The Real Deal New York

  • Bill would hike fines for landlords who harass tenants

    City Council proposal also calls for creation of public list of the worst offenders
    September 23, 2014 10:00AM
    From left: Jumaane Williams, Melissa Mark-Viverito and Margaret Chin

    From left: Jumaane Williams, Melissa Mark-Viverito and Margaret Chin

    The City Council is expected to pass a bill on Tuesday that will double fines for landlords who harass their tenants. The bill will also create a public list of the worst offenders, which would be maintained by the Department of Housing Preservation and Development. [more]

  • Apple's newly proposed Silicon Valley Campus

    Apple’s newly proposed Silicon Valley Campus

    New Apple headquarters will be the greenest building on earth. MTV’s The Real World was a story of gentrification. Bronx residents oppose the arrival of a Days Inn. Read these stories and more after the jump.

  • Colorado REIT unloads Harlem resi and retail portfolio for $67M

    AIMCO sells 224-unit, 215,000 sf package to Brooklyn-based buyer
    September 23, 2014 09:00AM By Hiten Samtani
    From left: Terry Considine, 2302 Seventh Avenue in Harlem and Steven Vegh

    From left: Terry Considine, 2302 Seventh Avenue in Harlem and Steven Vegh

    AIMCO just closed on the sale of a 21-building residential and retail portfolio in Central Harlem for $66.7 million, a source familiar with the off-market transaction told The Real Deal. [more]

  • Developer sues to delay close on two High Line area properties

    Washington Square Group claims it discovered rent roll inaccuracies for sites on West 17th St.
    September 23, 2014 08:30AM By David Jones
    From left: 116 10th Avenue and

    From left: 116 10th Avenue and 453-455 West 17th Street

    Lawyers are negotiating to resolve a lawsuit filed by Washington Square Group over a $32 million deal involving the sale of two West Chelsea area properties, The Real Deal has learned.

    Washington Square Group, based in Chatham, N.J., filed the $2.25 million breach of contract suit  in Manhattan Supreme Court on Sept. 19. The firm is seeking to delay the scheduled closing today of a deal to buy 116 Tenth Avenue and 453-455 West 17th Street. The seller is a firm called N.E.W. Corp., which is led by Neil Wainland. Wainland runs an Astoria-based metal fabricator, Wainlands Inc. [more]

  • Inside TheRealDeal
  • $90M condo development coming to Murray Hill church site

    Ekstein Development paid $15.6M for property earlier this year
    September 23, 2014 08:00AM

    30 East 31st Street

    Madison Avenue Baptist Church, located at 30 East 31st Street between Madison and Park avenues, will soon give way to a $90 million condominium development.

    Ekstein Development Group has filed for a permit to demolish the 1906 structure, and plans to develop a condominium on the site in partnership with Pinnacle Real Estate, according to details on Ekstein’s website cited by the New York Observer. [more]

  • Most popular stories on The Real Deal

    September 23, 2014 07:20AM

    Current reader favorites:
    1. Trump considering another Atlantic City gamble
    2. The Wrap: Jersey City is booming, how smart money transformed Dumbo … and more
    3. The 5 worst property markets in the world
    4. Brokers struggle to distinguish billionaires from scammers
    5. Chinese investor Kuafu files Hudson Yards condo-hotel plans

  • Deal to replace NYU at LICH “almost impossible”: report

    State officials say potential bidders are wary following a flurry of legal actions
    September 22, 2014 06:20PM
    lich

    From left: NYU Langone Medical Center and Long Island College Hospital

    Fear of becoming embroiled in a lengthy legal battle contributed to NYU Langone Medical Center’s decision to step away from a potentially lucrative deal to operate a facility at Long Island College Hospital. Now, the same worry could keep another hospital from taking NYU’s place. [more]

  • Is Detroit poised to overtake Brooklyn as the next low-rent artist haven?

    Is Detroit poised to overtake Brooklyn as the next low-rent artist haven? (Source: Mike Kline via Flickr)

    GM Building co-buyer Zhang Xin says loose global liquidity will boost real estate market. Is Detroit the next Brooklyn? Peek inside 1110 Park Avenue‘s fancy new digs. Read these stories and more after the jump.

  • Gorjian brothers grab Hell’s Kitchen rentals for $26M

    Site of Coliseum pub and 10 apartments offers 41K buildable square feet
    September 22, 2014 05:05PM By Mark Maurer
    gorjian

    From left: Justin Gorjian, Cobby Gorjian and 312-314 West 58th Street in Hell’s Kitchen

    Development firm Gorjian Real Estate Group acquired a Hell’s Kitchen rental building with 41,000 buildable square feet for $25.5 million, according to property records filed with the city today. [more]

  • Staten Island group proposes new elevated community

    Higher, denser homes would accommodate new retail and tourism opportunities
    September 22, 2014 04:55PM
    From left: James Oddo and Sandy damage in Staten Island

    From left: James Oddo and Sandy damage in Staten Island

    A portion of South Beach in Staten Island could be transformed by a plan to rebuild homes damaged during Superstorm Sandy on a common elevated platform.

    The South Beach Civic Association has proposed replacing vulnerable bungalows and two-story houses in Sunnymeade Village with about 50 elevated homes, the Wall Street Journal reported. The plan has the backing of borough president James Oddo, who has advocated for elevated housing in other low-lying areas including Midland Beach and Ocean Breeze, according to the newspaper. [more]

  • This month in real estate history

    1922: Artists ask DA to probe studio rentals
    September 22, 2014 04:30PM By Adam Pincus
    Artist George Bellows

    Artist George Bellows

    From the September issue: An influential group of American artists asked the New York District Attorney to investigate landlords who were renting artists’ studios to “pseudo artists and loose living people,” 92 years ago this month.

    The League of American Artists, which included important painters such as George Bellows and Robert Henri, cited a survey that found that 70 percent of the studios in Manhattan were occupied by people of “questionable character,” with the problem particularly acute in Greenwich Village and Columbus Circle. [more]

  • Alliance Private Capital buys Williamsburg site for $35M

    Five-story, 70K sf residential property could be built
    September 22, 2014 04:10PM
    driggs

    G4′s Jason Behfarin and 510 Driggs Avenue in Brooklyn

    Brooklyn investment firm Alliance Private Capital Group paid $35 million for a Williamsburg residential development with up to 70,000 buildable square feet.

    Michael Kohn, CEO of Alliance Private Capital, plans to construct either a condominium or rental building at 510 Driggs Avenue with a parking garage and ground-floor retail. The property, near North 8th Street, can be as big as five stories. G4 Capital Partners provided the buyer with a $22 million bridge loan. Retailers would be expected to pay about $200 per square foot in monthly rent. [more]

  • New York, northern NJ among nation’s top 10 buyers’ markets

    Favorable conditions leave home shoppers less likely to face fierce bidding wars
    September 22, 2014 03:40PM
    Zillow's market findings based on actual sales prices compared to asking prices

    Zillow’s market findings based on actual sales prices compared to asking prices

    While U.S. home values enjoyed a slight year-over-year uptick in August, some markets continue to prove especially favorable to either buyers or sellers.

    For home seekers in the New York and northern New Jersey areas, the market is especially ripe for buyers at the moment, according to the latest Zillow analysis of buyers’ and sellers’ markets nationwide. According to the findings, the New York area market ranked eighth nationwide among top buyers’ markets, because the area is seeing conditions that leave home seekers less likely to face the fierce bidding wars common along the West Coast. Providence, Cleveland, Philadelphia and Milwaukee topped the best buyers’ markets list. [more]

  • Event design firm takes 38K sf at Industry City

    30% of 6 million-square-foot complex in Sunset Park remains vacant
    September 22, 2014 03:10PM
    sunset

    From left: David Stark (Credit: Design Milk) and Industry City at 882 Third Avenue in Brooklyn

    Event production firm David Stark Design and Production signed a lease for 38,000 square feet at Industry City in the Brooklyn neighborhood of Sunset Park.  [more]

  • Donald Trump in talks to open hotel in Dubai

    Property in the UAE would also include a golf course
    September 22, 2014 02:40PM
    From left: Donald Trump, Ziad El Chaar and Dubai

    From left: Donald Trump, Damac Managing Director Ziad El Chaar and Dubai

    Donald Trump is looking to open a hotel in Dubai. [more]

  • Jean Nouvel’s 53rd Street tower PH units revealed: PHOTOS

    82-story structure to have over 442K sf of residential space, composed of 140 residential units
    September 22, 2014 02:10PM By Adam Pincus
    Moma-Tower-Front

    From left: Jean Nouvel, 53 West 53rd Street rendering and floor plans

    Floor plans for the Jean Nouvel-designed MoMa tower planned for Midtown reveal that the largest penthouse will be nearly 19 times the size of the smallest staff apartment. Developer Hines disclosed those figures in an application filed last month to sell condominium units at the 1,050-foot skyscraper. Click here for a slideshow and more.

  • Skanska: No one knows if Ratner’s B2 building will leak

    Builder claims design for Atlantic Yards modular building is flawed
    September 22, 2014 01:40PM
    From left: B2 rendering and Richard Kennedy

    From left: B2 rendering and Richard Kennedy

    Skanska USA Building and Forest City Ratner remain locked in legal battle, trading blame for flaws in the design and construction of modular units for their 32-story building in Prospect Heights. In documents brought to light today, Skanska charges that the building could leak from thousands of joints in the façade.

    “[I]n simple terms, no one knows if the building is going to leak,” wrote Richard Kennedy, co-chief operating officer at Skanska USA Building, in a letter to Forest City Ratner dated August 8 and reviewed by the Atlantic Yards Report blog. [more]

  • Middle-of-the-block condo projects now front and center

    Side street developments almost as expensive as corner lots
    September 22, 2014 01:10PM
    From left: Michael Stern and the Walker Tower on West 17th Street in Manhattan

    From left: Michael Stern and the Walker Tower on West 17th Street in Manhattan

    Side streets are getting more popular as locations for upscale condo developments [more]

  • Warrant issued for Robert Durst after skipping court

    Estranged member of real estate family accused of violating Douglas Durst's restraining order
    September 22, 2014 12:40PM
    Dursts

    From left: Robert Durst and Douglas Durst

    A judge in New York City Criminal Court issued a warrant for the arrest of Robert Durst, an estranged member of the Durst real estate family, after he failed to show up at a court hearing today.

    Robert Durst was charged last year with allegedly violating the terms of the restraining order Douglas has against him. He was accused of approaching Douglas’ home at 413 West 43rd Street on June 2 and staring into a surveillance camera. Robert had been ordered in April 2012 to stay away from his estranged brother. [more]

  • Terrorism insurance program thrown into uncertainty

    Property owners and insurers await Congressional action, vote delayed until after elections
    September 22, 2014 12:10PM
    U.S. House of Representatives

    U.S. House of Representatives

    The renewal of a federal program that provides a backstop for property insurers in the event of a terror attack faces fresh uncertainty after the House adjourned early without holding a vote.

    The Terrorism Risk Insurance Act was passed in the wake of September 11 and provides a government subsidy for excessive expenses incurred by insurers following a terror attack. Property owners fear that if the law is not renewed, insurance premiums could skyrocket, especially in high-risk areas like New York City. [more]

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