The Real Deal New York

  • Claremont Group gets $52M loan for FiDi conversion

    99 Wall Street to go from 25-story office building to condo site
    September 19, 2014 11:35AM

    Mark Fisher and 99 Wall Street in Lower Manhattan

    The Claremont Group received a $52.4 million loan from Cornerstone Real Estate Advisers for a conversion project on the site of a 25-story building.

    The floating-rate loan carried an interest rate “in the low-middle single digits,” a spokesperson for brokerage CBRE told the New York Observer. CBRE’s Mark Fisher handled negotiations for the financing. Claremont is planning to build high-end residential condominiums on the site, at 99 Wall Street, which now holds office space. [more]

  • NY lawmakers question Airbnb’s “$1 million host guarantee”

    Insurance promise may constitute deceptive business practice, letter charges
    September 19, 2014 11:10AM
    State Superintendent Benjamin Lawsky and a map of Airbnb rentals in New York City

    State Superintendent Benjamin Lawsky and a map of Airbnb rentals in New York City

    Airbnb is under fire for allegedly misleading insurance policies, with two New York lawmakers calling on State Superintendent Benjamin Lawsky to investigate.

    In a letter to Lawsky, State Senator Adriano Espaillat and Assemblyman Francisco Moya questioned the legality of Airbnb’s so-called “$1 million host guarantee,” a policy that promises to reimburse hosts for any damages incurred by guests for up to $1 million. The guarantee, they argue, “may constitute a deceptive business practice in that it willfully misleads Airbnb hosts into believing they have sufficient coverage,” they wrote. [more]

  • Proposed Court Square resi development could become hotel

    New permit application calls for a 108-room hotel on the site
    September 19, 2014 10:45AM
    27-07 43rd Avenue in Court Square, Long Island City

    27-07 43rd Avenue in Court Square, Long Island City

    A Gene Kaufman-designed nine-story residential project in Long Island City might undergo changes. [more]

  • Manhattan’s last parking lots

    Developers have long been snatching up parking lots, but there are still a number of them in play — and ripe for development
    September 19, 2014 10:21AM By Rich Bockmann

    From the September issue: Try finding a place to park below 59th Street in Manhattan and you might discover that lots with available spots are hard to come by. That’s because as developers have snapped up parking lots and garages for real estate projects over the past decade, about a third of the land used for parking has disappeared. [more]

  • Inside TheRealDeal
  • Amenities at 123 Parkside Avenue in Prospect Park, Brooklyn

    Amenities at 123 Parkside Avenue in Prospect Park, Brooklyn

    A look at 123 Parkside Avenue’s outrageous amenities. Red Hook could become electronic dance music mecca. For brokers, it gets trickier to spot the real wealthy buyers from the posers. Read these stories and more after the jump.

  • NYC has the world’s highest percentage of billionaires

    Gotham has 103 of the world's 2,325 billionaires
    September 19, 2014 09:15AM

    Billionaire population by cities

    Billionaires care more about cities than countries, according to a new report, and the metropolis at the top of their list is New York City. More after the jump.

  • Senate votes to strike down ILSA requirements for condos

    Decision will lead to less red tape for developers
    September 19, 2014 09:00AM By Hiten Samtani
    From left: Jay Neveloff and Steven Spinola

    From left: Jay Neveloff and Steven Spinola

    Condominium developers scored a major coup last night, as the United States Senate voted unanimously to pass a bill that exempts condos from filing and registration requirements mandated by the Interstate Land Sales Full Disclosure Act, commonly referred to as ILSA. [more]

  • City Planning appoints new Brooklyn director

    Winston Von Engel's appointment comes amidst borough's development boom
    September 19, 2014 08:25AM By Hiten Samtani
    Winston Von Engel and a visualization of Brookln (Credit: BKLYNR)

    Winston Von Engel and a visualization of Brookln (Credit: BKLYNR)

    New York City’s Department of City Planning just appointed a new director for its Brooklyn office, The Real Deal has learned. Winston Von Engel, a 25-year veteran of the planning department, will direct the borough’s urban design and land use policy, guide housing and economic development initiatives, and advise the City Planning Commission on zoning issues. He takes the job at a time when Brooklyn is becoming a destination for major development projects. [more]

  • HFZ Capital files for access to LexLofts-adjacent building

    Developer says property owners refused to grant access to contractors amid condo conversion
    September 19, 2014 08:00AM By David Jones
    HFZ's Ziel Feldman and 90 Lexington Avenue

    HFZ’s Ziel Feldman and 90 Lexington Avenue

    Ziel Feldman’s HFZ Capital Group is asking a Manhattan Supreme Court judge to award it access to 126 East 27th Street, a five-story residential building adjacent to the developer’s LexLofts site, so that it can begin construction on a new condominium conversion project at 90 Lexington Avenue.

    Lawyers for the development firm filed for the order Tuesday. The measure would enable HFZ to install required safety protections such as vibration devices and conduct a site survey at the LexLofts site ahead of an 18-month conversion of the 13-story rental building at Lexington Avenue and East 27th Street, according to court documents. [more]

  • Most popular stories on The Real Deal

    September 19, 2014 07:30AM

    Current reader favorites:
    1. Norway fund pushing to buy Blackstone’s $2.2B 1095 Sixth: source
    2. Aby Rosen’s RFR is in contract to buy 190 Bowery
    3. The Wrap: Union Square real estate comes of age, the world’s 12 hottest housing markets … and more
    4. Waterbridge in $100M-plus contract on Williamsburg’s North 3rd St.
    5. Inside Rubin Schron’s New York real estate holdings

  • Judge dismisses Reid Price’s claim against Town

    Price maintains the brokerage owes him $490K in commission payments
    September 18, 2014 06:23PM By Claire Moses
    From left: Town's Wendy Maitland, Reid Price and Douglas Elliman's Dottie Herman

    From left: Town’s Wendy Maitland, Reid Price and Douglas Elliman’s Dottie Herman

    A judge has dismissed a counterclaim by former Town Residential broker Reid Price, who left the firm for a position at Douglas Elliman. Price’s counterclaim implied that he was owed $490,000 in commission payments from his former employer, according to court documents. [more]

  • High-net-worth individuals’ investable wealth hits $56T

    Nearly 19 percent of the population's money is invested in real estate
    September 18, 2014 06:00PM
    Population distribution of high net worth individuals

    Population distribution of high net worth individuals

    The investable wealth of high net worth individuals hit a record high in 2013 as the overall population of the wealthy grew and equity markets improved, according to a new report. [more]

  • Brooklyn judge mulls extending delay of hospital sale

    Nurses union's employment push at Cobble Hill site also under review
    September 18, 2014 05:35PM
    339 Hicks Street and Fortis’ Joel Kestenbaum

    339 Hicks Street in Brooklyn and Fortis’ Joel Kestenbaum

    A judge in Brooklyn Supreme Court is weighing whether to further delay the sale of the Long Island College Hospital in Cobble Hill as well as approve the nurses union’s request to increase employment.

    Last month, the court granted New York State Nurses Association a temporary restraining order that halted a purchase of the Cobble Hill facility by Fortis Property Group, Lutheran Family Health Center and NYU Langone Medical Center. The union alleged that the buyers did not hire nurses who had been laid off, thus violating an agreement. [more]

  • 8 Spruce Street, Frank Gehry's parametric design in the vein of the architecture featured in the film "Tron: Legacy"

    8 Spruce Street, Frank Gehry’s parametric design in the vein of the architecture featured in the film “Tron: Legacy”

    New renderings surface for SL Green’s One Vanderbilt. Architecture history in movies. Two Trees’ 60 Water Street nears completion. Read these stories and more after the jump.

  • Paris Café building on South Street hits the market

    Owner looking to capitalize on Seaport revitalization with $25.8M two-building sale
    September 18, 2014 04:45PM
    From left: 119 South Street, James Famularo and Adelaide Polsinelli

    From left: 119 South Street, James Famularo and Adelaide Polsinelli

    The building at 119 South Street that has been home to the Paris Café since 1873 is now on the market. The owners are seeking $25.75 million for the historic property and another nearby building at 108 South Street, the New York Observer reported. The sellers are seeking to take advantage of the revitalization of the South Street Seaport led by the Howard Hughes Corporation, Eastern Consolidated broker Adelaide Polsinelli, who is marketing the building with James Famularo, told the news site. [more]

  • This month in real estate history: REBNY fights WWII rent cap

    1943: Real estate board lobbies to prevent price controls on NYC apartments
    September 18, 2014 04:20PM By Adam Pincus

    Mayor Fiorello La Guardia

    From the September issue: The Real Estate Board of New York lobbied against a wartime proposal to cap rents on several million New York City apartment units, 71 years ago this month.

    REBNY appealed via telegram to officials in Washington within the federal Office of Price Administration, who were responsible for implementing price controls. The caps were part of a broader national law passed in 1942 that was aimed at easing the impact of inflation brought on by World War II. [more]

  • Southern Brooklyn leaders fight illegal multi-family conversions

    Proposed measures would target "hot spots" and expand city's powers to fine property owners
    September 18, 2014 04:00PM
    From left: City Council member Vincent Gentile and Ridge Boulevard in Bay Ridge

    From left: City Council member Vincent Gentile and Ridge Boulevard in Bay Ridge

    Lawmakers and community leaders in southern Brooklyn are putting pressure on the city to tackle conversions of one-family homes into illegal multi-family dwellings. [more]

  • Brooklyn Law School townhouses hit the market

    Properties at 100 Pierrepont Street and 38 Monroe Place asking $11M and $13M
    September 18, 2014 03:35PM
    Rendering of the living room at 28 Monroe Street

    Rendering of the living room at 38 Monroe Street in Brooklyn Heights

    The former Brooklyn Law School references in Brooklyn Heights have reemerged as a collection of townhouses starting at $11 million. [more]

  • Live like Jackson Pollock for $1.3M

    Artist's Village apartment is up for grabs; worth a lot less than his paintings
    September 18, 2014 03:10PM By Zachary Kussin
    pollock home

    From left: Jackson Pollock, a listing image of his apartment and Luis D. Ortiz

    From Luxury Listings NYC: If you want a Jackson Pollock painting, $1.25 million won’t get you far. However, that exact price can get you the influential painter’s former apartment at 46 Carmine Street, located between Bleecker and Bedford streets. [more]

  • Townhouse built for Douglas Elliman – the person – sells

    Upper East Side home constructed in 1909 goes for $14.8M
    September 18, 2014 02:44PM By Zachary Kussin
    Listing images of 177 East 71st Street

    Listing images of 177 East 71st Street

    The Upper East Side townhouse that was built for Douglas Ludlow Elliman, the founder of the eponymous real estate brokerage, has traded hands in a $14.8 million deal, according to today’s property records. The spread, located at 177 East 71st Street, most recently asked $15 million. [more]


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