The Real Deal New York

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 22, 2014 12:00PM

    1. NYC is now home to 103 billionaires, more than any city
    2. Kelly Ripa and Mark Consuelos sell SoHo penthouse
    3. This week in renderings: 538 Aperture, Gateway Elton Street

    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]

  • Chinese investor Kuafu files Hudson Yards condo-hotel plans

    Developers paid $115M for West 38th St. property and air rights
    September 22, 2014 11:00AM

    462-470 11th Avenue renderings

    Plans have been filed with the Department of Buildings for a 47-story condo-hotel tower in Hudson Yards.

    New York City-based Chinese private equity firm Kuafu Properties, Siras Development and BlackHouse Development chief Sean Ludwick partnered in June on the project at 462-470 11th Avenue, near West 38th Street, according to documents obtained by The Real Deal. A spokesperson for Siras, led by former BlackHouse partners Saif Sumaida and Ashwin Verma, said last week that Ludwick is no longer a development partner. Ludwick, however, denied this. Documents show him as a partner. [more]

  • Brokers say buyers are less frantic as inventory ticks up

    With market showing signs of normalizing, there are fewer bidding wars
    September 22, 2014 10:30AM By E.B. Solomont

    From the September issue: Halstead Property’s Christopher Kromer and Nora Ariffin said they brokered more than 65 deals last year — all of them ending with a request for “best and final” offers from competing buyers. [more]

  • Fiscal Policy Institute to mayor: tax pied-à-terres

    Of the city's 89,000 second homes, more than 1,550 are worth at least $5M
    September 22, 2014 10:00AM
    From left: a unit at One57 and a unit at the Park Imperial

    From left: a unit at One57 and a unit at the Park Imperial

    The Fiscal Policy Institute is proposing that the de Blasio administration start taxing very expensive pied-à-terres in the city. [more]

  • Inside TheRealDeal
  • The skyline of Downtown Jersey City

    The skyline of Downtown Jersey City

    Jersey City is booming. J. Lo still on the hunt for a Manhattan pad. How development is transforming Dumbo. Read these stories and more after the jump.

  • Bed and breakfasts put in jam by short-term rental law, Airbnb

    Number of establishments in NYC down by half since 2011
    September 22, 2014 09:00AM
    Bed and breakfasts at 158 West 13th Street, 230 East 58th Street and 131 West 23rd Street

    Bed and breakfasts at 158 West 13th Street, 230 East 58th Street and 131 West 23rd Street

    The 2011 New York state law that made renting out apartment units or rooms in residential buildings for less than 30 days unlawful, coupled with Airbnb’s booming short-term rental business, has served a one-two punch to the city’s traditional bed and breakfasts. [more]

  • Investor group to buy Cassidy Turley

    TPG, PAG Asia Capital and Ontario Teachers Pension Plan are among the investors
    September 22, 2014 08:30AM
    Cassidy Turley CEO Joe Stettinius

    Cassidy Turley CEO Joe Stettinius

    A group of investors — including private-equity firm TPG — is reportedly buying commercial brokerage Cassidy Turley.

    The deal could be announced Monday, according to the Wall Street Journal. Cassidy Turley has more than 60 offices across the country. Investment management firm PAG Asia Capital and Ontario Teachers Pension Plan are also part of the group that is planning to buy Cassidy Turley, the Journal reported. [more]

  • Astoria Cove is a litmus test for affordable housing: OPINION

    Cost breakdown, city subsidies and union labor among final details to be settled this month
    September 22, 2014 08:00AM
    Mayor Bill de Blasio and a rendering of Astoria Cove

    Mayor Bill de Blasio and a rendering of Astoria Cove

    Alma Realty’s Astoria Cove project, slated to receive a ruling from the City Planning Commission this month and then move on to the City Council for a final thumbs up, will serve as a benchmark for the mayor’s affordable housing plans, Crain’s columnist Greg David writes in a recent op-ed. [more]

  • Most popular stories on The Real Deal

    September 22, 2014 07:20AM

    Current reader favorites:
    1. Kelly Ripa sells Soho penthouse
    2. Billionaire Ron Perelman’s firm pays $120M for Lenox Hill rental
    3. Lululemon inks two corner deals in Soho
    4. Inside Rubin Schron’s New York real estate holdings
    5. $85M air rights purchase pushes stalled MoMa tower ahead

  • De Blasio to commit $1B into “greening” buildings

    The city will also put pressure on private landlords to make environmentally conscious updates
    September 21, 2014 05:00PM
    Mayor de Blasio

    Mayor de Blasio

    Mayor de Blasio has announced plans to commit at least $1 billion over the next decade to “greening” city-owned buildings.

    The city will also pressure private landlords to make similar energy-efficiency improvements, according to the New York Post. [more]

  • Another affordable condo development rising in Brownsville

    The project was one of the first to be approved by the de Blasio administration
    September 21, 2014 04:00PM
    202 Mother Gaston Boulevard

    202 Mother Gaston Boulevard

    Yet another vacant lot in Brooklyn’s farther reaches is falling to Mayor de Blasio’s affordable housing push. A neighborhood “eyesore” in Brownsville will see new life as a four-story, 15-unit affordable condo complex.

    The $5.8 million project, located 202 Mother Gaston Boulevard, is being overseen by Habitat for Humanity, which broke ground on the building Wednesday, according to Curbed. [more]

  • Penthouse lists at Naftali Group’s 234 East 23rd Street

    The building is now 75 percent sold
    September 21, 2014 03:00PM
    234 East 23rd Street

    234 East 23rd Street

    The Naftali Group’s 20-story project at 234 East 23rd Street in Gramercy has sold 75 percent of its 57 units. And now, the development’s sole penthouse has hit the market asking $5.975 million. [more]

  • Has the tiny house movement jumped the shark?

    The evidence? A professor living in an "eco-friendly" dumpster in Austin
    September 21, 2014 02:00PM By Business Insider
    A dumpster house

    A dumpster house

    Jeff Wilson lives in a dumpster. It’s not what it sounds like: Wilson is an environmental science professor and dean at Huston-Tillotson University in Austin, Texas, and he’s working with his students and a team of experts to transform that dumpster into a sustainable home that costs under $10,000. [more]

  • City moves forward with Sandy buyouts on Staten Island

    But a few locals are holding their ground
    September 21, 2014 01:00PM
    A home being razed on Fox Beach on Staten Island

    A home being razed on Fox Beach on Staten Island

    Following Hurricane Sandy, the community of Fox Beach on Staten Island was deemed too dangerous and too expensive because of the rising cost of flood insurance. Now that neighborhood is being raised, and locals bought out. But some are still fighting to save their homes.

    “I don’t know if they are offering me enough money, where I could buy something else for us. The guy down there moved into a studio. I don’t want to do that once I’ve owned a house,” Franca Costa told NPR. Costa is now one of only a handful of holdouts left. [more]

  • Landlords take low-interest loans, but refuse fixes

    A city audit found that money loaned by the city to private landlords was not being used to correct violations
    September 21, 2014 12:00PM
    State Comptroller Tom DiNapoli

    State Comptroller Tom DiNapoli

    A city program intended to provide millions of dollars a year in low-interest loans to private landlords is being exploited, an audit by state Controller Thomas DiNapoli has found.

    The money is lent to landlords to make repairs and remedy building violations. But the city has found that in some cases, the landlords aren’t bothering to make any fixes, according to the New York Daily News. [more]

  • Final leg of the High Line opens

    Pedestrians can now enjoy all 22 blocks of the elevated park
    September 21, 2014 11:00AM
    The final section of the High Line

    The final section of the High Line

    The third and final section of the tourist-swamped High Line opened to the public on Sunday, marking the end of 15 years of development. [more]

  • Madoff penthouse trades again for $14.5M

    The notorious home was purchased by real estate mogul Lawrence Benenson
    September 21, 2014 10:00AM
    Penthouse A at 133 East 64th Street, Lawrence Benenson and Bernie Madoff

    Penthouse A at 133 East 64th Street, Lawrence Benenson and Bernie Madoff

    Rumors of a curse haven’t stopped Bernie Madoff’s Upper East Side penthouse from trading yet again for $14.5 million. [more]

  • Is a new wave of student housing bad for the East Village?

    Hundreds of new students will soon move in to the already rowdy neighborhood
    September 21, 2014 09:00AM
    A rendering of the 605 East 9th Street dorm project

    A rendering of the 605 East 9th Street dorm project

    From Luxury Listings NYC: Once an affordable refuge for artists and poets, in recent years the East Village has become a favorite of upwardly mobile young professionals and the craft cocktail crowd. But now the neighborhood of Kenneth Koch, Frank O’Hara and Allen Ginsberg is evolving, yet again, with the arrival of more college dormitories. [more]

  • Sex offender halfway house angers PLG locals

    Neighbors say they were never notified of the facility’s existence
    September 20, 2014 05:00PM

    1785 Bedford Avenue in

    Some residents of Prospect-Lefferts Gardens are up in arms after the discovery that an unmarked building in the neighborhood is home to over a dozen violent sex offenders. [more]

  • Billionaire David Koch breaks ground on medical center

    Koch donated $100M to build the facility on the UES
    September 20, 2014 04:00PM

    David Koch at the ground breaking of the David H. Koch Center [via the New York Post]

    David Koch at the ground breaking of the David H. Koch Center [via the New York Post]

    Billionaire David Koch and wife Julia have broken ground on a new outpatient center at New York–Presbyterian. [more]


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