The Real Deal New York

  • Great Neck firm set to spend $43M on summer retail splurge

    Klosed Properties bets on rising rents in hot nabes near South Street Seaport and Times Square
    August 21, 2014 06:20PM By Rich Bockmann
    From left" 202 Spring Street and 46-50 Fulton Street

    From left: 202 Spring Street and 46-50 Fulton Street

    A small retail-acquisition firm out of Great Neck, L.I.’s Persian real estate community had a pretty active summer and is on track to spend more than $43 million on a handful of properties it’s betting will command top dollar by the time their leases expire. [more]

  • Sam Chang buys Midtown mental health facility for $51M

    Developer to either build hotel or rentals after property becomes vacant
    August 21, 2014 06:05PM

    334 West 36th Street (Inset: Sam Chang)

    Hotel developer Sam Chang of Great Neck, N.Y.-based McSam Hotel Group has added yet another Midtown West property to his portfolio with the purchase of the six-story Postgraduate Center for Mental Health for $50.8 million. [more]

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    August 21, 2014 05:50PM


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  • Inside the $8M townhouse at 5-46 51st Avenue in Long Island City

    Inside the $8M townhouse at 5-46 51st Avenue in Long Island City

    “Off-the-papers” buys crank out big profits. LIC townhouse hits the market for $8M. “Million Dollar Listing New York” star Luis Ortiz rumored to have made Abington House buy. Read these stories and more after the jump.

  • Inside TheRealDeal
  • No rush when it comes to FICO’s new credit score: Harney

    Most homebuyers unlikely to see any direct benefit from Score 9 for years
    August 21, 2014 05:05PM By Kenneth Harney

    NAR’s Steve Brown and Fair Isaac’s Mark Greene

    You may have noticed the big media splash recently when Fair Isaac, developer of the iconic FICO credit score, announced the debut of a new score version that no longer would penalize consumers who have medical debt-collection issues in their credit files.

    The announcement hit the front pages of publications such as the Wall Street Journal and was highlighted on national TV network news. Steve Brown, president of the National Association of Realtors, was so enthusiastic about the new score’s potential that he predicted it would “make a real difference in the lives of millions of Americans who have been shut out of the housing market or forced to pay higher mortgage interest rates because of flawed credit scores.” [more]

  • This month in real estate history

    1942: Bank forecloses on legendary Collyer home
    August 21, 2014 04:40PM By Adam Pincus
    The Collyer Brothers' home

    The Collyer Brothers’ home

    From the August issue: The Bowery Savings Bank filed to foreclose on the Harlem brownstone where the reclusive brothers Homer and Langley Collyer lived 72 years ago this month. The move to take the house came five years before they died inside it, victims of the home’s 100 tons of refuse and clutter. [more]

  • Witkoff, Lightstone Group latest to eye Israeli capital markets

    New York developers reportedly mulling $141M bond offerings
    August 21, 2014 04:15PM
    From left: Steven Witkoff and David Lichtenstein

    From left: Steven Witkoff and David Lichtenstein

    The Witkoff Group’s Steven Witkoff and David Lichtenstein of the Lightstone Group are gearing up to follow Extell’s Gary Barnett by tapping the Israeli capital markets for debt.

    Both developers are reportedly mulling bond offerings expected to generate 500 million shekels, or $141.6 million, each. Should Lichtenstein’s plans move forward, it would mark the eighth such offering by an American property developer on the Israeli market in recent months, according to Haaretz. [more]

  • Brooklyn sees record investment sales in first half of 2014

    The total dollar amount of deals in the borough was $3.4 billion in the first half of 2014
    August 21, 2014 03:45PM
    (Credit: Maurice Mayfield)

    (Credit: Maurice Mayfield)

    The Brooklyn investment market is on track to break another record this year, according to a report from real estate firm Massey Knakal Realty Services. [more]

  • Crunch gym on Upper West Side getting 22 apartments above it

    Addition to expand height of building on West 83rd Street from 25 to 70 feet
    August 21, 2014 03:15PM

    158-162 West 83rd Street and rendering

    New York-based real estate firm Parkwood Realty Associates plans to construct a three-story residential addition on top of the Crunch gym on the Upper West Side. [more]

  • Brookfield scores major tenant for Manhattan West

    Law firm Skadden, Arps, Slate, Meagher & Flom to take 500K sf spread
    August 21, 2014 02:45PM
    Rendering of Brookfield Properties' Manhattan West

    Rendering of Brookfield Properties’ Manhattan West

    Law firm Skadden, Arps, Slate, Meagher & Flom has agreed to relocate its global headquarters to a 500,000-square-foot spread at Brookfield Office Properties’ $4.5 billion megaproject between Ninth and 10th avenues in the West 30s. [more]

  • New York to get chunk of record Bank of America settlement

    State will receive $800M out of $16.5B total; payment to include $125M for affordable housing
    August 21, 2014 02:20PM
    Bank of America and New York Attorney General Eric Schneiderman

    Bank of America and New York Attorney General Eric Schneiderman

    New York will receive an $800 million chunk of a national $16.65 billion settlement with Bank of America, state Attorney General Eric Schneiderman announced today.  [more]

  • Lauren Bacall’s Dakota home to hit the market

    Late actress purchased the property in 1961 for $48,000
    August 21, 2014 01:55PM
    From left: Lauren Bacall in "How to Marry a Millionaire", the Dakota and the actress in "All I Want for Christmas"

    From left: Lauren Bacall in “How to Marry a Millionaire,” the Dakota and the actress in “All I Want for Christmas”

    Lauren Bacall’s home at the Dakota, where the legendary actress resided for more than half a century until her death earlier this month, will soon hit the market. [more]

  • Hotel developer: LIC pastor tried to extort money from firm

    Bishop Taylor denies claim, says he wants locals hired on company's project in Queensbridge
    August 21, 2014 01:30PM

    Howard Johnson in Long Island City, and George Frangoulis

    The boss of a developer of a Howard Johnson hotel heading to Long Island City, Queens accused a local pastor of attempting to extort money from the company.

    Bishop Mitchell Taylor denied the claims, saying he is pushing for the hotel operators to agree to hire workers who reside at the Queensbridge Houses at 41-1 12th Street. The public housing development is in close proximity to the old Howard Johnson location at 38-71 13th Street. [more]

  • Tenants allege age discrimination at Upper West Side building

    Stonehenge bars rent-regulated tenants from building's gym; majority of those residents are seniors
    August 21, 2014 01:05PM
    Stonehenge Village at 135 West 96th Street

    Stonehenge Village at 135 West 96th Street

    Tenants of an Upper West Side mixed-income building allege the landlord is discriminating against the elderly by barring low-income residents from using the property’s on-site gym.

    The battle broke out earlier this year after Stonehenge Partners reserved the gym at Stonehenge Village at 135 West 96th Street strictly for market-rate tenants. In an update to an earlier complaint cited by DNAinfo, 74-year-old tenant association president Jean Dorsey said 66 percent of rent-regulated residents at Stonehenge Village are 65 or older, while just 5 percent of wealthier tenants fall in that demographic. [more]

  • Arlene Farkas’ 14-room duplex headed to auction block

    Public foreclosure to follow co-op board's thumbs down on deal with French government
    August 21, 2014 12:40PM
    From left: Arlene Farkas and River House

    From left: Arlene Farkas and River House

    Department store heir Bruce Farkas’ ex-wife’s apartment is up for a public foreclosure auction. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 21, 2014 12:15PM

    1. 48.8 percent of transactions in New York closed in cash in Q2 of 2014
    2. Revealed: Complete pricing, floor plans for Woolworth condos
    3. The “outer outer” parts of each borough set to see lion’s share of new rentals

    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]

  • Con Edison will net $5.5 million from sale of 51 Park Place

    Sharif El-Gamal closed on the property for $10.7M in July
    August 21, 2014 11:50AM
    From left: Sharif El-Gamal, 51 Park Place and Con Edison CEO John McAvoy

    From left: Sharif El-Gamal, 51 Park Place and Con Edison CEO John McAvoy

    Con Edison’s sale of a former Downtown substation to Sharif El-Gamal of Soho Properties will net the utility company about $5.5 million.  [more]

  • Uniqlo re-ups for 53K square feet at Soho flagship 

    Japanese retailer opened four other NYC stores since entering market in 2006
    August 21, 2014 11:25AM By Mark Maurer

    546 Broadway in Soho

    Japanese clothing retailer Uniqlo renewed the lease for its 52,500-square-foot, three-level New York flagship space in Soho for the next 10 years, The Real Deal has learned. [more]

  • Lousy odds: 60,000 apply for 105 affordable units in Greenpoint

    Winners will pay as little as $647 a month to reside at 1133 Manhattan Avenue
    August 21, 2014 11:00AM
    1133 Manhattan Avenue in Greenpoint

    1133 Manhattan Avenue in Greenpoint

    You might have a better chance winning the lottery. [more]

  • Renters sign off floor plans, too

    It’s not just condo buyers jumping in before buildings are done
    August 21, 2014 10:30AM By E.B. Solomont

    From the August issue: It took developers nearly four years to build the Robyn, a Karl Fischer–designed rental building in the East Village. But when leasing launched in June, all 33 units were snapped up within 10 days. [more]