The Real Deal New York

  • Chinese developer snags United Charities site for $128M

    Cheerland Investments to convert offices to high-end condos
    September 15, 2014 06:05PM

    Geoffrey Newman and 287 Park Avenue South

    Chinese development firm Cheerland Investments paid $128 million for the United Charities Building at 287 Park Avenue South.

    The 93,300-square-foot office property, one of the last Charity Row holdouts along a stretch of Park Avenue South that has gone residential, hit the market in March. [more]

  • TRD reveals South Florida showcase panelists

    Speakers announced for Miami event on Oct. 23
    September 15, 2014 05:45PM

    Screen Shot 2014-09-15 at 2.52.27 PM

    The field is set for The Real Deal‘s South Florida forum and showcase, with some of the industry’s top voices slated to participate in three featured panels. Click here for a look at our panelists, as well as the schedule of events.

  • Rendering of the Fulton Street Transit Center's exterior

    Rendering of the Fulton Street Transit Center’s exterior

    Beastie Boy Michael Diamond’s Brownstone Brooklyn renovation. Sneak preview of the Fulton Center transit hub. Rising crime does little to deter real estate market in Bed-Stuy and Bushwick. Read these stories and more after the jump.

  • SL Green’s 180 Maiden Lane to change hands for $450 psf

    Off-market deal was reportedly signed on September 12
    September 15, 2014 05:10PM
    From left: Joseph Moinian, Murray Hill's Norman Sturner and 180 Maiden Lane

    From left: Joseph Moinian, Murray Hill’s Norman Sturner and 180 Maiden Lane

    Murray Hill Properties is in contract to buy 180 Maiden Lane.

    SL Green and Joseph Moinian are reportedly unloading the 1.2 million-square-foot tower, which is only sparsely occupied. While the agreed-upon price is still unclear, sources told the New York Post that it breaks down to just below $450 per square foot. [more]

  • Inside TheRealDeal
  • L+M signs “What Not to Wear” star to Brooklyn retail lease

    Hair stylist Nick Arrojo cuts deal to open long-awaited second shop -- and it's in Williamsburg
    September 15, 2014 04:50PM By David Jones
    Nick Arrojo and 11 Broadway in Brooklyn

    Nick Arrojo and 11 Broadway in Brooklyn

    L+M Development Partners signed a new lease with Arrojo Studio at the firm’s mixed-use Brooklyn residential property at 11 Broadway, marking the second retail salon from celebrity hairstylist Nick Arrojo. [more]

  • Homebuyers stuck in a credit score logjam

    Lenders blame Fannie Mae, Freddie Mac for their reluctance to write mortgages for buyers with less-than-stellar credit
    September 15, 2014 04:30PM By Kenneth Harney

    From the September issue: Are mortgage lenders finally loosening up a little on their credit score requirements, opening the door to larger numbers of home purchasers this summer and fall? [more]

  • Clinton Hill building value jumps $1 million per month

    Springhouse sells 902-908 Bedford Ave. for $29M after buying it in 2013 for $18M
    September 15, 2014 04:09PM By Hiten Samtani
    From left: Chaim Cahane, 902-908 Bedford Avenue and Andrew Verner

    From left: Chaim Cahane, 902-908 Bedford Avenue and Adam Verner

    Less than a year after paying $18.2 million for a 65,000-square-foot multifamily rental building in Clinton Hill, Springhouse Partners just sold it for $29 million, The Real Deal has learned. That means the building’s value jumped almost a million dollars every month since Springhouse bought it. [more]

  • AKF Group inks lease for 57K sf at Brookfield’s 1 Liberty Plaza

    Engineering firm to take space on building’s 22nd and 23rd floors
    September 15, 2014 03:50PM
    One Liberty Plaza and NGKF's David Falk

    One Liberty Plaza and NGKF’s David Falk

    Engineering firm AKF Group is the latest company to snap up office space at Brookfield Property Partners’ One Liberty Plaza.

    The firm, which has been involved in the World Trade Center site redevelopment, signed on for 57,000 square feet spread across One Liberty Plaza’s 22nd and 23rd floors, the Wall Street Journal reported. The 15-year lease was orchestrated by JLL’s Michael Shenot, Paul Mas, Ruby Hwang and Roxanne Tehranian on behalf of AKF. Brookfield’s Jeremiah Larkin and Duncan McCuaig represented the landlord along with David Falk, Peter Shimkin, Hal Stein and Nick Berger of Newmark Grubb Knight Frank. [more]

  • Price tag to repair City’s libraries? $1.1B, report says

    Mid-Manhattan branch is in worst shape, says Center for an Urban Future
    September 15, 2014 03:25PM

    New York Public Library at Fifth Avenue and Mid-Manhattan flagship

    New York City Public Library’s branches are in need of repairs totaling $1.1 billion, according to a report released today from think-tank the Center for an Urban Future. [more]

  • Harlem tenants sue management over alleged overcharges

    CWCapital, Compass Rock Real Estate aim to push out longtime residents, plaintiffs claim
    September 15, 2014 03:00PM

    Keith Wright and 2156 Madison Avenue

    A group of Harlem housing complex tenants has filed suit against its landlord, alleging they’re being harassed.

    Residents of the Riverton housing complex at 2156 Madison Avenue, between 135th and 138th streets, claim that CWCapital Asset Management and affiliate Compass Rock Real Estate have allegedly been overcharging on rent in an effort to push out longtime residents. [more]

  • Proposed Sunset Park pier lease peeves residents

    Plan calls for lease to fuel barge operator Vane Brothers on pier’s south side
    September 15, 2014 02:30PM
    Sunset Park pier

    Sunset Park pier

    A plan to lease a stretch of Sunset Park waterfront to maritime company Vane Brothers has area residents up in arms.

    The deal, which would allow Vane to dock its empty fuel barges along the southern side of the terminal’s Pier 4, would rob the neighborhood of a prime stretch of Brooklyn waterfront, residents told the New York Daily News. The plan also comes on the heels of delays on a long-promised Bush Terminal Pier Park, which locals said they now worry will be whittled down further to accommodate Vane. [more]

  • Bunker-like West Village residence sells for $43M

    Deal a close second to priciest ever Manhattan mansion sale
    September 15, 2014 01:55PM
    Hyatt Bass and 802 Greenwich Street

    Hyatt Bass and 802 Greenwich Street in West Village

    A West Village property once owned by Texas oil heiress Hyatt Bass has sold for $42.5 million, placing the private mansion among the priciest ever sold in Manhattan.

    Bass and her husband, screenwriter Josh Klausner, purchased the property for $7.5 million in 2001. The building was previously home to a film studio, and the pair brought on architect Annabelle Selldorf to redevelop the building into a luxury townhouse, the New York Daily News reported. And yet, the duo reportedly never actually lived inside the 12,000-square-foot space. [more]

  • Flushing hotel-hospital project gets rendering

    Property to hold 180 guest rooms and North Queens Medical Center facility
    September 15, 2014 01:30PM

    42-31 Union Street in Queens

    Queens-based development firm Fleet Financial Group has released a rendering for its $100 million hotel-and-medical-facility project in Flushing known as the Eastern Mirage.

    Last year, the Board of Standards and Appeals approved Fleet Financial head Yi “Richard” Xia’s request to build a non-residential structure on the site at 42-31 Union Street. The hotel component is set to hold 180 rooms, with North Queens Medical Center occupying the ground-floor section. The developer’s deal with the community board calls for a 300-spot parking garage open to the public on the site. [more]

  • City retires “stalled sites” list

    Dept. of Buildings removes online records of recession-era program
    September 15, 2014 01:00PM By Adam Pincus

    From left: 700 First Avenue, 96 Greenwich Street, 50 Greenpoint Avenue and 426 South 5th Street

    Even as some believe New York City might be in the middle of another real estate bubble, the city’s Department of Buildings has removed from its website the clearest reminder of the pain of the last recession: a rolling list of stalled construction sites. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 15, 2014 12:30PM

    1. The five priciest homes on the market in Silicon Valley
    2. PHOTOS: Douglas Elliman and Knight Frank partnership launch
    3. Images of the Adeline’s remaining units revealed

    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]

  • Savills Studley taps into NYC in bid to sell $1B London building

    UK-based firm looks to beat out Gotham rivals Eastdil, CBRE in finding buyer for Gherkin tower
    September 15, 2014 12:00PM
    From left: Savills' Stephen Down and London's Gherkin building

    From left: Savills’ Stephen Down and London’s Gherkin building

    London-based Savills PLC, which acquired the New York-based commercial brokerage Studley Inc. earlier this year for $260 million, is putting the newly-minted company to the test with efforts to market and sell London’s Gherkin building.

    A team from Savill’s London office, along with Deloitte Real Estate, was in New York last week on the hunt for potential investors in the Gherkin sales effort, the Wall Street Journal reported. The efforts to sell the iconic piece of London real estate — a deal expected to fetch at least $1 billion — come on the heels of the newly-minted company’s efforts to also market New York buildings overseas, such as Brooklyn’s 316 Bergen Street. [more]

  • Penthouses in Brooklyn’s tallest resi skyscraper hit the market

    Collection of 388 Bridge Street's 40 most expensive pads priced between $1.7M and $6M
    September 15, 2014 11:30AM
    388 Bridge Street in Downtown Brooklyn

    388 Bridge Street in Downtown Brooklyn

    “Penthouse” units at Brooklyn’s highest residential tower are now up for sale. [more]

  • Taconic sells landmarked BankNote Building for $114M

    Madison Marquette, Perella Weinberg buy 400K sf Bronx office property
    September 15, 2014 11:00AM

    Charlie Bendit and 890 Garrison Avenue in the Bronx (Building photo credit: The Square Foot)

    Midtown-based financial services firm Perella Weinberg Partners and Washington, D.C.-based real estate investment firm Madison Marquette jointly acquired the landmarked BankNote Building for $114 million.

    The seller, Taconic Investment Partners, paid a mere $32.5 million for the 400,000-square-foot former currency-printing site at 890 Garrison Avenue in the South Bronx back in 2007. In recent years, the city’s Human Resources Administration signed for 200,000 square feet and two schools signed for a total of 60,000 square feet. [more]

  • Is NYC’s townhouse market undervalued?

    Gap between single-family homes, new construction widens
    September 15, 2014 10:30AM By E.B. Solomont
    From left: Cortney and Robert Novogratz, and their 400 West Street townhouse

    From left: Cortney and Robert Novogratz, and their 400 West Street townhouse

    From the September issue: Realty television interior design duo Cortney and Robert Novogratz paid $4.3 million for their nearly 7,200-square-foot townhouse in the West Village in 2007. They recently listed the home for $21.5 million, or just under $3,000 per square foot. [more]

  • Fast-expanding tech companies running out of room

    IT businesses often set up in old industrial buildings, which have low certificates of occupancy
    September 15, 2014 10:00AM
    Tech companies in New York are outgrowing their offices

    Tech companies in New York are outgrowing their offices

    New York City’s tech firms are bumping into a new problem: a lack of open office space.

    Many of these companies rent offices in the city’s old industrial buildings, where employees sit at long tables in large open spaces. But, as many of the fast-growing companies are finding out, there’s a legal limit to how many people can fit in such a space, Crain’s reported. [more]


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