The Real Deal New York

  • New maps visualize disparity between assessed and market property values along Central Park

    The study found that just one sliver of Manhattan was undervalued by $5.2 billion
    July 23, 2016 03:00PM TRD WEEKEND EDITION
    “Section 581″ by SITU Studio, Photograph by Patrick Mandeville

    “Section 581″ by SITU Studio, Photograph by Patrick Mandeville

    The city loses billions of dollars in taxes because flaws in the way property values are assessed. In many cases it is the billionaires themselves that benefit from these flaws. Now SITU Studio has created stunning visual representations of those inequalities. [more]

  • Renovating against the clock

    The story of a bold Park Avenue co-op makeover that met the challenge of strict summer renovation rules
    July 23, 2016 02:00PM By C. J. Hughes
    It took several attempts to achieve just the right shade of high-gloss brown on the mahogany panels in the library.

    It took several attempts to achieve just the right shade of high-gloss brown on the mahogany panels in the library.

    From Luxury Listings NYC: It’s a fact that’s probably well known to any co-op dweller who has had to hire a contractor to sand floors or switch out a sink: Strict renovation rules make the task a lot more difficult.

    So, the challenge that faced renovation guru Lee Stahl almost strains credulity. He was hired to update a 3,800-square-foot Park Avenue pad that hadn’t really been touched since the 1980s. (Think sea-foam green carpets and earth-tone checkerboard shower tiles.) And do it over the course of a single summer. [more]

  • From the archives: Is Howard Michaels the toughest boss in real estate?

    The hard-driving commercial finance middleman has already done $5 billion in deals this year, but has a reputation as the 'Ari Gold' of the business
    July 23, 2016 01:00PM By Candace Taylor
    Howard Michaels in his office at 560 Lexington Avenue last month.

    Howard Michaels in his office at 560 Lexington Avenue last month.

    Thirty-four years ago, Howard Michaels was knocking on doors in the 2.3 million-square-foot Starrett-Lehigh office building, hawking copy machines for the 3M Company.

    “I was making bupkis,” Michaels recalled.

    Those days are undoubtedly over. In 2004, he arranged a $219 million recapitalization of that same building, earning a seven-figure commission for his company, a real estate investment advisory firm known as the Carlton Group. Read the full story from the October 2011 issue here.

  • Shelter Island mansion asks $32M

    That’s more than three times the island’s current sales record
    July 23, 2016 12:00PM TRD WEEKEND EDITION

    The Shelter Island estate

    One of Shelter Island’s best waterfront estates is poised to set a record for the idyllic isle. The 4.8-acre property has hit the market asking $32 million. [more]

  • Inside TheRealDeal
  • The Chrysler Building once had apartments

    And other forgotten facts about the iconic tower
    July 23, 2016 11:00AM TRD WEEKEND EDITION
    Photo credit: Carol M. Highsmith America Collection/Library of Congress

    Photo credit: Carol M. Highsmith America Collection/Library of Congress

    The Empire State Building gets all the attention but real building connoisseurs and Art Deco devotees know that the Chrysler Building is the real architectural tour de force. So here are a few facts you probably didn’t know about the iconic tower. [more]

  • this-magnificent-estate-in-great-neck-long-island-boasts-13-bedrooms-35-bathrooms-indoor-and-outdoor-pools-health-complexes-game-rooms-a-bowling-alley-and-a-casino

    A $100 million mansion on Long Island

    It’s no secret that real estate isn’t cheap anywhere these days, but these palatial homes give expensive a whole new definition.  [more]

  • Parker Posey and her former apartment

    Parker Posey and her former apartment

    From Luxury Listings NYC: After less than two months on the market, “Queen of the Indies” actress Parker Posey has sold her Greenwich Village one-bedroom co-op. [more]

  • Owner of CitiStorage site celebrating but mum on auction

    The city offered to pay $100M
    July 22, 2016 04:31PM
     Bushwick Inlet Park

    Bushwick Inlet Park

    Norman Brodsky, the owner of the former CitiStorage site, is celebrating, but it’s not exactly clear why. [more]

  • From the July issue: Airbnb still hasn’t figured out how to combat racist hosts, billionaire Steve Cohen is tearing down a $62.5 million home for a new Hamptons pad, and the inaugural Jonathan Tisch Award for Leadership in Civic Responsibility went to none other than… Jonathan Tisch. Check out those and more in this month’s visual round-up of real estate-related happenings. [more]

  • Feeling warm? These NYC apartments come with private pools

    The most luxurious way to ride out the heat dome this weekend
    July 22, 2016 03:49PM By Liz Lucking

    The top floor lap pool at 2 North Moore Street

    From Luxury Listings NYC: Can’t escape to your Hamptons home this weekend during the impending “heat dome”? The most luxurious way to comfortably ride out the sweaty inferno in the city is in your own private pool. Here, for your perusal, are the city’s best private pools on the market right now. [more]

  • Pete Sampras and Bridgette Wilson want nearly $9M for Brentwood home

    They bought the property for $5.6M in 2009
    July 22, 2016 02:43PM By Katherine Clarke
    Pete Sampras and his Brentwood home

    Pete Sampras and his Brentwood home

    From the Los Angeles website: Pistol Pete is shooting for a $3 million profit on the sale of his L.A. pad.

    Tennis ace Sampras and his wife, actress Bridgette Wilson, have listed their Brentwood home for $8.9 million. The couple bought the 6,900-square-foot home, once owned by Merv Griffin, for just $5.6 million in 2009. [more]

  • Islanders, Sterling Equities in talks to build Queens arena: report

    Hockey team moved to Brooklyn just last year
    July 22, 2016 02:00PM
    Citi Field Stadium inset: John Tavares)

    Citi Field Stadium in Willets Point, Queens (inset: the Islanders’ John Tavares)

    Barely a year after moving from Nassau County to Brooklyn, the New York Islanders are already considering a move to the next borough. The NHL franchise is in talks with Sterling Equities to build a new hockey arena next to the Citi Field baseball stadium in Willets Point, Queens. [more]

  • A green light for Riverside’s major revitalization plan

    The East End’s economically blighted hamlet is poised for a makeover, spurring new interest in its suffering real estate market
    July 22, 2016 01:33PM By Matthew Egan
    An artist's representation of what Riverside will look like after the redevelopment plan takes shape

    An artist’s representation of what Riverside will look like after the redevelopment plan takes shape

    From the Hamptons Market Report: Situated near some of the most valuable real estate in the world, Riverside provides a stark contrast to the Hamptons. This unincorporated hamlet, which is located within the Township of Southampton, is the most economically depressed part of Long Island. Downtown Riverside is known for flagrant prostitution and drug dealing amid a landscape of vacant buildings. [more]

  • Versace’s UES mansion price chopped to $65K a month

    Late designer's former digs at 5 East 64th Street had been asking $120K a month
    July 22, 2016 01:05PM
    5 East 64th Street on the Upper East Side

    5 East 64th Street on the Upper East Side

    The Upper East Side mansion once owned by Gianni Versace hit the market in April asking $120,000-a-month — a price as over-the-top as the late designer’s clothing. But after a 54 percent markdown, the sprawling house is slightly more in touch with reality. [more]

  • Foxy Management plans 8-story senior housing project on top of Bronx community center

    The Cerebral Palsy Association currently leases space at the site
    July 22, 2016 12:30PM By Kathryn Brenzel

    Rendering of 1880 Boston Road in the West Bronx and Jeff Fox

    Foxy Management plans to build an 168-unit senior housing project on top of a two-story community center in the West Bronx. [more]

  • Shaky financials may have sunk Astoria Cove, not 421a: report

    Alma Realty banked on high rents, even though 27% of units would be affordable
    July 22, 2016 11:54AM

    Rendering of Astoria Cove (inset: Alma’s Efstathios Valiotis) (credit: STUDIO V Architecture, PLLC)

    What sunk the massive Astoria Cove development in Astoria? The developer says the lack of 421a tax benefits, but documents indicate it was the financials on the 2.2 million-square-foot complex that were shaky from the start. [more]

  • Luxury-Listings-Instagram

    Luxury Listings NYC’s latest social media channel is your ticket inside the lifestyles of the rich and Insta-famous. Featuring some of the priciest pads in Manhattan and most expensive estates around the globe, LLNYC‘s Instagram explores the larger-than-life playgrounds the world’s wealthiest call home.

    Have something you want to share? Tag your photos with #LLNYC and you might just end up on our feed.

    Click here to follow, but proceed with caution: You may experience some intense FOMO.

  • Port Authority sticking with $10B bus terminal plan despite opposition from NYC officials

    Critics say West Side bus terminal could displace residents, increase pollution in the area
    July 22, 2016 10:44AM
    John Degnan and Anthony Shorris

    From left: John Degnan and Anthony Shorris

    The chairman of the Port Authority said his agency isn’t going back to the drawing board on its $10 billion plan to build a bus terminal on the West Side of Manhattan, despite opposition from New York officials.

    Responding to calls for more local input on the plan at a Port Authority board meeting Thursday, the agency’s board of commissioners, John Degnan, of New Jersey, said the agency was “not going to defer the design and deliverability study,” according to Crain’s. [more]

  • Feds move to seize Walker Tower PH, Park Lane investment stake in connection to 1MDB probe

    Prosecutors say four NYC condos were purchased with funds from a Malaysian development fund
    July 22, 2016 10:15AM By E.B. Solomont

    From left: Walker tower at 212 West 19th Street in Chelsea, Park Laurel Condominiums at 15 West 63rd Street on the Upper West Side, Time Warner Center at 10 Columbus Circle, 118 Greene Street in Soho, and the Park Lane Hotel at 36 Central Park South

    The U.S. government moved to seize four high-priced condominiums in Manhattan, as well as a stake in the Park Lane Hotel, in connection with a money-laundering scheme that allegedly diverted $3.5 billion away from a Malaysian investment fund. The government’s effort to seize the entities offers a rare glimpse into how dirty money is moved into some of the city’s most expensive properties by a complex global network of shadowy characters, mysterious business entities and willing bankers and lawyers. [more]

  • Safra banking scion wants $65K a month for Fifth Avenue pad

    Edmond Safra recently forked out $20M for Ogden Codman Jr. House
    July 22, 2016 09:30AM By Katherine Clarke
    817 Fifth Avenue #FL6 in Lenox Hill

    817 Fifth Avenue #FL6 in Lenox Hill

    Edmond M. Safra, the scion of the ultra-wealthy Safra banking family, and his wife, Marielle, have put their three-bedroom apartment at 817 Fifth Avenue on the rental market for $65,000 a month. [more]