The Real Deal New York

  • Top residential agents of the week

    May 29, 2015 06:10PM
    Deanna Raida and 1045 Fifth Avenue on the Upper East Side

    Deanna Raida and 1045 Fifth Avenue on the Upper East Side

    Deanna Raida of Douglas Elliman topped this week’s residential sales with a $15.5 million co-op on the Upper East Side purchased by Paul McCartney. Click here to see this listing and more.

  • Clockwise from left: 239 Tenth Avenue, 89 Grand Street in Williamsburg and 265 Van Brunt Street in Red Hook

    Clockwise from left: 239 10th Avenue, 89 Grand Street in Williamsburg and 265 Van Brunt Street in Red Hook

    Michael Shvo’s High Line development on 10th Avenue and a Raymond Chan-designed residential project in Bushwick are among the latest projects to receive a new batch of renderings in the past week. Click here for a slideshow and more.

  • Q&A with Jeff Greene: “I’m all in on West Palm Beach”

    His plans include condos, office buildings and residential towers
    May 29, 2015 05:50PM By Dan Weil
    jeff-greene_416x416_headshot

    Jeff Greene

    From the South Florida website: Renowned real estate investor Jeff Greene, who reportedly became a billionaire by betting against sub-prime mortgages in last decade’s real estate crash, is bullish on real estate in West Palm Beach, particularly downtown West Palm Beach.

    He has bought land to develop condominiums, office buildings and residential space in several areas downtown and in the Currie Park area north of downtown. The Currie Park properties could turn into a $1 billion project with eight 15-story buildings, Greene told The Real Deal. [more]

  • Landmarks considers Stonewall Inn for historic status

    Greenwich Village bar is the birthplace of the 1969 gay rights movement
    May 29, 2015 05:20PM
    The Stonewall Inn at 53 Christopher Street in Greenwich Village

    The Stonewall Inn at 53 Christopher Street in Greenwich Village

    The Stonewall Inn, the bar many view as the place where the gay rights movement started in 1969, may become an official landmark. [more]

  • Inside TheRealDeal
  • Check out the trash basket that inspired 432 Park

    "There's a certain amount of penis envy" in NYC development, Macklowe says during Cornell talk
    May 29, 2015 05:07PM By Tess Hofmann
    Rendering of 432 Park Avenue (credit: Rafael Vinoly Architects) and a Josef Hoffmann-designed trash basket

    Rendering of 432 Park Avenue (credit: Rafael Vinoly Architects) and a Josef Hoffmann-designed trash basket

    Pure, revolutionary, genuinely distinguished — these are all terms that architecture critics have used to describe Rafael Vinoly’s masterwork, the Western Hemisphere’s tallest residential tower, 432 Park Avenue. But would they say the same of the trash basket it was modeled on? [more]

  • US mortgage rates hit 2015 highs on bullish housing data

    Home loan costs jump as investors speculate on positive data
    May 29, 2015 04:50PM

    home-arrow-for-web

    U.S. mortgage rates rose to 2015 highs this week, with bond investors reacting to positive reports from the housing market.

    The average rate for a 30-year fixed mortgage climbed to 3.87 percent from 3.84 percent last week, matching levels seen at the end of 2014, according to Freddie Mac. The average 15-year rate rose to 3.11 percent from 3.05 percent last week. [more]

  • Sugar Hill sells two Harlem rentals for $36M

    Buildings have about 130 apartments in total
    May 29, 2015 04:30PM By Mark Maurer and Claire Moses
    Convent Avenue Harlem

    From left: 580 St. Nicholas Avenue and 106-108 Convent Avenue in Harlem (credit: Sugar Hill Capital Partners’ David Schwartz)

    Alan Marcus, an Aventura, Fla.-based investor and insurance lawyer, picked up a pair of Harlem rental buildings from Sugar Hill Capital Partners for a total of $35.5 million, The Real Deal has learned. [more]

  • PBC has “no intention” of selling HSBC Tower in Bryant Park

    CBRE’s Shanahan urged IDB subsidiary to take $900M offer for 452 Fifth Ave.
    May 29, 2015 04:09PM By Rey Mashayekhi
    452 Fifth Avenue

    From left: Eli Elefant, 452 Fifth Avenue in Midtown and William Shanahan

    Property & Building Corporation, a subsidiary of Tel Aviv-based investment giant IDB group, insists it has “no intention” of selling its core New York asset, the HSBC Tower at 452 Fifth Avenue, despite CBRE’s William Shanahan suggesting that not doing so could prove an “unsuccessful gamble.” [more]

  • JPMorgan, Continental asking $90M for 13 Bronx resi buildings

    90 percent of the units are rent-stabilized
    May 29, 2015 03:49PM
    1685 Morris Avenue in the Bronx, one of the buildings in the portfolio

    1685 Morris Avenue in the Bronx, one of the buildings in the portfolio

    JPMorgan Chase and Continental Properties are looking to cash in on growing interest in the Bronx by putting a 13-building residential portfolio up for sale with a target price of $90 million. [more]

  • “Million Dollar Listing” stars on life in the broker fast lane: VIDEO

    Fredrik, Ryan and Luis talk social media, closing deals, and self-promotion at TRD Forum
    May 29, 2015 03:13PM
    From left: Fredrick Eklund, Luis D. Ortiz, Ryan Serhant and Cheryl Casone

    From left: Fredrick Eklund, Luis D. Ortiz, Ryan Serhant and Cheryl Casone

    The stars of Bravo’s “Million Dollar Listing New York” dropped by The Real Deal‘s New Development Showcase and Forum on May 12, where they shared insights about their social media philosophies, why PR rules in real estate and whether the show is an accurate depiction of their personal and professional lives. [VIDEO]

  • Gay hotelier Ian Reisner admits to donating money to Ted Cruz

    Republican candidate, a staunch opponent of same-sex marriage, received $2,700 during a fundraiser
    May 29, 2015 02:29PM
    From left: Ian Reisner, the OUT Hotel and Ted Cruz

    From left: Ian Reisner, the OUT Hotel and Ted Cruz

    Openly gay hotelier Ian Reisner has admitted to donating money to Republican presidential candidate Sen. Ted Cruz. [more]

  • Nonprofit Phipps Houses to buy 300,000 sf East New York site for $38M

    City plans to rezone burnt-out lot for manufacturing, industrial and resi uses
    May 29, 2015 01:57PM By Rich Bockmann
    Firefighters battle a blaze at Blue Ridge Farms and the burnt-out building at 3301 Atlantic Avenue

    Firefighters battle a blaze at Blue Ridge Farms and the burnt-out building at 3301 Atlantic Avenue

    Nonprofit developer Phipps Houses is in contract to buy a burnt-out former food-processing plant that’s part of the city’s East New York rezoning plan for $38 million, The Real Deal has learned. [more]

  • Lead investor in JDS, PMG’s supertall 57th St. tower turns off cash pump

    Ambase Corp. didn’t meet three capital calls for 111 West 57th St.: SEC filing
    May 29, 2015 01:15PM By Konrad Putzier
    111w57 Stern Maloney

    Rendering of 111 West 57th Street (inset, from left: Michael Stern and Kevin Maloney; credit: SHoP Architects)

    The majority investor in Michael Stern and Kevin Maloney’s planned 1,428-foot luxury condo tower at 111 West 57th Street is no longer willing or able to pump money into the project and is in talks to reduce its stake, public records show. [more]

  • Developer plans 13-story resi building in Hunter’s Point

    New development to span roughly 52,500 square feet
    May 29, 2015 12:57PM By Claire Moses
    45-24 Vernon Boulevard in Queens

    45-24 Vernon Boulevard in Queens

    Brent Carrier, a Long Island City-based developer, is planning a 13-story residential building at 45-24 Vernon Boulevard in Hunter’s Point, according to a permit application filed with the city’s Department of Buildings on Friday.

    The site currently holds a one-story manufacturing facility. Plans to demolish the 11,200-square-foot building have yet to be filed. [more]

  • Daughter of ex-Bear Stearns CEO lists UES mansion for $39M

    Alison Schneider acquired property for $14M in divorce settlement
    May 29, 2015 12:25PM
    10 East 75th Street

    10 East 75th Street on the Upper East Side

    A sprawling seven-floor Upper East Side mansion owned by the daughter of a former Bear Stearns CEO is back on the market for $38.5 million three years after failing to find a buyer. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    May 29, 2015 12:05PM

    1. Saudi billionaire said to be buyer of $95M penthouse at 432 Park
    2. Michael Jordan slashes ask on Chicago manse
    3. MDLNY season 4, episode 7: <3 is in the air

    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]

  • Bowling alley coming to Essex Crossing

    Splitsville will be the only full-service bowling facility below 19th Street
    May 29, 2015 11:30AM
    Rendering of Essex Crossing (credit: SHoP Architects)

    Rendering of Essex Crossing (credit: SHoP Architects)

    Essex Crossing just got a dose of retro-cool with the signing of Splitsville Luxury Lanes, a 10-lane bowling alley. [more]

  • Real Housewife Heather Thomson and Yummie shapewear models

    Real Housewife Heather Thomson and Yummie shapewear models

    Real Housewife Heather Thomson’s Yummie undies moving to 530 Seventh Avenue. Buy an apartment in “Seinfeld”’s famous doorman building for $3.7 million. Essex Crossing affordable housing meeting devolves into chaos. Read these stories and more after the jump.

  • Managing US homeowners’ great expectations

    Appraisers say owners may not understand the valuation dynamics of their local market
    May 29, 2015 10:30AM By Kenneth Harney
    Homeowners

    From left: Tom Horn and Don Boucher

    Do you know what your house is worth? Would you concede that there’s a chance that your estimate of its value might be higher than what a buyer would pay?

    A new statistical study, published in the Journal of Housing Economics, found that home owners on average “overestimate the value of their properties by about 8 percent.” Tapping into federal databases, researchers concluded that overvaluations are likely tied to erroneous owner estimations of the capital gains they’ve accumulated in the house. [more]

  • Dean Skelos and son indicted on corruption charges

    Ex-Senate majority leader allegedly favored companies in exchange for payments to his son
    May 29, 2015 10:00AM
    From left: Dean Skelos and Adam Skelos

    From left: Dean Skelos and Adam Skelos

    Former New York Senate majority leader Dean Skelos and his son Adam were indicted by a federal grand jury on Thursday on charges including extortion, wire fraud, conspiracy and bribe solicitation — with the jury finding probable cause that Skelos monetized his office and secured benefits for his son.

    The indictment largely corresponds to the complaint brought against the father and son — with the additional accusation that Dean took over $100,000 in payments and health benefits from a medical malpractice insurer that provided Adam with a no-show job, the New York Times reported. [more]

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