The Real Deal New York

  • Assembly introduces 421a bill

    Unlike the mayor's proposal, legislation includes a prevailing wage for construction workers
    June 03, 2015 09:30AM

    From left: Mayor Bill de Blasio and Assemblyman Keith Wright

    Democratic Assemblyman Keith Wright has introduced a new bill to reform the 421a tax break program. The introduced legislation comes at roughly the same time as Mayor Bill de Blasio’s proposed overhaul of the program.

    Wright’s proposal, Capital New York reported, differs from the mayor’s. Not only is it shorter, it also includes a wage requirement for construction workers, something that the mayor’s proposal does not. [more]

  • L&L gets $556M funding for 425 Park

    Park Ave. to see first major new office tower in three decades
    June 03, 2015 09:00AM
    From left: 425 Park Avenue, L&L's David Levinson (top), Robert Lapidus and a rendering of the new 425 Park (Credit: Foster+Partners)

    From left: 425 Park Avenue, L&L’s David Levinson (top), Robert Lapidus and a rendering of the new 425 Park (Credit: Foster+Partners)

    L&L Holding Company and GreenOak Real Estate secured a $556 million construction loan to build a new 47-story office tower at 425 Park Avenue. [more]

  • Lawsuit reveals Rupert Murdoch’s $25M townhouse buy almost fell through

    Dispute between the seller and his lenders threatened to shut down the deal
    June 03, 2015 08:30AM
    278 West 11th Street in the West Village (inset: Rupert Murdoch)

    278 West 11th Street in the West Village (inset: Rupert Murdoch)

    News Corp. CEO Rupert Murdoch bought his dream home West Village townhouse earlier this year for $25 million — but the deal was almost threatened by a dispute between the seller and his lenders, a new lawsuit reveals. [more]

  • Extell to pay $120M to buy site at City Point

    Deal with Acadia, Washington Sq. Partners could allow Barnett to build Brooklyn’s tallest tower
    June 03, 2015 08:00AM
    Rendering of City Point Towers in Downtown Brooklyn

    Rendering of City Point Towers in Downtown Brooklyn

    Gary Barnett is venturing into Brooklyn. [more]

  • Inside TheRealDeal
  • Current reader favorites:
    1. Sternlicht and Gray riff on foreign investment in NYC hotels
    2. Mansion tax could keep home prices under $1.75M
    3. Korean group buys New York Palace Hotel for $805M
    4. The Bronx is the new Queens
    5. Crane collapse at Sapir’s 261 Madison sends shipping container-sized load free falling

  • AlixPartners takes 65K sf at Vornado’s 909 Third Avenue

    Financial company moved from LeFrak Organization’s 40 West 57th Street
    June 02, 2015 05:45PM
    909 Third Avenue in Midtown

    909 Third Avenue in Midtown

    Financial consulting company AlixPartners is relocating to a similarly sized office of 65,000 square feet in Vornado Realty Trust’s 909 Third Avenue, between East 54th and 55th streets.

    The deal is for a 12-year sublease from Actavis, with asking rents in the $50s per square foot, according to the New York Observer. The firm moved from LeFrak Organization’s 40 West 57th Street, between Fifth and Sixth avenues. [more]

  • News Corp., 21st Century Fox sign LOI to anchor 2 WTC

    Murdoch companies would move to Ingels-designed tower upon 2020 lease expiry
    June 02, 2015 05:21PM By Rey Mashayekhi
    2 World Trade Center

    From left: Bjarke Ingels, Rupert Murdoch, the World Trade Center site and Larry Silverstein

    News Corp. and 21st Century Fox have signed a non-binding letter of intent to become the anchor tenants of Silverstein Properties’ 2 World Trade Center in the Financial District. [more]

  • “Top Chef” Tom Colicchio buys $2.3M Brooklyn townhouse

    Three-story property currently includes seven apartments
    June 02, 2015 04:50PM By Claire Moses
    From left: 366 Adelphi Street in Brooklyn and Tom Colicchio

    From left: 366 Adelphi Street in Brooklyn and Tom Colicchio

    Celebrity chef and “Top Chef” judge Tom Colicchio is unpacking his knives in Fort Greene, having paid $2.4 million for a townhouse in the neighborhood, according to property records filed with the city. [more]

  • Vornado buys Herald Sq. Old Navy for $355M: sources

    Deal with Starwood and Crown expands REIT's dominion on 34th Street
    June 02, 2015 04:41PM By Adam Pincus
    From left: Doug Harmon, Adam Spies, the Old Navy building at and Steve Roth

    From left: Doug Harmon, Adam Spies, the Old Navy building at 144-150 West 34th Street and Steve Roth

    Vornado Realty Trust just closed on the $355 million acquisition of the Old Navy building in Herald Square, The Real Deal has learned, just over a year after a partnership between Starwood Capital Group and Crown Acquisitions bought it for $252 million. [more]

  • Daren Hornig, part of the original “Entourage”

    Hornig Capital founder goes way back with creator of blockbuster HBO show
    June 02, 2015 04:19PM By Rey Mashayekhi
    Daren Hornig Entourage

    From left: Daren Hornig, Doug Ellin, Laurence Bank and the “Entourage” premiere at the Paris Theatre (credit: Michael Jurick)

    Fans of the HBO hit series “Entourage” will recall a moment in Season 4 when Hollywood superagent Ari Gold, played by Jeremy Piven, is overcome with emotion while explaining to his son Jonah that he didn’t get into the same private school as his best friend.

    “Daddy,” Jonah asks as Ari’s eyes well up with tears, “Am I going to school with Daren Hornig next year? Cause I really, really want to.” [more]

  • 111 Murray getting more apartments, less space

    New plans call for four fewer stories, 18 more units
    June 02, 2015 04:05PM
    Renderings of 111 Murray Street in Tribeca (credit: KPF) (inset: Winston Fisher, left, Howard Lorber, right)

    Renderings of 111 Murray Street in Tribeca (credit: KPF) (inset: Winston Fisher, left, Howard Lorber, right)

    Plans for Witkoff, Fisher Brothers and Howard Lorber’s Tribeca condo tower at 111 Murray Street have shifted slightly, calling for a building that is four stories shorter, with 18 more units. [more]

  • Lightstone acquires Yorkville rental building for $33M

    Developer plans to build 18-story, 30-unit condo at 40 East End Ave.
    June 02, 2015 03:40PM
    40 East End Ave

    40 East End Avenue in Yorkville (inset: David Lichtenstein and Mitchell Hochberg)

    David Lichtenstein’s Lightstone Group has acquired a residential rental building at 40 East End Avenue in Yorkville in a $32.5 million all-cash deal. [more]

  • The Real Deal’s NJ supplement is live!

    First-ever New Jersey market report will be packaged with June 2015 magazine
    June 02, 2015 03:10PM


    As those in the real estate industry continue to follow the many homebuyers, renters and investors to Northern New Jersey, so too does The Real Deal. [more]

  • Claremont Group’s 101 Wall Street launches sales

    Plus a peek at the office-to-condo conversion interiors, designed by Piet Boon
    June 02, 2015 02:50PM
    Rendering of 101 Wall Street (credit: Piet Boon)

    Rendering of 101 Wall Street (credit: Piet Boon)

    The Claremont Group’s office-to-condo conversion at 101 Wall Street launched sales Tuesday. Check out the Piet Boon-designed interiors after the jump. [more]

  • Wednesday Martin and Primates of Park Avenue

    Wednesday Martin and “Primates of Park Avenue”

    It seems all the world — and by world, we mean New York City — is abuzz about Wednesday Martin’s new book, Real Housewives of the Upper East Side “Primates of Park Avenue.” When Martin, a writer and social researcher, moves from the West Village to the Upper East Side to raise her children, she becomes fascinated with the neighborhood’s unique species of woman.  A hybrid of two Janes (Goodall and Birkin), Wednesday tries to find ways to fit in. Being thrust into this peculiar tribe is a writer’s dream, and she chronicles the quirks of the elite with wit and elan. [more]

  • What the Vanke-Wanda partnership means for New York

    China experts analyze the coming together of two development giants
    June 02, 2015 02:11PM By Ariel Stulberg
    Vanke Wanda

    From left: Wang Jianlin and Wang Shi

    China’s largest real estate developers, China Vanke and Dalian Wanda Group, operate at a scale that makes New York’s giants look small. [more]

  • Cuomo downplays tensions with de Blasio over 421a

    Jabs are part of a “healthy debate,” says the governor
    June 02, 2015 01:45PM
    From left: Bill de Blasio and Andrew Cuomo

    From left: Bill de Blasio and Andrew Cuomo

    Gov. Andrew Cuomo and Mayor Bill de Blasio’s public sparring over 421a issues in the past week is just part of a “healthy debate,” Cuomo said in a radio interview Monday.

    “Our personal relationship is not an issue,” Cuomo said in response to prodding by host Susan Arbetter, according to Capital New York. “Bill and I are going to be friends after these jobs are over. That is not to say that I am not going to fight like a Trojan for what I believe.” [more]

  • Here’s what the $10M-$20M NYC investment sales market looked like last week

    Stone Street Properties picks up Chelsea resi building; NoVo Foundation takes office space in Boreum Hill
    June 02, 2015 01:20PM By Kyna Doles
    401 State Street, 350 West 18th Street and Jeff Kaye

    From left: 401 State Street, 350 West 18th Street and Jeff Kaye

    From Cheskel Schwimmer’s $15.5 million purchase in the Bronx to the Mann Group’s $14.5 million buy in Crown Heights, here is a look at how New York City’s investment sales market for properties between $10 million and $20 million fared this week.

  • Compass’ head of expansion, Andi Bernstein, is out

    Leonard Steinberg fetes first anniversary at firm, which is looking to branch into other markets
    June 02, 2015 01:00PM By E.B. Solomont

    From left: Leonard Steinberg and Andi Bernstein

    Andi Bernstein, Compass’ head of expansion and strategic partnerships and an early member of the brokerage’s executive management team, left the firm, The Real Deal has learned.

    Bernstein gave notice in April and her last day was Monday, she confirmed in an email to TRD[more]

  • Apple Store

    The Apple Store at 767 Fifth Avenue

    If you own a piece of Apple tech there’s a good chance you’ve visited one of their retail locations.

    Every detail of each Apple store has been designed and planned out to influence the customer into spending more money as they shop and browse. Here’s how it works. [more]