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  • Lighthouse Point construction to kick off this summer

    Staten Island project includes 120 apartments, a 160-room hotel and 60K sf of retail
    March 27, 2015 02:50PM By Kerry Murtha
    Lighthouse Point Staten Island

    Rendering of Lighthouse Point on Staten Island (credit: Triangle Equities)

    Lester Petracca’s Triangle Equities will kick off construction on the long-stalled Lighthouse Point waterfront project on Staten Island’s North Shore this summer. The $200 million development is the largest new project in the area since Superstorm Sandy hit in 2012, and will include a 120-unit residential tower, more than 60,000 square feet of retail space and a 160-room hotel. At least 20 of the residential units will be affordable. [more]

  • Financial data firm Markit signs huge lease at 5 Manhattan West

    TAMI tenant takes 140,000 sf at Brookfield’s 16-story office building
    March 27, 2015 02:20PM By Mark Maurer Twitter_logo_blue copy
    Markit NYC Office

    From left: Rendering of 450 West 33rd Street, Markit CEO Lance Uggla, Josh Kuriloff and Jeffrey Peck

    Markit, a London-based global financial data provider, is consolidating its New York City offices into a 140,000-square-foot space at Brookfield Property Partners’ 5 Manhattan West, The Real Deal has learned. [more]

  • State leaders approve $440M package to fight homelessness

    Plan includes $220M in earmarked funds over next four years
    March 27, 2015 01:55PM
    Carl Heastie Andrew Cuomo

    From left: Carl Heastie and Andrew Cuomo

    The state budget will include almost $440 million for anti-homelessness services for the next four years.

    The package is supposed to “prevent thousands of individuals and children from entering the homeless shelter system,” Assemblyman Andrew Hevesi, the Queens Democrat who chairs the chamber’s Social Services committee, told the New York Daily News. [more]

  • Chinese buyer closes on One57 condo for $30M

    Three-bedroom unit spans 4,500 square feet
    March 27, 2015 01:23PM By Tess Hofmann
    157 West 57th Street in Midtown

    157 West 57th Street in Midtown

    A condo in Extell Development’s One57 sold for $30 million to a buyer named Dojiang Li, according to property records filed with the city today. [more]

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  • Drea de Matteo loses apartment in East Village explosion

    "Sopranos" actress had owned the Second Avenue unit for 22 years
    March 27, 2015 12:50PM
    Drea de Matteo Second Avenue

    From left: Drea de Matteo and the site of Thursday’s explosion on Second Avenue

    “Sopranos” star Drea de Matteo’s apartment was a casualty of Thursday’s explosion in the East Village, which led to the collapse of two buildings.  [more]

  • Peter Fine developing luxury spec homes in Miami Beach

    NYC tycoon's first three homes, on North Bay Road and Palm Island, are priced from $18M to $30M
    March 27, 2015 12:20PM By Ina Cordle
    6440 North Bay Road and 6010 North Bay Road and Peter Fine

    Renderings of 6440 North Bay Road, 6010 North Bay Road and Peter Fine

    From the South Florida website: New York City real estate developer Peter Fine has launched a South Florida company to build ultra-luxury, waterfront mansions in Miami Beach — for spec. [more]

  • NYC should implement 2 percent tax cap: OPINION

    Limitations already in place in the rest of the state
    March 27, 2015 11:42AM
    Martha Stark Bill de Blasio

    From left: Martha Stark and Bill de Blasio

    New York City should adopt a bill that would limit the increase on annual property taxes to 2 percent, Martha Stark, professor and former commissioner of the city’s Department of Finance, wrote in an editorial for Crain’s.

    Stark wrote that while Mayor Bill de Blasio opposes the bill, which was recently passed by the state senate, it would be “more responsible and honest” than the current city tax policy. [more]

  • Housing Authority admits to leaving $75M in federal funds unclaimed

    NYCHA failed to convert 5,000 units to Section 8 housing
    March 27, 2015 11:05AM

    NYCHA chair Shola Olatoye and Councilmember Ritchie Torres

    At a City Council hearing Thursday, the New York City Housing Authority admitted that it left $75 million in federal subsidies unclaimed by failing to convert 5,000 units to section 8 housing.

    The financially troubled agency took over approximately 12,000 units of city-and-state-owned housing eight years ago in order to make them eligible for federal money, according to the New York Observer. [more]

  • Mortgage complaint line brings attention to detail

    Consumer Financial Protection Bureau allows consumers to rant and rave via expanded system
    March 27, 2015 10:35AM By Kenneth Harney
    Consumer Financial Protection Bureau

    From left: David Stevens and Rich Cordray

    Move over, Yelp. The federal government’s top consumer agency has just begun allowing mortgage borrowers to vent publicly — in full narrative detail — about the bad experiences they’ve had with financial institutions.

    Say your mortgage servicing company keeps harassing you with phone calls about the timeliness of your payments, even though you consistently send them within the “grace period” specified in the mortgage documents. [more]

  • Rendering of man-made hills on Governor's Island

    Rendering of man-made hills on Governor’s Island

    Officials eye New Jersey for Port Authority bus terminal. Fake hills taking shape on Governor’s Island. “Worst Landlords” keep racking up violations. Read these stories and more after the jump.

  • Community at odds over Brooklyn Bridge Park finances

    Standoff over two resi towers at Pier 6 continues
    March 27, 2015 09:32AM
    Rendering of Pier 6 towers and Pierhouse at Pier 1 (credit: Marvel)

    Rendering of Pier 6 towers and Pierhouse at Pier 1 (credit: Marvel)

    Construction on two planned residential towers at Brooklyn Bridge Park’s Pier 6 remains blocked as community activists who oppose the development and the Brooklyn Bridge Park Corporation, the agency that runs the park, fight to gain support for their differing views of how the park should be financed. [more]

  • Fired Venture Capital Properties brokers flee to new brokerage

    Ebi Khalili, Josh Rahmani respond to allegations made by their former partners 
    March 27, 2015 09:00AM By Kyna Doles
    From left: Daniel Rahmani, Joseph Rahmani, Simon Goltche, Josh Rahmani and Ebi Khalili

    From left: Daniel Rahmani, Joseph Rahmani, Simon Goltche, Josh Rahmani and Ebi Khalili

    UPDATED, March 27, 10:47 a.m.: Brothers Daniel and Joseph Rahmani, who were tossed out of Venture Capital Properties last month, have now joined a new brokerage, Capital Property Partners. The move comes as their battle with their former partners Ebi Khalili and Arash “Josh” Rahmani continues to escalate. [more]

  • LMDC gets $50M in fire settlement with Lend Lease

    Tentative agreement announced yesterday
    March 27, 2015 08:29AM
    Deutsche Bank 2007 fire

    The 2007 fire at Deutsche Bank in Lower Manhattan

    The Lower Manhattan Development Corporation, a city agency created following 9/11 to help rebuild the area, will be getting $50 million in a tentative settlement agreement with construction company Lend Lease over a 2007 fire that killed two firefighters. [more]

  • Manhattan inventory hits record low in February: report

    Only 3,175 apartments were on the market last month, according to StreetEasy
    March 27, 2015 08:00AM By Claire Moses
    Rendering of 400 Park Avenue South (credit: Christian de Portzamparc/ Handel)

    Rendering of 400 Park Avenue South in NoMad  (credit: Christian de Portzamparc)

    It’s hard to walk more than a block in Manhattan without stumbling across a residential condominium project in the works, but until all that spanking new product goes live, the market will continue to be defined by scarcity. The city’s condo inventory hit a record low last month with only 3,175 units on the market, according to StreetEasy’s latest Manhattan Condo Market Report.

    Meanwhile, pending sales rebounded in February — as is the norm after slow winter months — jumping up 27.5 percent since January. [more]

  • Most popular stories on The Real Deal

    March 27, 2015 07:30AM

    Current reader favorites:
    1. Top RE lawyer Luigi Rosabianca suspended for mishandling client funds
    2. East Village building collapses after explosion
    3. Kushners launch real estate investing platform Cadre, raise $18.3M in Series A
    4. East Williamsburg music mecca sells for $26M
    5. Warburg’s No. 1 agent Richard Steinberg joins Douglas Elliman

  • Brunello Cucinelli runway show

    Brunello Cucinelli runway show

    Council member questions blocs of Asian immigrants using NYCHA. Brunello Cucinelli opens Soho location. Pre-Second Avenue subway deals are still out there. Read these stories and more after the jump.

  • WWII Basement

    Secret basement under Grand Central Terminal (credit: Business Insider)

    Hidden 10 stories below Grand Central Terminal, a secret basement can be found. This basement was a prime New York City target during World War II, as it provided electricity for northeast trains dedicated to troop and equipment transport. The location remains confidential today, and continues to provide electricity to Metro-North trains. [more]

  • East Village building collapses after explosion

    Fire at 121 Second Avenue spread to neighboring building; at least 19 injured and two missing
    March 26, 2015 04:05PM By Claire Moses and TRD staff
    The aftermath of the explosion at 121 Second Avenue in the East Village

    The aftermath of the explosion at 121 Second Avenue in the East Village (Credit: Claire Moses/The Real Deal)

    UPDATED, March 27, 12:23 p.m.: A five-story East Village building collapsed Thursday afternoon after an explosion rocked the structure and caused it to partially collapse. Two people are still unaccounted for, according to news reports.

    Smoke emanated from the 8,460-square-foot property at 121 Second Avenue, near 7th Street, following a blast around 3:20 p.m., officials told the New York Daily News. The fire then spread to the neighboring building, 123 Second Avenue, which has now also collapsed, with 119 Second Avenue in danger of collapsing. At least 19 people were injured — four of whom are in critical condition, the New York Post reported. About 130 firefighters initially battled the fire, but as of 5:15 p.m. Thursday, about 250 were on the scene. Investigators suspect that a gas leak at Sushi Park on the ground floor of 121 Second Avenue sparked the explosion, according to news reports. [more]

  • Willets Point auto shops settle lawsuit with city, developers

    Agreement includes creation of $5.8M escrow fund to help businesses relocate to the Bronx
    March 26, 2015 03:55PM
    From left: Rendering of the Willets Point redevelopment and automotive businesses at Willets Point

    From left: Rendering of the Willets Point redevelopment and automotive businesses at Willets Point

    A group of automotive businesses in Queens have settled a lawsuit with the city and the developers of Willets Point, creating a big step forward toward the realization of the Related Companies’ and Sterling Equities’ $3 billion residential development and mega-mall there. [more]

  • Len Blavatnik closes on Woody Johnson’s co-op for record $77.5M

    Price was previously reported to be $80M
    March 26, 2015 03:25PM
    From left: Len Blavatnik, 834 Fifth Avenue and Woody Johnson

    From left: Len Blavatnik, 834 Fifth Avenue and Woody Johnson

    Billionaire Len Blavatnik has officially closed on his record-breaking purchase of New York Jets owner Woody Johnson’s co-op in 834 Fifth Avenue, and while the sale remains a record, the price was just $77.5 million, rather than the $80 million previously reported. [more]

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