The Real Deal New York

  • Dock Street in Dumbo

    Dock Street Dumbo

    After years, Two Trees’ Dock Street Dumbo project is revealed. Inside Brangelina’s sprawling French estate. What New York City’s apartment listings looked like if they were completely honest. Read these stories and more after the jump.

  • Record-setting building in Jackson Heights fully leased

    Broker: "We’re starting to see Queens explode the way Brooklyn did"
    August 29, 2014 09:00AM
    40-07 73rd Street

    40-07 73rd Street

    High-end living is spreading in Queens.  [more]

  • Jacob Toll’s Williamsburg conversion gets new name

    Toll and Cayuga Capital Management bought the site in 2010 for $17 million
    August 29, 2014 08:30AM
    From left: The Lewis Steel building and Jake Toll

    From left: The Lewis Steel building and Jake Toll

    Formerly known as the Steelworks Lofts, the luxury rental building at 76 North 4th Street will now be known as Lewis Steel Building, according to Brownstoner. [more]

  • With condo surge, few developers see value in Plan Bs

    Fall-back arrangements to turn condominium projects into rentals increasingly rare
    August 29, 2014 08:00AM By Mark Maurer
    plan-b

    From left: Andrew Gerringer, Stephen Kliegerman, Nancy Packes and 64 Bayard Street in Brooklyn

    With the New York City luxury condominium market on a long hot streak — resales of condo units are now trading at an 19-year high — developers are rethinking traditional ways of doing business. One dramatic shift: Builders are increasingly plowing ahead with condo projects without putting together a fall-back plan to turn a property into a rental. [more]

  • Inside TheRealDeal
  • Most popular stories on The Real Deal

    August 29, 2014 07:21AM

    Current reader favorites:
    1. David Werner lands $700M financing for Mobil Building acquisition
    2. US to run out of foreign investor visas due to Chinese demand
    3. Meet the investors behind NYC’s hottest real estate startups
    4. After rezoning, real estate giants transforming Hudson Square
    5. The Wrap: “Friends” coffee shop to open in Soho, this device prevents landlords from skimping on heat … and more

  • After 13 years, city has mapped almost all waterfront buildings

    Private firm sought to help with federally funded storm-preparation program
    August 28, 2014 06:00PM
    storm

    (Credit: ArchDaily)

    Mayor Bill de Blasio’s administration plans to use federal Hurricane Sandy grants to complete a 13-year initiative to map every building along the city waterfront.

    The final leg of the project will cover private, federal and state-owned buildings. The city Economic Development Corporation, which has handled mapping for many city-owned buildings thus far, issued a request for proposals today to find a private firm to wrap up the project. The firm would also have to update all the mapping data collected since 2001. [more]

  • Follow The Real Deal South Florida on Twitter

    Up-to-the-minute reports, greater Miami real estate news through @trdmiami
    August 28, 2014 05:40PM

    TRDSOFLAtweets

    The go-to source for real estate insiders on the move, TRD South Florida’s Twitter feed provides up-to-the-minute tweets with links to posts from our daily blog, in-depth features from our market report supplement and other juicy items happening around the Miami area. Join the conversation here.

  • St. Andrew’s Dune Church in Southampton (Credit: Lee F. Mindel via Curbed)

    Beyoncé’s $300K-per-week Bridgehampton rental sets record. The Hamptons’ most colorful churches. “C” ratings stigmatize NYC restaurants, hurt real estate decisions. Read these stories and more after the jump.

  • Blackstone poised to sell 1095 Sixth Avenue for $2B

    Eastdil Secured to market the 42-story, 1.2M-square-foot property
    August 28, 2014 04:50PM
    Blackstone CEO Stephen Schwarzman and 1095 Sixth Avenue

    Blackstone CEO Stephen Schwarzman and 1095 Sixth Avenue

    Blackstone Group is gearing up to sell the Verizon building at 1095 Sixth Avenue, and the office tower may fetch one of the highest prices ever paid for a U.S. skyscraper.

    Blackstone has tapped Eastdil Secured to market the 41-story, 1.2 million-square-foot property, sources familiar with the plans told Bloomberg News. The tower, they said, could fetch as much as $2.25 billion. [more]

  • Adam America files plans for Boerum Hill townhouses

    Five homes to be built on southeastern corner of Bond and State streets
    August 28, 2014 04:20PM
    73

    73-79 Bond Street

    A new building application was filed Wednesday to build five single-family townhouses on a northern corner of Boerum Hill, on the southeastern corner of Bond and State streets.

    Adam America Real Estate closed on the 6,000-square-foot land parcel for just over $6 million last month. In total, the spot is zoned for just 12,000 square feet of residential development. According to today’s filings, the five homes to be built on the site will each include a one-car garage and will be numbered 73-79 Bond Street. [more]

  • Satmar group looks to buy Bedford-Stuyvesant site for $60M

    Current owner paid $27 million for the site in 2013
    August 28, 2014 03:50PM
    Cascade Linen Factory in Bedford-Stuyvesant

    835 Myrtle Avenue in Bedford-Stuyvesant

    A group of buyers from the Satmar community is looking to buy a commercial laundry site in Bedford-Stuyvesant roughly one year after it was last sold.

    The group of buyers is in talks to purchase the Cascade Linen Factory at 835 Myrtle Avenue for $60 million. This is about twice as much as current owner Mike Kohn, from Alliance Private Capital Group, paid for the site in April 2013. [more]

  • Extell, Megalith will partner to build UWS condo tower

    Synagogue to sell parcel on West 66th Street for $45M; will get $30M home in new building
    August 28, 2014 03:20PM By Adam Pincus
    From left:

    From left: Megalith’s Samvir Sidhu, 44 West 66th Street and Extell’s Gary Barnett

    Extell Development plans to build a large condominium tower in partnership with Megalith Capital Management a half a block from Central Park West on land each firm will contribute to the project, recent court records show. [more]

  • Midtown Apple store cube secures patent

    Tech giant also applied for trademark on Fifth Avenue store topper design back in 2010
    August 28, 2014 02:50PM
    Apple store cube at 767 Fifth Avenue

    Apple store cube at 767 Fifth Avenue

    Apple has secured a U.S. patent on the glass cube design atop its subterranean Fifth Avenue store in Midtown Manhattan.

    The tech giant initially applied for a trademark on the design in front of the GM Building at 767 Fifth Avenue back in 2010, and a decision on that application is still pending. Apple received a European trademark on key design elements of its retail stores within the EU last month, and a cylindrical glass topper for the company’s Shanghai store received a patent in 2012, 9to5mac reported.  [more]

  • US pending home sales surprise, up 3.3 percent in July

    Economists projected a 0.5 percent pace of growth
    August 28, 2014 02:20PM By Business Insider

    Pending home sales jumped 3.3 percent in July after falling by 1.3 percent in June. Economists were expecting a modest 0.5 percent pace of growth. [more]

  • Construction unions reconsider affordable housing stance

    Building trades look to cooperate with de Blasio as their market share tumbles
    August 28, 2014 01:50PM
    Work at Hudson Yards, where Related hired a nonunion contractor to oversee construction

    Work at Hudson Yards, where Related hired a nonunion contractor to oversee construction

    A decade ago, the Building and Construction Trades Councils did not have a lot of interest in working on New York City affordable housing projects. Developers found little reason to pay higher union wages to construct housing units at below-market prices, and the unions were likewise more keen on higher-paying luxury residential projects and commercial high-rises.

    But now, as the building trades have suffered a loss of membership, lost market share and seen their influence in the construction sector wane, union interest in the affordable sector is growing. And the de Blasio administration is pushing for their involvement. [more]

  • Yankees’ Martin Prado finds rental in Midtown

    Second baseman takes two-bedroom at Moinian Group's 635 West 42nd Street
    August 28, 2014 01:20PM
    From left: 536 West 42nd Street and Martin Prado

    From left: 635 West 42nd Street and Martin Prado

    On the field, Martin Prado has no problem finding home base. Off the field, the New York Yankee is taking his time to settle down permanently.

    Rather than buying a pad, the Venezuelan native is renting in Midtown. [more]

  • Paramount Group plans record stock offering for a REIT

    $2.5B IPO would almost double Douglas Emmett's $1.4B in 2006
    August 28, 2014 12:50PM
    1633-bway

    Albert Behler and 1633 Broadway

    Midtown-based office landlord the Paramount Group plans to raise $2.5 billion in an initial public offering, making it the all-time largest for a real estate investment trust.

    If that amount is raised in the stock sale, it would surpass fellow REIT Douglas Emmett’s $1.4 billion offering in 2006. The Paramount Group’s New York portfolio, which includes 712 Fifth Avenue, makes up 76 percent of the firm’s total annualized rent. The landlord, led by president and CEO Albert Behler, owns or has stakes in 12 properties in the U.S. [more]

  • Lobby group fighting UES waste plant exploits loophole: report

    Investigation suggests law firm funneled $690,000 to the nonprofit
    August 28, 2014 12:25PM
    Asphalt Green Park and the waste-transfer site

    Asphalt Green Park and the waste-transfer site

    A small, boutique law firm reportedly gave $690,000 to a nonprofit called Pledge 2 Protect, which is lobbying against a proposed waste-transfer plant on the Upper East Side.

    An investigation by Crain’s raises questions about the ability of the one-year-old, three-person firm Marquart & Small to drum up that sort of cash. The newspaper posits that the outfit could be exploiting a loophole in New York’s lobbying laws and serving as a so-called “pass-through” for anonymous donors. [more]

  • Schrager’s Public hotel project hit with stop-work order

    City cited "unsafe excavation work" at 25-story hotel-condo
    August 28, 2014 12:00PM
    215-chrystie

    Renderings of 215 Chrystie Street on Lower East Side (Inset: Ian Schrager, courtesy of STUDIO SCRIVO)

    Hotelier Ian Schrager’s planned Public Hotel on the Lower East Side has been hit with a stop-work order. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 28, 2014 11:30AM

    1. Retired Italian soccer duo to launch Tribeca hotel
    2. Buyers take back SOME bargaining power
    3. 432 Park is now the tallest building north of One World Trade

    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]

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