The Real Deal New York

  • Gary Barnett: “Poor door” makes financial sense

    Extell chief defends 40 Riverside entrances, says condo income subsidizes affordable units
    August 26, 2014 06:15PM
    40 Riverside Drive and Extell's Gary Barnett

    40 Riverside Drive and Extell’s Gary Barnett

    Extell Development CEO Gary Barnett defended the “poor door” planned for his 33-story building at 40 Riverside Boulevard, arguing that it would have made no financial sense to incorporate affordable rental units into the condominium tower without it.

    Developers told the New York Times that a condo-and-rental building with separate entrances allows them to reserve the best location and amenities for condos seeking a high price. The income from those condos subsidizes the construction of the affordable-housing component, developers said. [more]

  • Howard Lutnick’s $30M suit against Southampton can proceed

    Billionaire BCG Partners CEO is suing for the right to build a barn on his property
    August 26, 2014 06:00PM
    From left: Howard Lutnick and a barn

    From left: Howard Lutnick and a barn

    Real estate titan Howard Lutnick is one step closer to living out his aspirations of farming his 40-acre plot in Southampton. [more]

  • Benjamin Ringel sued over $35M in loans to NJ mall

    Developer filed for Chapter 11 bankruptcy protection in June for shopping mall in Manahawkin
    August 26, 2014 05:45PM By David Jones
    Aerial view of an Armstrong shopping center

    Aerial view of an Armstrong Capital-owned shopping center

    Developer Benjamin Ringel and two of his investment partners are facing a lawsuit from lenders looking to enforce $35 million in loans connected to a bankrupt New Jersey shopping mall.

    Ringel, the president of Armstrong Capital and the developer behind a Food Emporium site on the Upper West Side of Manhattan, was sued in Manhattan Supreme Court by special servicer Rialto Capital Advisors over a loan connected to the Commons at Manahawkin Village. [more]

  • Plug into TRD‘s The Wire

    Follow The Real Deal's very own RSS feed
    August 26, 2014 05:30PM

     

    wire2Stay connected to the fast-moving world of New York City real estate by checking out The WireThe Real Deal‘s RSS feed with nuggets of news that aren’t published on our daily blog. The Wire is continuously fed by fresh, up-to-the-minute industry news, with a wide range of stories from New York City and beyond. Browse our long list of items, or filter news by publication.

    Click here to access to the feed, or visit “The Wire” on the top navigation bar.

  • Inside TheRealDeal
  • Jean Leon Gerome Ferris' "The Fall of New Amsterdam"

    Jean Leon Gerome Ferris’ “The Fall of New Amsterdam,” commemorating the arrival of English warships that would lead to the formation of New York.

    Happy Birthday, New York! Gotham turns 350 years old today. The shuffle for biotech space in NYC. Clothing retailer Gap plans $96M investment in Dutchess County distribution center. Read these stories and more after the jump.

  • Jimmy Tisch buys 11-bedroom Hamptons mansion for $41M

    Mediabistro.com CEO Alan Meckler bought land on which the house now sits for $5.5M in 1999
    August 26, 2014 05:00PM
    576 Meadow Lane as seen in Something's Gotta Give

    576 Meadow Lane as seen in the 2003 film “Something’s Gotta Give”

    The sprawling Hamptons home made famous by the 2003 movie “Somethings Gotta Give” has sold. [more]

  • In their words

    The funniest and most insightful comments on real estate
    August 26, 2014 04:40PM
    From left:

    From left: Congressman Charlie Rangel, Donna Olshan and David Walentas

    From the August issue: In this month’s in their words feature, Congressman Charlie Rangel offers his two cents on what he sees as the absurdity of government assistance for luxury housing projects. Olshan Realty’s Donna Olshan worries about having too many Midtown condos on the market at the same time. Lastly, Two Trees’ David Walentas does not mince his words when talking about Mayor Bill de Blasio. Click here to see more.

  • Bellmarc founder Neil Binder allegedly misused company funds

    $2M suit could endanger Coldwell Banker franchise deal
    August 26, 2014 04:20PM
    Neil Binder

    Neil Binder

    Neil Binder, co-founder of the Bellmarc Group, is being sued by his business partners for allegedly embezzling hundreds of thousands of dollars, according to court papers.

    Larry Friedman and Anthony DeGrotta, Binder’s business partners, filed papers on Tuesday in Manhattan Supreme Court, stating that Binder allegedly used the company’s funds as “his personal piggy bank.” The business partners are looking to receive $2 million in damages. Bellmarc could be in danger of losing its franchise deal with Coldwell Banker and the embezzlement the suit alleges could cause tax problems for the company.

    [more]

  • NYC law firms think small in bid to scale back office space

    Firms previously housed in upscale Midtown spots moving to lower-cost spaces Downtown or in Midtown West
    August 26, 2014 03:55PM
    From left: Cushman & Wakefield's Sherry Cushman, 4 Brookfield Place and a rendering of Manhattan West

    From left: Cushman & Wakefield’s Sherry Cushman, 4 Brookfield Place and a rendering of Manhattan West

    Gotham law firms are increasingly going the way of big banks, shrinking the amount of space per attorney and relocating from pricey Midtown locales in an attempt to reduce office space overall. [more]

  • Permits filed for new Downtown Brooklyn residential tower

    Livingston Street project slated to rise 17 stories and contain 37 units
    August 26, 2014 03:30PM
    From left: 299 Livingston development site and location on map (Google Earth)

    From left: 299 Livingston development site and location on map (Google Earth)

    An unidentified developer plans to build a 17-story residential tower in Downtown Brooklyn, according to city permits that surfaced today. [more]

  • Greenpoint buildings to be razed for resi project

    400 apartments to replace old structures on factory site
    August 26, 2014 03:00PM
    greenpoint

    From left: 49 Dupont Street and 22 Clay Street in Brooklyn

    Dupont Street Developers LLC plans to soon begin tearing down more than six properties to construct a 400-unit apartment building in Greenpoint.

    The developer filed demolition permits earlier in the month for several buildings, excluding the main 1930s-era factory at 280 Franklin Street. [more]

  • Jersey Mike’s way: Sandwich king pays $16M for Lenox Hill pad

    Peter Cancro buys nearly 4,000-sf spread on East 68th Street
    August 26, 2014 02:30PM By Zachary Kussin
    11 East 68th Street and Peter Cancro

    11 East 68th Street and Peter Cancro

    From Luxury Listings NYC: Peter Cancro, the owner and CEO of Jersey Mike’s Subs — a submarine sandwich franchise with 750 stores nationwide including two in Manhattan — purchased a condominium home at the Marquand for $15.7 million, according to city records filed today. [more]

  • Staten Island gets $56M to help shield homes from floods

    More than half of the funding to go toward buying 23 acres of land
    August 26, 2014 02:00PM
    new-dorp

    New Dorp on Staten Island after Hurricane Sandy

    Staten Island has received $33 million in federal funding to buy 23 acres of land in an effort to reduce flood damage to homes in the borough.

    The funds from the U.S. Department of Agriculture will go to the city Department of Environmental Protection. Mayor Bill de Blasio and Senator Charles Schumer announced yesterday that the city also received $23 million to acquire flood plain easements in New Dorp and Midland Beach in Staten Island. [more]

  • 6 NYC buildings sure to make headlines this fall

    Larry Silverstein's 3 World Trade and Rose Associates' 70 Pine make the list
    August 26, 2014 01:30PM
    From left: 70 Pine Street and 3 World Trade Center

    From left: 70 Pine Street and the ground floor of 3 World Trade Center

    Fall is the season of light layers, new television and real estate. A number of projects, both residential and commercial, are on the move ahead of the winter season. [more]

  • Fire hits Harlem’s Ennis Francis Houses amid work on new site

    Dozens of tenants waiting to relocate to eight-story building
    August 26, 2014 01:00PM
    calvin-butts

    Calvin Butts and 2070 Adam Clayton Powell Blvd. in Harlem

    A fire tore through the Ennis Francis Houses, a complex owned by Pastor Calvin Butts’ Abyssinian Development Corporation. Butts’ company has been planning to move tenants out of the property to a new eight-story building in Harlem.

    Dozens of tenants of the dilapidated apartment complex at West 124th Street near Adam Clayton Powell Jr. Boulevard have been waiting to relocate to the other site. Abyssinian resumed work on the project in April after running out of funds. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 26, 2014 12:30PM

    1. Meet the investors behind NYC’s hottest real estate tech startups
    2. MAP: Where NYC’s first batch of affordable housing units will be located
    3. “Rat Castle” no more- Elliman gave TRD a peek at the future 179 Ludlow Street

    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]

  • “Frasier” actor Saul Rubinek sells Nolita condo for nearly $5M

    Three-bedroom pad also listed for rent
    August 26, 2014 12:00PM By Mark Maurer
    rubinek

    Saul Rubinek and 285 Lafayette Street, unit 2E, in Nolita

    Veteran film and TV character actor Saul Rubinek, who most recently starred on SyFy show “Warehouse 13,” has sold his three-bedroom Nolita condominium for $4.9 million, according to property records filed with the city today. [more]

  • US home prices see widespread slowdown

    For the first time since February 2008, all cities showed lower annual rates than previous month
    August 26, 2014 11:30AM By Business Insider
    June prices fell 0.2% -- the same rate of decline seen in May.

    June prices fell 0.2% — the same rate of decline seen in May.

    S&P’s Case-Shiller home price index has declined for the second straight month.

    June prices fell 0.2%, worse than the consensus estimate for no change and the same rate of decline seen in May. Year-over-year, prices climbed 8.1%, about in-line with forecasts but slower than a revised 9.4% gain for May and a 17-month low. [more]

  • Brooklyn manufacturer latest to head to Jersey

    Amid space drought in the boroughs, business lured to New Jersey by tax incentives
    August 26, 2014 11:00AM
    AP&G facility at 170 53rd Street in Brooklyn

    AP&G facility at 170 53rd Street in Brooklyn

    New York City is losing another manufacturer to New Jersey, in part because the business owner could not find adequate space in the five boroughs.

    Tax incentives were the big draw for AP&G, an adhesives maker base in Brooklyn for the last 60 years. New Jersey is offering AP&G about $75,000 over the course of 10 years for each of the 105 jobs it moves to a 171,000-square-foot facility in Bayonne. [more]

  • Party out of bounds? Sag Harbor event estate shut down

    Client told it would have to find alternative venue for charity event
    August 26, 2014 10:30AM
    Stadiumred party space in Sag Harbor

    Stadiumred party space in Sag Harbor

    The Stadiumred Estate event space in Sag Harbor was shut down due to too much partying, the New York Post is reporting. [more]

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