The Real Deal New York

  • Blackstone invests in troubled mortgage insurer PMI

    Private equity giant lends working capital in return for stake, board seat
    September 03, 2015 11:07AM
    From left: Blackstone's head of real estate Jon Gray and Blackstone CEO Steve Schwarzman

    From left: Blackstone’s head of real estate Jon Gray and Blackstone CEO Steve Schwarzman

    The Blackstone Group bought a stake in troubled mortgage insurer PMI, apparently continuing its strategy to bet on companies for which prices plunged following the financial crisis.

    California-based PMI was hit hard by the wave of foreclosures in 2008 and 2009 and went bankrupt, ceasing to insure new loans in August 2011. The company left bankruptcy protection in 2013 and has recently seen its fortunes rise, according to Bloomberg. [more]

  • Rendering of Sky in Midtown West (credit: Moinian Group)

    Rendering of Sky in Midtown West (credit: Moinian Group)

    Karl Fischer-designed residential building to rise on Piscane Seafood site. Sky rental tower gets new renderings. Skinny townhouse to get Andres Escobar renovation. Read these stories and more after the jump.

  • The Closing: Alicia Glen

    The deputy mayor on growing up in a Woody Allen movie, the Albany ‘schlep’ and being politically correct
    September 03, 2015 10:00AM By E.B. Solomont

    Alicia Glen

    From the September issue: As deputy mayor for economic development, Alicia Glen oversees more than 40 city agencies and authorities. The former Goldman Sachs executive is tasked with executing the de Blasio administration’s goal of creating or preserving 200,000 affordable housing units by 2025 — a goal that reached a major milestone in July, when the city announced that it had already hit 20,000 units at a cost of $618 million. [more]

  • Alibaba exec Timothy Steinert grabs $9.5M Ansonia pad

    Michel Madie was the seller.
    September 03, 2015 09:31AM
    From left:

    From left: 2109 Broadway on the Upper West Side, with Timothy Steinert and Michel Madie (inset)

    You can buy almost anything on Alibaba, but for a deluxe pad in a New York classic building, you have to go to the source. [more]

  • Inside TheRealDeal
  • Son of Anarchy: Sean Ludwick’s destructive journey

    BlackHouse Development chief’s career marked by controversies, both personal and professional
    September 03, 2015 09:00AM By Mark Maurer
    Sean Ludwick main

    Sean Ludwick (credits: LinkedIn, Briana E. Heard and Southampton Town Police Department)

    Developer Sean Ludwick was wobbling next to his 2013 Porsche, eyes bloodshot and glassy, his breath thick with booze when officers say they found him.

    Alerted by neighbors shortly before 2 a.m. on Sunday, police traced a zig-zag of motor oil from Ludwick’s hobbled Porsche to the bruised utility pole down the street, just outside the home of his friend, Douglas Elliman broker Paul Hansen.

    Feet from the pole, where the road forks, officers found Hansen’s body. Ludwick had said nothing to them about the accident or that he had a passenger, according to police reports. News outlets reported that Ludwick pulled the partially-ejected Hansen from the car, dumped him outside, and threw his wallet into the woods before driving off on shredded tires.

    He spent Sunday and Monday in jail, charged with DWI and leaving the scene of a fatal accident. Out on $1 million bond, the co-founder of BlackHouse Development may face charges of vehicular homicide.

    Even in an industry rife with knaves and miscreants, Sean Ludwick stands out. [more]

  • Community group president out as LICH fight heats up

    Cobble Hill Association's Roy Sloane faulted for negotiating with Fortis
    September 03, 2015 08:30AM
    Rendering of the new development of the former Long Island College Hospital site in Cobble Hill, Brooklyn

    Rendering of the new development of the former Long Island College Hospital site in Cobble Hill

    “To jaw-jaw is always better than to war-war,” Winston Churchill said, but community activists fighting the redevelopment of the former Long Island College Hospital site in Cobble Hill beg to differ. [more]

  • Hot market pushing potential condo buyers toward luxe rentals

    Renting Allen House pays off for Sitt's Thor Equities
    September 03, 2015 08:01AM
    From left: Joe Sitt and Allen House at

    From left: Joe Sitt and Allen House at 201 East 71st Street on the Upper East Side

    It seems like every week a new price record is broken in the top-end condo market. But some potential buyers are choosing to wait it out and pay monthly for condo-like pads at deluxe rental buildings like Thor Equities’ Allen House. [more]

  • Most popular stories on The Real Deal

    September 03, 2015 07:30AM

    Current reader favorites:
    1. If the market crashes, these investors will burn
    2. Liza Minnelli sells UES co-op for $8.4M
    3. JD Carlisle allegedly broke 160 Madison Ave. commercial condo promise
    4. Friends, family “shocked” that Sean Ludwick left broker to die after crash: report
    5. Kahen Properties picks up three DoBro buildings for $23.2M

  • Rendering of One Seaport condo tower in South Street Seaport

    Rendering of One Seaport condo tower in South Street Seaport

    Fortis’ 60-story One Seaport condo tower revealed. The value of an extra half-bathroom is real. Atlanta brokerage hires CBRE vet in New York office push. Read these stories and more after the jump.

  • Preservationists, RE players gear up for Landmarks fight

    City Council bill would impose time limit on Landmarks designations
    September 02, 2015 05:10PM
    From left: Peter Koo and David Greenfield

    From left: Peter Koo and David Greenfield

    Preservation groups and real estate interests are gearing up for a fight over City Council legislation that would impose a time limit on Landmarks Preservation Commission designations.

    The proposed bill would give the commission one year to decide on landmark status for an individual property and two years for a neighborhood or district. [more]

  • Stuart Elliot

    Stuart Elliott

    From the September issue: This month marks the seventh anniversary of 2008’s Wall Street meltdown, and of the dramatic days that saw the global financial system teetering on the brink.

    Those were nerve-wracking times — I remember discussing with a friend what we would do if there were widespread bank runs and ATMs suddenly stopped dispensing money.

    That apocalypse didn’t happen, thanks to effective intervention by the federal government (an accomplishment that’s hard to dispute whatever your politics). But it led to widespread declines in the real estate market and the Great Recession. And it left a lingering specter of how bad things could get. [more]

  • IRL: FanDuel jumps to Rockrose’s 300 PAS

    Fresh off a major financing round, billion-dollar fantasy sports startup signs for 41K sf
    September 02, 2015 04:10PM By Mark Maurer
    From left: FanDuel app, a rendering of the top floor of 300 Park Avenue South and Justin Elghanayan

    From left: FanDuel app, a rendering of the top floor of 300 Park Avenue South and Justin Elghanayan

    FanDuel, a fantasy sports startup valued at $1.3 billion, is taking the top three floors of Rockrose Development’s 300 Park Avenue South, The Real Deal has learned. [more]

  • Panelists finalized for TRD’s Shanghai showcase

    Farkas, Naftali, Spitzer and about 50 other US real estate pros participating in September show
    September 02, 2015 03:40PM
    China-Event 2

    From left: Andrew Farkas, Nicholas Mastroianni II, Steve Witkoff, Eliot Spitzer and Miki Naftali

    With The Real Deal’s U.S. Real Estate Showcase & Forum in Shanghai just one week away, the more than 50 panelists attending next week comprise a who’s who of U.S. real estate and development. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    September 02, 2015 03:10PM By Kyna Doles
    New York Building Congress and Streeteasy

    credit: New York Building Congress and Streeteasy

    The latest batch of reports found that New York City’s office construction hit a record high and construction injuries and death are on the rise. [more]

  • 2 WTC to mark FiDi’s “creative” transformation: Lieber

    Asking rents at the 2.8M sf skyscraper to range from $70 to $80 per sf
    September 02, 2015 02:24PM
    Rendering of 2 World Trade Center (credit: Bjarke Ingels Group) (inset: Janno Lieber)

    Rendering of 2 World Trade Center (credit: Bjarke Ingels Group) (inset: Janno Lieber)

    UPDATED, 5:00 p.m., Sept. 2: Silverstein Properties’ 2 World Trade Center office tower will represent the Financial District’s growth into a “new downtown” geared toward creative businesses, according to the head of Silverstein’s World Trade Center Properties division. [more]

  • Spring Creek Towers rejecting tenants in rent program: lawsuit

    Largest federally subsidized US housing complex accused of violating city's Human Rights Law
    September 02, 2015 01:50PM
    Spring Creek Tower

    Spring Creek Towers in East New York

    The Spring Creek Towers subsidized housing complex in East New York is rejecting potential tenants using rent vouchers from Mayor Bill de Blasio’s Living in Communities Rental Assistance (LINC) program, a new lawsuit alleges.

    Regina Alston and Sandra Vaughn-Cooke are claiming Spring Creek property managers discriminated against them by their source of income, in violation of New York’s Human Rights Law, when they applied for apartments in the complex. The Fair Housing Justice Center is joining them as a third plaintiff. [more]

  • Brett White’s war on CBRE

    With his $2B deal to buy Cushman, DTZ’s new leader is going after his former firm hard. But will his new mega brokerage be able to catch CBRE?
    September 02, 2015 01:25PM By Adam Piore

    Brett White

    From the September issue: It didn’t take Brett White long. As soon as his non-compete clause expired last March, CBRE’s former CEO publicly took on his former employer about as aggressively as one could imagine.

    Within weeks of ascending to a new role as the head of the Chicago-based global real estate giant DTZ, White announced a $2 billion deal to acquire CBRE’s top New York rival, Cushman & Wakefield. The deal closed Tuesday.

    The Cushman & Wakefield head also touted his intention to put heat on his former firm and on the industry’s global No. 2, JLL.[more]

  • Desire for office space bottoming out in topless Times Square

    Vacancies are on the rise as workers flee for other neighborhoods
    September 02, 2015 12:50PM
    From left: Times Square pedestrian plaza (credit: Steven Pisano/Flickr) and 4 Times Square

    From left: Times Square pedestrian plaza (credit: Steven Pisano/Flickr) and 4 Times Square

    Times Square’s problems extend beyond the topless panhandlers covering the tabloids, with office vacancies on the rise as tenants increasingly disperse across the city. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 02, 2015 12:10PM

    1. Queens unit sells for $5.4M, a new borough record
    2. ABC legal analyst taking condo board to court
    3. Liza Minnelli sells UES co-op for $8.4M

    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]

  • City foreclosing on 370 properties with “in rem” filings

    Owners owe the city a combined $110.5M in taxes
    September 02, 2015 11:39AM

    From left: Alicia Glen (credit: Max Dworkin) and Jacques Jiha

    The city is in the process of foreclosing on 370 properties in four boroughs due to their owners’ failure to keep up with tax payments.

    The new details, from the city’s Department of Finance, shed light on the wave of “in rem” actions filed by the department last month. The owners of the 370 properties owe the city a combined $110.5 million in unpaid tax bills. [more]