The Real Deal New York

  • Buyers at Witkoff’s 150 Charles flipping condos

    Developer to collect 10% of profits through exceedingly rare practice
    July 01, 2015 06:04PM By E.B. Solomont
    SteveWitkoff150Charles

    From left: Steve Witkoff and renderings of 150 Charles Street

    It took just 12 weeks for developer Steve Witkoff to sell out 150 Charles when the 91-unit West Village condominium building launched in 2013. Two years later, a handful of units are back on the market after the developer offered buyers the rare option of flipping their contracts, The Real Deal has learned. [more]

  • Hudson Rise (credit: Archilier Architecture)

    Hudson Rise (credit: Archilier Architecture)

    HomeSwipe is Tinder for real estate. The latest on the design of Kuafu’s Hudson Rise. Comedian John Mulaney says Robert Durst deserves an Emmy. Read these stories and more after the jump.

  • Tribeca Associates planning 26-story FiDi hotel

    88,000 sf development to include 228 rooms, retail space
    July 01, 2015 05:30PM By Rey Mashayekhi
    143 Fulton Street in the Financial District (credit: Tribeca Citizen) and Mark Gordon

    143 Fulton Street in the Financial District (credit: Tribeca Citizen) and Mark Gordon

    Tribeca Associates is planning a new 26-story hotel at 143 Fulton Street in the Financial District, according to a permit application filed Wednesday with the city’s Department of Buildings. [more]

  • Extell, Carlyle bringing 244 more resi units to Riverside Center

    Plans filed for 24-story building at 633 West 59th Street
    July 01, 2015 05:10PM By E.B. Solomont
    GaryBarnettRiverside

    From left: Gary Barnett and rendering of Riverside Center (credit: Christian de Portzamparc)

    Extell Development and the Carlyle Group filed plans for the latest addition to Riverside Center: a 24-story residential property at 633 West 59th Street. [more]

  • Inside TheRealDeal
  • Is 421a here to stay?

    Short-term deal has industry gearing up for next round of negotiations
    July 01, 2015 04:45PM By Rey Mashayekhi
    The New York State Capitol

    The New York State Capitol

    From the July issue: Out of a seemingly perfect storm of gridlock, an incomplete, last-minute deal on rent regulations and the 421a tax abatement program emerged in Albany late last month. But a key yet-to-be-hammered out provision could hamper developers’ ability to plan projects for the rest of the year. [more]

  • Flank, Carlyle Group secure $175M loan for the Boerum

    Boerum Hill condo's sales have broken neighborhood records
    July 01, 2015 04:30PM By Rey Mashayekhi
    Renderings of The Boerum at 265 State Street in Brooklyn

    Renderings of The Boerum at 265 State Street in Brooklyn

    Developers Flank and the Carlyle Group secured a $175 million construction loan to fund The Boerum condominium project at 265 State Street in Brooklyn, according to property records filed with the city Wednesday. [more]

  • 10 resi projects coming to Bed-Stuy’s DeKalb Avenue

    Neighborhood boom is due to plentiful opportunity for infill, experts say
    July 01, 2015 04:10PM
    Projects planned for Dekalb Avenue (credit: DNAinfo)

    Projects planned for DeKalb Avenue (credit: DNAinfo)

    Bedford-Stuyvesant’s DeKalb Avenue is slated for a major facelift over the next few years, with 10 new residential buildings set to rise along a four block stretch. [more]

  • The July issue is live!

    Stories include a ranking of resi brokerage royalty and an in-depth look at crowdfunding
    July 01, 2015 03:45PM

    Print

    What’s in a name? As real estate crowdfunding platforms take on their biggest deals yet, it’s becoming clearer that the practice bears closer resemblance to the traditional finance sector than to the populist revolution that was promised. [more]

  • Cement workers strike, halting construction at 30 NYC sites

    Hudson Yards and 50 West Street among the projects where work stalled
    July 01, 2015 03:10PM
    10 Hudson Yards

    10 Hudson Yards under construction

    Construction work came to a halt on Wednesday at 30 New York City sites as cement workers went on strike following the expiration of a collective bargaining agreement at midnight.

    The Related Cos.’ Hudson Yards megadevelopment and Time Equities’ 50 West Street condo tower were among the projects that saw work stop, Crain’s reported. The striking workers belong to the New York City District Council of Carpenters and are in a dispute with a trade organization called the Cement League, which is made up of contractors who erect concrete skeletons. [more]

  • JLL’s Sean Black joining Cushman & Wakefield

    Move expected to help Cushman boost business with tech, creative firms
    July 01, 2015 02:40PM
    Black Mosler

    From left: Sean Black and Bruce Mosler

    JLL broker Sean Black is joining Cushman & Wakefield in a move the latter brokerage hopes will boost its business with tech and creative firms in the city’s office market, Cushman announced Wednesday.

    Black’s recent deals include leases with shared office providers WeWork and Cowork|rs, notably Cowork|rs’ deals in the Financial District for 30,000 square feet at 55 Broadway and 40,000 square feet at 60 Broad Street. He helped WeWork expand its early presence in Manhattan, handling the company’s lease at 175 Varick Street in 2011. [more]

  • Spitzer, Eklund and others join panels for TRD’s Real Estate Showcase in China

    Participants in September forum to also include Steve Witkoff, Miki Naftali and Nikki Field
    July 01, 2015 02:00PM
    China-showcase-trd

    From left: Miki Naftali, Steve Witkoff, Eliot Spitzer, Andrew Heiberger and Fredrik Eklund

    The Real Deal is excited to announce that Eliot Spitzer, former New York governor and head of Spitzer Enterprises, Fredrik Eklund of Douglas Elliman and Steve Witkoff of the Witkoff Group are among those who have signed on to be panelists at the U.S. Real Estate Showcase & Forum in Shanghai.

    Other real estate luminaries who have confirmed their participation include the Naftali Group CEO Miki Naftali; Town Residential CEO Andrew Heiberger; the Sapir Organization’s Rotem Rosen; Nicholas Mastroianni II of the U.S. Immigration Fund; Nikki Field of Sotheby’s International Realty; Vanessa Grout, president of CMC Real Estate; Scott Alper, president and partner at Witkoff; and Bernardo Fort-Brescia, founder of Arquitectonica.

    The show will be held at the Shangri-La Hotel in Shanghai from September 10-12. It will feature networking events, breakout workshops and a showcase of 100 developments, in addition to panels discussing all aspects of investing in the U.S. market, from EB-5 to QDII2.

    For more information on the event, please follow the hashtag #TRDShanghai for updates via social media and go to therealdeal.com/Shanghai.

    If you are interested in participating as a sponsor, please contact Ross Fox at rf@therealdeal.com. For editorial inquiries, please reach out to Heather Grossmann at hg@therealdeal.com.

  • Watson Farley & Williams grabs 30K sf at 250 West 55th

    Law firm inks 15-year lease at Boston Properties' 38-story tower
    July 01, 2015 01:30PM
    From left: 250 West 55th Street and Watson Farley partners Lothar Wegener and Chris Lowe

    From left: 250 West 55th Street and Watson Farley partners Lothar Wegener and Chris Lowe

    Law firm Watson Farley & Williams inked a 15-year lease for 30,400 square feet at Boston Properties’ 250 West 55th Street.

    The practice is currently located at the Durst Organization’s 1133 Sixth Avenue, according to the New York Observer. The firm will take up a portion of the 30th and the entire 31st floor of the 38-story tower. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    July 01, 2015 01:00PM By Kyna Doles
    Market Reports

    (credit: Newmark Grubb Knight Frank and Zumper)

    The latest batch of market reports from around the industry found that NYC is the second most expensive city to rent a one-bedroom apartment and 2 million square feet of commercial space was leased in May. [more]

  • Ian Schrager to open Public hotel at Dumbo Heights

    Hotelier looking to convert one of the Watchtower buildings
    July 01, 2015 12:30PM
    From left: Ian Schrager and the Jehova's Witness Watchtower Complex in Dumbo

    From left: Ian Schrager and the Jehova’s Witness Watchtower Complex in Dumbo

    Hotelier Ian Schrager is opening a new Public Hotel at the Dumbo Heights office conversion being developed by Kushner Cos., RFR and LIVWRK Holdings.  [more]

  • BRP moves forward with plans for 580 units in Jamaica

    Developer will construct two residential buildings with 635K sf
    July 01, 2015 12:00PM By Tess Hofmann
    Rendering of The Crossing at Jamaica Station (inset: Meredith Marshall)

    Rendering of The Crossing at Jamaica Station (inset: Meredith Marshall)

    BRP Companies is planning to bring two mixed-use buildings to Downtown Jamaica with a combined total of 580 residential units, according to a permit application filed with the city Wednesday. [more]

  • 432 Park’s model unit debuts on the 38th floor

    Closings at Macklowe, CIM Group’s ultra-tall condo tower slated for fall
    July 01, 2015 11:35AM By E.B. Solomont
    Model apartment at 432 Park

    Model apartment at 432 Park (Photo: Scott Frances for CIM Group & Macklowe Properties)

    With closings on the horizon, developers Harry Macklowe and CIM Group revealed 432 Park Avenue’s model residence – an ultra-luxe pad perched 403 feet above street level. [more]

  • Ex-Knicks star Allan Houston asks $20M for Westchester home

    Shooting guard signed one of biggest contracts in NBA history in 2001
    July 01, 2015 11:00AM
    Allan Houston's home in Armonk, N.Y. (inset: Allan Houston)

    Allan Houston’s home in Armonk, N.Y. (inset: Allan Houston)

    Allan Houston, the former New York Knicks guard known for taking the team to the NBA Finals before signing one of the biggest contracts in NBA history at the time, is asking almost $20 million for his Westchester County mansion. [more]

  • Fortis’ Seaport resi tower to be taller than expected

    Plans call for increase to 60 stories from 51
    July 01, 2015 10:35AM
    Fredrik Eklund's Instagram and a rendering of One Seaport (credit: Goldstein Hill & West) (inset: Fortis Property Group CEO Jonathan Landau)

    Fredrik Eklund’s Instagram and a rendering of One Seaport (credit: Goldstein Hill & West) (inset: Fortis Property Group CEO Jonathan Landau)

    Fortis Property Group’s planned residential tower at 151 Maiden Lane in the South Street Seaport area is now set to rise 60 stories, up from the 51 that was reported last year. [more]

  • Hakim buys majority stake in High Line development for $44M

    Tavros Capital sells 80 percent interest in the five-story rental property
    July 01, 2015 10:00AM
    From left: 537 West 27th Street and Kamran Hakim

    537 West 27th Street and Kamran Hakim

    The Hakim Organization bought an 80 percent equity stake in luxury rental High Line 537 for $44.2 million. [more]

  • Rendering of 1289 Lexington Avenue on the Upper East Side (Credit: HOK)

    Rendering of 1289 Lexington Avenue on the Upper East Side (Credit: HOK)

    New looks revealed for 1289 Lexington Avenue. Former West Village theater lists for $15 million. Melissa Mark-Viverito discredits calls for NYCHA chair to resign. Read these stories and more after the jump.

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