The Real Deal New York

  • This is how Brooklyn got its cool

    Experts discuss Brooklyn's renaissance at Urban Land Institute conference
    October 22, 2014 06:00PM By Claire Moses
    From left: Regina Myer, Marty Markowitz, MaryAnne Gilmartin, Andrew and Kathryn Wylde

    From left: Regina Myer, Marty Markowitz, MaryAnne Gilmartin, Andrew Kimball and Kathryn Wylde

    Sure, we all like Smorgasburg and the Brooklyn Flea and the Dumbo Waterfront. And we love fresh pressed juices and vegan donuts and lofts in Bushwick. But before all this coolness descended on the city’s most populous borough — not to mention soaring real estate prices that are giving Manhattan a run for its money — Brooklyn looked quite different. [more]

  • Legal tech firm inks 50,000 sf lease deal at Kaufman’s 777 Third

    Epiq Systems subleasing Avon's space at tower in Midtown
    October 22, 2014 05:45PM
    777

    Mark Weiss and 777 Third Avenue in Midtown

    Epiq Systems, which provides technology services to clients in the legal profession, signed an 11-year sublease for 50,000 square feet at the Kaufman Organization’s 777 Third Avenue in Midtown.

    The two-floor space at the 38-story office building, between 48th and 49th streets, is subleased from cosmetics retailer Avon. [more]

  • loews

    165-11 Jamaica Avenue in Queens (Credit: Max Touhey for Curbed)

    The types of people you meet at open houses. Inside the new Pentecostal church on former movie palace site in Jamaica. Sales of previously owned U.S. homes reach a one-year high. Read these stories and more after the jump.

  • Luxury bubble? Industry heavyweights lean toward “yes”

    Toll, Related execs say 57th Street is getting crowded
    October 22, 2014 05:16PM By E.B. Solomont
    From left: Related's Bruce Beal, Robert Toll and One57

    From left: Related’s Bruce Beal, Robert Toll and One57

    Is New York City’s luxury housing bubble getting ready to pop?

    It’s a recurring and, as of late, frequent question — and one that industry heavyweights tackled Wednesday at the Urban Land Institute’s fall conference. [more]

  • Inside TheRealDeal
  • Big event: South Florida Real Estate Showcase tomorrow

    Comprehensive guide showcases more than 130 Miami-area condo projects
    October 22, 2014 05:05PM

    P1

    Brokers, developers, architects and other industry professionals are gearing up for The Real Deal‘s annual South Florida real estate forum and showcase, beginning noon tomorrow at The Moore Building in Miami Design District. Attendees will not only be treated to three panel discussions and a slew of vendors showcasing the best of what’s to come for South Florida real estate, but will also receive a comprehensive guide to more than 130 planned Miami-area condo projects. [more]

  • Joan Rivers’ $35M Upper East Side condo goes to daughter

    Melissa Rivers also will inherit $75M in cash
    October 22, 2014 04:35PM
    From left: Joan Rivers and her daughter Melissa and 1 East 62 Street

    From left: Joan Rivers and her daughter Melissa and 1 East 62 Street

    Melissa Rivers will receive most of her late mother’s estate, including $75 million in cash. [more]

  • Winick nabs exclusive for One Madison retail

    Rockfeld Group expected to close on purchase of the condo in early 2015 for $21.5M
    October 22, 2014 04:02PM By Adam Pincus
    Baker-Siegelman-One-Mad-Feldman

    From left: Steven Baker, Joshua Siegelman, One Madison at 20 East 23rd Street and Steven Feldman

    The retail brokerage firm Winick Realty Group won the assignment to represent the retail condominium at the base of the formerly bankrupt, spire-like residential tower One Madison in the Flatiron District. [more]

  • Time Equities to buy Venetian rentals in Midwood for $27M

    Sitt Asset Management developed project as condos prior to downturn
    October 22, 2014 03:40PM By Mark Maurer
    venetian

    From left: Francis Greenburger, 421-447 Avenue P in Brooklyn and Stephen Shapiro

    Francis Greenburger’s real estate development firm Time Equities entered contract on Tuesday to acquire the six-story Venetian rental building in Brooklyn’s Midwood neighborhood for $27 million, The Real Deal has learned. [more]

  • Calculating the cost of construction in NYC

    Amid building boom, industry is also dealing with a rise in non-union labor
    October 22, 2014 03:15PM By Adam Pincus
    Construction in New York City

    Construction in New York City

    From the October issue: A few years from now New York City’s skyline will look a lot different. New buildings will soar on the Far West Side, Long Island City will be even more filled out than it is today and the finishing touches will be put on high-profile residential buildings both Uptown and Downtown. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    October 22, 2014 02:50PM

    1. Perry Street residents sound off on Carrie Bradshaw
    2. PHOTOS: Cary Tamarkin talks real estate and The High Line
    3. Most expensive co-op in NYC goes for $80M

    Like The Real Deal on Facebook for breaking industry stories, links to quirkier pieces and lively conversation about important properties in New York and around the world. [TRD's Facebook Page]

  • Another broker leaves Town, takes NBA clients with him

    Andrew Azoulay has $70M in listings -- and close ties with the Brooklyn Nets
    October 22, 2014 02:25PM By Rich Bockmann
    From left: Andrew Azoulay, Jason Kidd, Paul Pierce

    From left: Andrew Azoulay, Jason Kidd and Paul Pierce

    Douglas Elliman scored a slam dunk this week when it lured a broker away from rival Town Residential who has more than $70 million in listings and a roster of clients that includes NBA stars Jason Kidd, Paul Pierce and Richard Jefferson. [more]

  • FiDi office building 40 Exchange Place expected to fetch $140M

    250,000-square-foot property to be marketed as a hotel, resi conversion
    October 22, 2014 02:06PM By Mark Maurer
    40-exchange

    From left: 40-42 Exchange Place in the Financial District, Lipa Lieberman and Jason Marin

    Brooklyn-based, family-run real estate firm Weiss Realty plans to put a 20-story office building at 40-42 Exchange Place in the Financial District on the market next week. Industry sources told The Real Deal the property is expected to sell for $140 million, based on neighborhood sales. [more]

  • Top 10 pricey New York listings that fizzled

    Breakdown of properties over $15M that have been for sale for a year -- and counting
    October 22, 2014 01:40PM By E.B. Solomont
    fizzle

    Clockwise from left: 21 East 61st Street #15A, 452 Greenwich Street, 20 West 53rd Street #45, and 20 West 53rd Street

    Luxury apartments don’t always sell like hotcakes.

    “Every broker in New York has had a listing that lingers and you don’t know why sometimes,” said Leonard Steinberg, president of Urban Compass, who said it takes time to find the right buyer. And of course, he said, “There’s good buzz and there’s bad buzz.” [more]

  • Developer Yoel Goldman to build 130K sf Crown Heights rental

    Development site acquired in August for nearly $18M
    October 22, 2014 01:10PM
    608-franklin

    608 Franklin Avenue in Crown Heights (Credit: ODA)

    Developer Yoel Goldman’s Brooklyn GC has plans for an eight-story, 130,000-square-foot apartment building in Crown Heights. [more]

  • Ex-Equity International boss gets $100M from New York Life

    Gary Garrabrant competing with ex-partner Sam Zell for investment capital for real estate bets
    October 22, 2014 12:40PM
    sam-zell-gary-garrabrant-equity-jaguar

    From left: Gary Garrabrant and Sam Zell

    Jaguar Growth Partners, a private equity firm run by a former business partner of Sam Zell, received $100 million in financing from New York Life Insurance Company.

    Former Equity International CEO Gary Garrabrant’s firm raised its debut financial commitment. Jaguar Growth Partners seeks to raise as much as $1 billion, sources told the Wall Street Journal.  [more]

  • Top Manhattan apartment sales: Oct. 13 – 19

    An interactive map of the priciest recorded deals, plus total overall sales and average prices for the week (click on numbers to see data)
    October 22, 2014 12:10PM

    Screen Shot 2014-10-22 at 1.11.38 PM
    For an interactive look at Manhattan’s top residential deals from the previous week, check out The Real Deal‘s top apartment sales map after the jump.

  • Warehouse to be turned into tech incubator

    Investor John Salis aims to transform the Staten Island property
    October 22, 2014 11:50AM

    A historic Staten Island warehouse is set to become a tech incubator space.

    Investor John Salis bought the long-vacant warehouse at 75 Clinton Street and is transforming it into a space for tech startups and entrepreneurs, according to DNAinfo. The space is expected to open at the end of 2014. [more]

  • Silverstein to sell $1.6B of tax-exempt bonds for 3 WTC

    Developer of 80-story tower looks to capitalize on uptick in municipal debt market
    October 22, 2014 11:20AM
    Larry Silverstein and a rendering of 3 World Trade Center

    Larry Silverstein and a rendering of 3 World Trade Center

    Developer Larry Silverstein’s Silverstein Properties plans to sell $1.6 billion of tax-exempt bonds as soon as next week, in an effort to finance the 3 World Trade Center project.

    Silverstein said he hopes an uptick in the municipal bond market makes for a successful sale. The developer has struggled to find investors for the 1,170-foot-tall, 2.5 million-square-foot tower. The property is only 20 percent leased, thus amplifying the risk for potential bondholders. [more]

  • Latest move for department stores? Harlem

    Lord & Taylor, other big name retailers looking for space in Northern Manhattan, Brooklyn
    October 22, 2014 10:50AM
    From left: Nordstrom Rack and Macy's

    From left: Nordstrom Rack and Macy’s

    Department stores seem to be making a comeback. And rather than famous corridors such as Lexington and Fifth avenues, retailers are looking to set up shop in Brooklyn and Harlem.

    [more]

  • Councilman David Greenfield doesn’t do dinner

    Brooklyn official at helm of powerful committee tries to stick to the middle ground in dealing with developers, community
    October 22, 2014 10:20AM By Mark Maurer
    City Councilman David Greenfield

    City Councilman David Greenfield (Photo: Tobias Truvillion)

    From the October issue: If New York City real estate developers want David Greenfield’s ear, they’ll have to make the trek downtown to City Hall.

    While developers often attempt to wine and dine the chair of the City Council’s Land Use Committee, they can expect the man who now holds that powerful position to decline most social invitations. [more]

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