The Real Deal New York

  • De Blasio says “enough is enough”: Landlords getting big tax break must cap rent hikes

    The mayor’s statement, publicizing a crackdown on owners of more than 3,000 rental buildings, is his sharpest critique yet of enforcement lapses benefiting scofflaw property owners.
    December 09, 2016 10:30AM By Cezary Podkul for ProPublica
    Jumaane Williams, chair of the City Council’s housing committee, criticized 421-a enforcement lapses at a rally on Dec. 1, 2016. (Cezary Podkul/ProPublica)

    Jumaane Williams, chair of the City Council’s housing committee, criticized 421-a enforcement lapses at a rally on Dec. 1, 2016. (Cezary Podkul/ProPublica)

    In his sharpest critique yet of scofflaw landlords, Mayor Bill de Blasio said on Tuesday it’s “outrageous” that thousands of New York City property owners accepted tax benefits from the city in exchange for limiting rent increases but did not live up to their obligations. [more]

  • Community Board knocks back Bed-Stuy rezoning plan

    Riverside Developers USA wants to build 296 rental units on Flushing and Franklin avenues
    December 09, 2016 10:10AM
    Rose Castle

    378 Flushing Avenue in Bedford-Stuyvesant

    Brooklyn’s Community Board 3 rejected a rezoning proposal that would have paved the way for 296 new apartments on Franklin and Flushing Avenues in Bedford-Stuyvesant.

    Riverside Developers USA Inc. wants to construct two new buildings at 376-378 Flushing Avenue and 43 Franklin Avenue, DNAinfo reported. The buildings are slated to include 296 rental apartments, 90 of which will be affordable. The area is currently zoned for manufacturing, and does not allow for residential use. [more]

  • Yuan falls to 8-year low against dollar

    Currency outflows accelerate in November
    December 09, 2016 09:33AM
    Credit:The Yuan and the Dollar Getty Images

    The Yuan and the Dollar (Credit: Getty Images)

    The Yuan fell to an eight-year low against the dollar as currency outflows from China picked up in pace. The slide caused China’s foreign currency stockpile to shrink to $3.05 trillion, down from a July 2014 peak of $4 trillion. [more]

  • NYU reveals design for $1B development

    Mercer Street building will be covered in glass
    December 09, 2016 09:00AM
    181 Mercer NYU NYNYU studioAMD

    181 Mercer rendering (credit: StudioAMD)

    New York University’s new $1 billion academic building will have an all-glass facade that lets neighbors peer into students’ lives. [more]

  • Inside TheRealDeal
  • Kamran Hakim suing NYC public advocate over “worst landlord” list

    Landlord seeks $15M after being included on the list
    December 09, 2016 08:00AM
    Letitia James New York City Public Advocate

    Letitia James New York City Public Advocate

    A prominent New York City landlord is suing Public Advocate Letitia James, arguing he was unfairly included in last year’s “worst landlord” list.

    An LLC controlled by Kamran Hakim — who owns more than 100 properties in New York City — filed a notice with the city comptroller’s office last month claiming he plans to sue James, Politico reported. Hakim was named the city’s 34th worst landlord on the 2015 list, which ranks landlords based on outstanding violations at their properties. [more]

  • These were the largest investment sales in November

    Four individual buildings crossed the $100M threshold
    December 09, 2016 07:30AM By Will Parker and Eda Kouch
    From left: 1250 Broadway, Global Holdings Eyal Ofer, 340 East 24th Street and Invesco's R. Scott Dennis

    From left: 1250 Broadway, Global Holdings’ Eyal Ofer, 340 East 24th Street and Invesco’s R. Scott Dennis

    November’s top investment sales were case studies in “Buy low, sell high.” Some city property owners nearly doubled or tripled their original investments in deals last month. The 10 largest sales in New York City were a healthy mix of residential, office and retail properties. All but one took place in Manhattan. To see the full top 10 list of November’s biggest investment sales, based on The Real Deal reporting and CoStar Group click here[more]

  • Extell’s Israeli bonds still post high yields, despite recent financing successes: report

    Yields were close to 13% by close of business Wednesday
    December 09, 2016 07:00AM By Katherine Clarke
    From left: Gary Barnett, Central Park Tower and One Manhattan Square

    From left: Gary Barnett, Central Park Tower and One Manhattan Square

    Extell Development’s bonds continue to trade at high yields, despite the company’s recent success in securing financing for its projects, according to a new report by Israel Brokerage & Investments, a research and investment firm based in Tel Aviv. [more]

  • Most popular stories on The Real Deal

    December 09, 2016 06:30AM

    Current reader favorites:
    1. Inside Fried Frank’s annual bash at Cipriani
    2. Top 10 biggest real estate projects coming to NYC
    3. The long view: Giving a buck: Breaking down the impact of a strong $ on NYC’s real estate market
    4. Black Rock agrees to 20-year, 850K sf lease at Related’s 50 Hudson Yards
    5. Battered but not beaten

  • Blackstone closes on $620M purchase of Kips Bay Court

    900-unit complex is largest NYC multifamily deal of 2016
    December 08, 2016 06:30PM By Mark Maurer
    Kips Bay Court (inset: Johnathan Gray)

    Kips Bay Court and Jonathan Gray

    In the largest New York City multifamily deal of the year so far, Blackstone Group closed Thursday on the $620 million purchase of Kips Bay Court, sources told The Real Deal. [more]

  • A&E, Benedict buy 10-building Queens portfolio for $130M

    Mesa West, NY Community Bank provided the financing
    December 08, 2016 06:22PM By Mark Maurer
    From left: 93-35 Lamont Avenue, Daniel Benedict, Douglas Eisenberg and 43-43 91st Place

    From left: 93-35 Lamont Avenue, Daniel Benedict, Douglas Eisenberg and 43-43 91st Place

    A&E Real Estate Holdings and Benedict Realty Group picked up a portfolio of 10 rent-stabilized buildings across Queens from Ares Management for about $130 million, or $322 per square foot, sources told The Real Deal. [more]

  • Breather raises $40M, plots NYC expansion

    Series C round brings total funding to $73M
    December 08, 2016 06:09PM By Konrad Putzier
    Julien Smith and a Breather space

    Julien Smith and a Breather space

    Short-term private space rental company Breather raised $40 million in a Series C funding round, with plans to expand its presence in New York City.

    The new round, reported on Wednesday, brings Breather’s total venture funding to $73 million. [more]

  • Related, Vornado land $396M Deutsche refi for Chelsea office

    Google occupies 180K sf at 85 10th Ave
    December 08, 2016 05:25PM By Konrad Putzier
    85 10th Avenue (inset: Deutsche Bank's Matt Bborstein)

    85 10th Avenue (inset: Deutsche Bank’s Matt Bborstein)

    Related Companies and Vornado Realty Trust secured a $396 million Deutsche Bank loan to refinance their Chelsea office building 85 10th Avenue, property records filed with the city Thursday show. [more]

  • Tauriello office

    Tauriello office in South Florida

    From the December issue: Douglas Elliman just purchased a Delray Beach brokerage firm, bringing its roster of offices to 19 statewide as it expands along Florida’s coast. With Miami more than a year deep into a housing market slowdown that’s seen sales tumble and listings linger, Ron Shuffield, the CEO of EWM International Realty, is urging luxury homeowners to drop prices. A report from commercial brokerage CBRE shows more than half a billion dollars worth of Asian cash flowed into Miami real estate during the first six months of 2016, making it the country’s fourth most popular destination for investments from across the Pacific. [more]

  • Over 100 St. Regis timeshare owners are taking the esteemed hotel to court

    Starwood and the St. Regis deny any wrongdoing or mismanagement
    December 08, 2016 04:35PM By Christopher Cameron
    The St Regis hotel

    The St. Regis hotel

    From Luxury Listings NYC: Tenants squabbling, hemorrhaging cash and litigating over timeshares? It’s a scene reminiscent of Florida or Las Vegas during the 2008 financial crisis, except that it’s playing out in the gilded halls of one of Fifth Avenue’s finest five-star hotels. The owners of 107 fractional timeshares in the St. Regis Hotel, built by John Jacob Astor IV himself, are taking the historic hotel to court, alleging that the hotel’s management hollowed out the value of their investments. [more]

  • Sam Chang to buy vacant Koreatown site for $42.5M

    292 Fifth Avenue offers 70K buildable sf
    December 08, 2016 04:00PM
    sam-chang-292-fifth-avenue

    Sam Chang 292 Fifth Avenue

    Sam Chang is snapping up a vacant Koreatown development site at 292 Fifth Avenue from fellow hotelier Richard Born for $42.5 million.

    The site can accommodate around 70,000 square feet of space, Crain’s reported.

    Born — who heads BD Hotels and is known for developing places like the Mercer and Stanhope Hotels — bought the three adjacent buildings at 292, 294 and 296 Fifth Avenue in 2013. He had torn them down, and had filed plans for a 20-story building with 57,000 square feet of hotel space and almost 12,000 square of apartments, according to the publication. Chang’s plans for the building are not yet clear. [more]

  • Northwind, partners buy the Esplanade for nearly $150M

    New owners plan to keep West End Avenue property as luxury senior housing
    December 08, 2016 03:30PM By Mark Maurer and Rich Bockmann
    305 West End Avenue (inset from top: Ran Eliasaf and Lipa Lieberman)

    305 West End Avenue (inset from top: Ran Eliasaf and Lipa Lieberman)

    Ran Eliasaf’s Northwind Group, Harrison Street Real Estate Capital and the Engel Burman Group jointly picked up a 14-story Upper West Side luxury senior housing facility at 305 West End Avenue for nearly $150 million, or about $800 per square foot, The Real Deal has learned. [more]

  • 15 years later: WTC redevelopment players talk project’s lessons, political tensions

    Port Authority took a bit of a beating in the panels
    December 08, 2016 03:00PM By Kathryn Brenzel
     From left: Carl Weisbrod, Chris Ward, Janno Lieber and Ken Lewis

    From left: Carl Weisbrod, Chris Ward, Janno Lieber and Ken Lewis

    Though the competition drew prominent architects from all over the world, many of the contestants’ designs for the World Trade Center site were “crap,” according to one former Port Authority of New York and New Jersey executive. [more]

  • L+M’s Sandy Loewentheil buys 78 Irving pad for $6.4M

    Silverstone Property is the developer behind the 7-story conversion
    December 08, 2016 02:00PM By Konrad Putzier
    Sanford Loewentheil and 78 Irving Place

    Sanford Loewentheil and 78 Irving Place

    L+M Development Partners’ principal Sanford Loewentheil dished out $6.39 million for an apartment at Madison Realty Capital’s Gramercy condo conversion at 78 Irving Place, property records show. [more]

  • Wilbur Ross’ Midtown penthouse still sitting on market

    Trump’s Cabinet pick is asking $18.5M for the Briarcliff pad
    December 08, 2016 01:30PM
    Wilbur Ross and 171 West 57th Street

    Wilbur Ross and 171 West 57th Street

    It looks like nobody wants a cabinet owned by Wilbur Ross.

    Ross — whom President-elect Donald Trump has tapped for Secretary of Commerce in his Cabinet — listed his penthouse at the Briarcliff at 171 West 57th Street for $21 million last year, the New York Post reported. In January, he dropped the price to $18.5 million, but apparently to no avail. It has now been on the market for 415 days, according to StreetEasy. [more]

  • The biggest price chops on luxury pads last week

    A penthouse at the Grand Millennium building received the biggest reduction
    December 08, 2016 01:00PM By Miriam Hall
    Clockwise from left: 1965 Broadway, 50 Central Park South, 2000 Broadway, 157 West, 57th Street and 360 Furman Street

    Clockwise from left: 1965 Broadway, 50 Central Park South, 2000 Broadway, 157 West, 57th Street and 360 Furman Street

    Grand Millennium? Grand discount, more like it.

    This week the biggest price drop was on a penthouse at the Grand Millennium condominium building on the Upper West Side. The7,000-square-foot apartment is now on the market for $22.9 million, a steep discount from the $42 million it was asking two years ago. [more]

MENU