The Real Deal New York

  • Bushburg, affiliates unjustly fired workers: union

    Employees claim their wages and benefits were slashed before they were cut loose
    July 28, 2015 01:20PM
    1711-1751 Fulton Street in Bedford-Stuyvesant

    1711-1751 Fulton Street in Bedford-Stuyvesant

    Union workers say Brooklyn landlord Bushburg Properties and its affiliates unjustly cut their wages and benefits before ultimately firing them from the affordable housing complex they worked in Bedford-Stuyvesant.

    Former maintenance workers at 1711-1751 Fulton Street, a Mitchell-Lama development, filed a complaint with the National Labor Relations Board, DNAinfo reported. The employees were fired in June after new management took over, slashed their pay by 50 percent, and changed their benefits without giving them an opportunity to bargain, property services workers union SEIU32BJ alleges. [more]

  • Follow The Real Deal on Instagram

    Send your pics to insta@therealdeal.com
    July 28, 2015 12:40PM

    Screen-Shot-2014-11-05-at-11.18.49-AMNew York City is a visual playground for professional photographers and amateur shutterbugs alike. The city’s buildings and public spaces provide endless fodder for those trying to capture the perfect moment in time, whether it’s through the lens of an HD camera or a smartphone.

    The Real Deal is in on a little bit of that fun on our Instagram channel: http://instagram.com/trdnyTRD ‘grams snippets from our magazine, party pics from around the world of NYC real estate, and the latest renderings from new projects across the city. Have something to share with us? Send us your photo to insta@therealdeal.com and you could be featured on our Instagram feed.

    Happy sharing!

  • Washington Heights to get its first two hotels

    Hotel Cliff and the Edge slated to open next month
    July 28, 2015 12:15PM
    From left: Rendering of the Hotel Edge and developer Oskar Brecher

    From left: Rendering of the Hotel Edge and developer Oskar Brecher

    Doctors visiting Columbia University Medical Center will soon have somewhere to hang their heads. Two hotels, the first ever in the neighborhood, are expected to open this August in Washington Heights.

    The first, the long-awaited eight-story, 52-room Hotel Cliff at 505 West 181st Street, will welcome guests in early August, DNAinfo reported. The building’s owner, Manny Singha, initially filed plans eight years ago. [more]

  • Public food court coming to Brooklyn Navy Yard

    BLDG 77 renovation aims to create gateway to the outside world
    July 28, 2015 11:40AM
    Rendering of BLDG 77 (credit: Beyer Blinder Belle) (inset: David Ehrenberg)

    Rendering of BLDG 77 (credit: Beyer Blinder Belle) (inset: David Ehrenberg)

    The historically isolated, walled-off Brooklyn Navy Yard will soon be getting a space that aims to serve as a gateway to the public, complete with a food court and gathering places for employees. [more]

  • Inside TheRealDeal
  • More than 40% of NYC luxury condo buyers took out a mortgage

    Data challenges conventional wisdom of “all-cash” market
    July 28, 2015 11:10AM By Marynia Kruk

    chart1 That “all-cash” dominated luxury condo market you keep hearing about? Turns out, it’s not really a thing.

    In fact, more than 40 percent of buyers purchasing Manhattan condominiums priced at $5 million or more took out mortgages, according to The Real Deal’s analysis of condo purchases between July 2014 and June 2015. [more]

  • A rendering of Extell Development's 250 South Street

    Rendering of Extell Development’s 250 South Street (credit: Extell)

    Extell Development changes height of 250 South Street back to 72 stories. Ralph Lauren is coming to Williamsburg. A tour through the new Staten Island: VIDEO. Read these stories and more after the jump.

  • Skyrocketing land prices rock East End

    Dearth of available space makes for record demolitions as builders look for vacant property
    July 28, 2015 10:10AM By Theresa Agovino
    A 0.8-acre parcel located in East Hampton

    A 0.8-acre parcel located in East Hampton

    From the July issue: There’s a new kind of home advertising in the Hamptons that doesn’t have sparkling adjectives and lush photos beckoning buyers. Instead the ads broadcast “land value,” which essentially tells potential buyers that while they may not want the house, they would want the plot it’s built on. [more]

  • Lawmakers urge Cuomo to enforce new rent regulations

    Democrats aim for 35,000 decontrolled apartments instead of 100,000
    July 28, 2015 09:40AM
    rent-rally-

    A recent rent rally in Albany

    More than a dozen lawmakers are urging Governor Andrew Cuomo to enforce the new rent regulation law, a move they say would drastically reduce the number of apartments subject to vacancy decontrol, the New York Daily News reported. [more]

  • A $56M deal could be the end of an iconic longshoreman’s bar

    Seven buildings on Atlantic Avenue could be sold for $7 million each
    July 28, 2015 09:00AM
    From left: 73 Atlantic Avenue and Montero Bar and Grill in Brooklyn Heights

    From left: 73 Atlantic Avenue and Montero Bar and Grill in Brooklyn Heights

    A longstanding longshoreman’s watering hole in Brooklyn Heights could close as its owner is looking to sell the property as part of a $56 million deal that would list the entire block.

    Pepe Montero, the owner of Montero’s Bar & Grill at 73 Atlantic Avenue, and six of his neighbors are looking to sell their properties for $7 million each, according to the New York Times. [more]

  • Donald Trump sells Trump Park Avenue penthouse for $21M

    The developer rejected a $80,000 a month rental offer
    July 28, 2015 08:40AM
    Donald Trump and the unit at 502 Park Avenue

    Donald Trump and the unit at 502 Park Avenue

    Donald Trump sold his 6,200-square-foot penthouse on the 24th floor of his Trump Park Avenue building on Park Avenue and 59th Street. The five-bedroom, seven-bathroom apartment at 502 Park Avenue went for $21 million. [more]

  • Delos Living eyes Romanoff Equities’ 860 Washington St.

    Wellness-centric residential developer would be the first tenant at the building
    July 28, 2015 08:00AM
    From left: A wellness loft by Delos Living and a rendering of 860 Washington Street in the Meatpacking District

    From left: A wellness loft by Delos Living and a rendering of 860 Washington Street in the Meatpacking District

    Delos Living is reportedly looking to move its offices to the Meatpacking District. [more]

  • Current reader favorites:
    1. Fire destroys real estate mogul’s Southampton mansion
    2. A look at the 270-foot waterslide coming to Manhattan
    3. Brooklyn: ‘Like a desert with no cactus’
    4. Late landlord’s daughters to be rewarded for marriage, babies born in wedlock
    5. Joe Sitt’s Thor backed out of Caiola’s 25-building megadeal

  • Brooklyn I-sales dollar volume up 74% in first half of year

    Multifamily market holds firm with 60 percent of borough's $5.3B in deals
    July 27, 2015 06:10PM By Mark Maurer
    Ariel Property

    Brooklyn 2015 transaction map (credit: Ariel Property Advisors)

    Brooklyn investment sales climbed by 74 percent year-over-year, according to a new mid-year report from Ariel Property Advisors. [more]

  • Cuomo plans demolition, redevelopment of LaGuardia Airport

    First phase of $4B construction will demolish terminal B and create single, integrated structure
    July 27, 2015 05:50PM
    From left: Rendering of TWA Flight Center Hotel at JFK Airport (Credit: MCR Development) and LaGuardia Airport

    From left: Rendering of TWA Flight Center Hotel at JFK Airport (Credit: MCR Development) and LaGuardia Airport

    Governor Andrew Cuomo announced an overhaul of LaGuardia Airport that will transform the airport into one terminal with expanded transportation access and improved amenities for its passengers, according to an announcement from the governor’s office. [more]

  • Aby Rosen’s RFR pays $26M for Noho homeless shelter

    RKF seeking retail tenant for 350 Lafayette
    July 27, 2015 05:40PM By Rey Mashayekhi
    Aby Rosen and 350 Lafayette Street in Soho

    Aby Rosen and 350 Lafayette Street in Noho

    UPDATED, 1:15 p.m., July 28: Aby Rosen’s RFR Holding bought a four-story building at 350 Lafayette Street in Noho for $26 million, according to property records filed with the city Monday.

    RFR closed on the purchase of the roughly 15,000-square-foot building July 16 from Admar Group, a New Jersey-based marketing consulting firm that also owns real estate properties around the country. The building, located on the corner of Lafayette and Bond streets, currently houses a 43-bed homeless women’s shelter. [more]

  • Holy Ghost! musician buys Williamsburg building for $2.6M

    Nick Millhiser purchases 161 Manhattan Avenue
    July 27, 2015 05:03PM By Tess Hofmann
    161 Manhattan Avenue in Williamsburg (inset: From left, Nick Millhiser and Alex Frankel)

    161 Manhattan Avenue in Williamsburg (inset: From left, Nick Millhiser and Alex Frankel)

    One half of the Brooklyn-based synthpop duo Holy Ghost! picked up a three-story Williamsburg apartment building for $2.6 million, according to property records filed with the city on Monday. [more]

  • Rental market didn’t meet the hype

    Million-dollar pads sit empty as more people choose to buy in the Hamptons
    July 27, 2015 04:30PM By Elaine Pofeldt
    The interior of the Sandcastle Estate

    The interior of the Sandcastle Estate

    From the July issue: After all the hype around record rental pricing in the Hamptons at the beginning of the season, some property owners who were hoping to bring in the big bucks for their mansions were disappointed. In fact, with a growing number of people choosing to purchase a summer home this year, several rentals hit the discount bin. [more]

  • The Donald may have reviewed controversial construction contract at Trump Soho

    Worker at Sapir-owned property fell 40 stories to his death in 2008
    July 27, 2015 04:05PM
    Donald Trump and the Trump Soho at 246 Spring Street

    Donald Trump and the Trump Soho at 246 Spring Street

    Donald Trump may have been more involved in the 2008 death of a construction worker at the Sapir Organization’s Trump Soho hotel than he originally let on. [more]

  • Financial problems plague NYC halfway house provider

    Roughly 800 Narco Freedom residents could be forced to find new homes
    July 27, 2015 03:36PM
    Alan and Jason Brand and a Narco Freedom home in the Bronx

    Alan and Jason Brand and a Narco Freedom home in the Bronx

    Narco Freedom, one of the city’s largest chains of “three-quarter” halfway houses, is on the verge of bankruptcy. [more]

  • Benchmark close to $40M buy of Brooklyn Heights rental

    DLJ flipping 12-story Monroe Place building
    July 27, 2015 03:05PM By Mark Maurer
    25 Monroe Place Brooklyn

    From left: 23-25 Monroe Place in Brooklyn Heights, Benchmark’s Jordan Vogel and Aaron Feldman, and DLJ’s Chip Andrews

    In a departure from its recent selling spree, Benchmark Real Estate Group is close to buying a 12-story Brooklyn Heights rental building for north of $40 million, a property that changed hands little more than a year ago. [more]

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