The Real Deal New York

  • Rendering of One Seaport condo tower in South Street Seaport

    Rendering of One Seaport condo tower in South Street Seaport

    Fortis’ 60-story One Seaport condo tower revealed. The value of an extra half-bathroom is real. Atlanta brokerage hires CBRE vet in New York office push. Read these stories and more after the jump.

  • Preservationists, RE players gear up for Landmarks fight

    City Council bill would impose time limit on Landmarks designations
    September 02, 2015 05:10PM
    From left: Peter Koo and David Greenfield

    From left: Peter Koo and David Greenfield

    Preservation groups and real estate interests are gearing up for a fight over City Council legislation that would impose a time limit on Landmarks Preservation Commission designations.

    The proposed bill would give the commission one year to decide on landmark status for an individual property and two years for a neighborhood or district. [more]

  • Stuart Elliot

    Stuart Elliott

    From the September issue: This month marks the seventh anniversary of 2008’s Wall Street meltdown, and of the dramatic days that saw the global financial system teetering on the brink.

    Those were nerve-wracking times — I remember discussing with a friend what we would do if there were widespread bank runs and ATMs suddenly stopped dispensing money.

    That apocalypse didn’t happen, thanks to effective intervention by the federal government (an accomplishment that’s hard to dispute whatever your politics). But it led to widespread declines in the real estate market and the Great Recession. And it left a lingering specter of how bad things could get. [more]

  • IRL: FanDuel jumps to Rockrose’s 300 PAS

    Fresh off a major financing round, billion-dollar fantasy sports startup signs for 41K sf
    September 02, 2015 04:10PM By Mark Maurer
    From left: FanDuel app, a rendering of the top floor of 300 Park Avenue South and Justin Elghanayan

    From left: FanDuel app, a rendering of the top floor of 300 Park Avenue South and Justin Elghanayan

    FanDuel, a fantasy sports startup valued at $1.3 billion, is taking the top three floors of Rockrose Development’s 300 Park Avenue South, The Real Deal has learned. [more]

  • Inside TheRealDeal
  • Panelists finalized for TRD’s Shanghai showcase

    Farkas, Naftali, Spitzer and about 50 other US real estate pros participating in September show
    September 02, 2015 03:40PM
    China-Event 2

    From left: Andrew Farkas, Nicholas Mastroianni II, Steve Witkoff, Eliot Spitzer and Miki Naftali

    With The Real Deal’s U.S. Real Estate Showcase & Forum in Shanghai just one week away, the more than 50 panelists attending next week comprise a who’s who of U.S. real estate and development. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    September 02, 2015 03:10PM By Kyna Doles
    New York Building Congress and Streeteasy

    credit: New York Building Congress and Streeteasy

    The latest batch of reports found that New York City’s office construction hit a record high and construction injuries and death are on the rise. [more]

  • 2 WTC to mark FiDi’s “creative” transformation: Lieber

    Asking rents at the 2.8M sf skyscraper to range from $70 to $80 per sf
    September 02, 2015 02:24PM
    Rendering of 2 World Trade Center (credit: Bjarke Ingels Group) (inset: Janno Lieber)

    Rendering of 2 World Trade Center (credit: Bjarke Ingels Group) (inset: Janno Lieber)

    UPDATED, 5:00 p.m., Sept. 2: Silverstein Properties’ 2 World Trade Center office tower will represent the Financial District’s growth into a “new downtown” geared toward creative businesses, according to the head of Silverstein’s World Trade Center Properties division. [more]

  • Spring Creek Towers rejecting tenants in rent program: lawsuit

    Largest federally subsidized US housing complex accused of violating city's Human Rights Law
    September 02, 2015 01:50PM
    Spring Creek Tower

    Spring Creek Towers in East New York

    The Spring Creek Towers subsidized housing complex in East New York is rejecting potential tenants using rent vouchers from Mayor Bill de Blasio’s Living in Communities Rental Assistance (LINC) program, a new lawsuit alleges.

    Regina Alston and Sandra Vaughn-Cooke are claiming Spring Creek property managers discriminated against them by their source of income, in violation of New York’s Human Rights Law, when they applied for apartments in the complex. The Fair Housing Justice Center is joining them as a third plaintiff. [more]

  • Brett White’s war on CBRE

    With his $2B deal to buy Cushman, DTZ’s new leader is going after his former firm hard. But will his new mega brokerage be able to catch CBRE?
    September 02, 2015 01:25PM By Adam Piore

    Brett White

    From the September issue: It didn’t take Brett White long. As soon as his non-compete clause expired last March, CBRE’s former CEO publicly took on his former employer about as aggressively as one could imagine.

    Within weeks of ascending to a new role as the head of the Chicago-based global real estate giant DTZ, White announced a $2 billion deal to acquire CBRE’s top New York rival, Cushman & Wakefield. The deal closed Tuesday.

    The Cushman & Wakefield head also touted his intention to put heat on his former firm and on the industry’s global No. 2, JLL.[more]

  • Desire for office space bottoming out in topless Times Square

    Vacancies are on the rise as workers flee for other neighborhoods
    September 02, 2015 12:50PM
    From left: Times Square pedestrian plaza (credit: Steven Pisano/Flickr) and 4 Times Square

    From left: Times Square pedestrian plaza (credit: Steven Pisano/Flickr) and 4 Times Square

    Times Square’s problems extend beyond the topless panhandlers covering the tabloids, with office vacancies on the rise as tenants increasingly disperse across the city. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 02, 2015 12:10PM

    1. Queens unit sells for $5.4M, a new borough record
    2. ABC legal analyst taking condo board to court
    3. Liza Minnelli sells UES co-op for $8.4M

    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]

  • City foreclosing on 370 properties with “in rem” filings

    Owners owe the city a combined $110.5M in taxes
    September 02, 2015 11:39AM

    From left: Alicia Glen (credit: Max Dworkin) and Jacques Jiha

    The city is in the process of foreclosing on 370 properties in four boroughs due to their owners’ failure to keep up with tax payments.

    The new details, from the city’s Department of Finance, shed light on the wave of “in rem” actions filed by the department last month. The owners of the 370 properties owe the city a combined $110.5 million in unpaid tax bills. [more]

  • “60 Minutes” pundit Andy Rooney’s UWS co-op sells for $2.2M

    Commentator used Crestmont pad as pied-a-terre until 2011 death
    September 02, 2015 11:00AM
    522 West End Avenue on the Upper West Side (inset: Andy Rooney)

    522 West End Avenue on the Upper West Side (inset: Andy Rooney)

    The Upper West Side apartment of late “60 Minutes” humorist and curmudgeonly commentator Andy Rooney sold for $2.2 million last week. [more]

  • Lotte Group closes on New York Palace Hotel for $805M

    The purchase marks the largest US asset purchase by a Korean company
    September 02, 2015 10:31AM
    The New York Palace Hotel in Midtown

    The New York Palace Hotel in Midtown

    South Korea-based Lotte Group closed on its $805 million purchase of the New York Palace Hotel from Northwood Investors.  [more]

  • If the market crashes, these investors will burn

    NYC is largely viewed as an investment safe haven, but if the bubble bursts again the after-effects would reverberate globally
    September 02, 2015 10:00AM By Konrad Putzier


    From the September issue: On Oct. 3, 2008, Daniel Herzberg, a British expatriate in Spain, called his bank, the Icelandic Landsbanki, to ask if his money was safe. He had read reports about financial difficulties, but got an encouraging reply and told his wife “everything will be fine.”

    Four days later, his account was frozen and the bank was nationalized. Herzberg’s fate, reported in the Wall Street Journal at the time, was not unusual. When the U.S. housing bubble burst in 2008, it exposed a complicated web of financial stakes that few were aware of.

    Banks in Iceland, Germany and elsewhere — not to mention U.S. institutions such as Bear Stearns and Lehman Brothers — suddenly faced default as a result of their investments in U.S. mortgage-backed securities. Many of the individual depositors who got burned were fanned out across Europe. And the European economy is still reeling from that domino effect. [more]

  • FOR REAL ESTATE -- web -- 66-1135 KOHOLA WY, HI 96743  $24,500,000  Carrie Nicholson, BIC   CREDIT: PanaViz

    Wai’alea Bay on Hawaii’s big island (credit: PanaViz)

    Staten Island penthouse goes for $1 million. Neil Young lists Hawaiian mansion for $24.5 million. NYCHA must remove toxic mold: Harlem residents. Read these stories and more after the jump.

  • Yes, homelessness is a problem: Mayor de Blasio

    Mayor changes tack in interview with WNYC's Brian Lehrer
    September 02, 2015 09:00AM
    cuomo-bdb-and-homeless-shelter copy

    Bill de Blasio and a New York homeless shelter

    After months of dissembling and redirection, Mayor Bill de Blasio admitted the number and the condition of the city’s homeless residents is indeed a serious problem.

    “I think there is both a perception and a reality problem,” de Blasio said in an interview with Brian Lehrer of WNYC. [more]

  • DTZ, CushWake complete merger

    New company has $5B in revenue, 43,000 employees and more than 4.3B sf under management
    September 02, 2015 08:33AM
    Hennessy-Lo-Russo-White copy

    From left: Todd Lickerman and Brett White

    Four months after DTZ’s acquisition of Cushman & Wakefield was announced, the merger is complete.

    The new company, dubbed Cushman & Wakefield, operates in the top ranks of global commercial real estate, with 250 offices in 60 countries, $5 billion in annual revenue, 43,000 employees and more than 4.3 billion square feet under management worldwide. [more]

  • August DOB report: Hotels taking over Long Island City

    1,135 future hotel units filed city-wide in August, mostly in industrial zones
    September 02, 2015 08:04AM By Will Parker
    image (2)

    Source: TRD analysis of DOB permit applications with at least 15 units or 15,000 square feet

    Developers are realizing big returns with the construction of mid-rise hotels along the industrial margins of the Long Island City central business district, an area already thick with skyscraper glass. Now they’re marching further north into the neighborhood’s most industrial sectors. [more]

  • Most popular stories on The Real Deal

    September 02, 2015 07:30AM

    Current reader favorites:
    1. Sean Ludwick held on $1 million bail for role in fatal crash
    2. Friends, family “shocked” that Sean Ludwick left broker to die after crash: report
    3. Naftali lands $104M loan for UWS condo project
    4. Can Blackstone’s real estate business keep growing?
    5. Eastern Consolidated sues Waterbridge over Radegast deal