The Real Deal New York

  • Coming soon: The Real Deal‘s NJ market report

    40-plus page supplement to include Northern New Jersey real estate coverage
    May 28, 2015 11:45AM

    The Real Deal 
    is taking its first step into the New Jersey real estate market with the launch of a special supplement, which will be included in the July 2015 issue of the magazine.

    The 40-plus page print supplement will take an in-depth look at the Northern Jersey residential and commercial real estate markets, with a specific focus on Hudson, Bergen, Union and Monmouth counties.

    Topics include a ranking of the area’s biggest residential firms, a look at what’s next for development on the Gold Coast, office and retail coverage and profiles of key industry players.

    Subscribe to the magazine to receive your copy in the June issue, and keep your eyes peeled for the digital version, which will be live on early next week. — TRD

  • Heritage Equity Partners plans 144-hotel in Bushwick

    Toby Moskovits' firm bought the land for $28 million in December
    May 28, 2015 11:13AM By Claire Moses
    Heritage Equity Partners' Toby Moskovits and 191-231 Moore Street

    Heritage Equity Partners’ Toby Moskovits and 191-231 Moore Street

    For the third time in two weeks, a developer is counting on Bushwick’s future as a tourist hot spot.

    Toby Moskovits’ Heritage Equity Partners filed plans with the city Thursday to build a 144-key hotel at 232 Seigel Street, located between Bushwick Avenue and White Street. [more]

  • 190 Bowery in Nolita

    190 Bowery in Nolita (credit: Pico Means Little)

    The art of terrible listing photos. Street Artist wraps Aby Rosen’s 190 Bowery in gentrification tape. Pritzker heir wants $16 million for his West Village townhouse. Read these stories and more after the jump.

  • From left: Donna Olshan and JLL's Stephen Shapiro

    From left: Donna Olshan and JLL’s Stephen Shapiro

    From the May issue: Apartment sales took a respite last quarter, even as the rental market heated up. The number of apartment units sold in Manhattan declined in the first quarter by nearly 20 percent to 2,661 from 3,307, figures from Miller Samuel showed. Median pricing fell as well. [more]

  • Inside TheRealDeal
  • City has no funds to acquire site of Williamsburg fire

    Bloomberg administration had promised to convert the land into a park
    May 28, 2015 10:00AM
    January fire in Williamsburg (inset: Mitchell Silver)

    January fire in Williamsburg (inset: Mitchell Silver)

    When a warehouse on the Williamsburg waterfront burned down earlier this year, it stoked speculation about possibilities for the premium land. During Michael Bloomberg’s mayoral administration, the city had promised to acquire the lot for parkland — but developers were also circling the site for potential residential development. [more]

  • Brooklyn Bridge Park’s Pier 6 towers to move forward following settlement

    Temporary restraining order has been lifted
    May 28, 2015 09:30AM
    Rendering of Pier 6 towers

    Rendering of Pier 6 towers in Brooklyn Bridge Park

    Two planned residential towers at Brooklyn Bridge Park’s Pier 6 can move forward with construction after a park advocacy group settled its lawsuit against the Brooklyn Bridge Park Corporation.

    The group had argued that the city organization reneged on an agreement with its last-minute plan to include affordable housing and did not carry out proper environmental studies, according to the New York Daily News. The advocates were able to secure a temporary restraining order, which has now been lifted. [more]

  • Michael Jordan slashes ask on Chicago manse

    His Airness’ estate sports an indoor basketball court and putting green
    May 28, 2015 09:00AM
    Michael Jordan

    Michael Jordan

    Michael Jordan may be a basketball legend — but he’s no whiz at selling real estate. His mega-estate outside of Chicago has been on the market since 2012, and just saw its price slashed to $14.855 million, down from an original ask of $29 million. [more]

  • De Blasio calls out Cuomo for stalling on 421a

    Mayor traveled to Albany to round up support for his proposal
    May 28, 2015 08:30AM
    From left: Bill de Blasio and Andrew Cuomo

    From left: Bill de Blasio and Andrew Cuomo

    Mayor Bill de Blasio traveled to Albany yesterday in a last-minute effort to galvanize the legislature and the governor to act on 421a and rent regulation issues — but told reporters that he saw few encouraging signs of progress.

    “We need action from the other two bodies,” de Blasio said. “In particular, we need the governor to act. We need leadership and we know the governor has been able in the past to make real change here in Albany and get big things done. This is a moment when we need that leadership.” [more]

  • Madison Avenue is missing the Whitney

    Retailers hoping new Apple store will bring foot traffic to the area
    May 28, 2015 08:00AM
    The former home of the Whitney Museum at 945 Madison Avenue on the Upper East Side

    The former home of the Whitney Museum at 945 Madison Avenue on the Upper East Side

    Times they are a-changin’ on the Upper East Side’s Madison Avenue, which has been without the Whitney since its closing in October. Foot traffic has dropped by roughly 200,000 people over the last seven months. [more]

  • Current reader favorites:
    1. HFZ, Fascitelli eyeing Brooklyn development site
    2. Crowdfunder Prodigy to buy Ring portfolio buildings for $100M
    3. Here’s what Midtown’s skyline could look like in 2030
    4. Neighborhood Dive: A well-kept Brooklyn secret is out
    5. Here’s what the $10M-$20M NYC investment sales market looked like last week 

  • US may seize these properties owned by arrested FIFA officials

    Top soccer execs charged with corruption, conspiracy and racketeering
    May 27, 2015 07:24PM By Kyna Doles
    Jeffrey Webb, 2116 Adel Drive, GA, 808 Brickell Key Drive, FL and Jack Warner

    From left: Jeffrey Webb, 2116 Adel Drive, GA, 808 Brickell Key Drive, FL and Jack Warner

    Talk about a well-deserved penalty.

    U.S. prosecutors indicted 14 high-ranking FIFA officials and executives in Zurich Wednesday, and slapped them with a long list of charges including conspiracy, racketeering, and corruption.

    According to an indictment unsealed Wednesday, four of the men own thirteen properties across Florida and Georgia which were allegedly used in connection with the crimes. If convicted, the U.S. government will seek forfeiture of the properties. [more]

  • SL Green’s One Vanderbilt gets Council approval

    Vanderbilt Corridor rezoning also gets the go-ahead
    May 27, 2015 05:55PM
    Rendering of One Vanderbilt in East Midtown (credit: KPF)

    Rendering of One Vanderbilt in East Midtown (credit: KPF)

    The City Council approved plans for SL Green Realty’s One Vanderbilt, the 63-story, 1.6 million-square-foot office tower set to rise next to Grand Central Station.

    This was the final approval needed for the developer to officially move forward. City Planning approved the proposal in late March, and the City Council’s zoning subcommittee gave the thumbs up earlier this month, so the City Council’s approval was expected. [more]

  • For $250K a year, enjoy NYC’s largest private garden: VIDEO

    Mary-Kate Olsen among neighbors on Turtle Bay block responsible for the space
    May 27, 2015 05:45PM
    Turtle Bay Gardens Historic District

    Turtle Bay Gardens Historic District

    From the Luxury Listings NYC website: For those who don’t like sharing their parks with (too many) others, consider this townhouse at 238 East 49th Street, which provides access to the largest private garden in New York City.

    Said garden runs the full length of 49th Street between Second and Third avenues and is the joint responsibility of all neighbors on the block, including Mary-Kate Olsen and her fiancé Oliver Sarkozy, half-brother of the former president of France. [more]

  • SL Green looks to sell Tower 45 in Midtown

    40-story, 460K sf office building could sell for north of $350M
    May 27, 2015 05:20PM By Mark Maurer
    Tower 45 NYC

    From left: 120 West 45th Street in Midtown, Marc Holliday (credit: Steve Friedman) and Richard Baxter

    Hot on the heels of a $2.6 billion deal to acquire 11 Madison Avenue, SL Green Realty is looking to sell Tower 45, a Midtown office building at 120 West 45th Street, The Real Deal has learned. The real estate investment trust hopes to fetch north of $350 million for the 40-story tower, sources said. [more]

  • Moinian raises $361M on Israeli bond market

    Offering the largest to date by U.S. real estate player on Tel Aviv exchange
    May 27, 2015 04:52PM By Rey Mashayekhi
    Joseph Moinian and 3 Columbus Circle

    Joseph Moinian and 3 Columbus Circle in Midtown

    Joseph Moinian’s the Moinian Group has closed a $361 million bond (1.4 billion shekels) issuance on the Tel Aviv Stock Exchange, the largest debt offering on the exchange to date by a U.S. real estate player.

    The issuance closed last week at an interest rate of 4.2 percent – one of the lowest ever secured by a U.S. company – and is backed by about 15 properties in the developer’s New York portfolio, including 3 Columbus Circle and 535-545 Fifth Avenue. [more]

  • Crown and Oxford pay $652M for rest of Olympic Tower base

    Partners now own the entire office-and-retail portion of the 52-story tower
    May 27, 2015 04:05PM
    641 Fifth Avenue in Midtown (inset: Haim Chera of Crown Acquisitions)

    641 Fifth Avenue in Midtown (inset: Haim Chera of Crown Acquisitions)

    The Chera family’s Crown Acquisitions and Oxford Properties Group now own the entire office and retail base of the Olympic Tower, after paying $652 million for the remaining 50 percent that was owned by Onassis Foundation-related entities. [more]

  • A look at what top NYC commercial firms pay their employees

    New website aggregates information on hiring, wages of foreign workers
    May 27, 2015 03:38PM By Konrad Putzier


    Commercial real estate brokerages like to disclose a lot of things: their biggest deals, their newest hires and photos from their posh events. One thing they always stay mum about is the wages they pay their employees. But thanks to a new tool for looking at federal immigration data, that veil of secrecy is showing some holes. [more]

  • Ohebshalom’s Empire Management bringing 181-key hotel to 250 Fifth Avenue

    NoMad project to combine landmarked structure with a new 23-story building
    May 27, 2015 03:05PM By Tess Hofmann
    Rendering of 250 Fifth Avenue (credit: Perkins Eastman)

    Rendering of 250 Fifth Avenue (credit: Perkins Eastman)

    UPDATED, May 27, 3:32 p.m.: Fred and Alex Ohebshalom’s Empire Management plans to bring a 23-story hotel to 250 Fifth Avenue in NoMad, The Real Deal has learned. [more]

  • intheirwords

    From the May issue: Tenants PAC’s Mike McKee discussed Gov. Cuomo’s vague comments about the June deadline for state action on rent regulation, Vornado Realty Trust CEO Steven Roth dishes on flipping houses and more of the month’s noteworthy quotes. [more]

  • Renderings, details unveiled for Witkoff’s supertall 1 Park Lane

    Project to be fourth-tallest resi tower, ninth-tallest building in NYC
    May 27, 2015 02:08PM
    1 Park Lane

    Rendering of 1 Park Lane at 36 Central Park South (credit: Witkoff via New York YIMBY)

    Renderings and additional details for Witkoff’s 1 Park Lane – its redevelopment of the Helmsley Park Lane Hotel at 36 Central Park South – are now out, with the building slated to stand 1,210 feet tall. [more]