The Real Deal New York

  • New York remains a mecca for all-cash home purchases

    Nearly half of Empire State home purchases were transacted sans mortgage
    August 19, 2014 06:10PM
    U.S. home sales: cash and institutional investors

    U.S. home sales: cash and institutional investors

    New York state had the third highest ratio of all-cash home purchases in the second quarter of 2014. [more]

  • Download The Real Deal‘s free mobile app

    NYC's go-to source for real estate news, available on the go
    August 19, 2014 05:50PM

    TRD-2 (1)

    The Real Deal‘s newly-updated mobile app, available in the iTunes store and through Google Play, offers a sleek, on-the-go experience featuring all stories from

    Small, aesthetic changes make it easier to view posts and navigate the app. Swipe to the left or right to flip from story to story, and tap “New York” or “Florida” to navigate between our two sites. Improved social sharing allows for simpler posting to Facebook, Twitter and LinkedIn, and our new mailbox feature allows TRD to send breaking news and alerts directly to your app. You can even enjoy stories offline if you’re cruising the subway or anywhere else without access to the Internet.

    Click here to download the iPhone app, or search for “The Real Deal” in the App Store. To download the app for Android platforms, click here.

  • Developers secure funding for Harlem school conversion

    Former P.S. 186 to yield affordable housing, Boys & Girls Club facility
    August 19, 2014 05:30PM
    525 West 125th Street

    521 West 125th Street

    Plans to bring a dilapidated old school building at 521 West 145th Street in Harlem back to life as an affordable housing project are now in motion. [more]

  • Buyers lined up early for a room with a view at Time Equities' 50 West.

    Buyers lined up early for a room with a view at Time Equities’ 50 West.

    New York City has more billionaires than anywhere else in the world. The early bird gets the luxury condo. Jay Z’s mom opens Newark eatery. Read these stories and more after the jump.

  • Inside TheRealDeal
  • Brooklyn developer looking to quietly unload UWS church: sources

    Joseph Brunner said to be eager to sell landmarked Crenshaw Christian Center East; bought it for $42M, seeking $50M
    August 19, 2014 04:40PM By David Jones
    361 Central Park West

    361 Central Park West

    A landmark Upper West Side church acquired in June by the sister of developer Ira Shapiro was immediately flipped to Brooklyn investor Joseph Brunner for about $42 million, The Real Deal has learned, and has now been quietly placed back on the market, according to multiple sources.

    Irene Shapiro, the sister of the former One Madison Park developer, is listed as the previous buyer of the Crenshaw Christian Center East at 361 Central Park West, according to documents filed with Attorney General Eric Schneiderman. The filing indicates she purchased the landmarked property for $26 million in June from a Los Angeles-based church. [more]

  • Karim Rashid has fun with apartment design in Inwood: Architecture review

    Designer-architect seems to be single-handedly trying to revive the ‘Mod’ strain of modern architecture
    August 19, 2014 04:20PM By James Gardner
    From left: 653 West 187th Street and Karim Rashid

    From left: 653 West 187th Street and Karim Rashid

    From the August issue: With the possible exception of the Magic Kingdom — “The Happiest Place on Earth,” its slogan says — I am not sure that I have ever seen architecture as fundamentally, giddily, all-conqueringly happy as that of Karim Rashid, the designer of 653 West 187th Street, which will soon rise in the Inwood section of Manhattan. [more]

  • Sam Zell faces off with ex-Equity partner for investors

    Pair squaring off to raise millions to buy property firms in emerging markets
    August 19, 2014 04:00PM

    From left: Gary Garrabrant and Sam Zell

    Equity Residential Chair Sam Zell is going head to head with his former partner Gary Garrabrant in the world of emerging markets. Zell, whose Chicago-based firm owns 38 residential buildings with roughly 10,330 apartment units in the New York area alone, is looking to raise as much as $600 million.

    The funds would go toward the purchase of stakes in property companies in China, India and Latin America. [more]

  • TPG Capital in talks to acquire Cassidy Turley

    Agreement would turn commercial brokerage into new international research services company
    August 19, 2014 03:40PM
    From left: Cassidy Turley president Peter Hennessy and managing principal Joseph Swingle and TPG Capital co-founders David Bonderman, James Coulter and Bill Price III

    From left: Cassidy Turley president Peter Hennessy and managing principal Joseph Swingle and TPG Capital co-founders David Bonderman, James Coulter and Bill Price III

    Commercial real estate firm Cassidy Turley has reportedly entered acquisition talks with Texas-based private equity firm TPG Capital. [more]

  • US housing starts recover in July

    Increase of 5.7 percent to 1.09M starts surpassed expectations
    August 19, 2014 03:20PM


    The number of residential construction projects under way across the country surged in July, snapping a two-month decline.

    Housing starts increased 5.7 percent to an annualized rate of 1.09 million, the strongest reading since November and well above estimates, Bloomberg News reported. The median projection ahead of the Commerce Department report was 965,000 starts, according to a survey of 75 economists conducted by the news agency. [more]

  • Metropolitan College eyes Rector Street spot

    School seeking $68M in tax-free bonds to help fund purchase of 110,000-square-foot space
    August 19, 2014 02:55PM By Rich Bockmann
    From left: a rendering of 40 Rector Street and MCNY's building at 431 Canal Street

    From left: a rendering of 40 Rector Street and MCNY’s building at 431 Canal Street

    The Metropolitan College of New York, on the search to relocate its Hudson Square campus, is eyeing a 110,000-plus-square-foot office condo at 40 Rector Street. Such a deal would mark the largest buy at the building since owner Phillips International began converting the property three years ago. [more]

  • Why are mortgage applications flat despite rising home sales?

    Gap between leading indicators widening amid shifting market landscape
    August 19, 2014 02:30PM By Business Insider

    MBA-mortgage-appsTOPThe widely-followed MBA weekly mortgage application index used to be considered a leading indicator for home sales. But in recent years mortgage applications have been flat while home sales have risen, according to Hui Shan at Goldman Sachs. [more]

  • Subway Inn eviction proceedings temporarily halted

    Landlord World-Wide Holdings Corp. is looking to redevelop UES space
    August 19, 2014 02:00PM
    Subway Inn

    Subway Inn

    An Upper East Side dive bar is staving off eviction, one week at a time. [more]

  • NYC multifamily vacancy rate climbs to 5.3% in Q2

    Manhattan sales volume hit $1.6 billion, up by 4% year-over-year
    August 19, 2014 01:30PM


    New York City, the largest multifamily market in the U.S., saw a slight uptick in rent per unit year-over-year to $2,534, according to a national second-quarter multifamily report from brokerage CBRE. [more]

  • SEC slaps Ocwen Financial with subpoena

    New York bank regulator opened an investigation into the loan servicer earlier this month
    August 19, 2014 01:00PM
    William Erbey

    Ocwen executive chairman William Erbey

    Subprime loan servicer Ocwen Financial is facing its second run-in with a regulator this month.

    The Securities and Exchange Commission has subpoenaed Ocwen in order to obtain information about the company’s business relationship with four affiliated companies. The companies, all of which are chaired by William Erbey, do business almost exclusively with one another. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 19, 2014 12:30PM

    1. Greenpoint is about to get very busy
    2. Hey New Yorkers, remember Manhattan Square?
    3. Developers plan to bet big on the Meadowlands as Atlantic City folds

    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]

  • United Management, Certes buy “dangerous” Camden Hotel

    Property on West 95th Street to cease operating as single-room-occupancy facility
    August 19, 2014 12:00PM

    206 West 95th Street, Steve Tzolis and Elan Hakimian

    The single-room-occupancy Camden Hotel, which the 24th Precinct on the Upper West Side once ranked as the area’s second most dangerous building, has changed hands for $15 million. [more]

  • City looking for firms to help with affordable housing plan

    Officials want help determining neighborhoods that qualify for mandatory inclusionary zoning
    August 19, 2014 11:35AM
    Mayor Bill de Blasio

    Mayor Bill de Blasio

    The city is looking for firms that can help determine which neighborhoods would qualify for mandatory inclusionary zoning and where it would encourage more development.

    The Housing Development Corp. is widening its search and extending the deadline to August 28 for firms who can help with this. Mandatory inclusionary zoning — a policy that would require affordable units as part of new high-rises in areas that have been rezoned for taller buildings – is a major part of Mayor Bill de Blasio’s plan to build and preserve affordable housing over the coming 10 years. [more]

  • Telecom magnate to list Sagaponack estate for $35M

    Richard Treibick paid $2.6M for 30-acre property in the 1990s
    August 19, 2014 11:10AM

    Sagaponack house

    Two separate parcels on the Sagaponack oceanfront spanning 30 acres will hit the market for nearly $35 million. [more]

  • Alchemy to keep Woolworth Building sales in-house

    Developer recruits ex-Corcoran Sunshine vet JP Forbes to sell condos at iconic tower
    August 19, 2014 10:45AM By Hiten Samtani
    The Woolworth Building at 233 Broadway and JP Forbes

    The Woolworth Building at 233 Broadway and JP Forbes

    To sell the condominiums at the Woolworth Building, Alchemy Properties isn’t opting for high-profile new development firms such as Douglas Elliman Development Group or Corcoran Sunshine Marketing Group. Instead, the developer recruited Corcoran Sunshine veteran JP Forbes as its new managing director of sales and will keep the sales process at the iconic tower in-house. [more]

  • Ranking Brooklyn’s biggest builders

    Two Trees clocks in on top with Chetrit, Clipper and Avalon Bay in tow
    August 19, 2014 10:30AM By E.B. Solomont
    Jed and David Walentas

    David and Jed Walentas of Two Trees Management are the busiest developers in Brooklyn

    From the August issue: All the talk about a second wave of condo development in Brooklyn is finally coming to fruition. [more]