The Real Deal New York

  • Redfin wants to pay NYC brokers by the hour

    Seattle-based tech company opening brokerage in Brooklyn
    September 04, 2015 08:00AM By E.B. Solomont
    4_49 copy

    From left: Jonathan Makolondra and Redfin CEO Glenn Kelman

    Will New Yorkers buy and sell real estate via the Internet? Online real estate brokerage Redfin says yes.

    The Seattle-based tech company, which has raised nearly $170 million from investors to date, announced Friday that it will launch in Brooklyn. Jonathan Makolondra, a former agent with Rutenberg Realty, will lead its expansion. “We’re very excited about a lot of the new developments coming to Brooklyn,” Makolondra said. “We think that’s going to help us grow.” [more]

  • Most popular stories on The Real Deal

    September 04, 2015 07:31AM

    Current reader favorites:
    1. If the market crashes, these investors will burn
    2. Son of anarchy: Sean Ludwick’s destructive journey
    3. Brett White’s war on CBRE
    4. IRL: Fanduel jumps to Rockrose’s 300 PAS
    5. Benny Caiola, major building owner and developer, dies at 79

  • Online dating exec swipes right for $10.5M West Village condo

    InterActiveCorp's chairman buys unit at 150 Charles Street
    September 03, 2015 05:55PM
    Greg Blatt and renderings of 150 Charles Street in the West Village

    Greg Blatt and renderings of 150 Charles Street in the West Village

    Greg Blatt found love in the West Village. But not with his paramour — with a four bedroom, five-bathroom condo overlooking the Hudson River and Hudson River Park. [more]

  • Collapsed wall at Bed-Stuy construction site kills 1, injures 2

    Incident occurred at 656 Myrtle Avenue late Thursday morning
    September 03, 2015 05:09PM
    656 Myrtle Avenue

    656 Myrtle Avenue in Bedford-Stuyvesant

    A 19-year-old construction worker was killed and two others sustained serious injuries when a building undergoing conversion at 656 Myrtle Avenue in Bedford-Stuyvesant collapsed late Thursday morning.

    The three construction workers, who have not yet been identified, were excavating the site when a rear wall toppled onto them. Two sustained serious head injuries and the other was in cardiac arrest when first responders arrived. [more]

  • Inside TheRealDeal
  • School bells ring for real estate pros

    New diploma programs, specialized course offerings aim to meet rising demand
    September 03, 2015 04:35PM By Janna Herron
    Shirley Hackel

    Shirley Hackel

    From the September issue: Professionals in both commercial and residential real estate have several new options for taking on a new role this season: that of a student.

    University programs across the city, along with the education arm of the Real Estate Board of New York, are ramping up their offerings to meet rising demand. 

    These programs, in turn, are helping to boost the number of real estate brokers and salespersons in the Big Apple, which grew 5.5 percent, to 56,187 at the end of 2014, according to the NY Department of State. [more]

  • “This is NYCHA, why haven’t you paid your rent?”

    City plans to robocall NYCHA residents to collect $50M in rent
    September 03, 2015 04:10PM
    Mott Haven and NYCHA

    The Mott Haven Houses at 388 East 141st Street in the Bronx (inset: NYCHA’s Shola Olatoye)

    Public housing in New York City is not without its issues — a backlog of work orders, gang violence and mold, to name a few. Another problem? The New York City Housing Authority is not having an easy time collecting rent. [more]

  • Coolest parents ever buying their college kids NYC apartments

    Mom and dad see long-term investment opportunity in avoiding dorms
    September 03, 2015 03:56PM
    A typical NYU dorm room

    A typical NYU dorm room (credit: Christian Rodriguez/Flickr)

    Goodbye Dorito-caked dorm room floors and hello homeownership! [more]

  • Alexander Wang weighing FiDi move to 115 Broadway

    Fashion house would take 75K sf at Capital Properties building
    September 03, 2015 03:25PM
    115 Broadway in the Financial District (credit: CoStar) and Alexander Wang

    115 Broadway in the Financial District (credit: CoStar) and Alexander Wang

    Alexander Wang is venturing into territory long reserved for financial-services tenants in its search for a new office, with the fashion house reportedly weighing a move to 115 Broadway in Lower Manhattan.

    The company is in talks to take 75,000 square feet at the 430,000-square-foot, neo-Gothic building – including the 21-story building’s penthouse floor. Asking rents at the property, owned by Capital Properties, are north of $60 per square foot. [more]

  • Here’s a look at NYC’s top 10 building buys: VIDEO

    11 Madison, 1095 Sixth Avenue rank highest on TRD's list
    September 03, 2015 03:00PM By Kerry Barger
    Back row, from left: 1095 Sixth Avenue and the Crown Building. Front row, from left: The Helmsley Building, the Mobil Building and 11 Madison Avenue

    Back row, from left: 1095 Sixth Avenue and the Crown Building. Front row, from left: The Helmsley Building, the Mobil Building and 11 Madison Avenue

    When it comes to the city’s trophy towers, New York’s mega-spenders are willing to dish out many, many millions — and in some cases, billions — to get their hands on these prized possessions. [VIDEO]

  • If Trump had put money in an index fund, he’d be twice as rich

    Data paints the Donald as a below-average businessman
    September 03, 2015 02:34PM
    Trump Steaks (left) and Trump Entertainment Resorts were among the real estate heavyweight's less successful ventures.

    Trump Steaks (left) and Trump Entertainment Resorts were among the real estate heavyweight’s less successful ventures.

    Donald Trump became a bestselling author, TV star and presidential candidate based on the premise that he is an exceptionally good businessman. But a look at the numbers suggests his talent for making money may be more fiction than fact. [more]

  • Qatari luxury shop looking to sublease space on Madison

    "Gold Coast" store sits empty after Qela signed pricey lease last year
    September 03, 2015 02:20PM By Rich Bockmann
    Sheikha Mozah bint Nasser Al Missned of Qatar, Richard Hodos and a rendering of 680 Madison Avenue

    Sheikha Mozah bint Nasser Al Missned of Qatar, Richard Hodos and a rendering of 680 Madison Avenue

    Qatari fashion brand Qela’s retail store on the Upper East Side’s “Gold Coast” remains empty more than a year after it inked a deal that cost an arm, a leg and a few diamond-encrusted handbags. And now the haute couture company is quietly shopping around a sublease for the space. [more]

  • City to landlords offering buyouts: Back off!

    Owners will have to wait six months between offers to rent-regulated tenants
    September 03, 2015 01:30PM
    Bill de Blasio

    Bill de Blasio

    It doesn’t hurt to ask, right? When it comes to landlords offering to buy out rent-regulated tenants, Mayor Bill de Blasio begs to differ.

    New rules, signed into law Thursday, will require city landlords to wait six months from the time a rent-regulated tenant rejects a buyout offer before the landlord can make another.

    “We will not let abusive landlords intimidate tenants so they can make an extra buck,” de Blasio said at a hearing Wednesday. [more]

  • Berger, Miller strike again with $25M Brooklyn Heights buy

    Family sells Plymouth House to new JV after 50 years
    September 03, 2015 01:02PM By Mark Maurer
    115 Henry

    From left: 111-115 Henry Street in Brooklyn Heights (inset: Bennat Charatan Berger and Eric Roth)

    For the first time in 50 years, the Plymouth House, a six-story Brooklyn Heights rental building, has sold – and not to the pilgrims.

    Novel Property Ventures paid $25 million for the nearly 32,000-square-foot property at 111-115 Henry Street, just a week after making its debut purchase in the form of a 12-building portfolio, The Real Deal has learned. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 03, 2015 12:25PM

    1. Lotte Group closes on New York Palace hotel for $805M
    2. 2 WTC to mark FiDi’s “creative” transformation: Lieber
    3. August DOB report: Hotels taking over Long Island City

    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]

  • Ex-Peebles “partner” claims he was cut out of JV

    Developer argues Dan Hoeg was a consultant
    September 03, 2015 11:50AM By Rich Bockmann

    Daniel Hoeg, Don Peebles and 346 Broadway

    A political operative who claims he convinced Don Peebles to be the “face” of their minority-owned development partnership is accusing the billionaire businessman of backsliding on their handshake deal.

    Peebles, on the other hand, argues the operative signed a contract to work as a consultant, not as an equity partner. [more]

  • Above grade: Collegiate School closes on site of new UWS building

    Historic all-boys institution acquires vacant lot from Extell, Carlyle for $25M
    September 03, 2015 11:20AM By Rey Mashayekhi
    Vacant lot near West Side Highway and West 62nd

    Vacant lot near West Side Highway and West 62nd Street (credit: Google) (inset: Gary Barnett)

    UPDATED, 1:55 p.m., Sept. 3: Having finalized the sale of its longtime Upper West Side campus, the Collegiate School closed on the purchase of a vacant parcel along the West Side Highway from Extell Development and the Carlyle Group for $25 million, according to property records filed with the city Thursday. [more]

  • Blackstone invests in troubled mortgage insurer PMI

    Private equity giant lends working capital in return for stake, board seat
    September 03, 2015 11:07AM
    From left: Blackstone's head of real estate Jon Gray and Blackstone CEO Steve Schwarzman

    From left: Blackstone’s head of real estate Jon Gray and Blackstone CEO Steve Schwarzman

    The Blackstone Group bought a stake in troubled mortgage insurer PMI, apparently continuing its strategy to bet on companies for which prices plunged following the financial crisis.

    California-based PMI was hit hard by the wave of foreclosures in 2008 and 2009 and went bankrupt, ceasing to insure new loans in August 2011. The company left bankruptcy protection in 2013 and has recently seen its fortunes rise, according to Bloomberg. [more]

  • Rendering of Sky in Midtown West (credit: Moinian Group)

    Rendering of Sky in Midtown West (credit: Moinian Group)

    Karl Fischer-designed residential building to rise on Piscane Seafood site. Sky rental tower gets new renderings. Skinny townhouse to get Andres Escobar renovation. Read these stories and more after the jump.

  • The Closing: Alicia Glen

    Deputy mayor on growing up in a Woody Allen movie and being politically correct
    September 03, 2015 10:00AM By E.B. Solomont

    Alicia Glen

    From the September issue: As deputy mayor for economic development, Alicia Glen oversees more than 40 city agencies and authorities. The former Goldman Sachs executive is tasked with executing the de Blasio administration’s goal of creating or preserving 200,000 affordable housing units by 2025 — a goal that reached a major milestone in July, when the city announced that it had already hit 20,000 units at a cost of $618 million. [more]

  • Alibaba exec Timothy Steinert grabs $9.5M Ansonia pad

    Michel Madie was the seller.
    September 03, 2015 09:31AM
    From left:

    From left: 2109 Broadway on the Upper West Side, with Timothy Steinert and Michel Madie (inset)

    You can buy almost anything on Alibaba, but for a deluxe pad in a New York classic building, you have to go to the source. [more]