The Real Deal New York

  • Meet the convicted criminals who lived in Trump Tower

    Building has been home to questionable characters over the years
    October 25, 2016 11:30AM
    The Trump Tower at 725 Fifth Avenue

    The Trump Tower at 725 Fifth Avenue

    Trump Tower has been home to a long line of criminals over the years — some with ties to Donald Trump.

    One of them was Joseph Weichselbaum, a helicopter pilot who flew customers to Trump casinos and spent years in prison for cocaine trafficking. “It was fine, other than parking issues,” Weichselbaum said to Bloomberg of the building. “And try getting a bagel or a container of milk.” Weichselbaum was indicted for drug trafficking in 1985. Trump wrote a letter in his defense, calling him a “credit to the community.” While he was in prison, his girlfriend bought two units in Trump Tower and Weichselbaum lived there after his release. [more]

  • US home prices rise 6.2% year-over-year in August

    Prices are forecast to rise 5.3% over the next year: Case-Shiller
    October 25, 2016 11:05AM
    Single family home

    Single-family home

    Home prices in the U.S. are on the rise, as lack of inventory and low interest rates help push prices upwards.

    The S&P CoreLogic Case-Shiller Index, which measures home prices nationwide, reported 6.2 percent growth in home prices in August, year over year, and a forecast of 5.3 percent growth in the next 12 months, up slightly from the 5 percent increase projected in July. [more]

  • Don’t miss out on The Real Deal’s Shanghai showcase

    Leading US firms to join China's top brokers and most active investors
    October 25, 2016 10:30AM


    The top brokerages across the U.S. will all be joining The Real Deal in Shanghai this November for our second Real Estate Showcase & Forum in China. Representatives from Douglas Elliman, Sotheby’s International, Town Residential, Brown Harris Stevens and many others will join China’s top brokers and most active investors at the event.

    The event will take place at the five-star Jing An Shangri-La Hotel from Nov. 17 to 19. Our 2016 show will bring prominent industry professionals and investors from the United States to Shanghai, including former New York Gov. George Pataki. Douglas Elliman chief Howard Lorber, HFZ’s Ziel Feldman and Witkoff’s Steve Witkoff have recently joined our growing list of distinguished speakers, who will share market insight on key panels throughout the event. [more]

  • City accused of keeping affordable apartments in Upper Manhattan vacant

    Activists say HPD-owned buildings in Inwood, Washington Heights should be renovated, filled
    October 25, 2016 10:04AM
    21 Arden Street and 2110 Amsterdam Avenue

    21 Arden Street and 2110 Amsterdam Avenue

    Despite a massive shortage of affordable housing in New York, activists say the city’s left two buildings in Upper Manhattan totally vacant for several years. They’re urging the city to make repairs to the buildings, which would free up 26 affordable apartments.

    The Housing Preservation Development owns 21 Arden Street in Inwood and 2110 Amsterdam Avenue in Washington Heights, DNAinfo reported. Community Board 12 passed a resolution in 2014, saying two buildings owned by the Housing Preservation Development — 21 Arden Street and 2110 Amsterdam Avenue — could be renovated and set aside as affordable housing. [more]

  • Inside TheRealDeal
  • Tenant lawyer to pay fine for dislodging surveillance camera from BLDG building

    Arthur Schwartz alleges Lloyd Goldman's firm used device to harass his 94-year-old client
    October 25, 2016 09:30AM
    From left: Lloyd Goldman, 95 Christopher Street and Arthur Schwartz

    From left: Lloyd Goldman, 95 Christopher Street and Arthur Schwartz

    A lawyer who removed a surveillance camera from a Lloyd Goldman-owned apartment building in 2015 agreed to pay $700 to make the court case go away. [more]

  • Chinese billionaire buys One57 pad at big discount

    Unit traded for 25% less than its 2014 sales price
    October 25, 2016 09:02AM
    One57 (credit: Douglas Elliman)

    One57 (credit: Douglas Elliman)

    “Escape from New York” has officially escaped from One57 at an $8.2 million loss. Chinese Billionaire Liu Yiqian is the mystery buyer of a 62nd floor apartment at One57 that saw its price chopped by 25 percent since its initial sale in 2014. [more]

  • Construction spending in city to soar to $128B through 2018: report

    But uncertainty over 421a still clouds over residential sector: New York Building Congress
    October 25, 2016 08:30AM By Kathryn Brenzel
    From left: Groundbreaking for SL Green's One Vanderbilt and Richard Anderson

    From left: Groundbreaking for SL Green’s One Vanderbilt and Richard Anderson

    Construction spending in New York City is expected to soar to $127.5 billion by the end of 2018, signaling that the building boom of the past few years still has legs.

    In its latest report, the New York Building Congress predicts that spending will hit $43.1 billion in 2016, a 26 percent increase from 2015’s $34.4 billion. [more]

  • CB Developers refis LES dorm with $71M loan

    New mortgage from LoanCore replaces $55M loan on 140K sf building
    October 25, 2016 08:00AM By Konrad Putzier
    From left: Adi Chugh, 101 Ludlow Street and Charles Blaichman

    From left: Adi Chugh, 101 Ludlow Street and Charles Blaichman

    Charles Blaichman’s CB Developers refinanced its Lower East Side student-housing building at 101 Ludlow Street with a $71 million CMBS loan from Jefferies LoanCore, sources told The Real Deal[more]

  • Anthony Paolone and Steven Marks

    Anthony Paolone and Steven Marks

    From the October issue: This September, investors who bet on the stock market’s broad indexes got a new tool. They can now invest in real estate investment trusts separately from financial stocks and insurance firms — a category that REITs had been lumped into for more than 15 years. [more]

  • NYC multifamily market sees drop in deals, spending in Q3

    Sales fell to $3.1B: Ariel Property Advisors
    October 25, 2016 07:00AM By Kyna Doles
    Ariel Property Advisors

    Credit: Ariel Property Advisors

    Multifamily investors purchased fewer New York City buildings and spent less in the third quarter of 2016, according to the latest report from Ariel Property Advisors. Spending on multifamily properties totaled $3.1 billion between July and September, down 15 percent from the second quarter and 18 percent year-over-year. [more]

  • Most popular stories on The Real Deal

    October 25, 2016 06:30AM

    Current reader favorites:
    1. Being a young commercial real estate broker is brutal
    2. Trump name dumped from new branded hotels
    3. Robert A.M. Stern disses Hudson Yards, Oculus and DoBro projects
    4. Brookfield, Urban American mull selling Putnam portfolio
    5. Anthony Bourdain says, despite hiccups, Pier 57 market is on its way

  • Paparazzi-proof driveways are the hottest must-have amenity

    Jardim developer says it was his “secret marketing angle”
    October 24, 2016 06:00PM

    The driveway at the Jardim in Chelsea

    What do you give the luxury condo building that has everything? A driveway, evidently. Or as the residents call it, a porte-cochère. [more]

  • Fight over ownership of $7M Village townhouse heads to court

    The four-story, three-unit building on Horatio Street is under contract
    October 24, 2016 05:15PM
    69 Horatio Street in the West Village

    69 Horatio Street in the West Village

    The Surrogate’s Court in Manhattan will now decide the owner of a West Village apartment building, following a bitter dispute between the late owner’s family and his partner of more than 50 years. [more]

  • Aon weighs move to new office Downtown

    Insurance giant is searching the submarket for more than 200K sf
    October 24, 2016 04:46PM By Rich Bockmann
    Gregory Case and199 Water Street

    Gregory Case and 199 Water Street

    Insurance giant Aon Corp. is considering relocating its current offices from Jack Resnick & Sons’ 199 Water Street, and is keeping the search within the Downtown submarket, sources told The Real Deal.

    The U.K.-based firm has a lease expiring in 2018 at the 35-story building, where it occupies around 400,000 square feet. [more]

  • Here’s what the $10M-$20M NYC investment sales market looked like last week

    Caspi buys a Tribeca commercial property; TF Cornerstone nabs Gap, FedEx buildings in Astoria
    October 24, 2016 04:19PM By Kyna Doles
    79 Walker Street in Tribeca, Joshua Caspi and rendering of Compass Residences in the Bronx

    From left: 79 Walker Street in Tribeca, Joshua Caspi and rendering of Compass Residences in the Bronx

    Last week in the world of mid-market New York City investment sales, Signature Urban Properties sold a Bronx development site for $10.1 million and Caspi Development acquired a Tribeca commercial building for $19 million. Click here for the story and more.

  • From the October issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate:

    funny quotw

    To read the other wisdom nuggets, click here.

  • NYC’s resi market had a record quarter: REBNY

    Closed single-family home sales totaled $13.6B in Q3, defying reports of a slowdown
    October 24, 2016 03:15PM By Konrad Putzier
    New York City Skyline

    New York City Skyline

    New York City’s residential market had the biggest quarter since at least 2006, according to a new Real Estate Board of New York report, with $13.6 billion worth of condominiums, co-ops and one-to-three family homes trading hands between July and September. [more]

  • Paydirt: Putnam in play, Airbnb’s NYC woes, Cushman’s big-boy club

    The industry news you need to start your week, and what’s ahead
    October 24, 2016 02:46PM By Hiten Samtani
    Gov. Andrew Cuomo and Mayor Bill de Blasio have both made Airbnb a target (Illustration by Lexi Pilgrim for The Real Deal)

    Gov. Andrew Cuomo and Mayor Bill de Blasio have both made Airbnb a target (Illustration by Lexi Pilgrim for The Real Deal)

    Not since Stuy Town has such a massive apartment package been in play. [more]

  • China’s HNA to buy 25% Hilton stake from Blackstone

    The $6.5B deal will reduce Blackstone’s holding in the company to 21%
    October 24, 2016 02:17PM
    The Hilton Midtown at 1335 Sixith Avenue

    The Hilton Midtown at 1335 Sixith Avenue

    Chinese shipping and aviation giant HNA Group will buy a roughly 25 percent stake in Hilton Worldwide Holdings from Blackstone Group, the company announced Monday. [more]

  • NBA extends lease at Midtown HQ through 2035

    Organization has been at Olympic Tower since mid-1970s
    October 24, 2016 01:45PM
    645 Park Avenue and Adam SIlver

    645 Park Avenue and Adam Silver

    After roughly four decades at its Midtown headquarters, the National Basketball Association has signed on for at least another 19 years.

    The organization inked a lease extension at 645 Fifth Avenue for 175,000 square feet of office space in the Midtown tower, the building’s owners Oxford Properties Group and Crown Acquisitions announced Monday. [more]