The Real Deal New York

  • State Senator Jeffrey Klein balks at repealing Urstadt Law

    Legislation, which gives Albany oversight of NYC rent regulation, passed in 1971
    August 27, 2014 02:40PM
    Jeffrey Klein and Oliver Koppell

    Jeffrey Klein and Oliver Koppell

    State Senator Jeffrey Klein, a prominent endorser of Mayor Bill de Blasio who is now running for re-election, isn’t wild about the notion of repealing a 1971 law balancing control of New York City’s rent regulation between Gotham and Albany.

    Squaring off against former City Council member and challenger Oliver Koppell in a televised debate yesterday, Klein balked at a question about whether he would vote to repeal the Urstadt Law, which passed in 1971. The legislation gave the New York state legislature final authority over the city’s rent regulation at a time when city was on the edge of financial disaster. [more]

  • Regulators considering new rules to protect REIT investors

    Guidelines would reign in risks associated with non-traded real estate investment trusts
    August 27, 2014 02:10PM
    From left: NASAA president A. Heath Abshure and Columbia Property Trust CEO E. Nelson Mills

    From left: NASAA’s Heath Abshure and Columbia Property Trust’s Nelson Mills

    Non-traded real estate investment trusts could soon face higher regulatory hurdles.

    The North American Securities Administrators Association is preparing to introduce guidelines that would place new limits on how non-traded REITs raise money and distribute dividends. The guidelines, if adopted, would also expose independent brokerages that market the REITs to enforcement actions. Last year, investment in non-traded REITs soared to $19.6 billion as investors were attracted by high dividends and stable share prices. The regulators’ guidelines aim to reign in risks associated with those returns. [more]

  • RXR Realty’s 99-year lease on 75 Rockefeller begins

    Firm faces departure of sole tenant and making the pricey lease profitable
    August 27, 2014 01:45PM
    From left: Scott Rechler and 75 Rockefeller Plaza

    From left: Scott Rechler and 75 Rockefeller Plaza

    Scott Rechler of RXR Realty has roughly a century to prove naysayers wrong. [more]

  • The MTA renews at 469 Seventh Avenue

    Midtown office building fully leased except for penthouse, roof deck and two floors
    August 27, 2014 01:20PM
    469-seventh

    From left: 469 Seventh Avenue, Eric Meyer and Marty Meyer

    The Metropolitan Transportation Authority is staying put at 469 Seventh Avenue, near West 36th Street. [more]

  • Inside TheRealDeal
  • Meg Ryan revealed as buyer of Hank Azaria’s Soho pad

    $8M sale of 84 Mercer Street unit reported last year -- but purchaser remained a mystery
    August 27, 2014 12:55PM
    From left: Meg Ryan, 84 Mercer Street and Hank Azaria

    From left: Meg Ryan, 84 Mercer Street and Hank Azaria

    “When Harry Met Sally” and “Sleepless in Seattle” star Meg Ryan bought Hank Azaria’s Soho apartment. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 27, 2014 12:30PM

    1. The High Line’s newest luxury building tops out
    2. Gary Barnett: “Poor door” makes financial sense
    3. 6 buildings sure to make headlines this fall

    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]

  • Price chops on the rise in Manhattan, Brooklyn

    Roosevelt Island sees highest rate of discounted units year-over-year, according to StreetEasy
    August 27, 2014 12:00PM
    streeteasy

    From left: 2255 Adam Clayton Powell Boulevard, which underwent a 6 percent chop, and Alan Lightfeldt

    The number of price chops on apartment listings in Manhattan and Brooklyn has climbed steadily over the past year. In the former, 63 percent of neighborhood offerings underwent reductions, while 53 percent took a tumble in the latter.

    Of all the neighborhoods in those boroughs, Roosevelt Island saw the biggest jump in price drops, as the median recorded sale price in July fell 65 percent to $840,000 from $1.48 million. Still, the price chops do not necessarily show that prices have decreased overall in the past year. [more]

  • Top Manhattan apartment sales: August 18 – August 24

    An interactive map of the priciest recorded apartment deals, plus total overall sales and average prices for the week (click on numbers to see data)
    August 27, 2014 11:30AM

  • Clipper Equity closes in on purchase of Battery Park City rental

    David Bistricer's firm reportedly obtained a $50M mortgage to buy the building
    August 27, 2014 11:08AM
    70 Battery Place and David Bistricer

    70 Battery Place and David Bistricer

    Riverwatch, a 209-unit rental building at 70 Battery Park Place, has been sold to David Bistricer’s Clipper Equity for $73.6 million, property records show.

    Clipper Equity is reportedly in the final stages of getting approval from lenders and regulators to close on the deal and is likely to take over the title of the building by the end of August, according to the Broadsheet Daily.

    While it’s unclear what the sale price is, Broadsheet is reporting that Clipper took out a $50 million mortgage. [more]

  • No deal reached between Brookfield and Skadden Arps: report

    News of imminent move reportedly premature; law firm could extend lease at 4 Times Square
    August 27, 2014 10:30AM
    From left: 4 Times Square and Manhattan West project rendeing

    From left: 4 Times Square and Manhattan West project rendeing

    Skadden Arps may be staying put.

    Reports that the law firm – one of the city’s largest and most prestigious – is moving to Brookfield’s Manhattan West office tower are just rumors, the New York Post reported. The newspaper claims it has confirmed that Skadden has not signed a letter of intent and is merely exploring its options, which include tenancy at Brookfield’s West Side property, heading downtown to 3 Hudson Boulevard or sticking around at the Durst Organization’s 4 Times Square. [more]

  • Model Behati Prinsloo sells Alphabet city bachelorette pad

    Victoria's Secret star unloads East 11th Street unit ahead of move to $4.5M Soho home
    August 27, 2014 10:00AM
    From left: Behati Prinsloo, 643 East 11th Street and Noot Seear

    From left: Behati Prinsloo, 643 East 11th Street and Noot Seear

    Behati Prinsloo, Victoria’s Secret model and wife of Maroon 5 frontman Adam Levine, has sold her Alphabet City apartment. [more]

  • The Frick Collection

    The Frick Collection

    The history of the Frick Collection’s backyard. 432 Park Avenue is now Midtown’s tallest tower. Luxury 18-room home in North Queens sells for $2.5 million. Read these stories and more after the jump.

  • Murray Hill rental building trades for $44M

    Residential landlord Vito Sacchetti buys 68-unit property at 153 East 32nd Street for $700 psf
    August 27, 2014 09:00AM By Hiten Samtani
    From left:  Joseph Koicim, Peter Von Der Ahe, 153 East 32nd St. and Aaron Jungreis

    From left: Joseph Koicim, Peter Von Der Ahe, 153 East 32nd St. and Aaron Jungreis

    Residential landlord Vito Sacchetti paid $43.7 million, or about $700 per square foot, for a 68-unit Murray Hill rental building, The Real Deal has learned. [more]

  • Minskoff’s 101 Sixth takes walk in the cloud with new tenant

    Cloud-computing firm DigitalOcean signing up for 24,000 sf at property
    August 27, 2014 08:30AM By Hiten Samtani
    From left: Ben Uretsky, 101 Sixth Avenue and Edward Minskoff

    DigitalOcean CEO Ben Uretsky, 101 Sixth Avenue (Credit: CoStar) and Edward Minskoff

    UPDATED, 9:35 a.m., August 27: Edward Minskoff will soon welcome another technology tenant to his 101 Sixth Avenue. Cloud-computing firm DigitalOcean is taking 23,500 square feet at the Hudson Square property, The Real Deal has learned. The deal brings the property to over 95 percent leased, with only the second floor remaining. [more]

  • Brookland buys development site on Brooklyn’s Fourth Avenue

    Team from TerraCRG negotiated $7.4M deal
    August 27, 2014 08:00AM
    From left: Boaz Gilad, 550-554 Fourth Avenue and Melissa DiBella Warren

    From left: Boaz Gilad, 550-554 Fourth Avenue and Melissa DiBella Warren

    Brookland Capital plans to build a new residential and retail development after acquiring a site on the border of Park Slope and Gowanus. [more]

  • Most popular stories on The Real Deal

    August 27, 2014 07:20AM

    Current reader favorites:
    1. Meet the investors behind NYC’s hottest real estate startups
    2. Eliot Spitzer in talks for 2.8-acre Kedem Winery site in Williamsburg: sources
    3. Small law firms handling big sales at Extell’s One57
    4. 6 NYC buildings sure to make headlines this fall
    5. “Rat Castle” no more: sales set to launch at 179 Ludlow Street

  • Gary Barnett: “Poor door” makes financial sense

    Extell chief defends 40 Riverside entrances, says condo income subsidizes affordable units
    August 26, 2014 06:15PM
    40 Riverside Drive and Extell's Gary Barnett

    40 Riverside Drive and Extell’s Gary Barnett

    Extell Development CEO Gary Barnett defended the “poor door” planned for his 33-story building at 40 Riverside Boulevard, arguing that it would have made no financial sense to incorporate affordable rental units into the condominium tower without it.

    Developers told the New York Times that a condo-and-rental building with separate entrances allows them to reserve the best location and amenities for condos seeking a high price. The income from those condos subsidizes the construction of the affordable-housing component, developers said. [more]

  • Howard Lutnick’s $30M suit against Southampton can proceed

    Billionaire BGC Partners CEO is suing for the right to build a barn on his property
    August 26, 2014 06:00PM
    From left: Howard Lutnick and a barn

    From left: Howard Lutnick and a barn

    Real estate titan Howard Lutnick is one step closer to living out his aspirations of farming his 40-acre plot in Southampton. [more]

  • Benjamin Ringel sued over $35M in loans to NJ mall

    Developer filed for Chapter 11 bankruptcy protection in June for shopping mall in Manahawkin
    August 26, 2014 05:45PM By David Jones
    Aerial view of an Armstrong shopping center

    Aerial view of an Armstrong Capital-owned shopping center

    Developer Benjamin Ringel and two of his investment partners are facing a lawsuit from lenders looking to enforce $35 million in loans connected to a bankrupt New Jersey shopping mall.

    Ringel, the president of Armstrong Capital and the developer behind a Food Emporium site on the Upper West Side of Manhattan, was sued in Manhattan Supreme Court by special servicer Rialto Capital Advisors over a loan connected to the Commons at Manahawkin Village. [more]

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    Follow The Real Deal's very own RSS feed
    August 26, 2014 05:30PM

     

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