The Real Deal New York

  • Shaoul launching mid-market condos ahead of expected glut

    Developer wants to sell moderately-priced inventory before more supply "comes around in 2017"
    February 08, 2016 06:20PM
    Ben Shaoul Magnum Real Estate

    From left: Ben Shaoul, 389 East 89th Street on the Upper East Side and 385 First Avenue near Gramercy Park

    Ben Shaoul is kicking off sales at two mid-market condo projects this month in a bid to get ahead of the competition for condo inventory priced at less than $3 million. [more]

  • Modular building pioneer Capsys acquired by rival Whitley

    Brooklyn-based firm to shutter factory in Navy Yard
    February 08, 2016 06:05PM By Konrad Putzier
    From left: Nicholas Lembo, a rendering of 335 EAst 27th Street (credit: nArchitects) and Simon Dragan

    From left: Nicholas Lembo, a rendering of 335 East 27th Street (credit: nArchitects) and Simon Dragan

    Modular manufacturer Capsys may be shutting down its Brooklyn factory, but the company’s name will live on. Pennsylvania-based modular firm Whitley Manufacturing is buying Capsys and will keep using the brand, the two companies announced Monday.

    Whitley, which specializes in low-rise commercial buildings, plans to use Capsys’ manufacturing techniques to build multi-story modular buildings for the New York City market at its factory in Leola, Pennsylvania.  [more]

  • Queens lawmaker calls for special architectural districts

    Neighborhoods' character would be protected without landmark status
    February 08, 2016 05:50PM

    Tony Avella

    Queens state Senator Tony Avella wants to create special architectural districts throughout the state, which would still protect neighborhoods from non-contextual buildings without requiring historic landmark status.

    Avella will introduce a bill during the new legislative session that would allow residents to petition for their neighborhoods to be protected by their local zoning authority, the Queens TimesLedger reported. Residents would detail the special design characteristics of their neighborhood and then there would be a public hearing for approval. [more]

  • oscars-2016

    Chris Rock, host of the Academy Awards Feb. 28

    1) A complete list of every ridiculous thing Oscar losers will get in their $200,000 gift bags this year.

    2) A 1957 Ferrari is officially the most expensive car ever sold at auction.

    3) Bernie Madoff’s jewelry to hit the auction block.

  • Inside TheRealDeal
  • Bloomberg confirms he’s considering White House run

    Former NYC mayor says current political discourse is "an outrage and an insult to the voters"
    February 08, 2016 05:30PM
    Michael Bloomberg

    Michael Bloomberg

    Former New York City Mayor Michael Bloomberg has acknowledged for the first time that he is weighing a run for the presidency of the United States.

    The billionaire and Bloomberg LP founder told the Financial Times that he is “looking at all the options” as far as a presidential bid is concerned, and expressed his displeasure with the current political discourse dominating the race for the White House. [more]

  • Here’s what the $10M-$20M NYC investment sales market looked like last week

    John Catsimatidis buys Hell’s Kitchen commercial building for $16 million; union labor group sells Flatiron development site for $10.3 million
    February 08, 2016 05:15PM By Kyna Doles
    837 11th Avenue, John Catsimatidis and 50 Orange Street

    837 11th Avenue in Hell’s Kitchen, John Catsimatidis and 50 Orange Street in Brooklyn Heights

    Last week in the $10-to-$20 million investment sales market, the Feil Organization shelled out $17.4 million for an Upper East Side commercial townhouse and John Catsimatidis bought a building next door to TF Cornerstone’s massive residential project on West 57th Street. Click here here for the story and more.

  • Hamptons-Michael-S-Smith

    An aerial view of 101 Lily Pond Lane

    From Luxury Listings NYC: Why buy one giant Hamptons estate when you can buy three?

    That was the thinking of Michael S. Smith, the natural gas billionaire, who recently purchased three Hamptons properties on Lily Pond Lane for a total of $110 million, making it the second most expensive Hamptons deal ever, according to the New York Post. The most expensive, of course, was Barry Rosenstein’s $147 million home that he bought in 2014. [more]

  • VIDEO: The streetcar may be resurrected, and real estate developers are thrilled

    The 16-mile route linking Brooklyn and Queens is estimated to cost $2.5B
    February 08, 2016 04:45PM By Alistair Gardiner

    During his State of the City Address last week, Mayor Bill de Blasio announced his proposal for a San Fransisco-style streetcar system that would run between Astoria and Sunset Park. Because of its proximity to new developments along the East River, a number of major real estate players are supporting the proposal, which is estimated to cost $2.5 billion.

    Watch the video above to see the proposed plans for the Brooklyn Queens Connector.

    For more videos, visit The Real Deal‘s YouTube channel.

  • Landlord sues Bond New York founders for allegedly breaking Tribeca lease

    Ricciotti and Freedman say claims that they "abandoned" 25 Hudson Street are meritless
    February 08, 2016 04:15PM By Rey Mashayekhi
    25 Hudson Street

    25 Hudson Street in Tribeca (inset, from left: Noah Freedman and Bruno Ricciotti)

    Bond New York founders Bruno Ricciotti and Noah Freedman, and an entity they used to sign a lease for their brokerage’s Tribeca office, are being sued by their landlord for allegedly breaking their lease. [more]

  • De Blasio inks law requiring DOB to alert officials of new projects

    The department will have to give weekly updates on applications
    February 08, 2016 03:50PM By Kathryn Brenzel
    From left: Mayor Bill de Blasio and Rick Chandler

    From left: Mayor Bill de Blasio and Rick Chandler

    A new law requires the Department of Buildings to give city officials a heads up when a new building is proposed for a neighborhood.

    Mayor Bill de Blasio signed a bill into law Monday ensuring that the department alert the City Council and Community Boards via email on a weekly basis after an application for a new building or for an alteration requiring a new certificate of occupancy for a building is filed. The bill also requires the department to email notices of rejected applications and also post all this information on its website every week. [more]

  • Phew!: Millionaires’ feud over 1 foot of property on UES is over

    Judge rules Ravi and Suzanne Yadav can proceed with fence plans
    February 08, 2016 03:30PM

    63 East 92nd Street (inset: Philippe Delouvrier)

    It may have not reached Hatfield and McCoy proportions, but the feud between millionaires over one foot of property on the Upper East Side is over — at least for now.

    A Manhattan judge said Ravi Yadav, a Soros Fund Management Fund partner, and his wife Suzanne can go forward with their plans for a fence at their townhouse at 63 East 92nd Street. [more]

  • These are the most expensive BK condos approved last month

    See approved condominium plans from last month and the last year on TRData
    February 08, 2016 02:45PM

    Clockwise from Left: Renderings for 651 New York Avenue (Credit: Loadingdock5), 171 South Portland Avenue (Credit: East River Partners), 559 Carroll Street (Credit: Brooklyn Home Company) and 70, 80 and 90 Lorimer Street (Credit: NY YIMBY)

    Did you know Sunset Park, the off-the-condo’d-path land of beef tongue and dim sum, is getting condos from major Manhattan developer Time Equities? Or that South Brooklyn neighborhoods had four of the 10 most expensive condo projects approved in January? TRData, The Real Deal‘s research website, is compiling data for newly approved condominiums every month. See the top ten condo projects greenlighted by the NY State Attorney General in January (and also during the last year) by clicking here, and for more reports, info and analysis on New York real estate visit TRData’s Data Hub.

  • The Lower East Side goes upscale: Q&A, part I

    David Schneiderman and Deborah Gutoff on the neighborhood's "original game changer"
    February 08, 2016 02:17PM By Adam Warner
    From left: David Scheiderman the Ludlow Hotel at 180 Ludlow Street on the Lower East Side and Deborah Gutoff thumb

    From left: David Scheiderman the Ludlow Hotel at 180 Ludlow Street on the Lower East Side and Deborah Gutoff thumb

    From the February issue: The Lower East Side is a long-gritty neighborhood that’s undergoing a dramatic makeover. Driving the transformation is the $1.1 billion Essex Crossing mega project, which is set to deliver 1,000 units of housing along with retail, office, and community/cultural uses. In our third web installment, we bring you TRD‘s interviews with David Schneiderman, co-founder of Four Winds Real Estate and Deborah Gutoff, senior director of Eastern Consolidated, who talk about the neighborhood’s “original game changer,” as well as what kind of investment opportunities they are seeing right now. [more]

  • Tishman Speyer taps Bjarke Ingels for $3B Hudson Yards office tower

    Developer gets $1B in equity for 1,005-foot property
    February 08, 2016 01:45PM

    Renderings of the Spiral at 66 Hudson Boulevard (credit: Tishman Speyer) (inset: Bjarke Ingels and Rob Speyer)

    Tishman Speyer hired starchitect Bjarke Ingels to design its new 1,005-foot, $3 billion-plus office tower in Hudson Yards. The developer secured $1 billion in equity from a group of international investors. [more]

  • Ruben Companies secures $245M loan for 1700 Broadway

    Firm recently paid $280M to take fee position, own office tower in full
    February 08, 2016 01:22PM
    Richard Ruben 1700 Broadway

    Richard Ruben and 1700 Broadway in Midtown

    Ruben Companies received $245 million in financing from Prudential Mortgage Capital Company for its 42-story, 650,000-square-foot office tower at 1700 Broadway, according to city records.

    New York-based Ruben recently bought the land beneath the Midtown building between West 53rd and West 54th streets, which it had developed in 1968, from the Shubert Foundation for $280 million in an off-market transaction. [more]

  • Queens developer files for 79-story LIC resi tower

    Chris Xu bought the site near One Court Square for $143M in July
    February 08, 2016 12:45PM By Ariel Stulberg

    A rendering of the planned Court Square City View Tower at 23-15 44th Drive in Long Island City (inset: Chris Xu)

    Flushing-based developer Chris Jiashu Xu filed plans for a massive 79-story residential tower in Long Island City. [more]

  • Is Sarah Jessica Parker buying not one – but two – new Village homes?

    “Sex and the City” actress said to be buying on West 11th Street
    February 08, 2016 12:25PM By Katherine Clarke
    Sarah Jessica Parker and 273-275 West 11th Street

    Sarah Jessica Parker and 273-275 West 11th Street

    It seems Carrie Bradshaw just can’t leave the Village behind.

    Less than a year after selling her West 10th Street townhouse, Sarah Jessica Parker, who played Bradshaw in “Sex and the City,” is said to be buying two other pads on West 11th Street. [more]

  • Adam America files plans for 11-story LIC condo building

    Developer's first Queens project will hold 175 condo units, 5K sf of retail
    February 08, 2016 12:15PM By Rey Mashayekhi
    Adam America

    From left: Omri Sachs and Dvir Cohen Hoshen

    Adam America filed plans this weekend to build an 11-story residential tower in Long Island City – a 175-unit condo building that’s expected to feature nearly 5,000 square feet of ground-floor retail.

    The Midtown East-based firm’s plans for a nearly 170,000-square-foot building at 22-12 Jackson Avenue, filed with the city’s Department of Buildings on Saturday, include a pool on the first floor, a gym and children’s playroom on the second floor and a rooftop “recreation area” atop the building. There will also be storage space for 91 bicycles on the first and second floors. [more]

  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    February 08, 2016 11:30AM

    Cityrealty Feb 8

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • Head of AG’s real estate finance bureau to join Stroock

    “The only thing better than preserving affordable housing… is building it”: Erica Buckley
    February 08, 2016 11:05AM
    Erica Buckley

    Erica Buckley to join Stroock & Stroock

    After eight years of public service, the head of the New York State Attorney General’s Real Estate Finance Bureau is making a move to the private sector.

    Erica Buckley will join the real estate and government relations practices at Stroock & Stroock & Lavan’s New York office.

    The 42-year-old has been with the attorney general’s office for eight years and in 2013 was made chief of the 45-person Real Estate Finance Bureau, which enforces a state law regulating the offer and sale of both co-ops and condominiums. The bureau also focused on affordable housing and monitored landlords and developers receiving 421-a abatements. [more]