The Real Deal New York

  • Macklowe seeking $1B loan for 1 Wall Street conversion

    $1.5B resi project will include condos, rentals and a Whole Foods
    July 28, 2016 03:30PM By Mark Maurer
    1 Wall financing

    From left: Proposed rendering of One Wall Street, Harry Macklowe and the current facade

    Harry Macklowe’s Macklowe Properties is in the market for a $1 billion senior construction loan for its residential conversion of the office skyscraper at One Wall Street, sources told The Real Deal. [more]

  • From the July issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate:


    To read other smart and/or funny sayings, click here for the full feature.

  • Related, Oxford score $1.2B loan for 35 Hudson Yards

    The developers also snagged an equity investment
    July 28, 2016 02:38PM
    Rendering of Hudson Yards

    Rendering of Hudson Yards

    Related Companies and Oxford Properties group have landed a $1.2 billion loan to build 35 Hudson Yards.

    The Children’s Investment Fund, a U.K.-based hedge fund, provided the debt for the 1,000-foot tall mixed-use tower, the developers said in a release Thursday. The loan covers part of the tower’s $2 billion price tag, which is also being financed through an undisclosed equity investment. [more]

  • Ginger Brokaw jumps to BHS from Town

    Top agent's departure comes on the heels of Heiberger buying out Sitt's stake in firm
    July 28, 2016 02:00PM By E.B. Solomont

    Hall Willkie and Ginger Brokaw

    Ginger Brokaw, a top agent at Town Residential who held many of the brokerage’s priciest listings, is moving to Brown Harris Stevens, The Real Deal has learned. Brokaw’s exit from Town comes right after CEO and founder Andrew Heiberger bought out partner Joseph Sitt to assume full control of the residential firm.

    Brokaw brokered record-breaking deals at the Charles on the Upper East Side with colleague Jason Karadus, who also jumped to BHS earlier this week. [more]

  • Inside TheRealDeal
  • Bluestone Organization partners with Jamaica church on 174-unit rental building

    First Presbyterian Church bought site in 2008 for $2M
    July 28, 2016 01:46PM By Rich Bockmann

    Eli Tabak and 89-50 164th Street in Queens

    UPDATE: July 28, 2016, at 3:22 p.m: Bluestone Organization is partnering with a centuries-old church in Jamaica to develop a 174-unit mixed-use building. [more]

  • Homeownership rate falls to lowest level since 1965

    Roughly 63 percent of Americans own homes – down from 69 percent in 2004
    July 28, 2016 01:15PM
    Single family homes in Queens

    Single family homes in Queens

    The U.S. homeownership rate dropped to its lowest level since 1965, according to a new report from the Census Bureau.

    Nearly 63 percent of U.S. households owned their home in the second quarter of the year – down from 63.5 percent in the previous quarter. The rate reached a peak of 69.2 percent in 2004 but tumbled in the wake of the 2008 financial crisis amid stagnating incomes and rising home prices. [more]

  • Reed Elsevier inks 45K sf lease at Helmsley Building

    Publisher joins its LexisNexis imprint, which already has 70K sf in RXR's property
    July 28, 2016 12:45PM By Rich Bockmann
    From left: 230 Park Avenue and Scott Rechler

    From left: 230 Park Avenue and Scott Rechler

    Publisher and analytics company Reed Elsevier, which changed its name last year to RELX Group, is relocating its corporate headquarters to the Helmsley Building, where its LexisNexis imprint already has a sizable footprint. [more]

  • “King of Queens” star Kevin James sells SoFla manse for $26M

    Actor bought home for $19M four years ago
    July 28, 2016 12:27PM By Sean Stewart-Muniz
    502 North Ocean Boulevard (Inset: Kevin James via Promiflash)

    502 North Ocean Boulevard (Inset: Kevin James via Promiflash)

    From the South Florida website: The king has traded his castle for a stack of cash.

    Actor Kevin James, best known for his lead role in the popular sitcom “The King of Queens,” just sold his sprawling oceanfront mansion in Delray Beach in South Florida for $26.38 million. [more]

  • Qatari investment firm buys Garment District hotel for $167M

    Alduwaliya picks up 293-key Hilton Homewood Suites from group led by Rockwood Capital
    July 28, 2016 11:40AM By Rich Bockmann
    Rockwood's Peter Falco and the Hilton Homewood Suites at 312 West 37th Street in Times Square

    Rockwood’s Peter Falco and the Hilton Homewood Suites at 312 West 37th Street in Times Square

    The hospitality arm of Qatar’s Alduwaliya Asset Management picked up a Garment District hotel for $167 million from a group of owners led by Rockwood Capital. [more]

  • ESB observatory drew more visitors – despite rival 1 WTC

    CEO Anthony Malkin claims level of competition is “lower than expected”
    July 28, 2016 11:26AM By Konrad Putzier
    From top: Empire State Building, One World Trade and Anthony Malkin

    From top: Empire State Building, One World Trade and Anthony Malkin

    UPDATED, July 28, 12:35 p.m.: The Empire State Building’s observation deck increased its revenues in the first half of 2016, despite a challenging tourism environment and competition from One World Trade Center. [more]

  • Thanks largely to new development, Douglas Elliman sold $6.4B in real estate in Q2

    Parent company Vector has $475M in cash and plans to increase equity investments: Lorber
    July 28, 2016 10:59AM By E.B. Solomont
    Howard Lorber

    Howard Lorber

    Bucking the notion that the real estate market is softening like butter on a balmy day, Douglas Elliman sold $6.4 billion worth of real estate nationwide during the second quarter of 2016, up from $5.5 billion a year earlier, the brokerage’s parent company Vector Group reported Thursday.

    For the first six months of the year, Elliman closed sales worth $12.1 billion, up from $9.6 billion during 2015’s first half, Vector said. And profits at New York City’s largest brokerage also soared, largely on the back of investments in its development market division, Chairman Howard Lorber said during an investor call. [more]

  • Harlem Whole Foods pushes up apartment rents: brokers

    Grocery store to open on 125th Street this year
    July 28, 2016 10:11AM
    Rendering of 100 West 125th Street

    Rendering of 100 West 125th Street in Harlem

    Kale could be a rent killer for long-term residents of Central Harlem. A Whole Foods grocery store set to open in at 100 West 125th Street later this year could cause apartment rents in the neighborhood to spike. [more]

  • Silicon Valley Bank gobbles up 20K sf at 387 PAS

    Tech-focused California banking firm leaving Stawski Partners' 505 Fifth Avenue
    July 28, 2016 09:32AM
    387 park avenue south

    Rendering of 387 Park Avenue South (credit: TF Cornerstone)

    Silicon Valley Bank is doubling its footprint in Manhattan and setting up shop closer to its technology-based clients.

    The bank signed a lease for 20,000 square feet at TF Cornerstone’s newly-renovated 387 Park Avenue South, where asking rents touch $78 per square foot. [more]

  • The Closing: Robert Verrone

    The lending legend on the fallacy of ‘Large Loan Verrone,’ Barbie dolls and $20B in debt
    July 28, 2016 09:00AM By Mark Maurer
    Robert Verrone (Photo by Studio Scrivo)

    Robert Verrone (credit: STUDIO SCRIVO)

    From the July Issue: Robert Verrone is the founder of commercial mortgage brokerage Iron Hound Management Company, which has arranged and restructured more than $20 billion in debt and equity since launching in 2009. During the last real estate bubble, Verrone gained a reputation as a major risk-taker for providing large, interest-only loans to developers with little equity down. For that he earned the nickname “Large Loan Verrone.”

    Verrone began his career at Bear Stearns, but after being let go in 1994, he joined North Carolina-based First Union (which later acquired Wachovia and took on its name) to lead the bank’s lending and securitization division. As co-head of Wachovia’s real estate group from 2007 to 2008, he oversaw a portfolio that grew to $80 billion in debt and managed as many as 600 employees. [more]

  • Whole Foods leases 44K sf at Macklowe’s 1 Wall Street

    New store to open in 2018
    July 28, 2016 08:44AM
    Rendering of Whole Foods at One Wall Street (credit: DBOX for Macklowe Properties)

    Rendering of Whole Foods at One Wall Street (credit: DBOX for Macklowe Properties)

    Like Williamsburg, One Wall Street is now officially over. Harry Macklowe landed Whole Foods as a retail tenant at his Financial District condo conversion project. The upscale grocery store chain will occupy 44,000 square feet in the building. [more]

  • Michael Bloomberg thinks Donald Trump is insane

    “I’m a New Yorker and I know a con when I see one”
    July 28, 2016 08:01AM
    From left: Donald Trump and Michael Bloomberg

    From left: Donald Trump and Michael Bloomberg

    Former mayor Michael Bloomberg tore into Donald Trump’s business record Wednesday night, and openly questioned the Republican presidential candidate’s sanity. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    July 28, 2016 07:30AM By Kyna Doles
    Click to enlarge: (credit: TerraCRG, CBRE and Savills Studley)

    Click to enlarge: (credit: TerraCRG, CBRE and Savills Studley)

    According to the latest batch of New York City market reports, builder confidence slipped in the first half of the year and the investment sales market saw fewer transactions in the second quarter. On the office leasing end, landlords continued to lower their asking rents and Downtown saw a major dip in leasing activity compared to 2015. Check out more in our roundup of the week’s real estate market reports. [more]

  • Detective says man accused of killing Menachem Stark wasn’t the “mastermind”

    Kendel Felix claims his cousin planned the robbery
    July 28, 2016 07:00AM
    From left: Menachem Stark and Kendel Felix

    From left: Menachem Stark and Kendel Felix

    A New York City Police Department detective testified on Tuesday that the Brooklyn man accused of killing landlord Menachem Stark likely wasn’t the mastermind behind the grisly kidnapping and murder.

    Kendel Felix, who faces 50 years to life in prison if convicted, claims that his cousin planned the robbery that led to Starks death in January 2014, the New York Daily News reported. NYPD Detective Christopher Scarry testified at a pre-trial hearing on Tuesday that Felix likely didn’t plan out the robbery. [more]

  • Current reader favorites:
    1. Cadre hires former Starwood exec Marcos Alvarado
    2. ABC Carpet & Home shopping Flatiron HQ: sources
    3. Sans prenup, Macklowe divorce is likely to get ugly
    4. Inside the Four Seasons restaurant auction: A Manhattan landmark goes under the hammer
    5. Landlord accused of gutting Harlem building while family still lived there

  • MSD Capital pays $63M for stake in Grand Central Terminal

    The stake was held by Lehman Brothers
    July 27, 2016 06:04PM By Kathryn Brenzel
    Grand Central (inset: Michael Dell)

    Grand Central (inset: Michael Dell)

    Michael Dell’s MSD Capital has purchased a stake in Grand Central Terminal for $63 million amid a bitter battle over the station’s air rights. [more]