The Real Deal New York

  • Attorney General goes after NY loan modification firm

    Schneiderman claims Home Affordable Direct illegally collected upfront fees from homeowners
    August 27, 2014 06:00PM By David Jones
    New York Attorney General Eric Schneiderman

    New York Attorney General Eric Schneiderman

    Home Affordable Direct, a Farmingdale, N.Y. firm, is facing allegations by New York State Attorney General Eric Schneiderman that it defrauded struggling homeowners in a scheme to collect advance fees as part of a home loan modification business.

    The attorney general, in a petition filed Tuesday in Manhattan Supreme Court, asked the court to block Home Affordable Direct from doing business until it deposits $2 million in escrow, hands over customer files and pays restitution to customers. [more]

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    August 27, 2014 05:45PM


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  • Interior designer Steven Gambrel sued over townhouse project

    Neighbor accuses him of damaging tree in Village courtyard, violating lease
    August 27, 2014 05:30PM

    From left: Steven Gambrel, 68 Morton Street and interiors of Bulova Watchcase condos

    Noted interior designer Steven Gambrel, who worked on the Bulova Watchcase Factory condominiums in Sag Harbor, was hit with a lawsuit for allegedly destroying a tree in his own backyard as part of a Greenwich Village townhouse project at 68 Morton Street. [more]

  • Long-delayed Queens Midtown Tunnel high-rise gets third extension

    If built, Perlbinder brothers' 34-story project at Second Avenue could be worth $800M
    August 27, 2014 05:15PM By Adam Pincus

    245 East 36th Street (Photo: Microsoft)

    Perlbinder Realty, the Manhattan real estate firm led by brothers Stephen and Mark Perlbinder, won its third extension for a long-delayed mixed-use high-rise planned for Second Avenue between 36th and 37th streets, partly spanning an entrance to the Queens Midtown Tunnel.

    The site is a large one, and so is the question mark about its future. The owners have not developed it since first winning approvals from the city in 2002. At the moment, the property has a parking lot on part of the land. The north portion is occupied by a ramp providing access to the Queen Midtown Tunnel, which is operated by the Metropolitan Transportation Authority. [more]

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  • Interior of Manhattan's first Denny's at 150 Nassau Street

    Interior of Manhattan’s first Denny’s at 150 Nassau Street

    The Plaza’s second-priciest pad hits the market for $50M. Denny’s makes a fancy Manhattan debut Friday. Crown Heights residents fight for rent-stabilized units as building goes luxury. Read these stories and more after the jump.

  • Retired Italian soccer duo to launch Tribeca hotel

    No permits filed, but Hudson Square Hotel teaser site reveals plans for 50 to 60 rooms
    August 27, 2014 04:40PM
    From left: Paolo Maldini, Hudson Square Hotel rendering and Christian Vieri

    From left: Paolo Maldini, Hudson Square Hotel rendering and Christian Vieri

    A pair of retired Italian soccer stars reportedly have plans to develop a hotel at the corner of Hudson and Canal streets. [more]

  • SEC cracks down with new loan-backed securities rules

    Financial firms must now disclose borrowers’ credit record details to clarify risks
    August 27, 2014 04:20PM
    Bank of America, JPMorgan and Credit Suisse are among the banks

    Bank of America, JPMorgan and Credit Suisse are among the banks to pay out mortgage-fraud case settlements recently.

    The Securities and Exchange Commission adopted a new rule today that requires financial firms selling securities backed by mortgages and auto loans to disclose details on borrowers’ credit records. [more]

  • Council member says Astoria Cove plan has housing loophole

    Alma Realty receives same bonus for 700 moderate-income or 345 low-income units, pol claims
    August 27, 2014 04:00PM

    From left: Costa Constantinides, Astoria Cove and Alma’s Steve Valiotis

    Queens City Council member Costa Constantinides fired off a letter to city officials last week, expressing concerns that the proposal for Astoria Cove could allow the affordable-housing component to be far from affordable. [more]

  • David Werner lands $700M financing for Mobil Building acquisition

    Meridian Capital, Eastdil arrange loan to purchase leasehold at 150 East 42nd St.
    August 27, 2014 03:42PM By Hiten Samtani
    The Mobil Building at 150 East 42nd Street

    The Mobil Building at 150 East 42nd Street

    Real estate investors David Werner and Mark Karasick have secured the funds to complete their acquisition of the leasehold position in the iconic Mobil Building, The Real Deal has learned. Meridian Capital Group and Eastdil Secured arranged a $700 million loan for the 1.8 million-square-foot property at 150 East 42nd Street. The deal is one of the biggest financings of the year. [more]

  • US to run out of foreign investor visas due to Chinese demand

    Middle Kingdom's wealthy account for 85 percent of the nearly 10,000 EB-5 visas issued
    August 27, 2014 03:10PM
    From left: 30 Park Place, Barclays Center and 50 West 47th Street

    From left: 30 Park Place, Barclays Center and 50 West 47th Street

    Thanks to surging demand among China’s wealthy, the U.S. is expected to run out of a type of visa awarded to foreign investors for the first time in the history of the 24-year-old program. [more]

  • State Senator Jeffrey Klein balks at repealing Urstadt Law

    Legislation, which gives Albany oversight of NYC rent regulation, passed in 1971
    August 27, 2014 02:40PM
    Jeffrey Klein and Oliver Koppell

    Jeffrey Klein and Oliver Koppell

    State Senator Jeffrey Klein, a prominent endorser of Mayor Bill de Blasio — and who is now running for re-election — isn’t wild about the notion of repealing a 1971 law balancing control of New York City’s rent regulation between Gotham and Albany.

    Squaring off against former City Council member and challenger Oliver Koppell in a televised debate yesterday, Klein balked at a question about whether he would vote to repeal the Urstadt Law, which passed in 1971. The bill gave the New York state legislature final authority over the city’s rent regulation at a time when the city was on the edge of financial disaster. [more]

  • Regulators considering new rules to protect REIT investors

    Guidelines would rein in risks associated with non-traded real estate investment trusts
    August 27, 2014 02:10PM
    From left: NASAA president A. Heath Abshure and Columbia Property Trust CEO E. Nelson Mills

    From left: NASAA’s Heath Abshure and Columbia Property Trust’s Nelson Mills

    Non-traded real estate investment trusts could soon face higher regulatory hurdles.

    The North American Securities Administrators Association is preparing to introduce guidelines that would place new limits on how non-traded REITs raise money and distribute dividends. The guidelines, if adopted, would also expose independent brokerages that market the REITs to enforcement actions. Last year, investment in non-traded REITs soared to $19.6 billion as investors were attracted by high dividends and stable share prices. The regulators’ guidelines aim to rein in risks associated with those returns. [more]

  • RXR Realty’s 99-year lease on 75 Rockefeller begins

    Firm faces departure of sole tenant and making the pricey lease profitable
    August 27, 2014 01:45PM
    From left: Scott Rechler and 75 Rockefeller Plaza

    From left: Scott Rechler and 75 Rockefeller Plaza

    Scott Rechler of RXR Realty has roughly a century to prove naysayers wrong. [more]

  • The MTA renews at 469 Seventh Avenue

    Midtown office building fully leased except for penthouse, roof deck and two floors
    August 27, 2014 01:20PM

    From left: 469 Seventh Avenue, Eric Meyer and Marty Meyer

    The Metropolitan Transportation Authority is staying put at 469 Seventh Avenue, near West 36th Street. [more]

  • Meg Ryan revealed as buyer of Hank Azaria’s Soho pad

    $8M sale of 84 Mercer Street unit reported last year -- but purchaser remained a mystery
    August 27, 2014 12:55PM
    From left: Meg Ryan, 84 Mercer Street and Hank Azaria

    From left: Meg Ryan, 84 Mercer Street and Hank Azaria

    “When Harry Met Sally” and “Sleepless in Seattle” star Meg Ryan bought Hank Azaria’s Soho apartment. [more]

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    The most buzzworthy posts on The Real Deal's Facebook page
    August 27, 2014 12:30PM

    1. The High Line’s newest luxury building tops out
    2. Gary Barnett: “Poor door” makes financial sense
    3. 6 buildings sure to make headlines this fall

    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]

  • Price chops on the rise in Manhattan, Brooklyn

    Roosevelt Island sees highest rate of discounted units year-over-year, according to StreetEasy
    August 27, 2014 12:00PM

    From left: 2255 Adam Clayton Powell Boulevard, which underwent a 6 percent chop, and Alan Lightfeldt

    The number of price chops on apartment listings in Manhattan and Brooklyn has climbed steadily over the past year. In the former, 63 percent of neighborhood offerings underwent reductions, while 53 percent took a tumble in the latter.

    Of all the neighborhoods in those boroughs, Roosevelt Island saw the biggest jump in price drops, as the median recorded sale price in July fell 65 percent to $840,000 from $1.48 million. Still, the price chops do not necessarily show that prices have decreased overall in the past year. [more]

  • Top Manhattan apartment sales: August 18 – August 24

    An interactive map of the priciest recorded apartment deals, plus total overall sales and average prices for the week (click on numbers to see data)
    August 27, 2014 11:30AM

  • Clipper Equity closes in on purchase of Battery Park City rental

    David Bistricer's firm reportedly obtained a $50M mortgage to buy the building
    August 27, 2014 11:08AM
    70 Battery Place and David Bistricer

    70 Battery Place and David Bistricer

    Riverwatch, a 209-unit rental building at 70 Battery Park Place, has been sold to David Bistricer’s Clipper Equity for $73.6 million, property records show.

    Clipper Equity is reportedly in the final stages of getting approval from lenders and regulators to close on the deal and is likely to take over the title of the building by the end of August, according to the Broadsheet Daily.

    While it’s unclear what the sale price is, Broadsheet is reporting that Clipper took out a $50 million mortgage. [more]

  • No deal reached between Brookfield and Skadden Arps: report

    News of move to Manhattan West said to be premature; law firm could re-up at 4 Times Square
    August 27, 2014 10:30AM
    From left: 4 Times Square and Manhattan West project rendeing

    From left: 4 Times Square and Manhattan West project rendering

    Skadden Arps may be staying put.

    Reports that the law firm – one of the city’s largest and most prestigious – is moving to Brookfield’s Manhattan West office tower are just rumors, the New York Post reported. The newspaper claims it has confirmed that Skadden has not signed a letter of intent and is merely exploring its options, which include tenancy at Brookfield’s West Side property, heading downtown to 3 Hudson Boulevard or sticking around at the Durst Organization’s 4 Times Square. [more]