The Real Deal New York

  • Gawker Media relocating to Flatiron

    Gizmodo, Jezebel and Deadspin publisher picks up 59K space at 114 Fifth Ave.
    September 16, 2014 03:25PM
    From left: Gawker's Nick Denton and 114 Fifth Avenue

    From left: Gawker’s Nick Denton and 114 Fifth Avenue

    Gawker Media is relocating from its 210 Elizabeth Street headquarters to a new 59,000-square-foot space at 114 Fifth Avenue.

    The media outfit, which includes verticals Gizmodo, Jezebel, Valleywag and Deadspin, inked a 15-year lease for 58,900 square feet spanning three full floors at the new digs at Fifth Avenue and West 17th Street, the New York Observer reported. [more]

  • Lender to put Trump Soho Hotel up for sale

    Reportedly, only a third of property's condo units have sold
    September 16, 2014 03:05PM
    From left: the Trump Soho Hotel and Donald Trump

    From left: the Trump Soho Hotel and Donald Trump

    The Trump Soho is reportedly being sold.

    CIM Group, one of the lenders to the upscale condominium-hotel, is foreclosing on the property and plans to auction it off, the Wall Street Journal reported. CIM Group holds a junior loan on the property and has taken control of the building through a foreclosure process. CIM Group hired commercial brokerage Eastdil Secured to market the property. [more]

  • Extell makes play for Port Authority’s Hudson Yard air rights

    Agency to vote Wednesday on firm's $30M bid for space above Dyer Avenue
    September 16, 2014 02:45PM By Rich Bockmann
    Extell's development site at 429 West 36th Street

    Extell’s development site at 429 West 36th Street

    Gary Barnett’s Extell Development Corp. is looking to buy at least $30 million worth of air rights from the Port Authority of New York & New Jersey for a residential development site it owns in the Hudson Yards neighborhood, according to agency documents.

    Extell owns three properties between Ninth and 10th Avenues on the far West Side running block-through from 36th to 37th streets along Dyer Avenue, the sunken roadway that snakes from the Lincoln Tunnel to 30th Street. Extell’s site is surrounded by a number of hotel and residential developments in the booming neighborhood just north of the Related Companies’ and Brookfield Office Properties’ large, mixed-use projects. [more]

  • Prospect Park Residence in breach of court order, say lawyers

    Judge ordered owner to maintain services until residents depart ahead of likely condo conversion
    September 16, 2014 02:25PM
    1 Prospect Park West

    1 Prospect Park West

    The operator of a Park Slope assisted living facility is in breach of a court order to maintain essential services at the residence, lawyers and caregivers for elderly tenants allege.

    The owner of Prospect Park Residence is trying to wind down operations ahead of a likely condo conversion, but a judge temporarily blocked the process in June after residents filed suit over the original closure plan. [more]

  • Inside TheRealDeal
  • Chinese developer’s Williamsburg condos hit the market

    Residential building at 429 Kent is Xinyuan's first ground-up project in U.S.
    September 16, 2014 02:00PM
    Rendering of the Oosten at 249 Kent Avenue in Williamsburg

    Rendering of the Oosten at 249 Kent Avenue in Williamsburg

    Offerings at the first ground-up residential project by the U.S. branch of Chinese developer Xinyuan Real Estate Company are now up for grabs.

    The Oosten development, which will occupy a full block between Williamsburg’s Kent and Wythe avenues and South 8th and South 9th streets, is slated to hold a total of 216 condominium units starting at $710,000. The property, which has an address of 429 Kent Avenue, is offering up a mix of seven different kinds of apartments: townhouses, duplexes, one-, two- and three-bedrooms, lofts and duplex penthouses. Click here to see renderings of the units on offer.

  • Soho gallery owner snags Residences at Bath Club condo

    Louis Meisel pays $5M for unit at Don Peebles-developed complex in Miami Beach
    September 16, 2014 01:35PM By Eric Kalis
    meisel

    From left: Don Peebles, Residences at Bath Club and Louis Meisel

    From the South Florida website: A New York company tied to the Soho art gallery of photorealism pioneer Louis Meisel paid $5 million for a four-bedroom condo at the Don Peebles-developed Residences at the Bath Club in Miami Beach, The Real Deal has learned. [more]

  • Condo prices at Ian Schrager’s Public hotel could set record

    Developer seeking $7M for units in Lower East Side property
    September 16, 2014 01:12PM By Mark Maurer
    chrystie

    From left: Interior and exterior of 215 Chrystie Street on the Lower East Side (Inset: Ian Schrager, courtesy of SCRIVO)

    Condominiums at veteran hotelier Ian Schrager’s upcoming Public hotel on the Lower East Side are poised to break a sales record for the neighborhood, The Real Deal has learned. [more]

  • Hudson Companies unveils East New York housing renderings

    Phase III of the 659-unit affordable development has broken ground
    September 16, 2014 12:45PM
    Rendering of Gateway Elton Phase III in East New York, courtesy of Dattner Architects

    Rendering of Gateway Elton Phase III in East New York, courtesy of Dattner Architects

    The Hudson Companies and civic architecture firm Dattner released images of the final-phase, 287-unit component of their affordable housing project in the Spring Creek section of East New York, Brooklyn. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 16, 2014 12:25PM

    1. Is “Million Dollar Listing” helping or hurting business?
    2. Bunker-like West Village residence sells for $43M
    3. Penthouses in Brooklyn’s tallest resi tower hit the market

    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]

  • Plan targets parking spots to create affordable housing

    Architecture fellows seek to spur developers to spend money on subsidized units
    September 16, 2014 12:05PM
    parking

    From left: A “9 x 18″ proposal, Nathan Rich, Miriam Peterson and Sagi Golan (via Total Reset)

    Three architecture fellows at the Institute for Public Architecture have proposed a project that would leverage 9-by-18-foot parking spaces instituted by old zoning regulations in an effort to create affordable housing. The standard unit size of affordable housing and parking spaces have nearly the same dimensions.  [more]

  • A top exec at Real Capital Analytics exits

    Dan Fasulo served as data firm's director of market analysis for nearly 10 years
    September 16, 2014 11:45AM
    Dan Fasulo

    Dan Fasulo

    Dan Fasulo, director or market analysis for data-tracking firm Real Capital Analytics, has resigned.

    Fasulo worked for Real Capital Analytics – a research firm that analyzes commercial leasing and sales activity across the five boroughs — for nearly 10 years, according to Crain’s. “Dan has done a lot for us, but he has ambitions and I think he is considering a number of opportunities right now,” RCA founder and chief executive, Robert White, told the publication. [more]

  • Toll Brothers reveals 1110 Park Avenue renderings, floor plans

    Nine-unit condo property to offer up three- to five-bedroom residences
    September 16, 2014 11:25AM
    Rendering of the living room area in a 1110 Park Avenue unit

    Rendering of the living room area in a 1110 Park Avenue unit

    Toll Brothers released a full website for its new Upper East Side residential property at 1110 Park Avenue, complete with a new batch of renderings and unit floor plans. [more]

  • Theory takes four floors at William Kaufman’s 2 Gansevoort

    Fashion brand signs 16-year lease for 79K square feet
    September 16, 2014 11:00AM
    2 Gansevoort

    2 Gansevoort

    Fashion brand Theory signed a 16-year lease for 79,000 square feet at the William Kaufman Organization’s 2 Gansevoort Street. The company will occupy part of the ground floor and the second through fourth floors at the landmarked Meatpacking District building.

    Asking rents at the building, which was previously known as 320 West 13th Street, range from $90 to $115 per square foot. The building is currently 100 percent leased and Theory is expected to begin its tenancy in the first quarter of 2015. [more]

  • The thorny real estate issues Cuomo faces upon re-election

    A look at the tricky topics the governor will face in his likely second term
    September 16, 2014 10:30AM By Hiten Samtani
    Newmark Holdings’ Jeff Gural

    Newmark Holdings’ Jeff Gural

    From the September issue: Real estate players have come out in force to back Gov. Andrew Cuomo this election cycle. But there are some important and controversial real estate–related issues that the governor is expected to tackle in the very likely case that he is reelected. And, sources said, that in doing so, he will likely disappoint some of his key industry supporters.

    Cuomo, whose office did not respond to requests for comment, will also have to contend with the popularity of a key state figure — his successor as Attorney General, Eric Schneiderman — who’s not always in lockstep with him. [more]

  • SL Green to pay $275M for upper floors at Extell’s gem tower

    Previous reports estimated size of deal for 50 West 47th Street would be closer to $400M
    September 16, 2014 10:00AM
    From left: SL Green's Marc Holliday, 50 West 47th Street and Gary Barnett

    From left: SL Green’s Marc Holliday, 50 West 47th Street and Extell’s Gary Barnett

    Real estate investment trust SL Green Realty has acquired the upper floors of Extell Development’s International Gem Tower. Those floors have failed to attract tenants since hitting the market. [more]

  • A proposed sky gondola

    A proposed sky gondola over the East River

    This gondola could mean a four-minute commute. Nine disasters that shaped the city’s infrastructure. Ryan Serhant shuts down Times Square to propose to his girlfriend. Read these stories and more after the jump.

  • TF Cornerstone wraps up decade-long Long Island City project

    Property at 46-10 Center Boulevard now fully leased
    September 16, 2014 09:00AM
    46-10 Center Boulevard

    46-10 Center Boulevard

    TF Cornerstone’s 46-10 Center Boulevard is now fully leased. [more]

  • Douglas Elliman launching new commercial branch

    Resi-heavy firm partnering with brokerage Williamson, Picket, Gross
    September 16, 2014 08:30AM
    howard_lorber

    Howard Lorber

    Douglas Elliman is teaming up with real estate firm Williamson, Picket, Gross Inc. to form a new commercial division.

    Douglas Elliman — best known for its residential deals, even though the brokerage has done commercial work — will form Douglas Elliman Commercial, which will focus on office and retail deals, according to the New York Post. [more]

  • 49 beautiful old New York buildings that no longer exist

    A look at dozens of grand structures razed before the 1966 National Historic Preservation Act
    September 16, 2014 08:00AM By Business Insider
    New York City's hippodrome, located on Sixth Avenue between West 43rd and West 44th streets was demolished in 1939.

    New York City’s hippodrome, located on Sixth Avenue between 43rd and 44th streets was demolished in 1939.

    New York City is constantly being rebuilt.

    In the 19th and 20th centuries, dozens of beautiful old buildings were demolished to make way for new development. It wasn’t until 1966, with the passage of the National Historic Preservation Act, that historic buildings could be protected by federal law. [more]

  • Most popular stories on The Real Deal

    September 16, 2014 07:20AM

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