The Real Deal New York

  • NY agencies close to 250K sf renewal at 90 Church

    Health dept., Public Service Commission would stay at USPS-owned property for another decade
    February 12, 2016 06:05PM By Mark Maurer
    90 Church Street NYC

    90 Church Street in the Financial District, New York Health Commissioner Howard Zucker and Boston Properties’ John Powers (credit: Bisnow)

    Two New York state agencies are in late-stage negotiations to renew a 250,000-square-foot spread at a U.S. Postal Service-owned building at 90 Church Street in the Financial District, The Real Deal has learned. [more]

  • Revealed: Nordstrom’s massive new flagship store in Columbus Circle

    Development will span four properties, including Extell’s Central Park Tower
    February 12, 2016 05:45PM
    nordstrom-renderings

    Renderings of the Nordstrom store in Columbus Circle (Credit: Nordstrom via New York YIMBY)

    Retailer Nordstrom’s massive Manhattan flagship store in Columbus Circle is taking shape, with recently released renderings showing it will total 363,000 square feet and span four properties along Broadway between West 57th and West 58th streets, including at the base of Extell Development’s Central Park Tower. [more]

  • Minskoff files plans for townhouses, apartment building on Jane Street

    Developer will have to go before the Landmarks Preservation Commission for approval
    February 12, 2016 05:25PM By Rich Bockmann
    From left: 11 Jane Street and Edward Minskoff

    From left: 11 Jane Street and Edward Minskoff

    In a move that’s sure to provoke reaction one way or another, Minskoff Equities is planning to develop two townhouses and nine apartments on the site of a parking garage the company bought a little more than a year ago on bucolic Jane Street in the West Village. [more]

  • Developer cries foul at LES site

    Anthony Marano claims Chinese-American investors screwed him out of down payment at 210 Delancey St.
    February 12, 2016 05:06PM By Dusica Sue Malesevic
    210 Delancey Street

    The lot at 210 Delancey Street

    The former owner of a Lower East Side development site claims the 53 Chinese-American investors he sold the assemblage to in 2011 screwed him out of a $40,000 down payment for a condo at the mothballed project.

    Anthony Marano, a principal at development company Ozymandius Realty, claims in a lawsuit filed last month that he sold a five-parcel development site known as 210 Delancey Street to the members of “Delancey Bridge Towers LLC” for $8.5 million on the condition he would receive a condo unit and storage space in the basement “at a price substantially below the market value.” [more]

  • Inside TheRealDeal
  • puck-penthouse

    The Puck penthouse living room

    From Luxury Listings: To describe the Puck Building as “Soho’s most notable landmark” — as the building’s marketing material does — might be a bit of a stretch. But the red-brick property at 293 Lafayette Street in Soho is certainly noteworthy thanks to its rich publishing history (Puck Magazine, 1871-1918 and Spy Magazine, 1986-1998) and its two cheeky little gilded Puck statues perched above the entrance and the northeast corner of the building. [more]

  • Church of St. Paul appeals to higher power for lease deal

    America Press looking to take 47K sf at church’s 8 Columbus digs
    February 12, 2016 04:20PM By Rey Mashayekhi and Kyna Doles
    Church of St. Paul the Apostle

    The Church of St. Paul the Apostle at 120 West 60th Street

    Not all media companies are moving Downtown. Some are heading to church.

    Catholic media company America Press has agreed a 25-year triple-net lease for the Church of St. Paul the Apostle at 120 West 60th Street in Midtown, according to petition filed in New York State Supreme Court on Thursday.

    America Press, which publishes the Catholic weekly America Magazine, will pay $7 million to renovate the landmarked 47,000-square-foot property, also known as 8-10 Columbus Avenue, and will retain an option to renew the space for two five-year terms. [more]

  • Tenants of distressed South Bronx rental hold rent strike

    Residents seek to prevent landlord Louis Bombart from controlling rat-infested property
    February 12, 2016 03:50PM
    888-Grand-Concourse

    888 Grand Concourse in the Bronx

    The tenants of a six-story South Bronx apartment building are holding a rent strike in an effort to prevent landlord Louis Bombart of Tiny Fiesta Realty from controlling the property while it’s in foreclosure.

    Bombart’s 81-unit, rat-infested property at 888 Grand Concourse is at the center of a foreclosure lawsuit over $7 million allegedly owed to Capital One, DNAinfo reported. Tenants at the rat-infested building are refusing to pay rent after years of pushing Bombart to make repairs. [more]

  • Here’s why Donald Trump is furious at Mort Zuckerman

    The feud between the two moguls goes back years
    February 12, 2016 03:30PM By Konrad Putzier
    From left: Donald Trump (credit: DonkeyHotey) and Mort Zuckerman

    From left: Donald Trump (credit: DonkeyHotey) and Mort Zuckerman

    Donald Trump has been tweetsulting Mort Zuckerman for three days now. He normally reserves this kind of prolonged rage for Megyn Kelly, so it’s worth taking a look at what’s going on here. [more]

  • These are the top projects to start construction in January

    See the largest projects issued construction permits last month for every borough on TRData
    February 12, 2016 03:00PM By Will Parker
    January-Pemits-Issued-pic

    Clockwise from left: 21 Hinckley Place (Brooklyn), 530 Exterior Street (Bronx), 111 East 24th Street (Manhattan) 20-31 and 31-07 20th Avenue (Queens)

    Did you know Sam Chang is building a Manhattan hotel that’s not in Midtown? Or that the biggest project to kick-off construction in Brooklyn this year is a not a glass monster on the Williamsburg waterfront, but a school in Kensington? The Real Deal‘s research website, TRData, has the largest projects to get construction permits last month for every borough in New York City. Click to see them all.  [more]

  • Staten Island borough president wins Mt. Manresa name game

    Judge rules James Oddo can name streets at Savo Bros.' condo project whatever he wants
    February 12, 2016 02:35PM
    James Oddo and depiction of street sign at Savo Bros.' Mount Manresa development

    James Oddo and depiction of street sign at Savo Bros.’ Mount Manresa development

    It appears James Oddo will have his revenge on developer Savo Brothers, after a state Supreme Court judge granted the Staten Island borough president permission to label streets at a Savo Brothers residential project with names symbolic of greed and deceit. [more]

  • Glenwood will retrofit luxury towers, pay nearly $1M to settle federal accessibility lawsuit

    Developer constructed at least 3 buildings that violated the Fair Housing Act: Bharara
    February 12, 2016 02:10PM By Rich Bockmann
    Preet Bharara and Leonard Litwin with Glenwood's Liberty Plaza

    Preet Bharara and Leonard Litwin with Glenwood’s Liberty Plaza

    Leonard Litwin’s Glenwood Management will pay nearly $1 million and retrofit a handful of Manhattan apartment buildings after settling a Fair Housing Act lawsuit federal prosecutors brought against the landlord over lack of accessibility at its properties. [more]

  • TRD’s US Real Estate Forum and Showcase takes Toronto

    The must-attend industry event is being held in Canada for the first time ever
    February 12, 2016 01:50PM
    The Toronto skyline

    The Toronto skyline

    Next stop: Toronto.

    After a successful debut in Shanghai last September, The Real Deal is bringing our U.S. Real Estate Showcase & Forum to Toronto, Canada! [more]

  • Staten Island stabbings highlight pitfalls of hotels turned homeless shelters

    More than 2,600 people stay at city hotels
    February 12, 2016 01:20PM
    Ramada Island (credit: Expedia)

    Ramada Island (credit: Expedia)

    The stabbing deaths of a mother and her two daughters in Staten Island this week has drawn the city’s practice of using hotels as temporary homeless shelters into question.

    Rebecca Cutler, 26, and her two daughters were killed Wednesday morning at the Ramada Island, where they had been living since Dec. 6. Cutler’s third daughter was hospitalized. [more]

  • Isaac Chetrit gets $125M refi for Uniqlo building in Soho

    Wells Fargo provides loan for property at 546 Broadway
    February 12, 2016 12:50PM By Mark Maurer
    546 Broadway

    From left: 546-548 Broadway in Soho and Uniqlo store (inset: Meridian’s David Hayum)

    AB & Sons, led by investors Isaac, Eli and Abraham Chetrit, secured a $125 million refinancing for 546-548 Broadway, best known as the Soho home of popular Japanese clothier Uniqlo, sources told The Real Deal. [more]

  • Competitor alleges Airbnb is an illegal broker

    New lawsuit seeking class-action status claims short-term rental giant’s business model is unlawful
    February 12, 2016 12:25PM By Ariel Stulberg
    From left: Brian Chesky, Nathan Blecharczyk and Joe Gebbia of Airbnb, and Francesco Plazza and Sylvie Naude (credit: Facebook)

    From left: Brian Chesky, Nathan Blecharczyk and Joe Gebbia of Airbnb, and Francesco Plazza and Sylvie Naude (credit: Facebook)

    A lawsuit filed Friday by two Airbnb “hosts” claims that the $25.5 billion company’s entire business model is illegal. [more]

  • Is Bushwick poised for a retail transformation?

    The rental rates remain low and steady, but not for long
    February 12, 2016 11:52AM
    Wyckoff-Avenue-in-Bushwick

    40 Wyckoff Avenue in Bushwick (Credit: Realty Services LLC)

    Bushwick’s reign as a hot residential neighborhood among the beard and Ray-Bans submarket continues to hold strong, but an influx of higher-income residents flooding in could force a major change on the neighborhood’s retail landscape. [more]

  • StreetEasy’s revenues leap 73% in 2015

    Revenue more than doubled since acquisition by Zillow in 2013
    February 12, 2016 11:05AM By E.B. Solomont
    Zillow CEO Spencer Rascoff, StreetEasy's "building experts" program, and StreetEasy GM Susan Daimler

    Zillow CEO Spencer Rascoff, StreetEasy’s “building experts” program, and StreetEasy GM Susan Daimler

    Despite broker backlash over its agent advertiser programs, StreetEasy revenue grew a whopping 73 percent in 2015, parent company Zillow Group said Thursday.

    In a fourth quarter earnings call, Zillow CEO Spencer Rascoff said the New York City-based listings portal “seems to be on a tear” with revenue that more than doubled since Zillow acquired the company for $50 million in Aug. 2013. [more]

  • City allocates $7.2M for two new 50K sf tech centers

    Brooklyn Navy Yard, Milstein Properties’ Midtown tower chosen as locations
    February 12, 2016 10:31AM
    newlab-brooklyn-navy-yard

    Rendering of the New Lab at Brooklyn Navy Yard (Credit: New Lab)

    In the city’s continued push to compete with Silicon Valley, it will invest $7.2 million for two tech centers — one at the Brooklyn Navy Yards and the other at Milstein Properties’ 335 Madison Avenue.

    Under a program called UrbanTech NYC, the city will open the 50,000-square-foot business hubs this summer to boost tech jobs and tackle urban problems. The two locations will cater to companies that are too big for incubator programs, but are unable to afford to market-rate office space. [more]

  • Rosabianca’s ruin: From a life as a rising NYC real estate attorney to jail

    If convicted, he faces up to 25 years in prison for first-degree grand larceny
    February 12, 2016 10:00AM By Rey Mashayekhi
    Rosabianca

    Luigi Rosabianca (credit: Robert Caplin)

    From the February issue: As a lawyer who specialized in brokering luxury property deals for foreign investors, Luigi Rosabianca rode the wave that propelled the New York City real estate market in the years following the recession.

    As property values climbed and wealthy buyers the world over clamored for high-end Manhattan condos, Rosabianca built a seemingly lucrative career.

    He became a media darling, quoted frequently in publications like the New York Times, Wall Street Journal and even The Real Deal, as an expert on the buying strategies of rich and foreign buyers. [more]

  • L train shutdown is Uber’s “wet dream”

    Reporters discuss what the disruption could mean for the real estate market
    February 12, 2016 09:34AM
    Hiten Samtani

    Hiten Samtani

    The coming L-train shutdown, recently made official, is likely to hit Williamsburg rents hard, reducing them as much as 15 percent, said The Real Deal‘s Hiten Samtani told BRIC TV earlier this week when he appeared along with DNAinfo’s Gwynne Hogan. The sales market though, will remain largely unaffected as buyers “play the long game, he said.

    The Brooklyn-Manhattan line’s closure is also likely to affect another segment of the real estate world: Airbnb and other short term rentals. “Hosts” on these services, who habitually advertise units 15 minutes from Manhattan – “That’s never true, but it’ll be even more untrue,” Samtani said – are likely to see demand slide. Mobile ride hailing services such as Uber and Lyft, though, are likely to see a big boost, he said.

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