The Real Deal New York

  • Steepest, cheapest listings to hit Manhattan this week

    On the high end: Two posh Plaza Hotel pads. On the low: Wall-through air conditioner.
    August 29, 2014 02:15PM By Julie Strickland
    From left: 1 Central Park South and 25 Tudor City Place

    From left: 1 Central Park South and 25 Tudor City Place

    Laurence Kaiser and Craig Dix of Key-Ventures had the priciest new Manhattan listing with a $49.5 million condominium at 1 Central Park South, while Halstead Property’s Eileen Shannon Smith had the cheapest with a $285,000 two-room studio co-op at 25 Tudor City Place in Murray Hill. Click here to see these listings and more.

  • Loan program exclusion to continue for NYC co-op owners

    Elderly residents upset that HUD changed mind about regulatory change
    August 29, 2014 01:45PM
    co-op

    Mary Ann Rothman and Arthur Weinstein

    Elderly co-op owners, especially in New York City, have been pushing for the federal government to make them eligible for a reverse mortgage program for years.

    The Department of Housing and Urban Development started drafting regulations a few years ago that would have expanded the Home Equity Conversion Mortgage program to include co-ops. A HUD spokesperson said the agency opted not to make the change because the “F.H.A.’s single-family programs are based on loans being secured by real property and the co-op structure does not meet this basic requirement,” according to the New York Times. [more]

  • RockFarmer said to get $30M for Wash. Heights assemblage

    Walk-up rental properties offer 80K square feet of air rights
    August 29, 2014 01:15PM By Mark Maurer
    rockfarmer

    From left: RockFarmer’s John Petras, 633 West 171st Street and 636 West 172nd Street

    RockFarmer Capital, an affiliate of Queens-based Douglaston Realty Management, found a buyer for a Washington Heights residential portfolio for north of $30 million, The Real Deal has learned. [more]

  • Study calls for development around Bronx Metro North stations

    Findings call for connection between densely populated areas and other public transport
    August 29, 2014 12:15PM
    TK

    Map of Bronx Metro North sites targeted for development (Click to enlarge)

    A Department of City Planning study focused on overhauling underused area around some Metro North stations in the Bronx is calling for a new plan to develop such spots along the waterfront.

    The study advocates development around the University Heights and Morris Heights stations that would help area residents more easily access other public transport and the Harlem River, DNAinfo reports. Such spots are currently underutilized despite being located in densely populated areas, the study finds, and are cut off from the rest of the community by highways and other obstructions. [more]

  • Inside TheRealDeal
  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 29, 2014 11:30AM

    1. Rihanna scopes out a not-so-hopeless place
    2. The Apple Store on Fifth Avenue scored a design patent
    3. David Werner lands $700M financing for Mobil Building acquisition

    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]

  • New Silverstein development will have “poor door”

    Developer and the city came to an agreement on how entrance should look and feel
    August 29, 2014 11:00AM
    From left: Larry Silverstein and Bill de Blasio

    From left: Larry Silverstein and Bill de Blasio

    A planned 42-story Upper West Side apartment tower will have a separate entrance for tenants who live in the building’s affordable units.

    While activists are against the separate door — commonly known as “the poor door” — developer Larry Silverstein and the city have come to an agreement. [more]

  • Savanna faces $10M suit over Chelsea art gallery eviction

    Lehmann Maupin Gallery claims landlords of 540 West 26th Street lack DOB demolition permit
    August 29, 2014 10:30AM
    540-w-26

    Rendering of 540 West 26th Street and Savanna’s Chris Schlank (credit: Max Dworkin)

    Manhattan real estate fund Savanna, along with the Manhattes Group and the Silvermintz family, is facing a lawsuit from a Chelsea art gallery tenant that is alleging illegal eviction. [more]

  • WTC memorial will be open to public on 9/11 for the first time

    Free access to be given to see "Tribute in Light" at former site of World Trade Center
    August 29, 2014 10:00AM
    The 9/11memorial plaza

    The 9/11 memorial plaza

    For the first time, the public will be able to visit the ground zero commemoration site on the anniversary of the terrorist attacks. [more]

  • Dock Street in Dumbo

    Dock Street Dumbo

    After years, Two Trees’ Dock Street Dumbo project is revealed. Inside Brangelina’s sprawling French estate. Imagining honest New York City apartment listings. Read these stories and more after the jump.

  • Record-setting building in Jackson Heights fully leased

    Broker: "We’re starting to see Queens explode the way Brooklyn did"
    August 29, 2014 09:00AM
    40-07 73rd Street

    40-07 73rd Street

    High-end living is on the rise in Queens.  [more]

  • Jacob Toll’s Williamsburg conversion gets new name

    Toll and Cayuga Capital Management bought the site in 2010 for $17 million
    August 29, 2014 08:30AM
    From left: The Lewis Steel building and Jake Toll

    From left: The Lewis Steel building and Jake Toll

    Formerly known as the Steelworks Lofts, the luxury rental building at 76 North 4th Street will now be known as the Lewis Steel Building, according to Brownstoner. [more]

  • With condo surge, few developers see value in Plan B

    Fall-back arrangements to turn condominium projects into rentals increasingly rare
    August 29, 2014 08:00AM By Mark Maurer
    plan-b

    From left: Andrew Gerringer, Stephen Kliegerman, Nancy Packes and 64 Bayard Street in Brooklyn

    With the New York City luxury condominium market on a long hot streak — resales of condo units are now trading at an 19-year high — developers are rethinking traditional ways of doing business. One dramatic shift: Builders are increasingly plowing ahead with condo projects without putting together a fall-back plan to turn a property into a rental. [more]

  • Most popular stories on The Real Deal

    August 29, 2014 07:21AM

    Current reader favorites:
    1. David Werner lands $700M financing for Mobil Building acquisition
    2. US to run out of foreign investor visas due to Chinese demand
    3. Meet the investors behind NYC’s hottest real estate startups
    4. After rezoning, real estate giants transforming Hudson Square
    5. The Wrap: “Friends” coffee shop to open in Soho, this device prevents landlords from skimping on heat … and more

  • After 13 years, city has mapped almost all waterfront buildings

    Private firm sought to help with federally funded storm-preparation program
    August 28, 2014 06:00PM
    storm

    (Credit: ArchDaily)

    Mayor Bill de Blasio’s administration plans to use federal Hurricane Sandy grants to complete a 13-year initiative to map every building along the city waterfront.

    The final leg of the project will cover private, federal and state-owned buildings. The city Economic Development Corporation, which has handled mapping for many city-owned buildings thus far, issued a request for proposals today to find a private firm to wrap up the project. The firm would also have to update all the mapping data collected since 2001. [more]

  • Follow The Real Deal South Florida on Twitter

    Up-to-the-minute reports, greater Miami real estate news through @trdmiami
    August 28, 2014 05:40PM

    TRDSOFLAtweets

    The go-to source for real estate insiders on the move, TRD South Florida’s Twitter feed provides up-to-the-minute tweets with links to posts from our daily blog, in-depth features from our market report supplement and other juicy items happening around the Miami area. Join the conversation here.

  • St. Andrew’s Dune Church in Southampton (Credit: Lee F. Mindel via Curbed)

    Beyoncé’s $300K-per-week Bridgehampton rental sets record. The Hamptons’ most colorful churches. “C” ratings stigmatize NYC restaurants, hurt real estate decisions. Read these stories and more after the jump.

  • Blackstone poised to sell 1095 Sixth Avenue for $2B

    Eastdil Secured to market the 42-story, 1.2M-square-foot property
    August 28, 2014 04:50PM
    Blackstone CEO Stephen Schwarzman and 1095 Sixth Avenue

    Blackstone CEO Stephen Schwarzman and 1095 Sixth Avenue

    Blackstone Group is gearing up to sell the Verizon building at 1095 Sixth Avenue, and the office tower may fetch one of the highest prices ever paid for a U.S. skyscraper.

    Blackstone has tapped Eastdil Secured to market the 41-story, 1.2 million-square-foot property, sources familiar with the plans told Bloomberg News. The tower, they said, could fetch as much as $2.25 billion. [more]

  • Adam America files plans for Boerum Hill townhouses

    Five homes to be built on southeastern corner of Bond and State streets
    August 28, 2014 04:20PM
    73

    73-79 Bond Street

    A new building application was filed Wednesday to build five single-family townhouses on a northern corner of Boerum Hill, on the southeastern corner of Bond and State streets.

    Adam America Real Estate closed on the 6,000-square-foot land parcel for just over $6 million last month. In total, the spot is zoned for just 12,000 square feet of residential development. According to today’s filings, the five homes to be built on the site will each include a one-car garage and will be numbered 73-79 Bond Street. [more]

  • Satmar group looks to buy Bedford-Stuyvesant site for $60M

    Current owner paid $27 million for the site in 2013
    August 28, 2014 03:50PM
    Cascade Linen Factory in Bedford-Stuyvesant

    835 Myrtle Avenue in Bedford-Stuyvesant

    A group of buyers from the Satmar community is looking to buy a commercial laundry site in Bedford-Stuyvesant roughly one year after it was last sold.

    The group of buyers is in talks to purchase the Cascade Linen Factory at 835 Myrtle Avenue for $60 million. This is about twice as much as current owner Mike Kohn, from Alliance Private Capital Group, paid for the site in April 2013. [more]

  • Extell, Megalith will partner to build UWS condo tower

    Synagogue to sell parcel on West 66th Street for $45M; will get $30M home in new building
    August 28, 2014 03:20PM By Adam Pincus
    From left:

    From left: Megalith’s Samvir Sidhu, 44 West 66th Street and Extell’s Gary Barnett

    Extell Development plans to build a large condominium tower in partnership with Megalith Capital Management a half a block from Central Park West on land each firm will contribute to the project, recent court records show. [more]

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