The Real Deal New York

  • Moinian’s Fortuna Realty files plans for new Midtown hotel

    Leyva-designed 1150 Sixth Avenue will climb 38 stories, hold 310 rooms
    October 08, 2015 11:30AM By Rey Mashayekhi
    1150 Sixth Avenue

    Renderings of 1150 Sixth Avenue (credit: Fortuna) (inset, from left: Morris Moinian and Ismael Leyva)

    Developer Morris Moinian’s Fortuna Realty Group officially filed plans Thursday for his Ismael Leyva-designed hotel at 1150 Sixth Avenue in Midtown with a few slight revisions to the project’s size and scale. [more]

  • Robert Durst’s Louisiana gun case to proceed

    A judge rejected the Durst family scion's motion to dismiss evidence in the case
    October 08, 2015 11:10AM
    Robert Durst

    Robert Durst

    Before he can travel to California to face trial for murder, Robert Durst will have to resolve the gun possession charge that’s kept him under lock and key since March.

    A Louisiana judge rejected Durst’s legal team’s motion to dismiss evidence in the Durst family scion’s lesser-known criminal proceeding, ruling that the search that unearthed the .38-caliber revolver was legal.

    Durst faces a maximum 10 year sentence in the case. His team still has a chance to appeal the ruling or offer a plea bargain. [more]

  • Newcastle pressuring rent-stabilized Harlem tenants: report

    Management company accused of failing to make repairs on regulated units
    October 08, 2015 10:33AM
    Margaret Streicker Porres

    From left: Margaret Streicker Porres at 75 Saint Nicholas Place in Harlem

    Rent-regulated tenants at one of Newcastle Realty Service’s Harlem buildings are accusing the company of pressuring them to move, the latest in a series of such claims against the property manager.

    Residents of 75 Saint Nicholas Place who have received buy-out offers from Newcastle say the company has left problems in their units to fester for years.

    They suspect the property manager is trying to force them out in favor of tenants paying nearly triple their rent for newly-renovated units. [more]

  • Cushman parent TPG raises $2B real estate fund

    Private equity giant plans to invest in high-risk assets
    October 08, 2015 10:05AM
    TPG's co-founder David Bonderman

    TPG’s co-founder David Bonderman

    Private equity firm TPG raised a new $2-billion real estate fund, looking to capitalize on growing institutional appetite for bricks and mortar.

    The company, which has $75 billion in assets under management and recently bought commercial brokerage Cushman & Wakefield, plans to invest the money in high-risk real estate.

    Unlike rival private equity giants like Blackstone and Apollo Global Management, TPG has not been a big property buyer. [more]

  • Inside TheRealDeal
  • Tribeca expands east

    New condos, hotels spring up on a four-block stretch once home to office workers
    October 08, 2015 09:37AM By Rich Bockmann

    Tribeca MapFrom the October issue: The stretch of Broadway between Walker and Worth streets may technically be part of Tribeca, but it is not the land of celebrity chefs and couture kids-clothing boutiques.

    Indeed, the souvenir shops and bodegas that line the strip are something of a final frontier in Manhattan. But that down-market status is quickly changing. There are nearly a dozen development projects either recently completed or in the works in what is now known in the real estate lexicon as “East Tribeca.” [more]

  • Related’s 10 Hudson Yards to open March 2016

    The 1.7M-square-foot office tower is 85 percent rented
    October 08, 2015 09:01AM
    Hudson Yards Blau Jeff

    A rendering of Hudson Yards (credit: Kohn Pedersen Fox) (inset: Jeff Blau)

    The first skyscraper at Hudson Yards will open in just a few months, Related Companies’ CEO Jeff Blau announced at a ceremony celebrating the building’s topping off. [more]

  • Blackstone to buy BioMed in $8B transaction

    San Diego-based REIT's portfolio includes 115 buildings nationwide
    October 08, 2015 08:30AM
    Jon Gray

    Jonathan Gray

    Blackstone Group’s real estate division is taking another massive bet, this time on property linked to the U.S. biotechnology sector.

    The private equity firm will snap up BioMed Realty Trust in a stock transaction worth a staggering $8 billion.

    Blackstone will pay $23.75 a share for the San Diego-based REIT, a 24 percent premium on its pre-deal share price.  [more]

  • Brooklyn’s average sales price jumps 18%: Douglas Elliman

    Average pad cost $860K during third quarter, sells in 55 days
    October 08, 2015 08:00AM By E.B. Solomont

    Brooklyn (Credit: David Shankbone)

    The average Brooklyn pad cost nearly $860,000 during the third quarter – setting yet another price record and quashing any lingering notion of the borough’s affordability, according to Douglas Elliman’s latest quarterly sales report.

    While the average price rose 18 percent year over year, the median price jumped 15.1 percent to $676,250 – another record high – according to the report. [more]

  • Most popular stories on The Real Deal

    October 08, 2015 07:30AM

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    2. Former Cushman exec files $40M gender discrimination suit
    3. Predicting the NYC property market’s peak
    4. Korean fund buys minority stake in Minskoff’s 51 Astor
    5. Citi Habitats buys

  • Architects dream up way to escape New Jersey on foot

    Conceptual pedestrian bridge from Jersey City to Manhattan could alleviate crowded PATH trains
    October 07, 2015 06:00PM
    Pedestrian bridge to New Jersey

    Rendering of pedestrian bridge from Jersey City to NYC (Credit: Jeff Jordan Architects)

    If you build it, they will come — by foot and from New Jersey.

    A pedestrian bridge between Jersey City and Manhattan — dreamed up by New Jersey resident Kevin Shane and designed by Jeff Jordan Architects — hopes to add another above-ground transportation option between the two cities. The hypothetical project is called “Liberty Bridge” and would connect downtown Jersey City with Battery Park. [more]

  • Re:CapFrom the October issue: An penthouse at the Oosten at 492 Kent Street that comes with a trip to Amsterdam to meet architect Piet Boon, Lena Dunham riffs on luxury NYC real estate, Target selling a Financial District throw pillow and more in this month’s visual round-up of real estate-related happenings. [more]

  • Victoria’s Secret opening flagship at Vornado’s 640 Fifth

    Lingerie giant taking nearly 64,000 sf on Fifth Ave retail corridor
    October 07, 2015 05:15PM
    640 Fifth Avenue

    From left: Adriana Lima and 640 Fifth Avenue in Midtown

    Vornado Realty Trust signed Victoria’s Secret to a nearly 64,000-square-foot retail lease at 640 Fifth Avenue in Midtown, which will house the lingerie giant’s flagship store. [more]

  • Helen Keller nonprofit looks to sell large DoBro building

    Office property with 200K buildable square feet could fetch $80M
    October 07, 2015 04:50PM By Mark Maurer
    57 Willoughby Street

    57 Willoughby Street in Brooklyn Heights (inset: Helen Keller and Darcy Stacom)

    Helen Keller Services for the Blind is looking to sell a 96,000-square-foot Downtown Brooklyn office building that offers nearly 200,000 square feet, The Real Deal has learned. There is no official asking price, but sources said the property could fetch $80 million, or $400 per buildable square foot. [more]

  • West Chelsea gallery exhibits plans for new space

    Hauser & Wirth to get new digs at West 22nd Street
    October 07, 2015 04:30PM By Rich Bockmann
    Hauser & Wirth's gallery on 18th Street and the building at 542 West 22nd Street

    Hauser & Wirth’s gallery on 18th Street and the building at 542 West 22nd Street

    Modern art gallery Hauser & Wirth has a creative vision for a West Chelsea space with a bookstore, library and office space.  [more]

  • Truck crash brings down scaffolding at 325 West Broadway

    No one at DDG Partners' site was hurt
    October 07, 2015 03:55PM
    Joseph McMillan 325 West Broadway

    From left: DDG’s Joseph McMillan and a rendering of XOCO325 at 325 West Broadway in Soho

    A delivery truck snagged a pile of plywood at DDG Partners’ 325 West Broadway construction site in Soho, bringing down a scaffold. No one was injured.

    The crash, which occurred Tuesday at around 4:30 p.m., brought down the plywood, which fell into a “secured work zone,” according to Department of Buildings spokesperson Alex Schnell.

    DOB issued a violation for a “failure to maintain” a safe work environment. [more]

  • ING may be eyeing large space at Durst’s 1133 Sixth Avenue

    45-story Midtown office tower formerly housed IRS offices
    October 07, 2015 03:25PM
    1133 Sixth Avenue

    Douglas Durst (credit: Billy Farrell Agency) and 1133 Sixth Avenue in Midtown

    Dutch banking giant ING may be taking considerable space at the Durst Organization’s 1133 Sixth Avenue.

    CoStar shows about 230,000 square feet in pending deals at the 45-story, 1.1 million-square-foot Midtown office tower, which formerly housed Internal Revenue Service offices and will soon accommodate the National Basketball Players Association.

    ING is reportedly taking much, if not all, of the 230,000 square feet. The bank currently has around 150,000 square feet at Paramount Group’s 1325 Sixth Avenue. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    October 07, 2015 02:55PM By Kyna Doles
    Market Reports

    (credit: Halstead Property Development Marketing and Douglas Elliman)

    The latest batch of reports found that average Financial District rents topped $4,000 for the first time, Williamsburg home sales soared 269 percent over the last decade and Manhattan’s average price per square foot was down in Q3. [more]

  • City to open homeless shelter at Verve Hotel in LIC

    The 87-key lodge will house 200 women
    October 07, 2015 02:25PM
    Verve Hotel

    The Verve Hotel at 40-03 29th Street in Long Island City

    The city’s homelessness crisis continues to force the city to shelter people in converted private facilities.

    City Hall will take over the Verve Hotel at 40-03 29th Street in Long Island City by next week, and use it to house 200 homeless women. The facility will also provide mental health treatment and offer help to residents in managing their money. [more]

  • Howard Hughes Corp. snags bookstore for Seaport

    McNally Jackson Books inked a lease for about 10,000 sf
    October 07, 2015 02:01PM
    (credit: Howard Hughes Corp.)

    Rendering of the South Street Seaport (credit: Howard Hughes Corp.)

    A Soho-based bookstore will soon join the South Street Seaport, and it might even be bringing a speakeasy. [more]

  • Debt market, sovereign wealth softening yet to impact Manhattan market: report

    Midtown office values trending 4 percent higher than last year
    October 07, 2015 01:15PM By Rey Mashayekhi

    Midtown Office Market

    A “slight softening” in segments of the debt market and withdrawals from sovereign wealth funds have yet to affect the Manhattan office market, real estate analysis firm Green Street Advisors said in its latest report Tuesday. [more]