The Real Deal New York

  • Sale of majority stake in Plaza Hotel up in the air

    Family of owners wants at least $600M
    July 26, 2016 11:51AM

    From left: Subrata Roy, the Plaza Hotel at 768 5th Avenue in Midtown and Al-Waleed bin Talal

    The sale of the majority stake in the Plaza Hotel may have hit another roadblock. [more]

  • Sans prenup, Macklowe divorce is likely to get ugly

    Couple expected to fight over art, real estate
    July 26, 2016 11:22AM
    From left: Patricia Landeau (credit: Instagram), Harry Macklowe and Linda Macklowe (credit: Getty Images)

    From left: Patricia Landeau (credit: Instagram), Harry Macklowe and Linda Macklowe (credit: Getty Images)

    It looks like the Macklowes are headed toward an ugly fight over billions of dollars worth of real estate and art. [more]

  • Maya Angelou’s Harlem brownstone sells for $4M

    The late poet bought the house sight unseen in 2002
    July 26, 2016 10:52AM By E.B. Solomont
    Maya Angelou and 58 West 120th Street

    Maya Angelou and 58 West 120th Street

    An unidentified buyer picked up Maya Angelou’s former Harlem brownstone for $4 million – caged bird not included. [more]

  • For US homeowners, it pays to track equity

    There's the knowledge gap about equity-tapping tools and uses
    July 26, 2016 10:35AM By Kenneth Harney

    (credit: Lexi Pilgrim)

    Are millions of homeowners sitting on much bigger equity nest eggs than they think? Do you know how much equity you’ve got? If not, could you be missing opportunities to tap into it for worthwhile projects at close to all-time low interest rates?

    Academic and financial industry research suggests that large numbers of Americans don’t keep track of their equity and don’t really know how they could use it. That’s curious because home equity has almost never been higher or easier to access. [more]

  • Inside TheRealDeal
  • Preet Bharara investigating de Blasio’s role in LICH site sale

    Subpoena comes amid Campaign for One New York probes
    July 26, 2016 10:06AM
    Mayor Bill de Blasio, Long Island College Hospital and Preet Bharara

    Mayor Bill de Blasio, Long Island College Hospital at 350 Henry Street in Cobble Hill, Brooklyn and Preet Bharara

    U.S. Attorney Preet Bharara is investigating Mayor Bill de Blasio’s role in the sale of the Long Island College Hospital site in Cobble Hill. [more]

  • City says it has financed nearly 53K affordable housing units

    But expiration of 421a threatens further progress
    July 26, 2016 09:17AM
    Stuyvesant Town-Peter Cooper Village and Alicia Glen

    Stuyvesant Town-Peter Cooper Village and Alicia Glen

    The city has financed the creation and preservation of nearly 53,000 units of low- to moderate-income housing since Mayor Bill de Blasio took office, officials announced on Monday. [more]

  • TIAA-CREF inks two leases for 50K sf at Bryant Park building

    Stantec Consulting Services and Kylin Management each signed 10-year leases at 475 Fifth Ave.
    July 26, 2016 08:38AM
    473-477 Fifth Avenue in Murray Hill

    473-477 Fifth Avenue in Murray Hill

    Two companies are taking nearly 50,000 square feet in TIAA-CREF’s Bryant Park building.

    Stantec Consulting Services, a design consulting firm, signed a 10-year lease for 32,000 square feet on the seventh and eighth floors of 475 Fifth Avenue, the Commercial Observer reported. The company already has one of its New York offices on the 12th floor of the building, according to its website, but it’s not clear if it will keep that space. The asking rent for the new office was $79 per square foot, said Brian Waterman of Newmark Grubb Knight Frank, who represented the landlord in the deal. [more]

  • New York AG blocks Harlem nursing home sale to Allure Group

    Black cloud of Rivington House investigation hanging over the deal
    July 26, 2016 08:09AM

    From left: Joel Landau, The Rivington House at 45 Rivington Street on the Lower East Side and Eric Schneiderman

    The New York state attorney general’s office on Monday moved to stop the sale of a Harlem nursing home to the Allure Group, the company currently under scrutiny for its controversial sale of the Rivington House. [more]

  • These are Manhattan’s top resi agents

    Manhattan residential broker ranking finds fresh faces and shifting strategies as slowdown sets in
    July 26, 2016 07:30AM By Kathryn Brenzel and E.B. Solomont

    From the July issue: Manhattan’s elite residential brokers aren’t just going after the most expensive listings to stay on top. They’re also recalibrating their business models to include a wider range of clients in a rapidly changing market.

    In some cases, agents have also jumped to new firms to stay ahead of the much-discussed softening in the luxury sector.

    Overall, The Real Deal’s annual ranking of Manhattan’s residential agents found that the Top 75 brokers held a combined $12.5 billion in listings this year, compared to $12.2 billion last year. But that dollar volume represents a bigger jump than it seems at first blush because this year TRD excluded in-contract properties. Whether the higher dollar volume tally means more deals — or more languishing listings — varies depending on who you talk to. [more]

  • Sierra sells Midtown office building for $44M

    Noorollah Asherian and Kami Rehanian are the buyers
    July 26, 2016 07:00AM By Konrad Putzier
    From left: 160 East 56th Street and Meridian's Helen Hwang

    From left: 160 East 56th Street and Meridian’s Helen Hwang

    Howard Sorkin’s Sierra Assets sold the office building 160 East 56th Street to Noorollah Asherian and Kami Rehanian for $44 million.

    Sierra had owned a stake in the 12-story building since 1976, and in April bought out its partners for $18.7 million ahead of the sale. The 63,778-square-foot property is almost entirely leased out, sources say. The building holds 42 units, mostly filled by office tenants though there are a few retailers, records show. [more]

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  • Jordan Roth, son of Vornado CEO, buys condo at Related’s Superior Ink

    This is Roth's second purchase at the building
    July 25, 2016 06:19PM By Kathryn Brenzel
    From left: Richie H and Jordan Roth and the Superior Ink Condominiums (credit: Getty Images)

    From left: Richie Jackson and Jordan Roth and the Superior Ink Condominiums (credit: Getty Images)

    Jordan Roth, son of Vornado Realty Corp. CEO Steve Roth, has purchased a second condo unit in a building that is not owned by his father’s company. [more]

  • WeWork revamps broker referral program

    Co-working company now offers more fees, tracking tool
    July 25, 2016 05:41PM By Konrad Putzier
    WeWork space at 1 Little West 12th Street in Meatpacking (inset from top: Julia Davis and Francis Lobo)

    WeWork space at 1 Little West 12th Street in Meatpacking (inset from top: Julia Davis and Francis Lobo)


    WeWork changed its partnership program for office leasing brokers, offering additional fees and new tracking tools in a bid to win referrals. [more]

  • Brooklyn’s multifamily market mostly holds steady as deal volume drops off in other asset classes

    Investment sales declines seen in commercial properties and dev sites: Ariel Property Advisors
    July 25, 2016 05:10PM By Rich Bockmann
    Mutlifamily pricing indicators and maybe the Jehovah Witness' Building at 124 Columbia Heights in Downtown Brooklyn

    Mutlifamily pricing indicators and maybe the Jehovah Witness’ Building at 124 Columbia Heights in Downtown Brooklyn

    Buyers and sellers continued to ink multifamily deals in Brooklyn at a relatively steady pace during the first half of the year, while other assets like commercial properties and development sites increasingly sat on the shelf, according to Ariel Property Advisors’ mid-year investment sales report. [more]

  • Downtown Brooklyn Partnership kicks off search for new prez

    Nonprofit to start interviews next month
    July 25, 2016 04:00PM By Kathryn Brenzel

    1 Metro Tech Center in Downtown Brooklyn (inset from top: Tucker Reed and Laurel Brown)

    The Downtown Brooklyn Partnership has begun its search for a replacement president as Tucker Reed prepares to leave early next month. [more]

  • Extell scores $140M construction loan for East Village project

    Wells Fargo and Helaba provided the financing for 500 and 524 East 14th Street
    July 25, 2016 03:31PM By Katherine Clarke
    anf Gary Barnett

    Rendering of 500 East 14th Street in the East Village and Gary Barnett

    UPDATED: July 26 10.35 a.m.: Gary Barnett’s Extell Development landed a $140 million construction loan for the development of two, seven-story mixed-use buildings at 500 and 524 East 14th Street. [more]

  • Follow The Real Deal Los Angeles on Instagram!

    @trdsocal is sharing snaps of L.A. new development, celebrity real estate and more
    July 25, 2016 03:13PM

    Click to follow The Real Deal Los Angeles on Instagram!

    The Real Deal Los Angeles is now on Instagram! Our latest social media channel features snaps of new development around La La Land alongside the latest celebrity listings, giving you an insider’s look at what’s happening in L.A. real estate, and beyond.

    Have something to share with us? Send your photo to or tag your photos with #TRDLA and you could be featured on our Instagram feed.

    Click here to follow @trdsocal on Instagram. Happy sharing!

  • Home of Brooklyn Brewery, Brooklyn Bowl in contract for $37M

    The Williamsburg establishments are expected to be out by 2025
    July 25, 2016 02:30PM By Mark Maurer
    61 Wythe Ave in North Williamsburg, Brooklyn and inside at Brooklyn Bowl

    61-71 Wythe Avenue in North Williamsburg and inside at Brooklyn Bowl

    This is one deal that’s right up their alley.

    Atlas Capital Group is in contract to acquire the North Williamsburg building that is home to Brooklyn Bowl and the Brooklyn Brewery for $37.4 million, sources told The Real Deal. [more]

  • Town Residential’s Jason Karadus jumps to BHS

    Broker formerly led sales at Upper East Side new development the Charles
    July 25, 2016 02:01PM By Katherine Clarke
    From left: Hall Willkie, Jason Karadus, Andrew Heiberger and Joseph Sitt

    From left: Hall Willkie, Jason Karadus, Andrew Heiberger and Joseph Sitt

    Jason Karadus, one of Town Residential’s top-producing brokers, has left the firm amid speculation about a change in the company’s ownership.

    Karadus, who led sales at record-breaking new development the Charles on the Upper East Side, has moved to Brown Harris Stevens, where he will work out of the company’s office at 130 Fifth Avenue. [more]

  • CBRE wins assignment to lease 550 Madison: sources

    Team of Tighe, Gottlieb and Fiddle will bring 850K sf at Sony Building to market
    July 25, 2016 01:30PM By Rich Bockmann and Mark Maurer

    From left: Hutham Olayan, the Sony Building at 550 Madison Avenue and CBRE’s Mary Ann Tighe

    About three months after negotiating a blockbuster deal to buy the former Sony Building for $1.4 billion, Olayan America has tapped a team at CBRE to bring the building’s 850,000 square feet of office space to market, sources told The Real Deal.

    Save for a lease AT&T negotiated with Sony in 1992, this is the first time space in the building is being marketed to office tenants. [more]