The Real Deal New York

  • Top residential agents of the week

    Done deals from Urban Compass and Douglas Elliman led the list
    August 29, 2014 06:10PM
    From left: Leonard Steinberg, Herve Senquier and 60 Greene Street

    From left: Leonard Steinberg, Herve Senquier and 60 Greene Street

    Leonard Steinberg and Herve Senequier of Urban Compass topped last week’s residential sales with an $8.25 million condominium at 60 Greene Street. Click here to see this listing and more.

  • TGIF: Stay tuned to TRD‘s Weekend Edition

    Keep in touch with NYC, national and international real estate news
    August 29, 2014 06:00PM

    Screen Shot 2014-08-29 at 3.42.07 PM

    It may be high time to kick back and relax, but The Real Deal is still churning our stories courtesy of our Weekend Edition. Every Saturday and Sunday, we cover real estate items from around the country and abroad, along with any breaking news happening in New York City. Like our Facebook page or follow us on Twitter to stay in touch with us on the go.

  • Werber pays $32M for Astoria commercial building

    Buyer has no development plans for 50K sf site
    August 29, 2014 05:50PM By Mark Maurer
    steinway

    28-56 Steinway Street in Astoria and Robert Knakal

    Queens-based construction and management firm Werber Management acquired a 50,000-square-foot commercial building in Astoria from Short Hills, N.J.-based developer Garden Commercial Properties for $32 million, according to property records filed with the city today. [more]

  • Savoy Park tenants refunded $250K for overcharges

    Savoy refunded tenants overcharges ranging from $5,000 to $16,000
    August 29, 2014 05:40PM By David Jones
    Savoy Park at 2300 Fifth Avenue

    Savoy Park at 2300 Fifth Avenue

    The owners of Harlem’s 1,800-unit Savoy Park apartment complex refunded about $250,000 to tenants just weeks after the group filed suit alleging the owners engaged in five years of overcharges, The Real Deal has learned.

    A group of 47 tenants at 2300 Fifth Avenue, one of seven buildings at the complex, filed suit in Manhattan Supreme Court on Aug. 1, alleging the owners overbilled tenants in violation of a 2011 order to reduce rents by a state agency. [more]

  • Inside TheRealDeal
  • Katz's Deli at 205 E. Houston Street (Credit: Samuel Lozeau on Flickr)

    Katz’s Deli at 205 E. Houston Street (Credit: Samuel Lozeau on Flickr)

    Peek inside One57’s latest posh resident: the Park Hyatt New York. Katz’s Deli sells air rights. Barriers erected to block Brooklyn Bridge climbers. Read these stories and more after the jump.

  • Week’s notable renderings: Hudson Square Hotel, 263 Union

    Manhattan West, 22-22 Jackson Avenue get new look
    August 29, 2014 05:15PM
    219 Hudson Street

    Rendering of Hudson Square Hotel at 219 Hudson Street

    Medgar Evers College’s campus redevelopment in Crown Heights and two former Italian soccer stars’ Hudson Square Hotel are among the latest projects to receive a new batch of mind-blowing renderings in the past week or so. Click here for a slideshow and more.

  • Zamir Equities principal still battling partner over 587 Fifth Ave.

    But Asher Zamir did reach agreement with building's landlord about ground lease at prime site
    August 29, 2014 05:00PM By David Jones
    587 Fifth Avenue

    587 Fifth Avenue

    Zamir Equities principal Asher Zamir reached agreement to retain the ground lease for 587 Fifth Avenue after landlord Sol Goldman Investments attempted once again to oust him from the coveted 10-story building, according to court records.

    Zamir, operating through an entity called Baruch, was scheduled for a Sept. 8 hearing in Manhattan Supreme Court after lawyers got an injunction to block the landlord from terminating the lease agreement, according to court records. Zamir was served with two default notices on Aug. 4, one claiming that he failed to correct a Department of Buildings violation regarding a technical notice and a second notice claiming three violations from the Fire Department of New York. [more]

  • Shvo closes on 125 Greenwich condo project valued at $240M

    Howard Lorber's New Valley and a Chinese public company kicked in equity on the deal
    August 29, 2014 04:31PM By Adam Pincus
    From left: Michael Shvo and Howard Lorber

    From left: Michael Shvo and Howard Lorber

    Developer Michael Shvo partnered with an array of local and global investors to arrange $240 million of equity and debt for the acquisition and development of a site at 125 Greenwich Street where he plans to build a soaring condominium tower. The complex deal closed today.

    Shvo brought on David Bizzi’s firm Bizzi & Partners as co-developer, and obtained additional equity from Howard Lorber’s investment company New Valley as well as an unidentified Chinese public company. The total equity investment for the Lower Manhattan project is approximately $70 million. [more]

  • Comptroller blames state for affordable housing delays

    Program funding went to projects deemed "infeasible," DiNapoli says
    August 29, 2014 04:15PM
    State Comptroller Thomas DiNapoli

    State Comptroller Thomas DiNapoli

    The construction and rehabilitation of thousands of affordable units was delayed because money was earmarked for projects state housing officials knew were unlikely to go through, according to an audit issued by State Comptroller Tom DiNapoli.

    The audit focused on the Low-Income Housing Trust Fund, which a program that uses state money to create and preserve housing for low-income households. [more]

  • Tiny homes gain in popularity: VIDEO

    Young people are looking for a cheaper alternative when renting and buying homes
    August 29, 2014 04:00PM
    The Real Deal's Hiten Samtani on Fox Business

    The Real Deal’s Hiten Samtani on Fox Business

    Living large is losing its appeal. Nationally, people are increasingly renting and buying smaller homes. Hear what The Real Deal‘s own Hiten Samtani had to say on the subject after the jump.

  • Squarespace inks 100K sf lease at 225 Varick Street

    Website builder to pay in mid-$60s per sf for three floors at Trinity Real Estate property
    August 29, 2014 03:45PM
    squarespace

    225 Varick Street and Squarespace

    Website builder Squarespace signed a lease for 100,000 square feet at Trinity Real Estate’s 225 Varick Street in Hudson Square.

    The tenant is expected to pay in the mid-$60s per square foot for the three-floor space, covering the 10th, 11th and 12th floors. Merrill Corp., the last printing house in the neighborhood, formerly occupied the space, which it used for language translation services. [more]

  • SL Green is latest to sue over failed UES school project

    Merchants Hospitality, Dubai-based GEMS traded lawsuits this summer
    August 29, 2014 03:15PM By Adam Pincus
    Varkey-Second-Holliday

    From left: Sunny Varkey, 1802-1810 Second Avenue (Photo: Google) and Marc Holliday

    In yet another lawsuit tied to a failed school project on the Upper East Side, SL Green Realty claims it was snubbed following an agreement that it would locate a site where it would build the school and then lease it to the global educational group GEMS. [more]

  • Outside brownstone belt, builder to put up townhouses in Red Hook

    Sanba Partners will build 22 of the stately homes on King Street
    August 29, 2014 02:55PM By Rich Bockmann
    From left: Alessandro Zampedri, 115 King Street and Patty LaRocco

    From left: Alessandro Zampedri, 115 King Street and Patty LaRocco

    The latest addition to Brooklyn’s growing stock of 21st-century townhouses will rise in Red Hook, where a borough-based developer plans to build nearly two dozen homes in a still-evolving neighborhood that lies outside the traditional brownstone belt. [more]

  • Steepest, cheapest listings to hit Manhattan this week

    On the high end: Two posh Plaza Hotel pads. On the low: Wall-through air conditioner.
    August 29, 2014 02:15PM By Julie Strickland
    From left: 1 Central Park South and 25 Tudor City Place

    From left: 1 Central Park South and 25 Tudor City Place

    Laurence Kaiser and Craig Dix of Key-Ventures had the priciest new Manhattan listing with a $49.5 million condominium at 1 Central Park South, while Halstead Property’s Eileen Shannon Smith had the cheapest with a $285,000 two-room studio co-op at 25 Tudor City Place in Murray Hill. Click here to see these listings and more.

  • Elderly co-op owners in NYC still left out of reverse mortgages

    Seniors angry that HUD changed position about regulatory change
    August 29, 2014 01:45PM
    co-op

    Mary Ann Rothman and Arthur Weinstein

    Elderly co-op owners, especially in New York City, have been pushing for the federal government to make them eligible for a reverse mortgage program for years.

    The Department of Housing and Urban Development started drafting regulations a few years ago that would have expanded the Home Equity Conversion Mortgage program to include co-ops. A HUD spokesperson said the agency opted not to make the change because the “F.H.A.’s single-family programs are based on loans being secured by real property and the co-op structure does not meet this basic requirement,” according to the New York Times. [more]

  • RockFarmer said to get $30M for Wash. Heights assemblage

    Walk-up rental properties offer 80K square feet of air rights
    August 29, 2014 01:15PM By Mark Maurer
    rockfarmer

    From left: RockFarmer’s John Petras, 633 West 171st Street and 636 West 172nd Street

    RockFarmer Capital, an affiliate of Queens-based Douglaston Realty Management, found a buyer for a Washington Heights residential portfolio for north of $30 million, The Real Deal has learned. [more]

  • Study calls for development around Bronx Metro North stations

    Findings call for connection between densely populated areas and other public transport
    August 29, 2014 12:15PM
    TK

    Map of Bronx Metro North sites targeted for development (Click to enlarge)

    A Department of City Planning study focused on overhauling underused area around some Metro North stations in the Bronx is calling for a new plan to develop such spots along the waterfront.

    The study advocates development around the University Heights and Morris Heights stations that would help area residents more easily access other public transport and the Harlem River, DNAinfo reported. Such spots are currently underutilized despite being located in densely populated areas, the study finds, and are cut off from the rest of the community by highways and other obstructions. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 29, 2014 11:30AM

    1. Rihanna scopes out a not-so-hopeless place
    2. The Apple Store on Fifth Avenue scored a design patent
    3. David Werner lands $700M financing for Mobil Building acquisition

    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]

  • New Silverstein development will have “poor door”

    Developer and the city came to an agreement on how entrance should look and feel
    August 29, 2014 11:00AM
    From left: Larry Silverstein and Bill de Blasio

    From left: Larry Silverstein and Bill de Blasio

    A planned 42-story Upper West Side apartment tower will have a separate entrance for tenants who live in the building’s affordable units.

    While activists are against the separate door — commonly known as “the poor door” — developer Larry Silverstein and the city have come to an agreement. [more]

  • Savanna faces $10M suit over Chelsea art gallery eviction

    Lehmann Maupin Gallery claims landlords of 540 West 26th Street lack DOB demolition permit
    August 29, 2014 10:30AM
    540-w-26

    Rendering of 540 West 26th Street and Savanna’s Chris Schlank (credit: Max Dworkin)

    Manhattan real estate fund Savanna, along with the Manhattes Group and the Silvermintz family, is facing a lawsuit from a Chelsea art gallery tenant that is alleging illegal eviction. [more]

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