The Real Deal New York

  • Florida Keys getting 1,600 new hotel rooms

    Growth comes despite significant regulations
    November 30, 2015 01:30PM By Robert Silk
    The Gates is one of a trio of hotels that will welcome travelers to the island chain’s southernmost link.

    The Gates in the Florida Keys

    From the South Florida Market Report: High room rates expected to continue for the forseeable future are fueling a hotel redevelopment boom in the Florida Keys.

    “The dynamic for investment at this point is very, very good,” said hotelier Jim Rhyne, who is in the process of renovating and expanding his Coconut Cay Resort & Marina in Marathon.

    According to projections, by the end of next year, more than a dozen Keys resorts will have either relaunched after a major renovation or opened for the first time since the start of 2014. These properties will account for about 1,600 rooms. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    November 30, 2015 01:15PM

    1. “25th worst” NYC landlord says Public Advocate Tish James didn’t do her research
    2. Toll Brothers sell two starchitect-designed penthouses
    3. “Passive” Cornell Tech campus to aggressively cut energy costs

    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]

  • Actress Amy Irving buys 75 CPW pad for $9M

    Seller of three-bedroom co-op with park views is journalist Fiona Kirk
    November 30, 2015 12:45PM
    Actress Amy Irving bought an apartment at 75 Central Park West for $8.99 million.

    Amy Irving and 75 Central Park West

    From Luxury Listings NYC: It looks like she’s finally managed to cross Delancey.

    Amy Irving, the star of that 1988 film, “Crossing Delancey,” and ex-wife of Steven Spielberg, bought an apartment at 75 Central Park West for nearly $9 million, according to city documents. The seller was Fiona Kirk, a journalist who has covered health and wellness for magazines like O and Women’s Health, and her husband John Kirk. [more]

  • Capstone exec buys Lenox Hill co-op for $12M

    Pad is no Playboy Club, but it overlooks Central Park
    November 30, 2015 12:27PM By Kathryn Brenzel
    Lenox co-op copy

    33 East 70th Street in Lennox Hill (inset: Daniel Ghadamian, credit: New York Social Diary)

    It may not be a former Playboy Club, but a Lenox Hill co-op managed to capture the attention of Capstone Equities principal Daniel Ghadamian. [more]

  • Inside TheRealDeal
  • AvalonBay files plans for 33-story Lincoln Square tower

    SOM-designed, 160-unit building will hold rentals, condos
    November 30, 2015 11:38AM By Rey Mashayekhi
    1865 Broadway

    Timothy Naughton and 1865 Broadway in Lincoln Square

    AvalonBay Communities filed plans Monday for its new 33-story, mixed-use residential tower at the site of the former American Bible Society headquarters in Lincoln Square.

    The building will hold 160 apartments – both rental and condominium units – across more than 236,000 square feet. There will also be 34,000 square feet of retail space on the project’s lower levels, according to a permit application filed with the city’s Department of Buildings. [more]

  • Chinese buyers moving beyond “gateway” cities

    This year, they accounted for 1 in 14 homes over $1 million sold in the U.S.
    November 30, 2015 11:30AM

    A rendering of one of the floor plans for the Long Lake development in Texas (credit: Scott Hogg)

    Chinese investors have made big waves in the New York property market for a while now, but now their influence in the U.S. is being felt beyond gateway cities.

    Long Lake, a new development 108-acre development 35 miles northwest of Dallas, in the town of Corinth, is emblematic of the new trend. Beijing-based Zhang Long’s Lelege USA is building 99 mini-mansions at the former Canyon Lake Ranch targeted to Chinese buyers. [more]

  • Council bill could end property taxes for low-income co-ops

    Measure aims to curb tax delinquencies, co-ops selling for increasingly high prices
    November 30, 2015 11:00AM
    Melissa Mark-Viverito Vicki Been

    From left: Melissa Mark-Viverito and Vicki Been

    In an effort to preserve a valuable affordable housing resource, the City Council is proposing to end property taxes for the nearly 1,300 limited-income co-ops in New York City in exchange for tighter regulations at those buildings.

    The proposal aims to address not only the matter of distressed buildings that are not paying their property taxes and water bills but also co-ops that are increasingly selling for high prices – more than $1 million in some cases. [more]

  • 112 contracts signed in November at $4M-plus: Olshan

    Just 10 contracts signed during last week's Thanksgiving slump
    November 30, 2015 10:30AM

    Clockwise from top left: 21 East 83rd Street, 530 Park Avenue, 215 Chrystie Street and 30 East 72nd Street

    Despite just 10 contracts signed on properties $4 million and up last week (Turkey hangover, anyone?), the luxury market had its best November since 2006, according to Olshan Realty’s weekly market report. [more]

  • Manhattan’s priciest new developments by total sellout

    Nearly half of new condo sales dollars projected to be made at only 12 buildings
    November 30, 2015 10:00AM


    New York’s most expensive new condominium buildings get plenty of attention, but it’s nonetheless easy to forget just how expensive they, as a group, are (at least in the eyes of their developers). [more]

  • Apartment buyers using stock portfolios as collateral

    Securities-based borrowing accounts for over 50% of sales
    November 30, 2015 09:30AM By Marynia Kruk

    (Illustration for The Real Deal by David Owens)

    From the November issue: In early 2015, an investment banker and his wife were eyeing a two-bedroom condominium listed at $2 million on the Upper East Side. The couple was wealthy, according to their friend and broker Mike Loftus of William Raveis, but not wealthy enough to buy the unit outright.

    They had $500,000 in cash and “a pretty big portfolio, but not that big,” Loftus said of their financial investments, which he pegged at between $5 million and $7 million. They needed to borrow the balance for the apartment — $1.5 million — but didn’t want to go through the hassle of a mortgage. [more]

  • Sheldon Silver juror begged out, but judge said no

    Deliberations continue Monday morning in former Assembly speaker's corruption trial
    November 30, 2015 09:10AM

    From left: Leonard Litwin and Sheldon Silver

    A juror at the corruption trial of former Assembly Speaker Sheldon Silver told a judge she’s agitated by the other jurors reactions to her views, and wants to be sent home.

    Just two hours into deliberations, a note from the juror, whose name is unknown, wrote “My heart is pounding and my head feels weird. I am so stressed out right now…. I need to leave” [more]

  • Construction deaths spike with building boom

    There were 10 fatalities and 324 injuries from July 2014 to July 2015
    November 30, 2015 08:38AM

    Collapse at 25 West 38th Street (credit: Ray Hennessey via Twitter @Hennesseyedit)

    Workers have died and sustained injuries at an alarmingly high rate as construction has boomed in the city over the last two years. [more]

  • CPW Towers accuses tenant of “illegal” unit combination

    Longtime resident bought adjacent studio in 1998
    November 30, 2015 08:09AM
    400 Central Park West

    400 Central Park West on the Upper West Side

    CPW Towers, the landlord at 400 Central Park West, is suing one of its residents for allegedly combining two apartments at the building without permission.

    The Upper West Side building was rent stabilized until 1987, when parts of it were converted to condos.

    According to the lawsuit, Josefina Berman, a long time resident of the building, purchased a studio condominium adjacent to her own first-floor, two-bedroom, rent-stabilized unit, back in 1998. [more]

  • Most popular stories on The Real Deal

    November 30, 2015 07:30AM

    Current reader favorites:
    1. City orders tenants to vacate Williamsburg rental built by Menachem Stark
    2. Stanley Wasserman in contract for $300M-plus UES portfolio
    3. “25th worst” NYC landlord says Public Advocate Tish James didn’t do her research
    4. This skyscraper will be stretched like chewing gum: VIDEO
    5. Klein Group closes first Israeli bond issuance, while Joel Gluck taps market again

  • Palm Beach’s resi heat wave

    While higher home pricing means fewer investors in the market, more end users are buying
    November 29, 2015 05:00PM By Erik Bojnansky
    Florida East Coast’s West Palm Beach station will be home to 275 rental units

    Florida East Coast’s West Palm Beach station will be home to 275 rental units

    From the South Florida Market Report: Palm Beach County’s residential real estate sector is heating up, thanks in part to banks’ willingness to issue loans again after a reduction in the number of distressed properties in the area.

    The Realtors Association of the Palm Beaches reported that single-family homes were selling faster and at higher prices in this year’s second quarter compared with the same period in 2014. [more]

  • “25th worst” NYC landlord says Public Advocate Tish James didn’t do her research

    Owner Mark Tress says tenants haven't lived in 400 West 57th Street in over 6 years
    November 29, 2015 04:00PM
    The Windemere at 400 West 57th Street.

    The Windermere at 400 West 57th Street.

    The Public Advocate’s office has been criticized for what some have deemed a lackluster fact-checking effort before publishing its annual “worst landlords of NYC” list earlier this week. This probably won’t help.

    One of the landlords who appeared on the list — designed to shame landlords into making repairs — says his building is under renovation and he doesn’t have any unhappy tenants … because there aren’t any. [more]

  • Look inside Herzog & de Meuron’s new West Village condo

    Prices for units in the building range from $2.6 million to $25 million
    November 29, 2015 03:00PM
    Renderings of 160 Leroy

    Renderings of 160 Leroy

    The latest look at a new West Village condominium designed by Herzog & de Meuron shows sweeping views of downtown Manhattan, a swimming pool and a ground-floor courtyard. [more]

  • From left: The launch party was held under a canopy of vines at the McKittrick Hotel’s rooftop garden bar, Frederique van der Wal

    From left: The launch party was held under a canopy of vines at the McKittrick Hotel’s rooftop garden bar, Frederique van der Wal

    From Luxury Listings NYC: Under a canopy of vines and flowers at Gallow Green in Chelsea, the McKittrick Hotel’s rooftop garden bar, Frederique van der Wal, 48, announces the U.S. launch of her flower brand, Frederique’s Choice, to a VIP crowd that includes media executives, models such as Iman, and fashion designers, like previous LLNYC cover star Nicole Miller.

    “Flowers are in the blood of the Dutch,” van der Wal, a former supermodel who has posed for Victoria’s Secret, Vogue and Cosmopolitan, to name very few, says. “Growing up in Holland, flowers are part of our heritage.” [more]

  • From the archives: A market-rate future for the Bronx?

    Development replaces demolition as borough stabilizes
    November 29, 2015 01:00PM By Alison Gregor

    The recent history of Bronx real estate is a tale as much about demolition as development, but the future looks like an era of change.

    A borough of stark contrasts, its northern section, which includes Riverdale, has always been ritzy and is now staving off large-scale development with restrictive zoning regulations. While the borough’s less expensive areas have traditionally served as the steady source of housing for much of the city’s working class, the South Bronx conjures up two principal images: Yankee Stadium and urban decay. Full of government-subsidized housing, the South Bronx is finally seeing the first tentative steps toward creation of market-rate condominiums. Read the full story from the October 2005 issue after the jump.

  • Clear skies for Miami-Dade commercial

    Vacancy rates remain low across across the area's office, retail and industrial markets
    November 29, 2015 12:00PM By Sean Stewart-Muniz
    108-112 CRE UPDATE-FINAL.indd

    Amancio Ortego, creator of the Zara retail chain, acquired an entire block on Lincoln Road for $370 million.

    From the South Florida Market Report: Analysts are prescribing a healthy dose of optimism for commercial real estate in Miami-Dade County, with factors like explosive job and population growth to thank for the ongoing strength of the markets across the board.

    The county is on track to blow past its peak of $6.8 billion in foreign investment recorded last year, with investors continuing to purchase trophy properties in the office and hotel sectors for hundreds of millions. [more]