The Real Deal New York

  • César Pelli picks up $17.5M San Remo pad

    John Leguizamo’s mother-in-law is the seller of the corner apartment
    July 30, 2015 05:48PM
    From left: Cesar Pelli, the San Remo on the Upper West Side and Pelli's new unit in the building

    From left: Cesar Pelli, the San Remo on the Upper West Side and Pelli’s new unit in the building

    Starchitect César Pelli is the new owner of a $17.5 million at the San Remo on the Upper West Side. [more]

  • Can’t fuggedaboutit: Boston Properties bullish on Brooklyn

    REIT considering more development in wake of Navy Yard project
    July 30, 2015 05:20PM By Konrad Putzier
    Rendering of WeWork building at the Brooklyn Navy Yard (credit: S9 Architecture) (inset: Boston Properties CEO Owen Thomas, top, Rudin Management chairman Bill Rudin, bottom (credit: STUDIO SCRIVO))

    Rendering of WeWork building at the Brooklyn Navy Yard (credit: S9 Architecture) (inset: Boston Properties CEO Owen Thomas, top, Rudin Management chairman Bill Rudin, bottom (credit: STUDIO SCRIVO))

    Boston Properties may ramp up its investments in Brooklyn in the wake of its latest development deal at the Navy Yard, chief executive Owen Thomas told investors in an earnings call Thursday. [more]

  • A&E Real Estate picks up $89M Bronx portfolio

    Complex, built in the 1940s, never changed hands
    July 30, 2015 05:05PM By Claire Moses
    Netherland Gardens in Riverdale, the Bronx

    Netherland Gardens in the Bronx

    This might be the ultimate New York City real estate long game. A complex that was built in the 1940s and never changed hands, just traded for a whopping $89 million, The Real Deal has learned.

    Doug Eisenberg’s A&E Real Estate is the new owner of the 441-unit Bronx rental complex, according to sources familiar with the transaction. [more]

  • Sag Harbor’s star turn comes of age

    Luxury condos, restaurants and trendy new retail move into the once-sleepy village as some residents look to slow development
    July 30, 2015 04:35PM By Elaine Pofeldt
    The rooftop pool at the new condominium Harbor’s Edge

    The rooftop pool at the new condominium Harbor’s Edge

    From the July issue: Getting a room at the much-awaited Baron’s Cove luxury waterfront resort in Sag Harbor may not be easy this summer. The 67-room property, situated on the marina within walking distance of the village, was fully booked when it opened Memorial Day weekend. [more]

  • Inside TheRealDeal
  • Milk Studios plans coworking space at Industry City

    Media company takes 60K sf to sublease as shared office facilities
    July 30, 2015 04:00PM
    Rendering of Industry City in Sunset Park

    Rendering of Industry City in Sunset Park

    Milk Studios, a company with several media and fashion ventures, is the latest entrant into the coworking world with a 60,000-square-foot lease at Industry City that it plans to offer as flexible office space. [more]

  • 15 CPW owner asking over $11,500 psf for duplex — a 35% markup from last year

    Apartment bought for $48M, now asking $65M
    July 30, 2015 03:43PM
    15 Central Park West in Lincoln Square

    15 Central Park West in Lincoln Square

    Steel magnate Leroy Schecter recently slashed the price of his $95 million penthouse at 15 Central Park West to $55 million. But one of his neighbors, who owns a duplex condominium at the property, reckons they can do better with their pad, even though it’s smaller. This anonymous seller bought the duplex for $48 million just a year ago, and is now listing it for a whopping $65 million. [more]

  • Horacio LeDon quits key Elliman post

    The head of development marketing for Florida and California will remain a broker with the firm
    July 30, 2015 03:20PM By Ina Cordle
    horacio-ledon-to-head-up-ellimans-florida-new-development-marketing

    Horacio LeDon

    From the South Florida website: Top broker and Miami native Horacio LeDon, president of Douglas Elliman Development Marketing for Florida and California, announced his resignation today, The Real Deal has learned. [more]

  • Billionaires’ Row paid for only 89 affordable units citywide

    JDS contributed $9M, while Witkoff chipped in $19M
    July 30, 2015 02:53PM
    From left: 111 West 57th Street and 211 West 28th Street

    From left: 111 West 57th Street rendering and 211 West 28th Street

    The tallest, glitziest new towers on Billionaires’ Row might make their mark on the New York City skyline. They will barely, however, impact New York’s affordable housing supply. [more]

  • Spurred by 421a, NYC sees incredible surge in new construction

    City issued nearly 18,000 permits in June
    July 30, 2015 02:20PM
    Construction near the High Line in Manhattan

    Construction near the High Line in Manhattan

    If you think New York is starting to feel like a massive construction site, you’re not crazy. [more]

  • What’s trending on LLNYC: Wine as collateral, atop the Woolworth … & more

    The most buzzworthy posts on TRD's sister publication
    July 30, 2015 02:05PM
    The Woolworth building and the Library Bar at the Lanesborough Hotel in London -- the city's ritziest hotel

    The Woolworth building and the Library Bar at the Lanesborough Hotel in London — the city’s ritziest hotel

    1. Leave the One57 and 432 Park Avenue penthouses to foreign billionaires; the Woolworth building’s penthouse is what real New Yorkers drool over.

    2. In yet another way rich people have it better than everyone else, the wealthy are using their extensive wine collections as collateral for cash loans. 

    3. Cognac from 1770 that goes for £6,500 pounds (about $10,000) PER SHOT and cigars by Castro’s personal roller: a tour of London’s most expensive hotel.

  • Chetrit, Clipper secure $345M financing for Cabrini conversion

    Natixis Real Estate Capital led the senior loan deal
    July 30, 2015 01:35PM
    ChetritBistricer228E20

    From left: Joseph Chetrit, David Bistricer and rendering of Gramercy Square in Gramercy Park

    Chetrit Group and Clipper Equity took out a $280 million senior loan and also secured $65.5 million in mezzanine debt for the condo conversion at the former Cabrini Medical Center. [more]

  • Here’s what 220 Central Park South might look like

    New rendering unveiled for Vornado’s ultra-luxe Billionaires’ Row tower
    July 30, 2015 01:05PM
    From left: A new rendering of 220 Central Park South and one from 2014 (Credit: Robert A.M. Stern Architects)

    From left: A new rendering of 220 Central Park South and one from 2014 (Credit: Robert A.M. Stern Architects)

    As construction at one of New York’s most anticipated luxury projects speeds along, a new rendering sheds light on what all the fuss is about at 220 Central Park South.

    SLCE Architects released the image of Vornado Realty Trust’s ultra high-end building, designed by Robert A.M. Stern. The main tower will rise 950 feet and over 470,000 square feet of space across 173 residential units on 65 floors. [more]

  • Rubin Schron refinances 45 Broadway for $95M

    Developer bought the 32-story office building for $60 million in 2000
    July 30, 2015 12:35PM
    From left: 45 Broadway in Downtown Manhattan and Rubin Schron

    From left: 45 Broadway in the Financial District and Rubin Schron

    Cammeby’s International secured nearly $100 million to refinance the mortgage of a 32-story office tower in the Financial District.

    Rubin Schron bought the 380,000-square-foot office building at 45 Broadway in 2000 for $60 million. [more]

  • Sam Applegrad buys Bronx portfolio for $34M

    Dalan scaling back in borough, redeploying capital in Manhattan
    July 30, 2015 12:10PM By Mark Maurer
    665 Allerton

    665 Allerton Avenue in the Bronx (inset: Danny Wrublin, Aaron Jungreis and Timour Shafran)

    Skyc Management’s Sam Applegrad picked up three mixed-use Bronx buildings from Dalan Management for a combined $34.3 million, The Real Deal has learned. [more]

  • SeaGlass Carousel (credit: Urban Design)

    SeaGlass Carousel (credit: Urban Design)

    SL Green takes over CNN sign’s spot on Columbus Circle. Fish carousel coming to Battery Park. Park Slope Armory once had an underground shooting range. Read these stories and more after the jump.

  • Setting up shop

    How retailers from H&M to Coach make key NYC expansion decisions
    July 30, 2015 11:05AM By Rich Bockmann
    H&M in Herald Square

    H&M in Herald Square

    From the July issue: There is no area of the city immune to the transformative power of retail. Any up-and-coming neighborhood with a new hip coffee shop speaks to that. [more]

  • Malkin blames Empire State Building’s tourism slump on weather, not 1 WTC

    1.8 million people visited the tower’s observation deck in first half of year
    July 30, 2015 10:20AM By Konrad Putzier
    Malkin ESB

    From left: One World Trade Center, the Empire State Building and Anthony Malkin (credit: Max Dworkin)

    The Empire State Building’s observation deck saw a decline in visitors in the first half of the year, but its landlord insists that has nothing to do with competition from the newly-opened observatory at One World Trade Center. [more]

  • Pier 6 necessary to sustain Brooklyn Bridge Park, report says

    Corporation that runs the park commissioned the study
    July 30, 2015 10:15AM
    Rendering of Pier 6 development (credit: ODA Architecture)

    Rendering of Pier 6 development (credit: ODA Architecture)

    A report released today attempts to show that the development of two towers at Pier 6 in Brooklyn Bridge Park is necessary for the park’s financial future. [more]

  • Major REITs “got killed” in Q2

    Negative returns, price performance virtually across the board
    July 30, 2015 09:45AM By Rey Mashayekhi
    From left: Marc Holliday, Owen Thomas and Steven Roth

    From left: Marc Holliday, Owen Thomas and Steven Roth

    After a successful first quarter that saw positive shareholder returns and price performance virtually across the board, major New York-focused real estate investment trusts gave it all back in the second quarter – and then some. [more]

  • NYC nightly hotel rates are falling

    Only one of top 25 markets to see a year-over-year decrease
    July 30, 2015 09:15AM
    From left: Ace Hotel at 20 West 29th Street in NoMad and Pod Hotel at 230 East 51st Street in Midtown

    From left: Ace Hotel at 20 West 29th Street in NoMad and Pod Hotel at 230 East 51st Street in Midtown

    Despite having the highest hotel occupancy rate in the country and hosting a record number of tourists last year, New York City hotels are actually slightly less expensive than they were during the same period a year ago. [more]

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