The Real Deal New York

  • CBRE wins assignment to lease 550 Madison: sources

    Team of Tighe, Gottlieb and Fiddle will bring 850K sf at Sony Building to market
    July 25, 2016 01:30PM By Rich Bockmann and Mark Maurer

    From left: Hutham Olayan, the Sony Building at 550 Madison Avenue and CBRE’s Mary Ann Tighe

    About three months after negotiating a blockbuster deal to buy the former Sony Building for $1.4 billion, Olayan America has tapped a team at CBRE to bring the building’s 850,000 square feet of office space to market, sources told The Real Deal.

    Save for a lease AT&T negotiated with Sony in 1992, this is the first time space in the building is being marketed to office tenants. [more]

  • Model unit: Gigi Hadid said to buy $4M pad at 10 Bond Street

    July 25, 2016 12:52PM TRD WEEKEND EDITION
    159370485

    10 Bond Street and Gigi Hadid (Photo credit: Eva Rinaldi via Wikipedia)

    From Luxury Listings NYC: Back in January, we reported that Gigi Hadid and Zayn Malik were spotted taking a tour of apartment 3E at 10 Bond Street, which at the time was the last available unit in the building. But the supermodel has likely picked up a different unit in the building. [more]

  • MTA to close L Train for 18 months in 2019

    Subway will run from W’burg to Canarsie during repairs; all Manhattan stops will be closed
    July 25, 2016 12:00PM
    The L Train

    The L Train

    In what officials say will be one of the biggest disruptions ever to the city’s transit system, the Metropolitan Transportation Authority plans to close a tunnel carrying the L train under the East River for 18 months starting in 2019.

    The move, expected to be announced Monday, has been in the works ever since the MTA decided to repair the tunnel that was seriously damaged by Hurricane Sandy. [more]

  • 2 North 6th (credit: Douglaston Development), the Ashland at 250 Ashland Place in Brooklyn, Rendering of 44-41 Purves Street in Long Island City

    2 North 6th (credit: Douglaston Development), the Ashland at 250 Ashland Place in Brooklyn, Rendering of 44-41 Purves Street in Long Island City

    A recent report claims that nearly 40,000 new market-rate apartments are coming to New York City in the next three years, but it’s unclear if the spike in supply will overwhelm or barely faze the market. [more]

  • Inside TheRealDeal
  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    July 25, 2016 11:00AM

    cityrealty

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • Mercury rises and luxury market withers: Olshan

    15 contracts signed at $4M-plus, but days on market hits 333
    July 25, 2016 10:30AM
    From clockwise: 155 West 11th Street - 10A in Central Village, 530 Park Avenue - 18F on the Upper East Side, 252 East 57th Street - 52A on the Middle East side and 212 Fifth Avenue in Flatiron

    From clockwise: 155 West 11th Street – 10A in Central Village, 530 Park Avenue – 18F on the Upper East Side, 252 East 57th Street – 52A on the Middle East side and 212 Fifth Avenue in Flatiron

    With temperatures hitting Mars levels, Manhattan’s luxury market slid further during the third week of July with just 15 contracts signed on properties $4 million and up, according to Olshan Realty. [more]

  • Mayor Trump? Donald Jr. says maybe

    For now, he's focused on dad's campaign
    July 25, 2016 10:18AM
    New York City Hall and Donald Trump Jr.

    New York City Hall and Donald Trump Jr.

    The Donald may not be the only Trump to try his hand at political office.

    Donald Trump Jr. said he wouldn’t rule out running for New York City mayor after, of course, he finishes helping his father run for president, the New York Post reported. He reiterated to CNN’s “State of the Union” on Sunday that he’d “love” to take a crack at the mayorship. [more]

  • DOB issues record number of stop-work orders

    Figure outpacing even the number of permits issued for new construction
    July 25, 2016 09:43AM
    A construction site near the High Line in Manhattan

    A construction site near the High Line in Manhattan

    The city has issued stop-work orders at construction sites at a record pace this year following a series of serious accidents. [more]

  • Week in review: The Compass conundrum, I-sales limbo, WeWork woes continue … & more

    The industry news you need to know to start your week
    July 25, 2016 09:00AM By Hiten Samtani
    recap

    Clockwise, from top left: Adam Neumann of WeWork; Walker tower at 212 West 19th Street in Chelsea; Park Laurel Condominiums at 15 West 63rd Street;, Time Warner Center at 10 Columbus Circle; an illustration of Compass’ Robert Reffkin; and Donald Trump

    Not many real estate startups can get Mayor Michael Bloomberg to announce their launch. And fewer still can convince some of the smartest venture capitalists in the country that they’re worth betting on, again and again. [more]

  • Prep school leases 39K sf at Trump’s 40 Wall Street

    Quad Prep is subleasing from another school in the building
    July 25, 2016 08:40AM
    40 Wall Street in the Financial District and Donald Trump

    40 Wall Street in the Financial District and Donald Trump

    A private preparatory school for gifted children with social learning difficulties has signed a 10-year sublease at the Trump Organization’s 40 Wall Street.

    The Quad Preparatory School is subleasing nearly 39,000 square feet from the Green Ivy Schools, which also has a preschool and elementary school in the building, the Wall Street Journal reported. The school will take the entire fourth floor in the building — also known as 25 Pine Street — and have an entrance on Pine Street. [more]

  • Movable Ink takes 55K sf at Bryant Park tower

    Equity Office recently renovated the 9th floor at 5 Bryant Park
    July 25, 2016 08:05AM
    5 Bryant Park

    5 Bryant Park

    An email marketing firm has inked a 55,000-square-foot lease for an office overlooking Bryant Park. [more]

  • Ranking NYC’s 20 biggest resi landlords

    TRD explores how the largest property owners are reshaping the city’s rental market
    July 25, 2016 07:30AM By Will Parker
    From left to right: Stephen Ross of Related Companies, Jonathan Gray of Blackstone Group, Ruby Schron of Cammeby’s International Group, Richard LeFrak of LeFrak Organization and Douglas Eisenberg of A&E Real Estate Holdings

    From left to right: Stephen Ross of Related Companies, Jonathan Gray of Blackstone Group, Ruby Schron of Cammeby’s International, Richard LeFrak of LeFrak Organization and Douglas Eisenberg of A&E Real Estate Holdings

    From the July issue: With all of the trades, windfalls, setbacks and wildcards, New York City’s rental market can often resemble a big round of Monopoly. But in the real world, the wins and losses are far greater than what can be counted in multicolored cash.

    This month, The Real Deal pored through public documents gathered in April to come up with a first-ever, exclusive ranking of who owns the most rental apartments in New York City. What we discovered was that just 20 landlords hold more than 150,000 of the city’s approximately 2.2 million rental units. And those properties netted their owners more than $2 billion in annual income as recently as 2014, according to an analysis of New York City Department of Finance tax records. [more]

  • Why the WTC mall could look like a ghost town on opening day

    Shops are already backing out, and that could really cut into Westfield's profits
    July 25, 2016 07:00AM By Rich Bockmann

    Westfield Mall at the World Trade Center

    When Westfield Corp. signed a deal in 2012 to create a glistening new shopping center in the belly of Santiago Calatrava’s $4 billion World Trade Center transit hub, co-CEO Peter Lowy promised that the Australian developer would sign world-class tenants and create a new standard for retail in the city.

    “We’re going to do something that no one can imagine,” Lowy said.

    But as the World Trade Center Mall buzzes with the sounds jackhammers and saws, at least four retailers have already walked away from their leases and a number of other shops won’t be open for business by mid-August.

    Such a scenario would slice into Westfield’s profits during a critical stage of development and could give rise to the belief that the project won’t be a success. [more]

  • Current reader favorites:
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    2. Madonna faces off with UWS co-op in court
    3. There’s a mad rush for housing like we haven’t seen since the end of the financial crisis
    4. Trump boasts about successful golf development at Ferry Point
    5. Feds move to seize Walker Tower PH, Park Lane investment stake in connection to 1MDB probe

  • Trump boasts about successful golf development at Ferry Point

    There is just one problem: He didn’t build it
    July 24, 2016 05:00PM TRD WEEKEND EDITION
    Donald Trump and Bronx Borough President Ruben Diaz Jr. at Ferry Point and the Throggs Neck Houses

    Donald Trump and Bronx Borough President Ruben Diaz Jr. at Ferry Point and the Throggs Neck Houses

    Before presidential hopeful Donald Trump took the stage in Cleveland, a video narrated by actor Jon Voight praised the candidate for his real estate prowess.

    “He took over another city project tied up in red tape since 1978,” Voight said. “Donald transformed a landfill into a championship public golf course and saved the city millions.” But there is one problem with that statement, according to NYC officials: it isn’t true. [more]

  • Roman holiday

    A trip to Eataly’s new pop-up rooftop eatery Sabbia, for a beachy Italian experience, minus the sand
    July 24, 2016 04:00PM By Ann Imperatore
    TRD WEEKEND EDITION
    A speciality drink, La Puttanesca and a flight of beers

    A speciality drink, La Puttanesca and a flight of beers

    From Luxury Listings NYC: While it may seem counterintuitive to head to the top of crowded destination to get your beach on, Eataly’s new pop-up eatery Sabbia is hoping New Yorkers will do just that. Intended to be reminiscent of the Italian seaside, Sabbia (“sand” in Italian — ironically there is not a speck) invites guests to pretend they are on a coastal getaway instead of in a concrete jungle and eat, drink and relax — through October. [more]

  • Montauk’s Surf Lodge lands on the wrong side of zoning again

    But this time it’s not live music – it’s yoga
    July 24, 2016 03:00PM TRD WEEKEND EDITION
    Surf Lodge

    Surf Lodge

    We’re used to hearing about legal battles over Montauk’s party scene. But it isn’t DJs who are causing ire among locals this time – it’s yoga junkies. [more]

  • Banking on guests

    New residential hotel AKA Wall Street taps the area’s rising profile as cultural, retail and dining destination
    July 24, 2016 02:00PM By Jennifer White Karp
    TRD WEEKEND EDITION
    The restaurant scene on Stone Street

    The restaurant scene on Stone Street

    From Luxury Listings NYC: The narrow streets of the Financial District, where glimpses of buildings appear at odd angles, can be a bit discombulating for a visitor. It is sort of like wandering into an Escher painting.

    But developers of new residential hotel AKA Wall Street, which opened in late June and overlooks the Treasury Building where Maiden meets William, are banking on the area’s growing attraction to travelers. [more]

  • Here’s some food for thought: restaurants are outselling supermarkets

    And now landlords are scrambling to attract trendy eateries nationwide
    July 24, 2016 01:00PM TRD WEEKEND EDITION
    Smorgasburg

    Smorgasburg

    Looks like it’s not just New Yorkers who are eating out a lot. Restaurant sales have surpassed supermarket sales for the first time in nearly two decades — and landlords are making changes. [more]

  • Soylent CEO angers neighbors with illegal shipping container home

    Now city officials are pursuing criminal charges if it's not removed
    July 24, 2016 12:23PM TRD WEEKEND EDITION

    Chew on this one.

    From the Los Angeles website: Robert Rhinehart, founder the company Soylent that makes meals in liquid form, is in trouble with the City of Los Angeles — not for his questionable but trendy food-in-a-bottle product, but for a shipping container he placed on the top of a Lincoln Heights hill known as Flat Top. [more]

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