The Real Deal New York

  • BlackRock targets Hudson Yards for new HQ

    Asset management giant is looking for as much as 1M sf of office space
    September 28, 2016 06:00PM
    A rendering of the Spiral and 50 Hudson Yards (Inset: Larry Fink)

    A rendering of the Spiral and 50 Hudson Yards (Inset: Larry Fink)

    BlackRock has set its sights on Hudson Yards for a new headquarters as big as 1 million square feet. [more]

  • Julia Roberts as Erin Brockovich, Inspector Gadget and the Laffalot property at 11 Ochert Lane

    Julia Roberts as Erin Brockovich, Inspector Gadget and the Laffalot property at 11 Ochre Lane

    Five brokerage giants team up on new East End listing platform

    Think fast, OREX — there’s a new contender in town. The five biggest brokerages in the South Fork — Saunders & Associates, the Corcoran Group, Douglas Elliman, Brown Harris Stevens and Sotheby’s International Realty — are teaming up on a new listing exchange they say will boast richer data at lower prices than the current local go-to, Open RealNet Exchange, or OREX. [more]

  • Banks and mezz lenders buddying up in a tense market

    Together, they are filling out capital stacks
    September 28, 2016 05:28PM By Kathryn Brenzel
    From left: Moderator Julian Wise, Marcus Giancaterino, Michael Maturo and Jonathan Aghravi

    From left: Moderator Julian Wise, Marcus Giancaterino, Michael Maturo and Jonathan Aghravi

    As senior lenders continue to shrink their share of the capital stack, they are getting chummier with mezzanine lenders. [more]

  • Avi Dorfman can continue to call himself a co-founder of Compass: judge

    Robert Reffkin's attorneys failed to prove damages from RentJolt founder's claims
    September 28, 2016 04:45PM By Katherine Clarke
    From left: Avi Dorfman (Credit: Columbia Spectator) and Robert Reffkin (Credit: Urban Compass)

    Avi Dorfman (Credit: Columbia Spectator) and Robert Reffkin

    Compass co-founder Robert Reffkin cannot seek damages from Avi Dorfman, a tech entrepreneur who claims to be one of the co-founders of the brokerage, a New York County Supreme Court judge has ruled.

    Dorfman sued Reffkin in 2014, claiming he used the concept behind a joint venture they worked on together in 2012 to set up a competing business later known as Compass. Reffkin then allegedly forced him out of the company, now valued at more than $1 billion. [more]

  • Inside TheRealDeal
  • Turkey files plans for 35-story consulate tower

    The 218K sf Midtown East property will house offices, mission and residences
    September 28, 2016 04:19PM By Chava Gourarie

    Renderings of the Republic of Turkey’s consulate building (Credit: Perkins Eastman)

    The Republic of Turkey filed plans Wednesday for a new, crescent-inspired 35-story tower that will serve as the headquarters of the Consulate General of Turkey in New York. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    September 28, 2016 04:00PM By Kyna Doles
    Market Reports

    Click to enlarge (credit: REBNY and Ariel Property Advisors)

    According to the latest batch of market reports, Manhattan is getting 20 million square feet of new office space over the next five years, the number of multifamily deals continued to fall and one Williamsburg retail corridor saw the biggest jump in asking rents. [more]

  • Kushner asking $85M for four-building Astoria portfolio

    143-unit mulltifamily package was developer's first major Queens buy
    September 28, 2016 03:30PM By Mark Maurer
    21-81 38th Street, Jared Kushner and 23-05 30th Avenue

    From left: 21-81 38th Street, Jared Kushner and 23-05 30th Avenue in Astoria

    Jared Kushner’s venture into Queens real estate may be short-lived.

    Kushner Companies is asking $85 million for a package of four Astoria buildings that marked the firm’s first major bet on the borough, The Real Deal has learned. [more]

  • NYC’s 10 biggest investment sales in August

    There are nearly $2B in deals in the top 5 alone
    September 28, 2016 03:00PM By Will Parker and Eda Kouch

    From left: Allianz CEO Oliver Bäte and 10 Hudson Yards, PGIM CEO Eric Alder and 11 Madison

    Last month’s 10 most expensive investment sales in New York City included two big moves for Chinese investors and four major outer-borough deals. Nothing, however, could surpass Allianz’s $946 million stake purchase at 10 Hudson Yards at the start of the month.

    The monthly ranking factored in closed sales of both full and partial stakes in properties. A partnership finally snapped up Dumbo’s Watchtower building and several multifamily portfolios in Brooklyn and Queens sold with enough zeros to make the list. Meanwhile, Chinese companies China Orient Asset Management and Gemdale Properties acquired sizable Manhattan stakes during the month of August.

    Here’s the full list of the top closed sales from the last full month of summer, based on CoStar Group and The Real Deal reporting. [more]

  • Q&A with LA architect Christopher Martin

    The Wilshire Grand’s designer on setting records Downtown and the dangers of NIMBYism
    September 28, 2016 02:30PM By Cathaleen Chen
    Christopher Martin

    Christopher Martin

    From the Southern California Market Report: Christopher Martin is a dyed-in-the-wool Angeleno. His father and grandfather both had long, productive careers as L.A. architects, and many of his own commissions have been centered in and around Los Angeles County. He has designed large public projects for clients such as the Los Angeles Police Department and the County Justice System, as well as academic buildings at institutions such as the California Institute of Technology and the University of Southern California. His son is also in the family business, making AC Martin a fourth-generation firm.

    Now, Martin has reached a pinnacle in his career with the topping off of the tallest building west of the Mississippi. But the accolades this has brought certainly haven’t gone to his head. In fact, he said he didn’t realize that the height of the Wilshire Grand — 1,100 feet — would set a new record until a Los Angeles Times reporter brought this to his attention. [more]

  • Hirschfeld pays $38M for Marquand penthouse

    Triplex at HFZ's condo conversion was listed for $47M, will be used as an investment property
    September 28, 2016 02:00PM By Chava Gourarie
    Renderings of (inset: Eli Hirschfeld)

    The Marquand at 11 East 68th Street (inset: Elie Hirschfeld)

    Hirschfeld Properties purchased the triplex penthouse that crowns the 26-unit Marquand building for $37.5 million from Ziel Feldman’s HFZ Capital Group, according to documents filed with the city Tuesday. [more]

  • NYC real estate is becoming a “meritocracy”: Michael Stern

    JDS boss and MaryAnne Gilmartin talk glass ceilings, DoBro revival
    September 28, 2016 01:41PM By Konrad Putzier

    Michael Stern and MaryAnne Gilmartin

    New York’s real estate industry still has an aristocracy of born-rich developers, but its dominance over the business is receding – and to Michael Stern, that’s a good thing.

    “You’re seeing a shift towards a meritocracy,” Stern said Thursday at a panel hosted by the Downtown Brooklyn Partnership. One reason: the internet has made information more widely available, putting outsiders on a more level playing field. [more]

  • Download The Real Deal’s mobile news app

    Now available for download for Apple and Android users
    September 28, 2016 01:01PM

    PhoneThe Real Deal is bringing a cleaner design and more seamless navigation to our latest mobile update, which is now available for download in Apple’s App store and the Google Play store.

    The latest version of our app includes a separate feed for our new Los Angeles website, which joined The Real Deal‘s family of news websites in January. An updated navigation bar allows readers to access each of the three markets with ease, and a new ‘National’ tab aggregates our New York, South Florida and Los Angeles websites into one stream.

    We’ve also incorporated a smoother, sleeker design. A new feature, which is located on the bottom left of a post, lets users increase the text size for easier reading. Like our previous app, you can text, email or share stories to your social media sites, via the icons located on the bottom of each post. You can also search for stories you may have missed by clicking on the magnifying glass in the top right corner of the homepage.

    Click here to download the iPhone app, or search for “The Real Deal” in the App Store. Android users, you can download the latest version here.

  • City mulling big changes to HDFC rules

    De Blasio administration proposing price cap for affordable housing co-ops
    September 28, 2016 12:15PM
    Bill de Blasio and 601 West 136th Street

    Bill de Blasio and 601 West 136th Street

    The city is considering implementing major rule changes governing Housing Development Fund Corporation co-ops before tax breaks sunset in 2029, and residents are nervous. [more]

  • Sam Zell panel devolves into bizarre discussion about sex with Chinese men

    Moderator Peter Linneman takes discussion at EisnerAmper summit to a whole new place; protestors cut panel short
    September 28, 2016 11:47AM By Kathryn Brenzel
    Sam-Zell-e1460576124587 copy

    Sam Zell and Peter Linneman

    UPDATED, 12:12 p.m., Sept. 28: It’s the day after Sam Zell’s 75th birthday, and he’s having a rough one.

    The real estate mogul was the keynote speaker at a real estate conference Wednesday, where his skepticism on the state of the commercial real estate market was overshadowed by protesters, racist comments and a disgruntled audience member.

    Zell was being interviewed by Peter Linneman, a principal at real estate consulting firm Linneman Associates and an emeritus professor at the Wharton School. The two were talking about the abolishment of the one-child law in China, agreeing that “nothing happened” after the law changed.

    Linneman twice implied that perhaps people don’t want to have sex with Chinese men. He said: “Look at Chinese men, that may be your explanation.” [more]

  • Insurance providers are increasingly backing NYC renters who don’t meet landlord requirements

    TheGuarantors will insure tenants who earn just 27 times the monthly rent
    September 28, 2016 11:30AM
    Stuyvesant Town-Peter Cooper Village and Julien Bonneville

    Stuyvesant Town-Peter Cooper Village and Julien Bonneville

    In New York City’s sky-high rental market — with median rents nearing $3,400 in Manhattan and $2,900 in Brooklyn — convincing a landlord to lease out an apartment isn’t always easy.

    Most landlords only accept tenants with an annual income of at least 40 times the monthly rent and who have credit scores greater than 700. Now renters who can’t meet those stiff requirements, and who don’t have their own guarantors, are turning to financial services to insure them for rent payments. [more]

  • Airbnb is no threat to LA hotel market: report

    Number of short-term rentals is growing, but so is the average daily hotel rate in La La Land
    September 28, 2016 10:40AM
    Waldorf Astoria rendering

    A rendering of the Waldorf Astoria hotel in Beverly Hills (via Oasis West Realty)

    From the Los Angeles website: Despite forecasts that Airbnb will hinder the hospitality industry, hotels are actually flourishing in Los Angeles, according to a recent Moody’s report.

    The onslaught of Airbnb listings, which now tally to over 2 million worldwide from just 300,000 in 2014, could drag national hotel occupancy down by 1 percent in 2017, the report forecasted. But that may not be the case in La La Land, where the average daily hotel rate rose 7.5 percent in 2015 and more than 9 percent in the first eight months of 2016, the same analysis found. [more]

  • Dean & DeLuca to replace Spice Market at 29 Ninth Avenue

    Midtown Equities repositioned the 30K sf retail space for one major tenant
    September 28, 2016 10:11AM
    29 Ninth Avenue and Dean and Deluca

    29 Ninth Avenue and the interior of Dean & DeLuca

    Food boutique Dean & DeLuca is set to replace Jean-Georges Vongerichten’s Spice Market when the restaurant closes its doors in the Meatpacking district on Thursday.

    As The Real Deal reported in May, Joseph Cayre’s Midtown Equities has been trying to reposition the 30,000 square feet of retail space for a single, experimental tenant. [more]

  • Want to see Trump’s tax returns? Give him a mortgage

    Lenders and regulators got insight into the Donald’s finances
    September 28, 2016 09:30AM

    Donald Trump (illustration by Lexi Pilgrim for the Real Deal)

    During Monday night’s presidential debate, Donald Trump once again refused to release his tax returns. But a few lucky banks and gaming regulators have had the privilege of seeing them over the years. The catch: they are legally barred from disclosing any information.

    Employees of the Pennsylvania Gaming Control Board, for example, could face a criminal charges if they leak information on Trump’s returns, according to a spokesperson. The Missouri Gaming Commission isn’t even legally allowed to disclose if they have seen the tax returns. “I could not tell you whether we had them,” the commission’s general counsel told the Associated Press. [more]

  • SL Green closes on $1.5B One Vanderbilt construction loan

    Financing removes second major hurdle at 1,401-foot project
    September 28, 2016 09:02AM
    one-vanderbilt copy

    Marc Holliday and Rendering of One Vanderbilt

    SL Green Realty closed on a $1.5 billion construction loan for its $3.1 billion office development One Vanderbilt, the real estate investment trust announced Wednesday. [more]

  • Cuomo meets developers to talk 421a — again

    Durst, Speyer, Barnett attended Monday meeting
    September 28, 2016 08:35AM
    From left: Andrew Cuomo, Douglas Durst and Rob Speyer

    From left: Andrew Cuomo, Douglas Durst and Rob Speyer

    A group of New York real estate executives met with Gov. Andrew Cuomo Monday to hash out the future of the 421a tax abatement program. [more]