The Real Deal New York

  • Brookfield promotes vet to replace Mitch Rudin

    Paul Schulman, who headed up DC operations, to oversee entire U.S. portfolio
    July 24, 2014 05:30PM
    brookfield

    From left: Paul Schulman and Mitch Rudin (Credit: STUDIO SCRIVO)

    Brookfield Office Properties has found a replacement for Mitch Rudin, the CEO of commercial operations who made a surprise exit last month. Paul Schulman, a Brookfield vet who was in charge of operations in Washington, D.C., will now serve as president and COO of the entire U.S. office portfolio.

    The Toronto-based firm owns 63 buildings in the U.S., spanning 57 million square feet. Schulman joined the company in 1998. [more]

  • Inside the

    Inside the Champagne Apartment at 455 Madison Avenue

    Art dealer Tobias Meyers unloads Time Warner Center pad for nearly $17M. New York Palace hotel’s $250K-per-month Champagne Apartment fails to impress. Karl Fischer’s 255 Bowery shows itself for first time in three years. Read these stories and more after the jump.

  • Mark-Viverito calls on NYC to house undocumented children

    Other cities have offered up shelter to children without relatives who can take them in
    July 24, 2014 04:50PM
    Melissa Mark-Viverito

    Melissa Mark-Viverito

    City Council Speaker Melissa Mark-Viverito is calling on New York City to offer up shelter to some of the undocumented immigrant children coming into the country to fee violence in Central America.

    Other cities such as Syracuse have offered up space to shelter children who cannot be placed in the care of relatives or sponsors in the U.S. as they await appearances in immigration court. Mark-Viverito said Thursday that she thinks New York City should follow suit. She added that she would be “more than open” to a discussion examining how New York City might be able to support the children with some type of temporary housing. [more]

  • Miami office vacancies keep dropping: report

    CBRE credits lack of new construction for increased occupancy, rental rates
    July 24, 2014 04:30PM
    Wells Fargo Center

    Wells Fargo Center

    From the South Florida website: The lack of new office construction in Miami is allowing area landlords to chip away at the market’s vacancy rate, a new report from CBRE shows.

    Miami’s office sector finished the second quarter of 2014 with a 15.5 percent vacancy rate, down from 16.2 percent during the first quarter and 17.3 percent during the second quarter of 2013. Landlords completed 160 lease transactions totaling 877,000 square feet during the quarter. The market’s average asking rental rate was $30.83 per square foot, an increase of 12 cents from the first quarter. [more]

  • Inside TheRealDeal
  • Zillow looks to acquire rival listings site Trulia for $2B

    Move would combine the two most-visited real estate websites in the U.S.
    July 24, 2014 04:10PM
    From left: Trulia and Zillow's home pages

    From left: Trulia and Zillow’s homepages

    Zillow, the largest residential listings website in the U.S., is reportedly looking to acquire rival site Trulia for as much as $2 billion. [more]

  • REBNY’s influence over Cuomo laid bare

    Industry sources say NYT investigation unlikely to change group's relationship to governor
    July 24, 2014 03:51PM By Hiten Samtani
    From left: Steven Spinola, Rob Speyer and Governor Andrew Cuomo (Credit: Steve Friedman)

    From left: Steven Spinola, Rob Speyer and Governor Andrew Cuomo (Credit: Steve Friedman)

    The Real Estate Board of New York’s power and influence over state government is, as a well-known Democratic operative put it, “about as new as hieroglyphics.” Albany politicians often transition into lucrative real estate careers, and Governor Andrew Cuomo is a tuxedo-clad fixture at REBNY’s annual gala. But an investigative story in the New York Times yesterday laid out the extent of the industry’s influence with Cuomo in the most explicit manner yet. The industry’s initial response to the story, however, suggests that it is unlikely to impact how REBNY does business. [more]

  • Ashkenazy sues Denihan for allegedly backing out of Surrey Hotel deal

    Dispute stems from planned sale of stake in ground lease at UES property
    July 24, 2014 03:30PM By David Jones
    Ben Ashkenazy and 20 East 76th Street

    Ben Ashkenazy and 20 East 76th Street

    An entity led by investors Ben Ashkenazy and Michael Alpert is scheduled to face off with Denihan Hospitality Group in Manhattan Supreme Court after the investment firm claimed that Denihan backed out of a deal to sell a 49 percent stake in the ground lease at the Surrey Hotel. [more]

  • Real estate pros urge retailers to adopt digital strategies

    Westfield Properties to offer Fulton Transit Hub retailers mobile interaction tools
    July 24, 2014 03:10PM
    From left: David Ruddick and Fulton Transit Center

    From left: David Ruddick and Fulton Transit Center

    Real estate professionals stressed the need for merchants to integrate digital strategies and on-the-ground operations at a meeting on the future of New York retail on Wednesday. [more]

  • Stringer: NYCHA not providing enough construction jobs

    Authority suffers from “mismanagement and lax oversight," audit says
    July 24, 2014 02:40PM
    stringer

    NYCHA’s Shola Olatoye and Scott Stringer

    City Comptroller Scott Stringer accused the New York City Housing Authority of “mismanagement and lax oversight” and of skimping on providing a required quantity of construction jobs to low-income tenants.

    Stringer’s office released an audit today alleging that the authority allowed contractors to either ignore the law or overstate the amount being paid to residents of low-income housing complexes in the city. [more]

  • Shaoul receives $71M in funding to build 14-story dormitory

    Developer picked up the site on East 24th Street for $32.2 million last December
    July 24, 2014 02:10PM
    From left: Ben Shaoul and 340 East 24th Street

    From left: Ben Shaoul and 340 East 24th Street

    Ben Shaoul received $71 million in construction funds to build a dormitory in Kips Bay. [more]

  • Naftali to raze five-story UWS garage for condo project

    Developer in contract to pay $61M for site
    July 24, 2014 01:40PM By Mark Maurer
    naftali

    From left: Miki Naftali, 219-223 West 77th Street and David Berley

    The Naftali Group filed plans with the Department of Buildings today to demolish a five-story parking garage on the Upper West Side and is expected to build residential condominiums on the site, The Real Deal has learned. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    July 24, 2014 01:10PM

    1. One brokerage’s manual reveals secrets of the trade
    2. A snapshot of three firms’ splits
    3. In their words: The funniest and most insightful comments on real estate

    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 York Wheel project to get big boost from foreign investors

    Staten Island development approved for federal program that attracts overseas capital
    July 24, 2014 12:40PM
    new-york-wheel

    The New York Wheel

    Foreign investors are about to pump a lot of money into the New York Wheel project, which is slated for the North Shore of Staten Island. [more]

  • Sales to launch at long-delayed 15 Renwick in September

    31-unit luxury building features apartments from $2M to $10.5M
    July 24, 2014 12:10PM
    15 Renwick renderings

    15 Renwick renderings

    Following a stall in work during the recession and a change of hands, sales are expected to launch at the condo project at 15 Renwick in September. [more]

  • Soho nonprofit delivers rendering of expanded HQ

    Renovation of building owned by God's Love We Deliver to result in six-story, 40K sf property
    July 24, 2014 11:40AM
    god's-love

    Rendering of 166 Sixth Avenue

    Soho charity God’s Love We Deliver has unveiled a rendering for its expanded headquarters, which is being designed by Gerner Kronick and Valcarel. [more]

  • Top Manhattan apartment sales: July 14 – July 20

    An interactive map of the priciest recorded apartment deals, plus total overall sales and average prices for the week (click on numbers to see data)
    July 24, 2014 11:10AM

  • River House rejects French ambassador’s co-op bid

    Deal derailed over concerns about state soirees
    July 24, 2014 10:39AM
    From left: French Ambassador François Delattre and River House

    From left: French Ambassador François Delattre and River House

    A deal to house the French ambassador to the United States in a 14-room co-op at the tony River House has fallen through over concerns about the frequency and size of state parties.

    The co-op board at the Upper East Side tower had been close to sealing the deal following a number of concessions from the French government, the Wall Street Journal reported. Those included limiting the use of the co-op to a residence, tempering sovereign immunity to allow for some legal action against the ambassador and staff, as well as minimizing the presence of armed guards. But the parties could not reach a deal on how often soirees would be held and how many guests would attend, according to the newspaper. [more]

  • William Morris leaving longtime home for 11 Madison Avenue

    Talent agency moving out of 1325 Avenue of the Americas
    July 24, 2014 10:00AM
    11 Madison Avenue

    11 Madison Avenue

    William Morris Endeavor, the Hollywood agency that represents clients such as Justin Timberlake, Hugh Jackman and Emma Stone, signed a lease to move into 11 Madison Avenue.

    The agency is taking the entire 18th floor, or about 70,000 square feet of space. Sony will also be moving into the 2.3 million-square-foot building, which is owned by Alex Sapir and Rotem Rosen of the Sapir Organization and the CIM Group. Yelp is in talks to move in as well. [more]

  • Coney Island

    Coney Island

    Real life in Coney Island. Citi Bike to receive large influx of cash. One Vandam making quick headway. Read these stories and more after the jump.

  • Port Authority OKs $90M for bus terminal repairs

    But a full replacement of the facility is still at least a decade away
    July 24, 2014 09:00AM
    Port Authority Bus Terminal

    Port Authority Bus Terminal

    The Port Authority of New York and New Jersey will spend $90 million on repairs to its Midtown bus terminal. [more]

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