The Real Deal New York

  • See every Manhattan demolition between 2003 and 2014

    Visual map depicts city's building boom as properties make way for new development
    October 08, 2015 06:00PM
    Manhattan Demolitions

    Manhattan demolitions circa 2014 (credit: 6sqft)

    As if we needed more evidence of the building boom that is reshaping the face of New York, a visual map depicting every demolition in Manhattan between 2003 and 2014 puts it all into perspective. [more]

  • CBRE gives Hightower its stamp of approval

    World’s largest CRE firm will foot the bill for brokers using leasing management software
    October 08, 2015 05:40PM By Hiten Samtani

    From left: Hightower founders Donald DeSantis, Brandon Weber and Niall Smart

    Cloud-based leasing startup Hightower has been selected as a preferred technology provider by CBRE, a ringing endorsement for the startup from the world’s largest commercial real estate services firm.

    CBRE recognizes that “end-to-end leasing management software is going to be key to be competitive in the marketplace,” Brandon Weber, CEO and co-founder of Hightower, said in an interview Wednesday with The Real Deal. “Corporate is going to support it, pay for it, and roll it out.” [more]

  • Treetop wants $150M for 420-unit Rego Park rental

    500K sf property Saxon Hall last sold for $85M in 2013
    October 08, 2015 05:24PM By Mark Maurer
    Saxon Hall

    62-60 99th Street in Rego Park (inset: Adam Mermelstein and Steven Vegh)

    Just two years after buying a 420-unit Rego Park rental building, Treetop Development is looking to part ways with it for $150 million. [more]

  • Scorecard: Residential rentals

    A monthly roundup of news and data on the residential and commercial markets
    October 08, 2015 05:00PM By Will Parker


    From the October issue: The rental apartment vacancy rate in Manhattan is up year-over-year, but stayed within the narrow range of 1.07 to 1.75 percent during the 12 months ended in August, a report from Citi Habitats found. Vacancy hit 1.42 percent in August, after reaching its lowest point for the year in May, at 1.07 percent. “I don’t think it will ever go above 2 percent,” said Corlie Ohl, a salesperson at Citi Habitats. With few exceptions, landlords would begin to offer incentives to renters before vacancy were to climb too high, she said. [more]

  • Inside TheRealDeal
  • Vanderbilts complete $80M refi at 501 Madison Avenue

    Family took $60M construction loan to revamp 30-story office building
    October 08, 2015 04:30PM
    501 Madison Avenue

    501 Madison Avenue in Midtown

    The Vanderbilt family successfully refinanced its historic Midtown office building at 501 Madison Avenue for $80 million.

    The family – whose patriarch, Cornelius Vanderbilt, built 501 Madison Avenue in the late-1920s – swapped an existing $60 million construction loan with AXA Equitable Life Insurance Co. for an $80 million loan with the firm.

    The Vanderbilts likely netted about $20 million in profits in the process, as there is no other outstanding debt on the property. Midtown-based financial brokerage Singer & Bassuk Organization arranged the refinancing. [more]

  • Vanbarton buys new Bronx shopping center for $133M

    BJ's to anchor the two-building Riverdale Crossing in Kingsbridge
    October 08, 2015 03:56PM By Mark Maurer
    Riverdale Crossing

    Rendering of Riverdale Crossing in the Bronx (inset: Vanbarton Group’s Richard Coles and Metropolitan Realty Associates’ Joseph Farkas)

    The Vanbarton Group picked up Riverdale Crossing, a new shopping center in the northwest Bronx, for $133 million, just days after construction wrapped. [more]

  • These were the top home sales in BK, Queens in September

    One of the top sales was Beastie Boy Mike D's townhouse
    October 08, 2015 03:27PM By Kathryn Brenzel
    top sales BK Queens Sept. 2015

    From left: 51 Summer Street in Forest Hills Gardens and 148 Baltic Street in Cobble Hill

    Beastie Boy Mike D’s work appears to have paid off, at least when it comes to his Cobble Hill townhouse. [more]

  • Real estate titans come together for “The Closing” book party

    TRD’s first book is a collection of 100 interviews with the industry’s biggest players
    October 08, 2015 02:45PM By Hiten Samtani
    Clockwise, from top left: Amir Korangy and Bill Rudin, Paul Massey and Bob Knakal, Ofer Yardeni and Chris Schlank, Elizabeth Stribling and Jay and Arlene Neveloff

    Clockwise, from top left: Amir Korangy and Bill Rudin, Paul Massey and Bob Knakal, Elizabeth Stribling and Jay and Arlene Neveloff, Ofer Yardeni and Chris Schlank

    The premise of “The Closing” interview is simple: each month, sit down with an individual who not only made it to the summit of the New York real estate industry, but through a combination of skill, grit, and chutzpah, shaped it. The interviews have endured because they are so personal: they go beyond the deals and reveal what makes the dealmaker tick.

    Now, nearly a decade after The Real Deal published its first Closing, we have compiled 100 of these interviews in our first book. And to celebrate the book launch, many of the names featured in its pages joined us at the Four Seasons Restaurant Tuesday.

    Click here for a full slideshow and recap of the event.

  • Ben Shaoul’s East Village rental Bloom 62 is going condo

    Proposed conversion project will have a total sellout of $95M
    October 08, 2015 02:10PM By E.B. Solomont
    From left: Ben Shaoul and Bloom 62

    From left: Ben Shaoul and Bloom 62

    After pulling his East Village rental building off the market, developer Ben Shaoul is converting Bloom 62 into condominium units, The Real Deal has learned. [more]

  • Benenson, Rose seek $158M construction loan for DoBro tower

    80-20 building at 210 Livingston to hold 368 units
    October 08, 2015 01:15PM By Rich Bockmann
    A rendering of 210 Livingston street (credit: Handel Architects) with Adam Rose, Amy Rose and Bill Benenson

    A rendering of 210 Livingston street (credit: Handel Architects) with Adam Rose, Amy Rose and Bill Benenson

    Benenson Capital Partners and Rose Associates are in line to receive a $158 million construction loan for their upcoming Downtown Brooklyn tower. [more]

  • NY Giants’ Prince Amukamara scopes Flatiron pad

    The cornerback looked at a 5-bedroom at 40 West 22nd Street
    October 08, 2015 01:11PM
    Prince Amukamara 40 West 22nd Street

    From left: Prince Amukamara and 40 West 22nd Street in Flatiron

    Is 40 West 22nd Street fit for a Prince?

    Prince Amukamara, the New York Giants cornerback, checked out an apartment at the Flatiron building this week.

    The 4,100-square-foot full floor unit, number nine, features a chef’s kitchen and two wine refrigerators. The co-op that owns the building is asking for $27,000 a month in rent. [more]

  • New LIC development brings “micro units” to Queens

    Ranger Properties project features two-and-three-bedroom apartments
    October 08, 2015 12:35PM
    Micro Units NYC

    Rendering of a three-bedroom “micro unit” in Long Island City (credit: Homely)

    The “micro unit” revolution is coming to Queens. [more]

  • Moinian’s Fortuna Realty files plans for new Midtown hotel

    Leyva-designed 1150 Sixth Avenue will climb 38 stories, hold 310 rooms
    October 08, 2015 11:30AM By Rey Mashayekhi
    1150 Sixth Avenue

    Renderings of 1150 Sixth Avenue (credit: Fortuna) (inset, from left: Morris Moinian and Ismael Leyva)

    Developer Morris Moinian’s Fortuna Realty Group officially filed plans Thursday for his Ismael Leyva-designed hotel at 1150 Sixth Avenue in Midtown with a few slight revisions to the project’s size and scale. [more]

  • Robert Durst’s Louisiana gun case to proceed

    A judge rejected the Durst family scion's motion to dismiss evidence in the case
    October 08, 2015 11:10AM
    Robert Durst

    Robert Durst

    Before he can travel to California to face trial for murder, Robert Durst will have to resolve the gun possession charge that’s kept him under lock and key since March.

    A Louisiana judge rejected Durst’s legal team’s motion to dismiss evidence in the Durst family scion’s lesser-known criminal proceeding, ruling that the search that unearthed the .38-caliber revolver was legal.

    Durst faces a maximum 10 year sentence in the case. His team still has a chance to appeal the ruling or offer a plea bargain. [more]

  • Newcastle pressuring rent-stabilized Harlem tenants: report

    Management company accused of failing to make repairs on regulated units
    October 08, 2015 10:33AM
    Margaret Streicker Porres

    From left: Margaret Streicker Porres at 75 Saint Nicholas Place in Harlem

    Rent-regulated tenants at one of Newcastle Realty Service’s Harlem buildings are accusing the company of pressuring them to move, the latest in a series of such claims against the property manager.

    Residents of 75 Saint Nicholas Place who have received buy-out offers from Newcastle say the company has left problems in their units to fester for years.

    They suspect the property manager is trying to force them out in favor of tenants paying nearly triple their rent for newly-renovated units. [more]

  • Cushman parent TPG raises $2B real estate fund

    Private equity giant plans to invest in high-risk assets
    October 08, 2015 10:05AM
    TPG's co-founder David Bonderman

    TPG’s co-founder David Bonderman

    Private equity firm TPG raised a new $2-billion real estate fund, looking to capitalize on growing institutional appetite for bricks and mortar.

    The company, which has $75 billion in assets under management and recently bought commercial brokerage Cushman & Wakefield, plans to invest the money in high-risk real estate.

    Unlike rival private equity giants like Blackstone and Apollo Global Management, TPG has not been a big property buyer. [more]

  • Tribeca expands east

    New condos, hotels spring up on a four-block stretch once home to office workers
    October 08, 2015 09:37AM By Rich Bockmann

    Tribeca MapFrom the October issue: The stretch of Broadway between Walker and Worth streets may technically be part of Tribeca, but it is not the land of celebrity chefs and couture kids-clothing boutiques.

    Indeed, the souvenir shops and bodegas that line the strip are something of a final frontier in Manhattan. But that down-market status is quickly changing. There are nearly a dozen development projects either recently completed or in the works in what is now known in the real estate lexicon as “East Tribeca.” [more]

  • Related’s 10 Hudson Yards to open March 2016

    The 1.7M-square-foot office tower is 85 percent rented
    October 08, 2015 09:01AM
    Hudson Yards Blau Jeff

    A rendering of Hudson Yards (credit: Kohn Pedersen Fox) (inset: Jeff Blau)

    UPDATE, 3:01 p.m., Oct. 8: The first skyscraper at Hudson Yards will open in just a few months, Related Companies’ CEO Jeff Blau announced at a ceremony celebrating the building’s topping off. [more]

  • Blackstone to buy BioMed in $8B transaction

    San Diego-based REIT's portfolio includes 115 buildings nationwide
    October 08, 2015 08:30AM
    Jon Gray

    Jonathan Gray

    Blackstone Group’s real estate division is taking another massive bet, this time on property linked to the U.S. biotechnology sector.

    The private equity firm will snap up BioMed Realty Trust in a stock transaction worth a staggering $8 billion.

    Blackstone will pay $23.75 a share for the San Diego-based REIT, a 24 percent premium on its pre-deal share price.  [more]

  • Brooklyn’s average sales price jumps 18%: Douglas Elliman

    Average pad cost $860K during third quarter, sells in 55 days
    October 08, 2015 08:00AM By E.B. Solomont

    Brooklyn (Credit: David Shankbone)

    The average Brooklyn pad cost nearly $860,000 during the third quarter – setting yet another price record and quashing any lingering notion of the borough’s affordability, according to Douglas Elliman’s latest quarterly sales report.

    While the average price rose 18 percent year over year, the median price jumped 15.1 percent to $676,250 – another record high – according to the report. [more]