The Real Deal New York

  • Stuart Eliiot

    Stuart Elliott

    From the December issue: It’s a lump of coal in brokers’ holiday stockings.

    Real estate pros are more uniformly sounding the alarm that the Manhattan residential market has slowed down, and not just for über-luxe trophy apartments.

    The traditional post-Labor Day uptick never materialized, leading to more price reductions. That means brokers might find a smaller commission check under the tree this year — or no check at all.

    But the question of how the market is performing at this important inflection point still depends on which segment you’re talking about. That’s why our reporter E.B. Solomont took an in-depth look at several key price ranges in the Manhattan market. [more]

  • Forest City warns of mass layoffs in modular division

    Company hasn't managed to secure new prefab projects after Pacific Park delays
    December 01, 2015 04:10PM By Katherine Clarke
    MaryAnne Gilmartin and the modular building at 461 Dean Street

    MaryAnne Gilmartin and the modular building at 461 Dean Street

    Forest City Ratner has notified the New York State Department of Labor that it may lay off 220 employees from its newly formed modular division in 90 days, The Real Deal has learned.

    The news comes as the developer starts to wrap up construction on its first modular project — “B2” — at 461 Dean Street, a 32-story tower near the corner of Flatbush Avenue. Once completed, the project, built out of modules assembled at a factory at the Brooklyn Navy Yard, is slated to be the tallest modular building in the world. [more]

  • BLADE C/X Team testing out prototype BLADE C/X Sunglasses

    BLADE C/X Team testing out prototype BLADE C/X Sunglasses

    1. For just $7,000, you and your friends can spend New Year’s Eve on top of 1 WTC.

    2. Star Wars, feelings and Absolutely Fabulous: a look at the best party photos of the week.

    3. And just when you thought Art Basel wasn’t decadent enough, helicopter service BLADE makes sure you’ll travel to the art festival in style.

  • Would you live in a condo tower made of wood?: VIDEO

    475 West 18th Street, designed by SHoP Architects, will be constructed from engineered timber
    December 01, 2015 03:30PM By Alistair Gardiner

    Screen Shot 2015-12-01 at 1.13.07 PM

    The latest renderings for 475 West 18th Street make it look more like a 10-story tree house than your typical Chelsea condo.

    Last week, The Real Deal took a closer look this ShoP Architects-designed Chelsea project, which is the first of its kind in New York City. Click here to watch TRD‘s latest video, which explores why more and more developers are turning to timber.

  • Inside TheRealDeal
  • Broker files suit over Tootsie Roll factory commission

    Alan Rosenstein claims he received none of the $500K owed for selling Clinton Hill property
    December 01, 2015 03:02PM By Rey Mashayekhi
    275 Park Avenue BK

    275 Park Avenue in Clinton Hill (inset: Roman Khodosh)

    How many licks does it take to get to the center of a commission dispute? Alan Rosenstein of Redstone Capital Group, one of the brokers on the $68 million sale of the Chocolate Factory building in Clinton Hill, is about to find out.

    Rosenstein filed suit Monday against fellow broker Roman Khodosh of RK Capital Group, alleging that Khodosh withheld payments to him and accepted more in commission than he was entitled to in the Aug. 2014 sale. [more]

  • Airbnb releases NYC data (sort of)

    Trove is available by appointment only, at the company's office
    December 01, 2015 02:15PM
    Airbnb Founders

    From left: Nathan Blecharczyk, Joe Gebbia and Brian Chesky

    After years of holding their cards close to their chests, Airbnb executives in New York are inviting would-be analysts to the company’s offices to peruse its user data.

    The firm, in the midst of a push for political acceptance in the city, made available anonymized information about the length of time that units are rented, as well as the amount of money made by hosts.

    The data — only available through an appointment at Airbnb’s New York office — will allow analysts to assess the legality and economic impact of the service, which hosts over 2 million listings in 34,000 cities worldwide.  [more]

  • The December issue is live!

    TRD explores WeWork, under-the-radar Brooklyn players and more
    December 01, 2015 01:40PM

    The Real Deal December 2015They’ve changed the way people think about office space – and changed the game as far as commercial real estate in New York City is concerned. The Real Deal took a closer look at WeWork this month, examining both shared-office provider’s rampant success and what’s next for a company valued at $10 billion.

    In the cover package for our December issue, now available online, we explore how WeWork co-founders Adam Neumann and Miguel McKelvey established a new paradigm in the city’s commercial real estate market in the span of five short years since launching their firm in 2010. [more]

  • Former Padres owner’s ex fails to flip $34M contract at One57

    Rebecca Moores inked a deal to buy the apartment in 2013 but later tried to back out
    December 01, 2015 01:20PM By Katherine Clarke
    Extell Development's Gary Barnett, One57 and John and Rebecca Moores

    Extell Development’s Gary Barnett (credit: Studio Scrivo), One57 and John and Rebecca Moores

    Another One57 buyer has struck out in the resale market.

    Rebecca Moores, the ex-wife of Texas millionaire and former San Diego Padres owner John Moores, has failed to find a buyer to take over the contract for her pad at Extell Development’s pricey West 57th Street tower. [more]

  • Anbang717Fifth

    From left: 717 Fifth Avenue and Anbang’s Chairman Wu Xiaohui

    Chinese insurers are expected to spend US$73 billion in acquiring overseas properties over the next five years as they speed up diversification, according to a research report published on Wednesday by real estate services firm DTZ/Cushman & Wakefield. [more]

  • Brause, Gotham get $105M construction loan for LIC project

    270-unit Court Square tower will stand 33 stories when complete in 2017
    December 01, 2015 12:15PM By Rich Bockmann

    David Brause and renderings of 44-28 Purves Street (credit: FXFOWLE)

    Brause Realty and the Gotham Organization landed a $105 million construction loan for its 270-unit apartment building now rising in Long Island City, according to property records filed with the city Monday. [more]

  • Carmel Place’s micro-apartment floor plans revealed

    Units range from $2,650 a month for 265 sf to $3,150 for 355 sf
    December 01, 2015 11:50AM

    A floor plan of a Carmel Place unit (credit: Monadnock Development)

    It’s not the size that counts, it’s how you use it. New photos and floor plans released by Monadnock Development reveal “micro units” at Carmel Place in Kips Bay focused around one living room / bedroom / kitchen space, with a bathroom and other assorted bits of space tucked away in corners. [more]

  • Sherry-Netherland co-op hits market for $42.5M

    Listing appears to be a combination of at least three apartments
    December 01, 2015 11:27AM By Rich Bockmann
    Sandy Mactaggart and Roy Furman

    Sandy Mactaggart and Roy Furman

    The academic in the library with the candlestick. The investment banker in the media room with his Bloomberg Terminal.

    While identifying the sellers behind a massive, full-floor apartment at the Sherry-Netherland may resemble a classic game of “Clue,” one thing is certain: They plan on making a killing. [more]

  • Manhattan Borough Board votes against de Blasio rezonings

    Advisory group joins Queens and Bronx counterparts in opposition
    December 01, 2015 10:52AM
    Bill de Blasio Gale Brewer

    From left: Bill de Blasio and Gale Brewer

    It seems like no one’s pleased with hizzoner’s zoning and affordable housing policies.

    The Manhattan Borough Board, an advisory group composed of City Council members and community board representatives, voted unanimously against two of Mayor Bill de Blasio’s signature rezoning proposals Monday. [more]

  • Brooklyn to lead country in 2016 apartment construction

    New units that year projected to total 6,073
    December 01, 2015 10:12AM
    Artist rendering of Brooklyn’s skyline in 2020 (credit: CityRealty)

    Artist rendering of Brooklyn’s skyline in 2020 (credit: CityRealty)

    People want to live in Brooklyn, and developers are responding in force, with more units slated to come online in the borough in 2016 than in any other U.S. submarket. [more]

  • Bauhouse receives Sutton Place demo permits

    Firm still seeking financing for the project
    December 01, 2015 09:33AM
    A rendering of 3 Sutton place (inset: Joseph Beninati)

    A rendering of 3 Sutton Place on the Upper East Side (inset: Joseph Beninati)

    The Bauhouse Group is moving forward with its Upper East Side condo tower, despite not yet having secured additional financing for the project. [more]

  • Highgate Hotels founder buys UES townhouse for $22.5M

    Interior designer Juan Pablo Molyneux bought it for just $3.1M in 1990
    December 01, 2015 09:00AM
    Juan Pablo Molyneux with his wife Pilar and the exterior and interior of the townhouse

    Juan Pablo Molyneux with his wife Pilar and the exterior and interior of the townhouse

    Juan Pablo Molyneux designs interiors for a living, but he apparently knows something about buy-and-hold investing too. [more]

  • “Hipster-mites” and “Evil crops developer” are the villains in West Bronx gentrification mural

    Rio-based Alberto Serrano and local Royal KingBee painting the giant comic strip
    December 01, 2015 08:26AM

    Mural on Walton Avenue in the West Bronx (credit: Alberto Serrano and the Royal KingBee)

    A pair of artists are telling developers and their alleged “hipster-mite” minions how they feel about recent efforts to redevelop and rebrand parts of the Bronx. [more]

  • Most popular stories on The Real Deal

    December 01, 2015 07:45AM

    Current reader favorites:
    1. Manhattan’s priciest new developments by total sellout
    2. “25th worst” NYC landlord says Public Advocate Tish James didn’t do her research
    3. City orders tenants to vacate Williamsburg rental built by Menachem Stark
    4. Stanley Wasserman in contract for $300M-plus UES portfolio
    5. Capstone exec buys Lenox Hill co-op for $12M

  • Nestio raises $8M in Series A

    Listings database will expand to Boston, Chicago, Miami and DC in 2016
    December 01, 2015 07:30AM By E.B. Solomont

    From left: Caren Maio, Nestio’s homepage and Noel Fenton

    Residential listings database Nestio just raised $8 million in a Series A fundraising round, CEO Caren Maio told The Real Deal. Trinity Ventures led the round, bringing the total investment in Nestio to $11.85 million at a time when real estate technology continues to attract serious investor interest. [more]

  • Westfield chief Frank Lowy sells Trump Int’l pad

    Apartment once owned by “Sex and the City” creator sold for $14.2M
    November 30, 2015 07:02PM By Katherine Clarke
    Frank Lowy and his former apartment at Trump International

    Frank Lowy and his former apartment at Trump International

    Frank Lowy, chairman of Australian retail giant the Westfield Corporation, has sold his apartment at Trump International for $14.2 million. [more]