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The Real Deal New York

  • Holy smokes! Developer wants over $30M for LIC cigar factory

    PDS' 103,000 sf office building to be marketed as resi conversion
    April 01, 2015 06:00PM By Mark Maurer
    cigar factory queens

    35-11 and 35-31 9th Street in Long Island City (inset: Evan Daniel)

    UPDATED, 7:45 p.m., April 1: A Long Island City warehouse converted from a 19th-century DeNobili cigar factory is now on the market and has received offers for north of $30 million. PDS LLC, a private Northern Manhattan-based firm, has owned the four-story, 102,670-square-foot building at 35-11 and 35-31 9th Street since 2008, when it paid $11.8 million. [more]

  • RE companies get silly on April Fools’ Day

    Check out Fundrise's crowdfunding opportunities on Mars and join WeWork's bathroom revolution
    April 01, 2015 05:30PM By Tess Hofmann
    Virgin Galactic's planned "Mars Colony"

    Virgin Galactic’s planned “Mars Colony” (credit: Fundrise)

    To celebrate April 1, real estate companies launched a slew of gags around the web lampooning just over-the-top tech ideas that were not actually so far-fetched. Check out our favorites below. [more]

  • Here were March’s priciest listings in Brooklyn, Queens

    Brooklyn Heights townhouses, Flushing condos come out on top
    April 01, 2015 05:00PM By Mark Maurer
    Brooklyn Queens Listings April 2015

    114 Amity Street in Cobble Hill asking nearly $8 million and 72-20 Harrow Street in Forest Hills asking $3.3 million

    A four-story Cobble Hill mansion asking nearly $8 million was the priciest home to hit the market in Brooklyn in March, according to listings service Point2 Homes. [more]

  • Editor’s note: Durst walks free, makes OJ’s trial look tame

    Real estate scion makes more bizarre off-camera confessions
    April 01, 2015 04:30PM By Stuart Elliott
    Stuart Elliott

    Stuart Elliott

    From the April issue: LOS ANGELES – Happy April Fool’s Day! The trial of Robert Durst just ended in an L.A. County courthouse. The New York real estate scion walked free, yet again. Durst, a suspect in a string of suspicious deaths over the years and the subject of the HBO’s documentary “The Jinx,” is likely popping a bottle of bubbly as we recap his future (and, yes, fictitious) acquittal in the murder of his close friend, Susan Berman. [more]

  • Inside TheRealDeal
  • Silverstein sues Chaim Miller for failing to close $138M deal

    The investor allegedly reneged on plans to buy the Beekman Tower
    April 01, 2015 04:00PM
    1 Mitchell Place on the East Side and Larry Silverstein

    1 Mitchell Place on the East Side and Larry Silverstein

    Larry Silverstein is taking Chaim Miller to court over a botched deal to sell him the Beekman Tower for $137.5 million.

    Silverstein Properties and partners Fisher Brothers and Capstone Equities purchased the building in 2013 for $82 million and planned to turn it into apartments geared toward executives visiting the United Nations. In order to sell to Miller, it emptied the building of tenants and fired the leasing staff. [more]

  • Mamma Mia! Elliman sues Paolo Zampolli for unpaid commissions

    High-profile broker held a dual license between Elliman and his own firm
    April 01, 2015 03:28PM By Claire Moses
    Paolo Zampolli

    Paolo Zampolli

    Douglas Elliman is suing Paolo Zampolli, a former broker at the firm, for allegedly hiding roughly $4 million in commission from the brokerage, according to a lawsuit filed Tuesday.

    Zampolli — who also served as the co-chair of his own company, Paramount Realty Group of America Corporation — and Elliman agreed in 2011 that the broker would hold a dual license. Elliman further expected that Zampolli would continue to bring it business, while also doing deals for his own firm. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    April 01, 2015 02:55PM

    1. Dolly Lenz in, Ryan Serhant out at Ritz-Carlton megapenthouse
    2. NY state budget gives tax break for private planes, yachts
    3. 10 brilliant ideas for the skyscraper of tomorrow: PHOTOS

    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]

  • TF Cornerstone’s massive 606 West 57th gets new rendering

    1,028-unit project slated to be Manhattan’s second largest resi building
    April 01, 2015 02:20PM
    606 West 57th Street in Midtown West

    Rendering of 606 West 57th Street in Midtown West (credit: Arquitectonica)

    TF Cornerstone’s hulking residential project at 606 West 57th Street just got a new rendering. [more]

  • City disapproves Rabsky’s initial plans for Rheingold Brewery

    Simon Dushinsky wants to build a 392-unit block-long structure at 10 Montieth St.
    April 01, 2015 01:50PM By Mark Maurer
    10 Montieth

    Renderings of 10 Montieth Street in Bushwick (credit: ODA)

    The city’s Department of Buildings has disapproved the first iteration of plans by Simon Dushinsky’s Rabsky Group to construct a large, full-block apartment building on the Rheingold Brewery site in Bushwick, according to filings. [more]

  • Carlyle, Extell bringing 36-story tower to Lincoln Square

    10 Riverside Boulevard will have 288 apartments
    April 01, 2015 01:18PM By Tess Hofmann
    101 Riverside Boulevard in Lincoln Square (inset: Gary Barnett)

    101 Riverside Boulevard in Lincoln Square (inset: Gary Barnett)

    Carlyle Group and Gary Barnett’s Extell Development are planning to build a 36-story residential tower at 10 Lincoln Square, according to permits filed with the city today. [more]

  • Tax commission granted $6B in assessment reductions in 2014

    Verizon, Standard Hotel received biggest tax breaks
    April 01, 2015 01:00PM
    Standard Hotel Madison Square Garden

    From left: The Standard Hotel and Madison Square Garden

    The New York City Tax Commission, an independent body in charge of property assessment reductions, granted almost $5.9 billion in breaks last year, according to a new report. [more]

  • The April issue is live!

    Stories include real estate's rising stars and Corcoran vs. Corcoran Sunshine
    April 01, 2015 12:30PM

    The Real Deal April 2015

    They’ve brokered billions of dollars in deals, broken records, and launched companies. And they’ve all done it all in a cutthroat and unforgiving industry that’s not known for being kind to novices. This month, The Real Deal polled dozens of sources to shake out the names of the newest crop of real estate’s 35-and-under rising stars, for the cover story of our April issue, now live online.  [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry's latest intel
    April 01, 2015 12:08PM By Kyna Doles

    Mar

    The latest batch of reports from around the industry found that Brooklyn’s retail corridors are expanding and sales volume for Manhattan office condos reached record levels in the second half of 2014. [more]

  • Bank of China to occupy 40 percent of 7 Bryant Park

    Remaining 280K sf is up for grabs
    April 01, 2015 11:30AM
    Rendering of 7 Bryant Park in Midtown (credit: Pei Cobb Freed & Partners)

    Rendering of 7 Bryant Park in Midtown (credit: Pei Cobb Freed & Partners)

    Bank of China is readying to move into Hines Development and JPMorgan’s nearly completed 7 Bryant Park, but contrary to what was previously expected, the banking giant will be occupying only 40 percent of the tower. [more]

  • Milstein possibly bidding $88M for Revel Casino

    Tenants say the firm has offered $6M more than Glenn Straub
    April 01, 2015 11:00AM
    Revel Casino in Atlantic City (inset: Howard Milstein)

    Revel Casino in Atlantic City (inset: Howard Milstein of the Milstein Group)

    A partnership between Howard Milstein and Carl Goldberg has emerged as a potential rival to Glenn Straub to buy the Revel Casino in Atlantic City, N.J., out of bankruptcy. [more]

  • Going green: Weed companies look to NYC for retail space

    Marijuana use has yet to be legalized in New York state
    April 01, 2015 10:35AM
    Weed

    Bags of marijuana

    An out-of-the-ordinary tech tenant is weeding through available retail space in the city.

    Terra Tech, a company that also farms herbs and vegetables, owns legal marijuana dispensaries in states such as Nevada and California where pot use has been legalized, according to the newspaper. Derek Peterson, the company’s CEO, told the newspaper he’ll be applying to open dispensaries in New York state. Terra Tech is looking for retail space and growth sites, according to the New York Post. [more]

  • Hundreds of RadioShack stores to stay open in wake of bankruptcy deal

    Hedge fund Standard General bid $145.5 million during an asset auction
    April 01, 2015 10:08AM
    RadioShack stores

    RadioShack stores

    A bankruptcy judge has approved the sale of RadioShack’s roughly 1,700 stores to the electronics retailer’s biggest shareholder. [more]

  • Jennings McCullogh Mansions

    The Jennings-McCullogh Mansions used to be located at 39th Street and Park Avenue

    Office markets in tech-heavy cities see uptick. Hidden gems from New York’s Gilded Age and what they are today. Robert Durst‘s wife takes a step back. Read these stories and more after the jump.

  • Robert Durst to be tried in New Orleans first

    Alleged murderer to face felony charges for gun possession, before extradition to Los Angeles
    April 01, 2015 09:00AM
    The Jinx Robert Durst

    Robert Durst

    Robert Durst is stuck in New Orleans for now. [more]

  • NYCHA receives $3B FEMA grant for Sandy repairs

    Funds will go toward improving and protecting 33 public housing buildings during a future storm
    April 01, 2015 08:30AM
    The aftermath of Hurricane Sandy in 2012 in Lower Manhattan (left) and the Rockaways (right)

    The aftermath of Hurricane Sandy in 2012 in Lower Manhattan (left) and the Rockaways (right)

    The Federal Emergency Management Agency is providing a $3 billion grant to the city for repairs from Hurricane Sandy and protection against possible future storms. [more]

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