The Real Deal New York

  • World Wide, Rose top out 252 East 57th Street

    Building hits height of more than 700 ft, aims for sellout north of $780M
    October 09, 2015 01:19PM By Rich Bockmann
    Jim Stanton and a rendering of 252 East 57th Street (credit: SOM)

    Jim Stanton and a rendering of 252 East 57th Street (credit: SOM)

    Development partners World Wide Group and Rose Associates celebrated the topping out of their 57th Street condo tower at more than 700 feet tall Friday. [more]

  • T-Mobile chief picks up UWS penthouse for $18M

    Penthouse at 91 Central Park West once home to William Randolph Hearst
    October 09, 2015 01:06PM By E.B. Solomont

    From left: John Legere and 91 Central Park West

    The CEO of T-Mobile scooped up an Upper West Side penthouse once owned by William Randolph Hearst for $18 million.

    John Legere entered into contract on the pad, at 91 Central Park West, on July 7, according to public records. The telecommunications executive closed on the four-bedroom co-op on Sept. 29. [more]

  • Gaia plans $232M condominium in Hell’s Kitchen

    Danny Fishman’s firm picked up former St. Vincent’s hospital site for $156.5M
    October 09, 2015 12:49PM By E.B. Solomont

    From left: Danny Fishman and 416 West 52nd Street

    Gaia Real Estate’s latest condo project – at the former St. Vincent’s Midtown hospital building in Hell’s Kitchen – will have a total sellout of $232.4 million, according to a newly filed offering plan. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    October 09, 2015 12:06PM

    1. Architects dream up way to escape New Jersey by foot
    2. Brooklyn’s average sales price jumps 18%: Elliman report
    3. Ben Shaoul’s East village rental Bloom 62 is going condo

    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.

  • Inside TheRealDeal
  • Katie Holmes’ Chelsea penthouse back on market

    The 201 West 17th Street unit is asking $25K a month
    October 09, 2015 11:32AM
    Katie Holmes Chelsea

    201 West 17th Street in Chelsea (inset: Katie Holmes)

    Katie has departed one of her homes.  [more]

  • Insurance for your down payment coming soon

    Premiums are expected to average $1,200 on a 10% deposit on a $200K house
    October 09, 2015 11:00AM By Kenneth Harney
    Ken Harney

    Kenneth Harney

    When you put down thousands of dollars to purchase a home, you’re taking a potentially serious financial risk: You could lose some or all of that money if the value of the house declines or a job transfer, illness or other life event forces you to sell the property during a dip in market demand.

    But would you be willing to pay an insurer a one-time premium to protect your down payment against loss? There’s never been such an option — so you can’t be sure. But beginning next January that’s likely to change with the projected nationwide rollout of something called “+Plus by ValueInsured.” [more]

  • Azure crane owner denied license reinstatement

    James Lomma "demonstrated poor moral character": judge
    October 09, 2015 10:36AM
    James Lomma Azure

    The Azure crane collapse (inset: James Lomma)

    Crane mogul James Lomma’s equipment won’t be hoisting or rigging anything any time soon.

    A Queens judge slapped down the New York Crane and Equipment Corporation owner’s attempt to force the Department of Buildings to renew his hoisting-machine operator and master-rigger licenses.

    Justice Allan Weiss said that Lomma had “demonstrated poor moral character.” [more]

  • The Closing: Albert Behler

    The Paramount CEO on boarding school, nepotism and dinner with Leonardo da Vinci
    October 09, 2015 10:01AM By E.B. Solomont
    Albert Behler

    Albert Behler

    From the October issue: Albert Behler is chairman, president and CEO of Paramount Group, a Midtown-based office landlord that owns 10.4 million square feet of real estate nationwide, including several trophy properties in Manhattan such as 1633 Broadway and 712 Fifth Avenue. Founded in 1978 by German businessman Werner Otto, Paramount raised $2.6 billion last year in a public offering — the largest ever for a U.S. real estate investment trust. [more]

  • These startups are betting the house on co-living

    A look at Roomi, Common and other firms in the space
    October 09, 2015 09:38AM By Konrad Putzier
    Ajay Hargreaves

    From left: Ajay Yadav, Common’s Brad Hargreaves and a cartoon depicting co-living

    When Ajay Yadav first began telling landlords and brokers about his startup Roomi, a sort of Tinder for roommates, he was surprised by how many of them swiped left. [more]

  • AD Real Estate nabs Flatiron rental building for $30M

    Milan Associates bought the 30K sf property in 2012 for $15M
    October 09, 2015 09:13AM
    Abraham Daniels

    From left: Abraham Daniels and 9 East 16th Street in Flatiron

    Great Neck-based A.D. Real Estate Investors added to its Manhattan portfolio with the purchase of a seven-story Flatiron rental building from Milan Associates.

    The 30,000-square-foot property at 9 East 16th Street contains 15 loft units, 12 of which are market rate, according to Cushman & Wakefield, which represented both sides in the deal.

    Milan bought the property in July 2012 for $15.3 million. [more]

  • Blackstone fined by SEC, will pay $39M

    Private equity firm dinged over "accelerated monitoring fees"
    October 09, 2015 08:42AM
    Steven Schwarzman

    Steven Schwarzman

    Private equity firm The Blackstone Group agreed to pay $10 million in fines and return $29 million to companies it owns after the Securities and Exchange Commission opened an inquiry into the firm’s use of “accelerated monitoring fees.”

    The SEC alleged that Blackstone failed to disclose to investors that it was charging monitoring fees prior to a company being sold or at its initial public offering, which the regulatory agency said could represent a conflict.

  • City to promote stabilized rent freeze with $1M campaign

    Ads will appear in newspapers, on the subway, on radio and online
    October 09, 2015 08:11AM
    Bill de Blasio

    Bill de Blasio

    Rents on stabilized units are staying put this year, and the city wants to shout it from the rooftops, no matter what landlords think.

    The de Blasio administration is planning a $1 million advertising campaign to promote the Rent Guidelines Board’s June decision to freeze rents for rent-regulated tenants throughout the city this year. The city will pay for ads on the subway, on newspapers, on the radio and online. [more]

  • Most popular stories on The Real Deal

    October 09, 2015 07:30AM

    Current reader favorites:
    1. Heirs to the Schron: Cammeby’s eyes development push as sons take more control
    2. Predicting the NYC property market’s peak
    3. The NYC developments with the most units under contract
    4. Citi Habitats buys
    5. Helen Keller nonprofit looks to sell large DoBro building

  • 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]

  • 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]