The Real Deal New York

  • SL Green defends Holliday’s $16.4M payday

    Advisory firm says CEO’s compensation more than twice that of his peers
    June 02, 2015 09:30AM By Rey Mashayekhi
    From left: John Alschuler and Marc Holliday

    From left: John Alschuler and Marc Holliday

    SL Green Realty responded to criticism that its executive compensation package is overly generous, saying that the $16.4 million payday for CEO Marc Holliday was justified by the real estate investment trust’s superior performance.

    On May 22, Institutional Shareholder Services, an advisory and corporate governance firm, recommended that SL Green shareholders vote against ratifying the REIT’s compensation to named executive officers at the company’s annual meeting June 4. SL Green, the city’s largest commercial landlord, opted to pay Holliday $16.4 million in 2014, a nearly 30 percent year-over-year increase from $12.7 million in 2013. It also decided to pay President Andrew Mathias $11 million, an 18 percent year-over-year bump. [more]

  • The Brasserie might leave Rosen’s Seagram Building

    Seagram Building's iconic Four Seasons restaurant is also leaving the space
    June 02, 2015 09:03AM
    Brasserie-rosen

    From left: Brasserie in the Seagram Building and Aby Rosen

    The Brasserie could follow The Four Seasons out of the Seagram Building. [more]

  • Rent-stabilized units grew by 169 in 2014: report

    While 9,182 regulated apartments were added to the system, the city lost 9,013
    June 02, 2015 08:30AM
    From left: Bill de Blasio and Rent Guidelines Board chair Rachel Godsil

    From left: Bill de Blasio and Rent Guidelines Board chair Rachel Godsil

    The number of rent-stabilized units in the city went up by 169 in 2014.

    A new report by the Rent Guidelines Board shows that 9,182 apartments were stabilized last year, while 9,013 were removed from the system, Capital New York reported. In 2013, the number of rent stabilized units went up by 1,087 units. [more]

  • Westbrook buys 1375 Broadway for $310M

    Savanna bought the property in 2010 for $135 million
    June 02, 2015 08:00AM
    Clockwise from left: Savanna's Christopher Schlank, 1375 Broadway and Savanna's Nicholas Bienstock

    Clockwise from left: Savanna’s Christopher Schlank, 1375 Broadway and Savanna’s Nicholas Bienstock

    Westbrook Partners is the only buyer of Savanna’s 1375 Broadway. The real estate and private equity firm is selling the property at West 37th Street for $310 million, according to the New York Post, which is more than twice what it paid in 2010.

    Previously, Savanna had planned to keep an ownership stake in the 27-story, 513,000-square-foot property, as reported by The Real Deal.  [more]

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  • Newcastle’s settlement with AG allows UWS condo conversion to proceed

    Streicker Porres' firm to pay restitution to city, tenants
    June 01, 2015 10:00PM By Mark Maurer
    AG Settlement

    From left: Margaret Streicker Porres, 101 West 78th Street on the Upper West Side and Andrew Schneiderman

    The New York State Attorney General’s Office reached a settlement Monday with Margaret Streicker Porres’ Newcastle Realty Services, which made prohibited buyout agreements with tenants at an Upper West Side rental building. The settlement paves the way for Newcastle to resume conversion and condo sales at the property. [more]

  • DublDom prefabricated house by BIO-Architects

    DublDom prefabricated house by BIO-Architects

    The most stylish prefab homes money can buy. Ryan Serhant on his Times Square marriage proposal Harlem affordable rentals start at $922 per month. Read these stories and more after the jump.

  • Ian Reisner drops $7.5M on 230 CPS pad

    Gay hotelier under fire for donations to Sen. Ted Cruz
    June 01, 2015 05:40PM By Rich Bockmann
    Ian Reisner and 230 Central Park South

    Ian Reisner and 230 Central Park South

    Openly gay hotelier and admitted Republican donor Ian Reisner paid $7.5 million to pick up a co-op at 230 Central Park South, a building he has been buying and flipping units in since the 90s, property records show. [more]

  • Korean group buys New York Palace Hotel for $805M

    Northwood Investors acquired Midtown property for $400M in 2011
    June 01, 2015 05:20PM
    New York Palace Hotel

    The New York Palace Hotel at 455 Madison Avenue in Midtown (inset: John Kukral)

    South Korea-based Lotte Group has entered into contract to acquire Northwood Investors’ New York Palace Hotel at 455 Madison Avenue for $805 million. [more]

  • Stuart Elliott

    Stuart Elliott

    From the June issue: Forget work-life balance. That supposes you have to choose between the two. The big players in New York City real estate work hard and play hard — often at the same time.

    It makes a lot of sense during the summer, when nothing beats being outside even as the office beckons, and also in this connected age, when work is never out of reach. [more]

  • Mansion tax could keep home prices under $1.75M

    IBO report predicts de Blasio’s proposed law could influence sellers
    June 01, 2015 04:50PM
    Ronnie Lowenstein and 113 East 70th Street on the Upper East Side

    Ronnie Lowenstein and 113 East 70th Street

    Mayor Bill de Blasio’s proposed mansion tax could influence home sellers to keep their prices under $1.75 million for fear of discouraging buyers with the tax hike above that threshold, according to a new report by the Independent Budget Office.

    De Blasio proposed the tax last month in conjunction with his 421a plan. New York state and the city already have a mansion tax of 2.825 percent on purchases over $1 million, Crain’s reported. The proposal would tax an additional 1 percent on purchases over $1.75 million and 1.5 percent on any portion of the price exceeding $5 million. [more]

  • Prodigy Network files plans for extended-stay hotel in FiDi

    Development at 17 John St. will include hotel rooms and office space
    June 01, 2015 04:30PM By Claire Moses
    From left: Rendering of 17 John Street in the Financial District and Rodrigo Nino

    From left: Rendering of 17 John Street in the Financial District and Rodrigo Nino

    Real estate crowdfunding firm Prodigy Network officially applied to build its extended-stay hotel at 17 John Street, according to a permit application filed with the Department of Buildings on Monday. [more]

  • Brian Meier sues Elliman for allegedly withholding commission

    Former agent said firm refusing to release funds as ‘retaliation’ for defecting to Corcoran
    June 01, 2015 04:15PM By E.B. Solomont and Kyna Doles
    BrianMeierDottieHerman

    From left: Brian Meier and Dottie Herman

    When sales agent Brian Meier left Douglas Elliman for the Corcoran Group last month, he had 56 pending deals valued at more than $50 million. Terms of his agreement with Elliman dictated that the firm would fork over Meier’s 70 percent commission split when those deals closed.

    But Meier is now accusing Elliman of withholding $1.35 million in commission payments, according to a lawsuit filed Friday in New York State Supreme Court. [more]

  • Norges Bank triples space in Stawski’s 505 Fifth Avenue

    Norwegian bank’s NYC headquarters grows to 32K sf
    June 01, 2015 03:55PM
    505 Fifth Avenue in Midtown (inset: Paul Glickman)

    505 Fifth Avenue in Midtown (inset: Paul Glickman)

    Norges Bank, a Norwegian bank that manages the country’s sovereign wealth fund, is expanding its New York City headquarters at Stawski Partners’ 505 Fifth Avenue to 32,000 square feet. [more]

  • The June issue is live!

    Top Hamptons firms, examining EB-5, Brooklyn's condo market & more
    June 01, 2015 03:28PM
    Issue Is Live

    The Real Deal June 2015 (Credit for cover art: Chris Manfre)

    Hamptons season is in session as residential brokers descend on the East End, hungry for business. This month, The Real Deal switched up its annual survey of the largest Hamptons brokerages by evaluating firms by dollar volume of listings. [more]

  • Pete Flint steps away from Zillow-Trulia

    The founder and ex-CEO of Trulia plans to take some time off
    June 01, 2015 02:55PM By Tess Hofmann
    Pete Flint

    Pete Flint

    Pete Flint, the founder and former CEO of listings service company Trulia, is stepping away from Zillow-Trulia and taking time off to ponder his next move, according to a company-wide email reviewed by The Real Deal.

    “Exactly 10 years ago, Trulia was incorporated. It’s been a pretty amazing decade with fantastic support and hard work from so many people. With this anniversary, it’s time to repot and move communications to my gmail address at [redacted] and I will no longer be using my @trulia.com address,” he wrote in the email. “I’ll be taking some time off for travel and family time, before figuring out what’s next.” [more]

  • Sternlicht and Gray riff on foreign investment in NYC hotels

    "The market will burp" if the Fed raises rate, Starwood founder says
    June 01, 2015 02:25PM By Konrad Putzier
    Gray Waldorf Sternlicht

    From left: Jonathan Gray, the Waldorf Astoria Hotel and Barry Sternlicht

    Chinese insurer Anbang’s $1.95 billion purchase of the Waldorf Astoria is only the beginning of a wave of foreign investment in New York hotels, according to real estate bigwigs Jonathan Gray and Barry Sternlicht. [more]

  • The Yard coming to HH Realty’s 246 Fifth Avenue

    Coworking space provider signs 15-year lease for 33K sf
    June 01, 2015 01:55PM
    246 Fifth Avenue in NoMad (inset: Evan Margolin, top, and Lance Leighton, bottom)

    246 Fifth Avenue in NoMad (inset: Evan Margolin, top, and Lance Leighton, bottom)

    Coworking space provider the Yard inked a lease to take 33,000 square feet at HH Realty Equities’ 246 Fifth Avenue. [more]

  • 421a extension a “real threat” to affordable housing: Glen

    Deputy mayor estimates first-year mansion tax revenues of $180M to $200M
    June 01, 2015 01:25PM
    Alicia Glen Bill de Blasio Vicki Been

    From left: Alicia Glen (credit: Max Dworkin), Bill de Blasio and Vicki Been

    The existing 421a tax benefit program “simply does not produce enough affordable housing to justify its expense,” Deputy Mayor for Housing and Economic Development Alica Glen told the New York City Council Monday, labeling a “straight extender” of the program as “a real threat” to affordable housing in the city. [more]

  • Brokerage boss fired female worker for rejecting him: suit

    MySpace NYC's Guy Hochman allegedly told the employee he loved her
    June 01, 2015 12:45PM
    From left: Dena Kology (Credit: Facebook) and MySpace NYC's Guy Hochman

    From left: Dena Kology (Credit: Facebook) and MySpace NYC’s Guy Hochman

    The chief executive and founder of a Brooklyn brokerage allegedly fired one of his long-time employees after she declined his advances. [more]

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