The Real Deal New York

  • Debt market, sovereign wealth softening yet to impact Manhattan market: report

    Midtown office values trending 4 percent higher than last year
    October 07, 2015 01:15PM By Rey Mashayekhi

    Midtown Office MarketA “slight softening” in segments of the debt market and withdrawals from sovereign wealth funds have yet to affect the Manhattan office market, real estate analysis firm Green Street Advisors said in its latest report Tuesday. [more]

  • Hudson plans BK library project’s affordable component

    Developer will build two nine-story buildings at 907 Atlantic Avenue and 1043 Fulton Street
    October 07, 2015 12:45PM By Ariel Stulberg
    David Kramer Brooklyn Library

    David Kramer (credit: Tobias Truvillion) and a rendering of 280 Cadman Plaza in Brooklyn Heights (credit: Marvel Architects)

    David Kramer’s the Hudson Cos. is taking the next step in redevelopment of the Brooklyn Heights branch of the Brooklyn Public Library, filing permit applications for a pair of nine-story affordable residential buildings in Clinton Hill.

    The developer is planning to bring affordable housing to two locations: a 78-unit, 54,000-square foot building at 907 Atlantic Avenue and a 39-unit, 28,000-square-foot structure at 1043 Fulton Street. At 907 Atlantic Avenue, Hudson combined two adjacent sites, at 915 and 917 Atlantic Avenue into a single lot, according to zoning records. City records don’t yet show a closed sale on the property. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    October 07, 2015 12:30PM

    1. Tishman Speyer pays out $25M to Hudson Yards holdouts
    2. 8 NYC real estate players who landed on the Forbes 400 list
    3. Korean fund buys minority stake in Minskoff’s 51 Astor

    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]

  • United Nations Apartment Hotel to be redeveloped

    Joseph Stavrach's violation-prone Midtown lodge to become 3-story resi building
    October 07, 2015 12:00PM
    Eran Chan United Nations Apartment Hotel

    From left: ODA’s Eran Chan and the United Nations Apartment Hotel at 302 East 45th Street in Midtown

    After years of complaints and Department of Buildings violations, Joseph Stavrach, head of Triangle Assets, has decided to tear down and replace Midtown’s seedy United Nations Apartment Hotel.

    The developer filed plans with the city to replace the four-story, 22,000-square-foot hotel, at 302 East 45th Street, with a three-story residential building with ground floor retail.

    ODA is listed on the architect of record. [more]

  • Inside TheRealDeal
  • Oak Tree snags four Brooklyn rental buildings for $60M

    New Start Development's properties house 149 rent-stabilized units
    October 07, 2015 11:30AM By Rey Mashayekhi
    471 Vanderbilt Avenue BK

    From left: 471 Vanderbilt Avenue in Clinton Hill and 802 Bergen Street in Crown Heights

    Oak Tree Management acquired a package of four rent-regulated multifamily buildings across three Brooklyn neighborhoods for a combined $60.2 million, according to property records filed with the city Wednesday. [more]

  • Citi Habitats buys

    Mega brokerage gains big presence in Brooklyn with deal
    October 07, 2015 11:06AM By E.B. Solomont
    From left: Gary Malin, David Maundrell and Pamela Liebman

    From left: Gary Malin, David Maundrell and Pamela Liebman

    Citi Habitats, one of the largest residential brokerages in the city, has acquired Brooklyn-based firm

    The deal, announced Wednesday, will give Citi Habitats a long-sought foothold in Brooklyn, where has developed a deep roster of clients since 2002. founder David Maundrell will assume the new role of executive vice president and lead new development deals in Brooklyn and Queens. [more]

  • Abyssinian failed to compensate nonprofit in Pathmark sale

    Church-affiliated developer sold the 125th street site in Harlem to Extell last year for $39M
    October 07, 2015 10:37AM
    Calvin Butts Pathmark

    From left: Rev. Calvin Butts and the Pathmark supermarket at 142-96 East 125th Street in Harlem

    Signs of trouble at Harlem’s largest affordable housing manager, Abyssinian Development, continue to pile up.

    The developer, the real estate arm of the Abyssinian Baptist Church, failed to pay out $2 million to the nonprofit East Harlem Triangle after organizing the sale of a Pathmark supermarket they co-owned at 142-96 East 125th Street to Extell Development for $39 million last year. [more]

  • Predicting the NYC property market’s peak

    Drilling down on the metrics economists are watching to determine the market has topped out
    October 07, 2015 10:00AM By E.B. Solomont

    Market-PeakFrom the October issue: Hindsight is a precious thing, but foresight may be easier on the bottom line.

    In the wake of the 2008 financial crisis, it was easy to spot the red flags that were screaming of an impending market collapse. But are those warning signs visible before every downturn?

    This month, The Real Deal examined key metrics across the New York City real estate industry to ascertain whether the market may be at its peak — or if it’s approaching that point. [more]

  • Director Jason Reitman sells Chelsea pad for $3M

    Oscar-nominated filmmaker bought the unit for $2.2 million in 2011
    October 07, 2015 09:36AM
    Jason Reitman

    From left: Jason Reitman and 434 West 20th Street

    West Chelsea has lost another artist. [more]

  • Heirs to the Schron: Cammeby’s eyes development push as sons take more control

    Now in his late 70s, Ruby is a legend in the business. Will Avi and Eli maintain his legacy?
    October 07, 2015 09:00AM By Mark Maurer

    From left: Rubin, Eli and Avi Schron (credit: Agudath Israel)

    In January, Avi Schron did something his father Ruby never had.

    On behalf of Cammeby’s International, he filed plans to build a new 41-story tower in South Brooklyn, the first major solo ground-up development by the family firm in its nearly 50-year history.

    When New York real estate folk talk about “old-school investors,” they’re often picturing Rubin Schron. Starting Cammeby’s in 1967 with a handful of Bronx properties, he parlayed those modest holdings into an enviable portfolio that includes the Woolworth Building, Industry City and over 15,000 apartments. While many of his peers moved into development, Schron, who Bloomberg estimates is worth about $1.6 billion, stuck to what he knew: measured investment plays, long-term multifamily holds and shrewd partnerships on office and industrial properties.

    Though he remains a force even at the age of 78, his sons Avi and Eli are beginning to shape the future of Cammeby’s, pushing the company into ground-up projects and more audacious acquisitions.

    “When a family makes a big shift in perspective and appetite, it’s generally based on what the next generation wants to do,” an industry source who has worked with the Schrons said. [more]

  • No escape from high rents in NYC: StreetEasy

    Median rents in Brooklyn and Queens closing in on Manhattan
    October 07, 2015 08:36AM
    Manhattan from Brooklyn

    A view of Downtown Manhattan from Brooklyn (credit SmartSign/Flickr)

    Manhattanites have to travel further than ever to find a rental deal.

    Median rents in Brooklyn and Queens are steadily closing in on those in Manhattan, especially in neighborhoods just across the East River, according to data from StreetEasy.

    Dumbo is the the fourth most expensive neighborhood in the city, with a median rent of $4,079 a month, higher than that in Soho, Chelsea and the West Village. [more]

  • The NYC developments with the most units under contract

    Almost $12 billion of luxury condo deals have yet to close
    October 07, 2015 08:00AM By Konrad Putzier

    From left: Greenwich Lane in the West Village, 56 Leonard Street in Tribeca, 432 Park Avenue in Midtown (Credit: DBOX)

    With dozens of luxury condo towers under construction, New York’s skyline is in flux. And so are developers’ finances. [more]

  • Most popular stories on The Real Deal

    October 07, 2015 07:30AM

    Current reader favorites:
    1. Happy deal: Related buys McDonald’s near Hudson Yards
    2. Tishman Speyer pays out $25M to Hudson Yards holdouts
    3. Sizing up NYC’s supertalls: Onward and upward
    4. RE players pushing limits of capital gains tax rules
    5. September DOB Report: Brooklyn development down in 2015

  • Here’s what the $10M-$20M NYC investment sales market looked like last week

    Colonnade Group buys an East Village condo project; Newmark Holdings acquires a Williamsburg resi building
    October 06, 2015 05:50PM By Kyna Doles
    75 First Avenue, Stefano Fasura of Colonnade Group and 285 North 6th Street

    From left: 75 First Avenue, Stefano Fasura of Colonnade Group and 285 North 6th Street

    From Lavin Development’s $18.2 million purchase in Chelsea to Coney Island Realty Group’s $15.1 million buy in Brooklyn,here is a recap of last week’s activity in the New York City’s investment sales market for properties between $10 million and $20 million.

  • CNBC’s Simon Hobbs sells West Chelsea pad for $3.9M

    Big Pharma exec Giovanni Caforio is the buyer
    October 06, 2015 05:15PM By Hiten Samtani
    Simon Hobbs and the apartment at 459 West 18th Street (Credit: Douglas Elliman)

    Simon Hobbs and the apartment at 459 West 18th Street (Credit: Douglas Elliman)

    Will he buy Apple stock with the proceeds?

    CNBC anchor Simon Hobbs, who accidentally outed Apple CEO Tim Cook during an interview last year, closed on the sale of his West Chelsea pad for $3.9 million. [more]

  • Korean fund buys minority stake in Minskoff’s 51 Astor

    $113M deal values Midtown South property at $600M
    October 06, 2015 05:10PM By Rich Bockmann
    James Yoohoon Jeon and Edward Minskoff

    James Yoohoon Jeon and Edward Minskoff

    The Korean Teachers’ Credit Union recently bought a minority stake in Edward Minskoff’s 51 Astor Place, a deal that values the futuristic-looking Midtown South office property at $600 million. [more]

  • Manhattan pads averaged just 73 days on the market in Q3

    Inventory spike and bidding wars mark an uptick in post-Labor Day activity
    October 06, 2015 04:30PM By E.B. Solomont
    Fred Peters and Lisa Lippman

    Fred Peters and Lisa Lippman

    From the October issue: The residential market is back from its summer break, and buyers and sellers who linger too long — or at all — could be left behind.

    Just how quickly are units going? The average Manhattan pad spent just 73 days on the market during the quarter that ended Sept. 30, according to new data from real estate appraisal firm Miller Samuel. That’s down more than 20 percent from both the prior quarter and the same quarter in 2014. [more]

  • Related secures $200M loan for Hudson Yards resi tower

    JPMorgan provides financing for Ismael Leyva-designed 520 West 30th Street
    October 06, 2015 04:05PM By Rey Mashayekhi
    520 West 30th Street

    Rendering of 520 West 30th Street in Hudson Yards (credit: Related) (inset: Jeff Blau)

    UPDATED, 4:55 p.m., Oct. 6: Related Cos. secured a $200 million building loan from JPMorgan Chase for its 28-story Hudson Yards residential tower at 520 West 30th Street, property records show. [more]

  • Salesforce nears 300K sf deal at 3 Bryant Park

    Software giant to take MetLife's space at Ivanhoe Cambridge property
    October 06, 2015 03:37PM
    From left: 3 Bryant Park and Salesforce CEO Marc Benioff

    From left: 3 Bryant Park and Salesforce CEO Marc Benioff

    With MetLife planning to consolidate its offices at its namesake building, Salesforce is looking to sublease 300,000 square feet of the insurance giant’s digs at 3 Bryant Park. [more]

  • Panelists finalized for TRD’s SoFla Showcase on Oct. 15

    Top NY players will speak on the "New to Florida" panel
    October 06, 2015 03:16PM
    From left: Leonard Steinberg, Richard LeFrak, Ryan Serhant and Andrew Heiberger

    From left: Leonard Steinberg, Richard LeFrak, Ryan Serhant and Andrew Heiberger

    With The Real Deal’s second annual South Florida Showcase a little over one week away, we are pleased to announce the final lineups for the show’s three panels.

    The “New to Florida” panel includes key New York players Andrew Heiberger, founder and CEO of Town Residential; Peter Fine, president of To Better Days Development; Bess Freedman, executive vice president of Brown Harris Stevens; Ryan Serhant, broker at Nest Seekers International and star of Bravo’s “Million Dollar Listing New York” and Leonard Steinberg, president of Compass. [more]