The Real Deal New York

  • Chase puts giant MetroTech retail block on the market

    180K sf will span across both 3 and 4 MetroTech Center
    December 08, 2016 10:30AM
    From left: 3 MetroTech Center and 4 MetroTech Center

    From left: 3 MetroTech Center and 4 MetroTech Center

    JP Morgan Chase — the owner two buildings in the MetroTech Center — is set to list 180,000 square feet of retail space for rent at the Downtown Brooklyn buildings. [more]

  • Columbia University signs rock-climbing gym to anchor Manhattanville retail

    Steep Rock Bouldering to take 7K sf at Jerome Green science building
    December 08, 2016 10:00AM By Rich Bockmann
    Rendering of the Jerome L. Green Science Center (credit: Renzo Piano Building Workshop), inside Steep Rock Bouldering (credit: Steep Rock Bouldering)

    Rendering of Columbias Manhattanville campus (credit: Renzo Piano Building Workshop) and inside Steep Rock Bouldering (credit: Steep Rock Bouldering)

    Columbia University signed Upper East Side rock-climbing gym Steep Rock Bouldering as the retail anchor to its $7 billion Manhattanville campus expansion in West Harlem. [more]

  • Vornado lands $400M Goldman loan for 350 Park Avenue

    REIT generated $111M in proceeds after paying off previous debt on 571K sf tower
    December 08, 2016 09:30AM
    Lloyd Blankfein, Steven Rothand 350 Park Avenue

    Lloyd Blankfein, Steven Rothand 350 Park Avenue

    Vornado Realty Trust locked down a $400 million loan from Goldman Sachs for its 571,000-square-foot office tower at 350 Park Avenue.

    The 10-year loan comes with a fixed rate of 3.92 percent. The deal gave Vornado net proceeds of $111 million after the real estate investment trust paid back the property’s existing $284 million mortgage and closing costs, Real Estate Weekly reported. [more]

  • BlackRock agrees to 20-year, 850K sf lease at Related’s 50 Hudson Yards

    Money manager will receive $25 million in state tax credits for 10 years
    December 08, 2016 09:00AM
    From left: Jay Cross and Laurence Fink with renderings of 50 Hudson Yards

    From left: Jay Cross and Laurence Fink with renderings of 50 Hudson Yards

    BlackRock inked a preliminary agreement to move into the Related Companies’ 50 Hudson Yards that will give the money manager $25 million in state tax credits over the next decade. [more]

  • Inside TheRealDeal
  • Dermot: Battered but not beaten

    How the real investment firm is trying to regain its stride following its founder's retirement
    December 08, 2016 08:30AM By Mark Maurer
    Stephen Benjamin at the Dermot Company’s 21 West End (Photo by Catherine Gibbons)

    Stephen Benjamin at the Dermot Company’s 21 West End (Credit: Catherine Gibbons)

    From the December issue: When the Dermot Company’s founder, Bill Dickey, retired in June 2015, the firm’s latest and largest project to date was an incomplete structure hovering 30 stories above the ground.

    The planned 48-story, 750,000-square-foot Upper West Side rental tower 21 West End — which is slated for completion in January — wasn’t only ambitious in scale. It signaled the firm’s push toward ground-up luxury rental high-rises, or as Dermot CEO Stephen Benjamin called it, “lifestyle renting.” [more]

  • Chain stores flock to outer boroughs while locations drop in Manhattan

    Dunkin' Donuts dominated the city
    December 08, 2016 08:00AM By Kathryn Brenzel
    New York City (credit: Center for an Urban Future)

    New York City (credit: Center for an Urban Future)

    National retailers are flocking to the outer boroughs while pulling back slightly in Manhattan, according to a new report. [more]

  • WATCH: Extra security at Trump Tower already sparking rage

    Mayor Bill de Blasio isn't happy about the situation
    December 08, 2016 07:30AM By Alistair Gardiner


    President-elect Donald Trump’s decision to split time between the White House and his penthouse at Trump Tower means that Fifth Avenue will be flooded with Secret Service and NYPD for the foreseeable future.

    But who’s going to pay the estimated $500,000 daily cost of this extra security? What do the fences and armed guards mean for the tenants of nearby stores who pay the highest retail rents in the world? And will the security prove to be a perk for brokers trying to sell apartments at 721 Fifth Avenue? Watch the video here.

  • One in four Manhattan resi leases included concessions in Nov.

    Median net-effective rents in both boroughs remain high: report
    December 08, 2016 07:00AM By Miriam Hall
    A penthouse for rent in Brooklyn for $12,000

    A penthouse for rent in Brooklyn for $12,000

    Amid stagnant rents and a steady stream of new development, landlords are stepping up concessions as a way to fill apartments in Manhattan and Brooklyn.

    Just over 25 percent of all Manhattan leases signed in November had some type of landlord concession, reaching a high of a least six years. By comparison, more than 13 percent of leases signed during the same period last year had concessions, according to the monthly rental report from Douglas Elliman. [more]

  • Most popular stories on The Real Deal

    December 08, 2016 06:30AM

    Current reader favorites:
    1. Top 10 biggest real estate projects coming to NYC
    2. NRT’s Liebman love affair
    3. Larry Silverstein to buy $34M penthouse at 30 Park Place
    4. Bob Knakal renegotiates Cushman contract to shorten it by nearly 2 years
    5. Toll Brothers City Living division struggles in FY 2016

  • Here’s what the $10M-$20M investment sales market looked like last week

    Icon Realty buys 34 apartments from Brodsky
    December 07, 2016 06:45PM By Chava Gourarie
    15 Crooke Avenue in Brooklyn and 24 Jane Street in the West Village.

    15 Crooke Avenue in Prospect Park South and 24 Jane Street in the West Village

    Last week in the world of mid-market New York City investment sales, Chaim Simkowitz bought a 54-unit Flatbush rental building in Flatbush for $16.3 million and Icon Realty Management bought a 34-unit building in the West Village for $15.7 million. Click here for the story and more.

  • Susan Lucci, Robert Olstein and Olstein new property at 19 Duck Point Road (Credit: Getty, douglas Elliman, YouTube)

    From left: Susan Lucci, Robert Olstein and Olstein’s new property at 19 Duck Point Road (Credit: Getty, Douglas Elliman, YouTube)

    “All My Children” actress finally sells Quogue property for $20M

    Slow and steady may not make for gripping soap opera drama, but patience certainly paid off for Susan Lucci. The former daytime television star was in no rush to sell her oceanfront home — the price remained at $20 million since its debut in 2014 at $20 million, Curbed reported. Dubbed “Four Winds,” the 10,622-square-foot estate contains seven bedrooms, 7.5 baths, multiple balconies and decks, and 160 feet of ocean frontage. It sits on 1.4 acres of land. [Curbed] [more]

  • Inside Fried Frank’s annual bash at Cipriani

    Who's who of CRE talked poaching, market woes
    Meyer Last, Burt Resnick, Jonathan Mechanic, Pamela Stamataky and Stephen Siegel (credit: Steve Friedman)

    Meyer Last, Burt Resnick, Jonathan Mechanic, Pamela Stamataky and Stephen Siegel (credit: Steve Friedman)

    Cipriani in Midtown was abuzz Tuesday night as hundreds of the city’s most powerful brokers, developers and lenders descended on law firm Fried Frank’s annual holiday extravaganza to trade intel, schmooze and engage in a mandatory back-slapping session.

    But while the mood was undoubtedly festive, even the brokers had to admit the market outlook seemed a little grimmer than it did this time last year. [more]

  • Restaurateur Simon Oren lists historic UES mansion for $19M

    Five Napkin Burger head honcho bought the home at 121 East 79th Street for $2M in 1997
    December 07, 2016 04:30PM By Isabel Schwab
    The living room at 121 East 79th Street

    The living room at 121 East 79th Street

    From Luxury Listings NYCIt turns out restaurateur Simon Oren is not only talented in investing in food places, he’s also got a knack for investing in real estate.

    The restauranteur behind such New York staples as Cafe D’Alsace, French Roast, Le Monde, Maison, Nice Matin, Pigalle, L’Express and Five Napkin Burger (among others), has just listed his townhouse at 121 East 79th Street for $18.5 million, according to city records. If he achieves even close to the asking price, he’ll be getting an incredible return on investment for the home, which he bought in 1997 for only $2.1 million. [more]

  • 1187 North Hillcrest Road;

    1187 North Hillcrest Road;

    From the December issue: The cloud computing firm Oracle, founded by Larry Ellison, is in contract to pay Invesco $368 million, or $1,165 per square foot, for an office building in Santa Monica, The Real Deal has learned. Twinkies heir Evan Metropoulos, brother of Playboy mansion owner Daren Metropoulos, is said to have made a lowball offer for a Trousdale Estates compound owned by controversial Lebanese-Nigerian business mogul Gilbert Chagoury, according to a source with knowledge of the dealings. Some cities pay developers through incentives to come build. But in Beverly Hills, where the streets are paved in Tiffany’s gold, a developer is shelling out megabucks to the city. [more]

  • De Blasio furious after Congress sets aside only $7M for
    Trump Tower security

    City officials had estimated it would cost $35M to cover NYPD overtime through Inauguration Day
    December 07, 2016 03:30PM
    Mayor Bill de Blasio leaving Trump Tower (credit: Getty Images)

    Mayor Bill de Blasio leaving Trump Tower (credit: Getty Images)

    Mayor Bill de Blasio blasted congressional Republicans after they set aside only $7 million of the $35 million city officials wanted to cover NYPD overtime for protecting President-elect Donald Trump at his Fifth Avenue home. [more]

  • The Big Open House: An unexpected oasis on the High Line

    LLNYC got a sneak peek at the Soori High Line
    December 07, 2016 03:00PM By Liz Lucking
    The Soori High Line’s model unit

    A model unit at the Soori High Line

    From Luxury Listings NYC:  Squeezing through a gap in the chain-link fence that guards the still-very-much-under-construction Soori High Line, we were rather nervous about what we were about to see.

    The 11-story building at 522 West 29th Street is architect Soo Chan’s debut New York City project, and it will hold a total of 31 one- to five-bedroom units. [more]

  • Icon Realty pays $27M for ex-Ring building from Extell

    The vacant 12-story office building was one of the few Barnett still owned in portfolio
    December 07, 2016 02:30PM By Rich Bockmann
    30 East 23rd Street and Gary Barnett

    30 East 23rd Street and Gary Barnett

    Terrence Lowenberg and Todd Cohen’s Icon Realty Management just picked up one of the former Ring portfolio buildings from Extell Development for $26.5 million.

    Icon paid about $815 per square foot for the vacant 12-story, 32,500-square-foot office building at 30 East 23rd Street in the Flatiron District, property records filed with the city Tuesday show. [more]

  • WATCH: The world of investment sales has turned on its head

    TRD discusses some of the big moves
    December 07, 2016 02:05PM By Alistair Gardiner

    TRD‘s Mark Maurer and Hiten Samtani

    Back in October, the city’s most successful investment sales brokers, Doug Harmon and Adam Spies, left Eastdil Secured. Earlier this week, key members of JLL’s leading investment sales brokerage team jumped ship to Colliers. And just yesterday, TRD revealed that Cushman and Wakefield’s Bob Knakal has renegotiated his contract and might be a free agent by early 2018. TRD’s managing web editor Hiten Samtani sat down with associate web editor Mark Maurer to discuss some of these big moves. Watch the video here.

  • Harlem landlord Big City Realty cheated rent-stabilized tenants, lawsuit claims

    Investigation by pro-tenant group says firm handed out market-rate leases in J-51 buildings, billed for false repairs
    December 07, 2016 01:45PM By Rich Bockmann
    Housing Rights Initiative's Aaron Carr, 535 West 155th Street and Lucas Ferrara

    Aaron Carr, 535 West 155th Street and Lucas Ferrara

    Nearly 30 tenants at several Harlem rental buildings filed a lawsuit Tuesday against Big City Realty, claiming the landlord routinely flouted state rent-regulation laws.

  • Far West glide: NHL signs lease at 1 Manhattan West

    Deal includes office space, retail store and NHL-branded public skating rink
    December 07, 2016 01:20PM
    Manhattan West

    Renderings of 1 Manhattan West

    After months of negotiations, the National Hockey League scored a lease at 1 Manhattan West. [more]