The Real Deal New York

  • Newcastle’s settlement with AG allows UWS condo conversion to proceed

    Streicker Porres' firm to pay restitution to city, tenants
    June 01, 2015 10:00PM By Mark Maurer
    AG Settlement

    From left: Margaret Streicker Porres, 101 West 78th Street on the Upper West Side and Andrew Schneiderman

    The New York State Attorney General’s Office reached a settlement Monday with Margaret Streicker Porres’ Newcastle Realty Services, which made prohibited buyout agreements with tenants at an Upper West Side rental building. The settlement paves the way for Newcastle to resume conversion and condo sales at the property. [more]

  • DublDom prefabricated house by BIO-Architects

    DublDom prefabricated house by BIO-Architects

    The most stylish prefab homes money can buy. Ryan Serhant on his Times Square marriage proposal Harlem affordable rentals start at $922 per month. Read these stories and more after the jump.

  • Ian Reisner drops $7.5M on 230 CPS pad

    Gay hotelier under fire for donations to Sen. Ted Cruz
    June 01, 2015 05:40PM By Rich Bockmann
    Ian Reisner and 230 Central Park South

    Ian Reisner and 230 Central Park South

    Openly gay hotelier and admitted Republican donor Ian Reisner paid $7.5 million to pick up a co-op at 230 Central Park South, a building he has been buying and flipping units in since the 90s, property records show. [more]

  • Korean group buys New York Palace Hotel for $805M

    Northwood Investors acquired Midtown property for $400M in 2011
    June 01, 2015 05:20PM
    New York Palace Hotel

    The New York Palace Hotel at 455 Madison Avenue in Midtown (inset: John Kukral)

    South Korea-based Lotte Group has entered into contract to acquire Northwood Investors’ New York Palace Hotel at 455 Madison Avenue for $805 million. [more]

  • Inside TheRealDeal
  • Stuart Elliott

    Stuart Elliott

    From the June issue: Forget work-life balance. That supposes you have to choose between the two. The big players in New York City real estate work hard and play hard — often at the same time.

    It makes a lot of sense during the summer, when nothing beats being outside even as the office beckons, and also in this connected age, when work is never out of reach. [more]

  • Mansion tax could keep home prices under $1.75M

    IBO report predicts de Blasio’s proposed law could influence sellers
    June 01, 2015 04:50PM
    Ronnie Lowenstein and 113 East 70th Street on the Upper East Side

    Ronnie Lowenstein and 113 East 70th Street

    Mayor Bill de Blasio’s proposed mansion tax could influence home sellers to keep their prices under $1.75 million for fear of discouraging buyers with the tax hike above that threshold, according to a new report by the Independent Budget Office.

    De Blasio proposed the tax last month in conjunction with his 421a plan. New York state and the city already have a mansion tax of 2.825 percent on purchases over $1 million, Crain’s reported. The proposal would tax an additional 1 percent on purchases over $1.75 million and 1.5 percent on any portion of the price exceeding $5 million. [more]

  • Prodigy Network files plans for extended-stay hotel in FiDi

    Development at 17 John St. will include hotel rooms and office space
    June 01, 2015 04:30PM By Claire Moses
    From left: Rendering of 17 John Street in the Financial District and Rodrigo Nino

    From left: Rendering of 17 John Street in the Financial District and Rodrigo Nino

    Real estate crowdfunding firm Prodigy Network officially applied to build its extended-stay hotel at 17 John Street, according to a permit application filed with the Department of Buildings on Monday. [more]

  • Brian Meier sues Elliman for allegedly withholding commission

    Former agent said firm refusing to release funds as ‘retaliation’ for defecting to Corcoran
    June 01, 2015 04:15PM By E.B. Solomont and Kyna Doles
    BrianMeierDottieHerman

    From left: Brian Meier and Dottie Herman

    When sales agent Brian Meier left Douglas Elliman for the Corcoran Group last month, he had 56 pending deals valued at more than $50 million. Terms of his agreement with Elliman dictated that the firm would fork over Meier’s 70 percent commission split when those deals closed.

    But Meier is now accusing Elliman of withholding $1.35 million in commission payments, according to a lawsuit filed Friday in New York State Supreme Court. [more]

  • Norges Bank triples space in Stawski’s 505 Fifth Avenue

    Norwegian bank’s NYC headquarters grows to 32K sf
    June 01, 2015 03:55PM
    505 Fifth Avenue in Midtown (inset: Paul Glickman)

    505 Fifth Avenue in Midtown (inset: Paul Glickman)

    Norges Bank, a Norwegian bank that manages the country’s sovereign wealth fund, is expanding its New York City headquarters at Stawski Partners’ 505 Fifth Avenue to 32,000 square feet. [more]

  • The June issue is live!

    Top Hamptons firms, examining EB-5, Brooklyn's condo market & more
    June 01, 2015 03:28PM
    Issue Is Live

    The Real Deal June 2015 (Credit for cover art: Chris Manfre)

    Hamptons season is in session as residential brokers descend on the East End, hungry for business. This month, The Real Deal switched up its annual survey of the largest Hamptons brokerages by evaluating firms by dollar volume of listings. [more]

  • Pete Flint steps away from Zillow-Trulia

    The founder and ex-CEO of Trulia plans to take some time off
    June 01, 2015 02:55PM By Tess Hofmann
    Pete Flint

    Pete Flint

    Pete Flint, the founder and former CEO of listings service company Trulia, is stepping away from Zillow-Trulia and taking time off to ponder his next move, according to a company-wide email reviewed by The Real Deal.

    “Exactly 10 years ago, Trulia was incorporated. It’s been a pretty amazing decade with fantastic support and hard work from so many people. With this anniversary, it’s time to repot and move communications to my gmail address at [redacted] and I will no longer be using my @trulia.com address,” he wrote in the email. “I’ll be taking some time off for travel and family time, before figuring out what’s next.” [more]

  • Sternlicht and Gray riff on foreign investment in NYC hotels

    "The market will burp" if the Fed raises rate, Starwood founder says
    June 01, 2015 02:25PM By Konrad Putzier
    Gray Waldorf Sternlicht

    From left: Jonathan Gray, the Waldorf Astoria Hotel and Barry Sternlicht

    Chinese insurer Anbang’s $1.95 billion purchase of the Waldorf Astoria is only the beginning of a wave of foreign investment in New York hotels, according to real estate bigwigs Jonathan Gray and Barry Sternlicht. [more]

  • The Yard coming to HH Realty’s 246 Fifth Avenue

    Coworking space provider signs 15-year lease for 33K sf
    June 01, 2015 01:55PM
    246 Fifth Avenue in NoMad (inset: Evan Margolin, top, and Lance Leighton, bottom)

    246 Fifth Avenue in NoMad (inset: Evan Margolin, top, and Lance Leighton, bottom)

    Coworking space provider the Yard inked a lease to take 33,000 square feet at HH Realty Equities’ 246 Fifth Avenue. [more]

  • 421a extension a “real threat” to affordable housing: Glen

    Deputy mayor estimates first-year mansion tax revenues of $180M to $200M
    June 01, 2015 01:25PM
    Alicia Glen Bill de Blasio Vicki Been

    From left: Alicia Glen (credit: Max Dworkin), Bill de Blasio and Vicki Been

    The existing 421a tax benefit program “simply does not produce enough affordable housing to justify its expense,” Deputy Mayor for Housing and Economic Development Alica Glen told the New York City Council Monday, labeling a “straight extender” of the program as “a real threat” to affordable housing in the city. [more]

  • Brokerage boss fired female worker for rejecting him: suit

    MySpace NYC's Guy Hochman allegedly told the employee he loved her
    June 01, 2015 12:45PM
    From left: Dena Kology (Credit: Facebook) and MySpace NYC's Guy Hochman

    From left: Dena Kology (Credit: Facebook) and MySpace NYC’s Guy Hochman

    The chief executive and founder of a Brooklyn brokerage allegedly fired one of his long-time employees after she declined his advances. [more]

  • Roy Kim, former Extell and Compass exec, lands at Elliman

    Design guru worked on Barnett's One57 before short-lived stint at resi brokerage
    June 01, 2015 12:23PM By E.B. Solomont
    HowardLorberSusandeFrancaRoyKim

    From left: Howard Lorber, Susan de França and Roy Kim

    Roy Kim, a former top design executive for Extell Development, has joined Douglas Elliman in a newly-created new development role, The Real Deal has learned. Kim most recently spent nine months as the head of new development at Compass, but told TRD that “when your heart’s not in it, it’s time to go.” [more]

  • Pacific Park is getting a new 26-story resi tower

    Permits filed for 244-unit project at 615 Dean Street
    June 01, 2015 11:53AM By Tess Hofmann
    Empty lot at 615 Dean Street in Prospect Heights

    Empty lot at 615 Dean Street in Prospect Heights

    Greenland Forest City Ratner Partners is preparing to put up another building, a 26-story residential tower, in the Pacific Park megadevelopment, according to a permit application filed with the Department of Buildings Monday.

    The tower, located at 615 Dean Street between Vanderbilt Avenue and Carlton Avenue in Prospect Heights, will contain 244 apartments across 312,750 square feet. An additional 4,000 square feet will be set aside for commercial space, including ground-floor retail. [more]

  • Foiled plans: AG limits condo disclosures — but open government advocates say action is “contrary to law”

    RE Finance Bureau says Martin Act doesn’t allow sharing offering plans pre-approval
    June 01, 2015 11:39AM By Will Parker
    Condo FOIL

    From left: Real Estate Finance Bureau Chief Erica Buckley, floor plan for 100 East 53rd Street and Open Government director Robert Freeman

    No matter what New York’s next multibillion dollar condominium project is, the details are likely to stay under wraps for longer than they do now.

    That’s because the New York State Attorney General’s Office stopped making condo offering plans available to the public before they have been approved. The move will save the AG’s office a lot of procedural headache and paperwork, but a noted open government advocate noted the decision was a blow to transparency and described it as being “contrary to law.”   [more]

  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    June 01, 2015 11:04AM

    CityRealty Map June 1

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • City could have glut of observatories

    Developers hope to use the roof decks as a source of revenue
    June 01, 2015 10:32AM
    From left: One World Trade Center's observatory entrance and the viewing deck of the Empire State Building

    From left: One World Trade Center’s observatory entrance and the viewing deck of the Empire State Building

    While developers hope to turn the million dollar views from their buildings’ rooftops into actual revenue, there might not be enough demand for sky-high observatories. [more]

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