30AM By Adam Pincus
    Yerrall-Richardson-Kalikow

    From left: George Yerrall, 68 Richardson Street and Gregory Kalikow

    An investment fund formed by Massey Knakal Realty Services and RiverOak Investment closed its third deal since being launched in 2011 — this one to acquire a $17.5 million rental property in Williamsburg. [more]

  • Silvercup Studios’ next production: apartments in Long Island City

    Development division of film producer to put up 26-story building at recently acquired site
    September 30, 2014 11:00AM
    silvercup

    Silvercup’s Alan Suna and 27-21 44th Drive in Queens

    Silvercup Properties, the development division of film and TV production company Silvercup Studios, filed plans for a 26-story apartment building in Long Island City.

    The 145,000-square-foot building at 27-21 44th Drive, between Sunnyside Yard and Jackson Avenue, is set to hold 115 apartments. Apartments will average under 1,000 square feet. There will be a 6,780-square-foot ground-floor commercial component. [more]

  • Bill Rudin explains Lower Manhattan’s appeal: VIDEO

    Developer sees wave of Americans seeking "urban experience"
    September 30, 2014 10:30AM
    Bill Rudin on Bloomberg TV

    Bill Rudin on Bloomberg TV

    Real estate giant Bill Rudin said demand is strong for condominiums at the Greenwich Lane residence his family is  co-developing, and while he thinks the product is unique, he also sees a broader wave of people relocating to lower Manhattan.

    “There’s a broader trend in terms of urbanism. You’re seeing people coming into New York City, wanting to work in New York City, and live in New York City,” Rudin told Bloomberg TV.  “It’s a huge trend that people want that urban experience.”[more]

  • Rise in home prices falls short of expectations

    S&P/Case Shiller home index showed that prices fell month-over-month by 0.5 percent
    September 30, 2014 10:00AM

    While single home prices rose in July compared to a year earlier, the increase wasn’t as high as expected, according to the S&P/Case Shiller home price index of 20 metropolitan areas. [more]

  • Inside TheRealDeal
  • Rainbow Room

    Rainbow Room at 30 Rockefeller Plaza in Midtown

    Iconic Rainbow Room set to reopen next week. Queens wants in on the tech boom. Wanted: billionaires to fill fancy condo tower. Read these stories and more after the jump.

  • Lightstone turns hefty profit on sale of Fulton St. site

    Firm bought property for $63M two years ago, selling it for $171M
    September 30, 2014 09:00AM
    From left: David Lichtenstein, Carmel's CEO Ron Zeff and 112 Fulton Street

    From left: Lightstone’s David Lichtenstein, Carmel’s CEO Ron Zeff and 112 Fulton Street

    San Francisco-based Carmel Partners officially completed the purchase of a downtown development site for $171 million.

    The transaction, which was first reported by The Real Deal in June, also includes development rights. [more]

  • No shortage of NYC real estate execs on Forbes richest people list

    One theme: property giants got a lot wealthier in 2014
    September 30, 2014 08:30AM
    From left: Stephen Schwarzman, Stephen Ross, Richard LeFrak, Donald Trump and David Walenta

    From left: Stephen Schwartzman, Stephen Ross, Richard LeFrak, Donald Trump and David Walentas

    Forbes is out with its annual list of the 400 richest people in America, and some of New York City’s real estate players saw their fortunes grow significantly since last year. [more]

  • William Raveis NYC makes first big broker hires

    Julia Boland, Fabienne Lecole sign on with New York newcomer
    September 30, 2014 08:00AM By Hiten Samtani
    From left: Julia Boland, Fabienne Lecole, Kathy Braddock and Paul Purcell

    From left: Julia Boland, Fabienne Lecole, Kathy Braddock and Paul Purcell

    Nearly four months after its launch, William Raveis New York City has added its biggest names yet. The firm tapped Halstead Property’s Julia Boland to launch its new development division and hired Corcoran Group veteran Fabienne Lecole to bulk up its growing roster of brokers. [more]

  • Most popular stories on The Real Deal

    September 30, 2014 07:20AM

    Current reader favorites:
    1. 10 most distressed properties in NYC
    2. Trump exec allegedly drugged rival in GM Building bid, books claims
    3. Prices in Harlem outpacing the rest of Manhattan
    4. One billion square feet of office space — in the cloud
    5. Sapir Organization’s Tamir Sapir dies

  • Program seeks to speed up backlog of foreclosures

    Trustees would conduct short sales while homes are still tied up in bankruptcy
    September 29, 2014 06:00PM
    Underwater mortgages

    Underwater mortgages

    A new pilot program could help Freddie Mac, Fannie Mae and large lenders expedite the sale of underwater homes currently mired in the bankruptcy process.

    U.S. bankruptcy trustees are aiming to significantly reduce the time it takes to deal with distressed homes by essentially conducting short sales during the bankruptcy process, rather than going through with foreclosure, the Daily Business Review reported. The program is meant to more quickly process homes that have been tied up for years in Chapter 7 proceedings in state courts, which have prevented lenders from repossessing properties, according to the news site. [more]

  • Rendering of the  Beekman rooftop

    Rendering of the Beekman rooftop

    Will real estate cash keep state Republicans in power? The Beekman floor plans come online. MTA should tap real estate assets to generate much-needed revenue: OPINION. Read these stories and more after the jump.

  • Magna Hospitality buys Hampton Inn near JFK for $41M

    13-story hotel in Jamaica sold for the first time since opening in 2001
    September 29, 2014 05:20PM By Mark Maurer
    magna

    144-10 135th Avenue in Queens, and Magna’s Bob Indeglia

    Rhode Island-based hotel investment and management firm Magna Hospitality Group acquired a 13-story Hampton Inn near John F. Kennedy International Airport in Jamaica for $41.4 million, according to property records filed with the city today.

    The nearly 115,000-square-foot property at 144-10 135th Avenue, near 145th Street, holds 216 rooms. An affiliate of Wayne, Pa.-based Field Hotel Associates has owned the site since 2001, when the hotel opened there. [more]

  • Shore Club repositioned with high-end condos

    HFZ Capital taps Douglas Elliman to market 85 luxury Miami residences
    September 29, 2014 04:50PM
    Ziel Feldman and Shore Club at 1901 Collins Avenue

    Ziel Feldman and Shore Club at 1901 Collins Avenue in Miami Beach

    From the South Florida website: Ziel Feldman’s HFZ Capital Group plans to reposition South Beach’s Shore Club with a mix of about 85 luxury residences and 100 hotel rooms. [more]

  • Cadillac in talks for 330 Hudson Square space

    Luxury automaker to take 20K sf of office space and ground-floor showroom
    September 29, 2014 04:30PM
    A Cadillac CTS Sedan and 330 Hudson Street

    A Cadillac CTS Sedan and 330 Hudson Street

    Cadillac, General Motors’ luxury auto brand, is nearing a deal for 20,000 square feet of office space in Hudson Square. [more]

  • Carl Icahn, Trump Resorts seek labor concessions at Taj Mahal

    Billionaire creditor backs plan to pull Atlantic City casino out of bankruptcy
    September 29, 2014 04:10PM
    From left: Carl Icahn and Trump Taj Mahal in Atlantic City

    From left: Carl Icahn and Trump Taj Mahal in Atlantic City

    Trump Entertainment Resorts and billionaire investor Carl Icahn are trying to pull the Taj Mahal casino in Atlantic City out of bankruptcy, and they plan to take on organized labor in order to succeed. [more]

  • Diamond District building being shopped as redevelopment site

    Property at 36-42 West 47th Street latest on the block to go on the block; 98K sf available
    September 29, 2014 03:50PM By David Jones
    36-west-47th

    36-42 West 47th Street in Midtown

    Massey Knakal Realty Services is in early discussions with investors interested in buying the Diamond Center of America, a 16-story office tower that is being marketed as a potential redevelopment site.

    The building, located at 36-42 West 47th Street, is home to some of the top jewelry merchants in the world, but the property has a number of leases set to expire and is seen as a potential site for anything from new commercial development to residential or hospitality. [more]

  • City mulls 100-acre Staten Island health complex plan

    Several buildings would rise on site of former tuberculosis treatment center
    September 29, 2014 03:30PM
    seaview

    From left: Staten Island Health & Wellness Campus map, James Oddo and Seaview Hospital on Staten Island

    The city is in talks to build a health and wellness complex on the nearly 100-acre site of former tuberculosis treatment center Seaview Hospital on Staten Island. [more]

  • Planning commission OKs Astoria Cove proposal

    Alma Realty's controversial mixed-use development still must win City Council approval
    September 29, 2014 03:10PM By Rich Bockmann
    From left: The City Planning Commission and Astoria Cove

    From left: The City Planning Commission (credit: Rich Bockmann) and Astoria Cove (credit: STUDIO V Architecture

    The attorney for Queens-based developer Alma Realty said he was pleased with the outcome after the City Planning Commission voted earlier today to approve a 1,700-unit mixed use development on the Queens waterfront that is being watched closely as a big test of the mayor’s affordable housing plan. [more]

  • One billion square feet of office space – in the cloud

    Leasing software company View the Space hosts 110M sf in NYC alone
    September 29, 2014 02:45PM By Hiten Samtani
    From left: Ryan Masiello and Nick Romito

    From left: Ryan Masiello and Nick Romito

    A startup founded by a former pro surfer is aiming to be the Big Kahuna in the fast-growing real estate technology industry. View the Space, a cloud-based leasing and portfolio management company established by Nick Romito, expects to have 1 billion square feet of the world’s office space on its platform before the year is out. [more]

  • Affordable housing plans hit snag over East New York prices

    Area development sites cost $93 per square foot on average
    September 29, 2014 02:20PM
    From left: Bill de Blasio and Franklin Avenue in East New York

    From left: Bill de Blasio and Franklin Avenue in East New York

    Brooklyn’s East New York neighborhood is the first spot to be targeted by the de Blasio administration’s affordable housing initiative. But area land prices, which have nearly tripled over the last year, could throw a wrench in the plan. [more]

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