The Real Deal New York

  • From the archives: The Rabsky riddle

    Dushinsky is building more BK apartments than almost anyone, but public sightings are rare
    August 30, 2016 06:00PM By Mark Maurer
    Rendering of 42-20 27th Street in Long Island City and a rendering of 10 Montieth Street (both credit: ODA New York)

    Renderings of 42-20 27th Street in Long Island City and 10 Montieth Street in Bushwick (credit: ODA New York)

    As the face of Brooklyn rapidly changes, the face of one of its most prolific developers remains shrouded in shadows.

    Real estate professionals have long relied upon LLCs and tight-lipped lawyers to shield them from public view. But few are as inconspicuous as Simon Dushinsky, who runs the Williamsburg-based Rabsky Group with his partner, Isaac Rabinowitz.

    The duo, who melded their names to come up with the Rabsky Group moniker, run their mini development empire out of a 10-person office at 505 Flushing Avenue. They have never talked to the press, and photos of them are all but impossible to come by. Click here for the full profile of Rabsky Group from May 2015.

  • Jack Terzi to buy former JPMorgan building at 23 Wall: report

    Seller China Sonangol let the property sit empty
    August 30, 2016 05:20PM
    Jack Terzi and 23 Wall Street in the Financial District

    Jack Terzi and 23 Wall Street in the Financial District

    A mysterious Wall Street building that has stood vacant for years is getting a new owner. Developer Jack Terzi of JTRE Holdings is in contract to acquire 23 Wall Street in the Financial District for an undisclosed amount, the New York Post reported. [more]

  • Rabsky expands plans at former Pfizer site

    City Planning documents show apartment count grew to 1,147 from 777
    August 30, 2016 04:54PM

    249 and 334 Wallabout Street in Bedford-Stuyvesant and proposed Broadway Triangle rezoning (credit: DCP)

    Rabsky Group is moving forward his plan to develop two full blocks in Williamsburg into more than 1,000 apartments. [more]

  • Evictions are nosediving as tenants increasingly lawyer up

    City Hall to spend $100M on tenant legal assistance this fiscal year: report
    August 30, 2016 03:57PM
    The Harlem Court House and Bill de Blasio

    The Harlem Courthouse and Bill de Blasio

    A growing number of tenants fighting eviction are backed by a lawyer, according to a new report by the City’s Office of Civil Justice. [more]

  • Inside TheRealDeal
  • Victoria’s Secret model sued for allegedly misrepresenting apartment on Airbnb

    Attorney seeks “comfy, modern vibe," gets “exposed roach trap”: suit
    August 30, 2016 03:20PM By Christopher Cameron
    540 Main Street on Roosevelt Island and Lyndsey Scott (via Twitter) inset: Christian Pugaczewski

    540 Main Street on Roosevelt Island and Lyndsey Scott (via Twitter) inset: Christian Pugaczewski

    From Luxury Listings NYC: Victoria’s Secret model and app developer Lyndsey Scott is in hot water after allegedly misrepresenting her Roosevelt Island apartment on Airbnb, according to a lawsuit filed by West Coast lawyer Christian Pugaczewski. [more]

  • SoFla estate of Stephen Ross’ late uncle listed for $26M

    Max Fisher invested his oil fortune into real estate in the early '60s
    August 30, 2016 02:50PM

    Max Fisher, The Fishers’ Palm Beach house and guest house and Stephen Ross

    From the South Florida websiteThe Palm Beach estate of the late Max Fisher, a philanthropist and adviser to a number of Republican presidents, hit the market asking $26 million.

    Fisher, who made his wealth in real estate and oil, was also an uncle to Stephen Ross, founder and chairman of the Related Companies. Fisher reportedly financed Ross’ higher education, although he paid him back. [more]

  • Avon looks to sublease 220K sf HQ on Third Avenue

    Storied cosmetics company is relocating to UK
    August 30, 2016 02:38PM By Rich Bockmann
    777 Third Avenue

    The Avon lady in an advertisement and 777 Third Avenue

    Ding dong, Avon calling. Subtenants, that is.

    The storied cosmetics company has put its almost 222,000-square-foot headquarters on Third Avenue on the sublease market as the embattled firm prepares to relocate to the United Kingdom.

    Avon, founded in Lower Manhattan in the 1880s, has listed the nine-floor space at the base of the William Kaufman Organization’s 777 Third Avenue, according to CoStar.

    The lease has 10 years remaining on a 15-year deal the cosmetics company inked back in 2010 at the 39-story, 628,000-square-foot tower between East 48th and 49th streets. Rents for the deal were reportedly set to increase from the low $40s per square foot to the low $50s per square foot. [more]

  • Hudson Companies, ABS plan Bushwick office conversion

    Firms closing soon on the purchase of warehouse at 314 Scholes Street: sources
    August 30, 2016 01:50PM By Konrad Putzier
    Hudson Companies David Kramer, 314 Scholes Street in Brooklyn and ABSs Gregg Schenker

    Hudson Companies’ David Kramer, 314 Scholes Street in Bushwick and ABS’ Gregg Schenker

    The Hudson Companies, in partnership with ABS Partners Real Estate, filed plans to convert a Bushwick warehouse into office and retail, according to a permit application filed with the city’s Department of Buildings. [more]

  • De Blasio, REBNY teamed up to win control of public schools

    The mayor and real estate lobbying group also collaborated on 421a
    August 30, 2016 01:00PM
    Steve Spinola and Bill de Blasio

    Steve Spinola and Bill de Blasio

    The powerful Real Estate Board of New York is known for its ability to flex its political muscles for the benefit of developers and landlords. But it appears that the lobbying group has also sought to influence elected officials on other matters — namely, the city’s public schools.

    The de Blasio administration sought REBNY’s help in winning an extension of the city’s control of public schools in 2015, according to a report by City & State. [more]

  • JBL buys LIC site for $25M, plans big-box store

    Florida-based firm landed acquisition loan from BH Mortgage
    August 30, 2016 12:25PM By Konrad Putzier
    From left: Jacob Khotoveli and 28-90 Review Avenue

    From left: Jacob Khotoveli and 28-90 Review Avenue in Long Island City

    UPDATED, Aug. 30, 1:02 p.m.: Jacob Khotoveli’s JBL Asset Management and Eric Gleit’s Edge Ventures snapped up a Long Island City development site for $24.9 million, property records filed with the city Tuesday show. [more]

  • US home prices steadily climb in June: Case-Shiller

    Concerns about affordability having a dampening effect on demand
    August 30, 2016 12:04PM

    Untitled-9Home prices across the nation continued to climb in June, even as more prospective buyers decided to sit on the sidelines.

    The S&P CoreLogic Case-Shiller Indices rose 5.1 percent in the 12 months ended in June, the Wall Street Journal reported. That was the same increase reported a month earlier in May.

    The 10-city index – which covers places like New York City, Los Angeles and Miami – climbed 4.3 percent on the year, a slight dip from the 4.4 percent increase recorded in May. [more]

  • TRD’s LA Market Report is almost here

    Special supplement to include ranking of top brokerages, profiles of key players and more
    August 30, 2016 11:30AM

    TRDLA

    The Real Deal is picking up stakes and heading out west! The inaugural edition of our Los Angeles Market Report will arrive in L.A. in early September, with additional distribution in the New York market.

    Our newest special issue will shine a spotlight on the City of Angels, with in-depth coverage of the residential and commercial real estate scenes in neighborhoods from Downtown to the ocean, and from Hollywood to Beverly Hills. We’ll rank the area’s top brokerages and biggest commercial developments, while profiling key local players.

    We’ll also be diving into a hotel building boom that is slated to put thousands of new rooms on the market, and chronicling  celebrity homes trades.

    To receive your copy of the Los Angeles Market Report, email subscriptions@therealdeal.com. And, for daily coverage of the L.A. market, visit TRD LA. — TRD

  • Boymelgreen banned from selling condos in NY for two years

    Schneiderman reaches agreement with controversial developer, ending lengthy investigation
    August 30, 2016 10:44AM
    Eric Schneiderman, Shaya Boymelgreen and 20 Pine Street in the Financial District

    From left: Eric Schneiderman, Shaya Boymelgreen and 20 Pine Street in the Financial District

    Shaya Boymelgreen has been banned from selling condominium units for two years following a settlement with the state Attorney General’s office over claims he refused to finish work and fix construction defects at half a dozen buildings in Manhattan and Brooklyn. [more]

  • Room with a voice: Starwood incorporating Siri at Aloft hotels

    Hospitality firm is piloting the voice-activated rooms in Boston and Santa Clara, Calif.
    August 30, 2016 10:14AM
    Aloft Santa Clara, one of the test properties for Project Jetson (credit: Starwood Hotels and Resorts) and Siri on the iPhone

    Aloft Santa Clara, one of the test properties for Project Jetson (credit: Starwood Hotels and Resorts) and Siri on the iPhone

    “Hey Siri, which massive hotel company is making a push to outfit its rooms with voice-control technology?” [more]

  • Will Fort Greene’s glut of rentals put an end to rising prices?

    Roughly 7,500 units are in development across 23 buildings
    August 30, 2016 09:38AM
    From left: renderings of 7 DeKalb Avenue, 333 Schermerhorn Street and 33 Bond Street

    From left: renderings of 7 DeKalb Avenue, 333 Schermerhorn Street and 33 Bond Street

    Fort Greene’s sudden logjam of luxury rentals could cut into profits for some of the borough’s top rental developers, ending a price run that’s lasted years.
    [more]

  • How ODA builds outside the box

    From Israel’s first McDonald’s to “pixelated” towers, Eran Chen has built a reputation on defying convention at his clients’ will
    August 30, 2016 09:01AM By Kathryn Brenzel
    Eran Chen (Photo by Michael McWeeney)

    Eran Chen (Photo by Michael McWeeney)

    From the August Issue: When Eliot Spitzer presented his Williamsburg waterfront project to fast-rising architect Eran Chen in September 2014, the timeline and budget allowed for little more than two boxy rental towers.

    Spitzer wanted to meet the deadline to qualify for 421a — the now-expired tax abatement program for new apartment building construction. That deadline, at the time, was June 12, 2015, and the former governor’s development company Spitzer Enterprises filed plans for the 470-unit rental project on Kent Avenue in December 2014. The city’s Department of Buildings approved the plans five months later. [more]

  • The plot thickens: Health care lobbyist with ties to Cuomo involved in Rivington House deal

    Jeffrey Sachs was an usher at the governor's wedding
    August 30, 2016 08:44AM
    Jeffrey Sachs

    Jeffrey Sachs

    As if the sale of Rivington House weren’t controversial enough, it turns out that an influential health care lobbyist with ties to Gov. Andrew Cuomo played a key role in obtaining state approvals that paved the way for the deal.

    Jeffrey Sachs — an usher at Cuomo’s wedding — served as a consultant to VillageCare, the nonprofit that sold the Lower East Side nursing home to Joel Landau and Solomon Rubin’s Allure Group in 2015. [more]

  • L&L Holding isn’t taking a chance on Midtown East rezoning

    The developer found workarounds to old zoning rules to build 390 Madison and 425 Park
    August 30, 2016 08:00AM

    From left: David Levinson, rendering of 425 Park (credit: DBOX for Foster + Partners), rendering of 390 Madison (credit: Kohn Pedersen Fox Associates) and Robert Lapidus (Photo by STUDIO SCRIVO)

    While the long-awaited Midtown East rezoning plan would allow buildings up to 30 percent taller, one developer ain’t waiting.

    L&L Holding Co. found workarounds to the city’s 1961 zoning allows, allowing them to redevelop 390 Madison and 425 Park avenues with or without the rezoning. Instead, David Levinson and Robert Lapidus’ firm employed creative designs at both towers to circumvent one old zoning rule in particular: a requirement to retain at least 25 percent of the old building’s structural steel. [more]

  • Tech mogul Arthur Becker gets trio of townhouses for stake in Soho project

    He's an investor in Madison Equities, PMG’s condo building at 10 Sullivan
    August 30, 2016 07:30AM By E.B. Solomont
    20-50 Sullivan Street and a rendering of 20 Sullivan

    20-50 Sullivan Street and a rendering of 20 Sullivan

    Tech investor Arthur Becker is now the proud owner of three adjacent townhouses on Sullivan Street in Soho in exchange for his stake in the neighboring condominium development. [more]

  • Weak job growth adds to doubts over NYC office market

    Office-using employment growth slowed dramatically in 2015-2016: report
    August 30, 2016 07:00AM By Konrad Putzier
    Empty desks

    More desks are sitting empty as job growth slows

    The New York metropolitan area’s office-using job growth slowed dramatically over the past 12 months, adding to concerns over a potential supply glut in the office market. [more]

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