The Real Deal New York

  • Investors sue Flushing developer over LES dev site deal

    Owners claim Xingmei Chen failed to close $29.5M contract at 208 Delancey
    September 29, 2016 12:40PM By Rich Bockmann
    From left: Rendering of 208 Delancey Street and the construction site now

    From left: Rendering of 208 Delancey Street and the construction site now

    A group of Lower East Side investors is suing a developer from Flushing for allegedly failing to close on a $29.5 million contract for a Delancey Street development site. [more]

  • Number of US homes under contract fell 2.4% in August

    The fall puts pending homes sales at the lowest level since January
    September 29, 2016 12:13PM

    11932676106_930cd3ac17_bPending home sales fell 2.4 percent in the month of August and 0.2 percent year-over-year, more evidence that the housing market has lost steam in recent months.

    According to the National Association of Realtors, the pending home sales index dropped to 108.5 after a bounceback in July.

    Pending home sales reflect contracts — not closed sales — on existing homes and can potentially offer early indications of the housing market’s movement. The NAR considers 100 to be a sign of a healthy figure in the market. [more]

  • “The Closing” book available for purchase, download

    Candid conversations with moguls, starchitects and a host of other industry heavyweights
    September 29, 2016 11:24AM

    “The Closing” book features 100 candid interviews with industry heavyweights, who share the good, the bad and the ugly they faced while climbing to the top, and for some, falling from grace. The collection is drawn from nearly a decade of The Real Deal’s back-page interview, The Closing, one of the most popular features with readers since the magazine’s inception.

    In no-holds-barred conversations, we learn about the tough times and the triumphs of luminaries like Charles Kushner, who spent his time in prison mentoring younger inmates; and Stephen Ross, who spent as much time as a school boy in the principal’s office as he does now in boardrooms.

    The book is a must-read for anyone fascinated by these very human stories of the grit and determination it took to conquer the world of New York City real estate. It is available for purchase here, or can be downloaded through The Real Deal‘s app on iTunes and Google Play.

    The book is also available on Amazon and Shopify.

  • Mill Basin mansion at 2458 National Drive (credit: Corcoran Group)

    Mill Basin mansion at 2458 National Drive (credit: Corcoran Group)

    It looks like Miami, but its soul is pure Brooklyn. At one time, this “bonkers” estate was the most expensive home in Brooklyn, on sale for $30 million in 2013. [more]

  • Inside TheRealDeal
  • Matt Damon scopes out $40M BK mansion

    Brownstone was built in 1857
    September 29, 2016 10:28AM
    3 Pierrepont Place in Brooklyn and Matt Damon (credit: Corcoran)

    3 Pierrepont Place in Brooklyn and Matt Damon (credit: Corcoran)

    In his movies, Matt Damon is almost always in distress — a trope one Quora user calculated cost some $900 billion in fictional money. But in his latest challenge, it’s unlikely that even the U.S. government — fictional or otherwise — can save him: Damon is house hunting in Brooklyn.

    Damon, star of the “Jason Bourne” spy series, and his wife, Luciana Barroso, scoped out the priciest home in the borough — a $40 million mansion at 3 Pierrepont Place in Brooklyn Heights, the New York Post reported. The home, built in 1857, has 15 bedrooms, 16 bathrooms and spans 17,000 square feet. [more]

  • NYC lawmakers ramping up fight against Section 8 proposal

    They say 55,000 low-income households will be forced to pay much more in rent
    September 29, 2016 09:50AM
    Richie Torres and the South Bronx

    Ritchie Torres and the South Bronx

    Lawmakers and housing advocates have joined together to rally against an Obama administration proposal they say is the “greatest near-term threat” to New York City’s housing affordability. [more]

  • Wheels of fortune: Industry players are rethinking what a residential brokerage is worth

    Mergers, acquisitions and funding rounds are on the rise
    September 29, 2016 09:30AM By E.B. Solomont


    From the September issueWhen the venture-backed brokerage Compass secured a cash infusion of $75 million last month, the response from industry rivals was fast and furious.

    The valuation being bandied about — more than $1 billion — did little to silence critics who claimed Compass’ math was lofty enough if it was deeming itself a tech startup, but downright artificial for a residential real estate brokerage. [more]

  • Donald Trump’s fortune takes an $800M hit: Forbes

    His net worth fell to $3.7B, publication claims
    September 29, 2016 08:40AM
    Donald Trump

    Donald Trump

    Donald Trump’s net worth reportedly checks in at $3.7 billion — $800 million less than the value of his fortune last year, according to Forbes. [more]

  • Scorecard: The best and worst neighborhoods for building violations

    A monthly roundup of news and reports on the residential market
    September 29, 2016 08:00AM By Will Parker

    From the September issue:
    If you knew a building had a long rap sheet of violations, including everything from rats to no heat, would you live there?

    Rentlogic, a new website that compiles complaint and violation data citywide, wants to help renters see building violations before they move in. The company compiled a list of the best and worst neighborhoods by quality of building maintenance for The Real Deal. [more]

  • New York City not in danger of housing bubble: UBS

    Vancouver, London top list of cities at risk
    September 29, 2016 07:30AM
    UBS Real Estate Global Index

    UBS Real Estate Global Index (click to enlarge)

    Vancouver and London topped a list of cities most at risk of a housing bubble, according to UBS Group’s Bubble Index, which charts the housing markets in 18 major cities. New York’s housing market, on the other hand, was ranked in the “fairly valued” category, grouped with Boston and Singapore. [more]

  • Massey claims he’ll succeed where de Blasio has failed on affordable housing

    Solution to housing crisis requires a city, state relationship that is “currently not there": mayoral hopeful
    September 29, 2016 07:00AM By Rich Bockmann
    Kathryn Wylde and Paul Massey

    Kathryn Wylde and Paul Massey

    As the mayor of New York City, Cushman & Wakefield’s Paul Massey would model himself after Nelson Rockefeller or Michael Bloomberg: a socially liberal fiscal conservative who views the role of mayor as CEO.

    But as a political candidate, he has a different figure in mind.

    “I’m going to throw my jacket over my shoulders, loosen my tie – a la John Lindsay – and I’m going to walk up and down every main street in the city,” he said Wednesday in a talk with Partnership for New York City president Kathryn Wylde during the annual EisnerAmper real estate summit. [more]

  • Most popular stories on The Real Deal

    September 29, 2016 06:30AM

    Current reader favorites:
    1. Sam Zell panel devolves into bizarre discussion about sex with Chinese men
    2. Release the hounds: Attack email targets Compass, alleging number fudging and toxic work culture
    3. Comeback kids: Related, Vornado win bid for Moynihan Train Hall redevelopment project
    4. SL Green closes on $1.5B One Vanderbilt construction loan
    5. Kushner asking $85M for four-building Astoria portfolio

  • BlackRock targets Hudson Yards for new HQ

    Asset management giant is looking for as much as 1M sf of office space
    September 28, 2016 06:00PM
    A rendering of the Spiral and 50 Hudson Yards (Inset: Larry Fink)

    A rendering of the Spiral and 50 Hudson Yards (Inset: Larry Fink)

    BlackRock has set its sights on Hudson Yards for a new headquarters as big as 1 million square feet. [more]

  • Julia Roberts as Erin Brockovich, Inspector Gadget and the Laffalot property at 11 Ochert Lane

    Julia Roberts as Erin Brockovich, Inspector Gadget and the Laffalot property at 11 Ochre Lane

    Five brokerage giants team up on new East End listing platform

    Think fast, OREX — there’s a new contender in town. The five biggest brokerages in the South Fork — Saunders & Associates, the Corcoran Group, Douglas Elliman, Brown Harris Stevens and Sotheby’s International Realty — are teaming up on a new listing exchange they say will boast richer data at lower prices than the current local go-to, Open RealNet Exchange, or OREX. [more]

  • Banks and mezz lenders buddying up in a tense market

    Together, they are filling out capital stacks
    September 28, 2016 05:28PM By Kathryn Brenzel
    From left: Moderator Julian Wise, Marcus Giancaterino, Michael Maturo and Jonathan Aghravi

    From left: Moderator Julian Wise, Marcus Giancaterino, Michael Maturo and Jonathan Aghravi

    As senior lenders continue to shrink their share of the capital stack, they are getting chummier with mezzanine lenders. [more]

  • Avi Dorfman can continue to call himself a co-founder of Compass: judge

    Robert Reffkin's attorneys failed to prove damages from RentJolt founder's claims
    September 28, 2016 04:45PM By Katherine Clarke
    From left: Avi Dorfman (Credit: Columbia Spectator) and Robert Reffkin (Credit: Urban Compass)

    Avi Dorfman (Credit: Columbia Spectator) and Robert Reffkin

    Compass co-founder Robert Reffkin cannot seek damages from Avi Dorfman, a tech entrepreneur who claims to be one of the co-founders of the brokerage, a New York County Supreme Court judge has ruled.

    Dorfman sued Reffkin in 2014, claiming he used the concept behind a joint venture they worked on together in 2012 to set up a competing business later known as Compass. Reffkin then allegedly forced him out of the company, now valued at more than $1 billion. [more]

  • Turkey files plans for 35-story consulate tower

    The 218K sf Midtown East property will house offices, mission and residences
    September 28, 2016 04:19PM By Chava Gourarie

    Renderings of the Republic of Turkey’s consulate building (Credit: Perkins Eastman)

    The Republic of Turkey filed plans Wednesday for a new, crescent-inspired 35-story tower that will serve as the headquarters of the Consulate General of Turkey in New York. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    September 28, 2016 04:00PM By Kyna Doles
    Market Reports

    Click to enlarge (credit: REBNY and Ariel Property Advisors)

    According to the latest batch of market reports, Manhattan is getting 20 million square feet of new office space over the next five years, the number of multifamily deals continued to fall and one Williamsburg retail corridor saw the biggest jump in asking rents. [more]

  • Kushner asking $85M for four-building Astoria portfolio

    143-unit mulltifamily package was developer's first major Queens buy
    September 28, 2016 03:30PM By Mark Maurer
    21-81 38th Street, Jared Kushner and 23-05 30th Avenue

    From left: 21-81 38th Street, Jared Kushner and 23-05 30th Avenue in Astoria

    Jared Kushner’s venture into Queens real estate may be short-lived.

    Kushner Companies is asking $85 million for a package of four Astoria buildings that marked the firm’s first major bet on the borough, The Real Deal has learned. [more]

  • NYC’s 10 biggest investment sales in August

    There are nearly $2B in deals in the top 5 alone
    September 28, 2016 03:00PM By Will Parker and Eda Kouch

    From left: Allianz CEO Oliver Bäte and 10 Hudson Yards, PGIM CEO Eric Alder and 11 Madison

    Last month’s 10 most expensive investment sales in New York City included two big moves for Chinese investors and four major outer-borough deals. Nothing, however, could surpass Allianz’s $946 million stake purchase at 10 Hudson Yards at the start of the month.

    The monthly ranking factored in closed sales of both full and partial stakes in properties. A partnership finally snapped up Dumbo’s Watchtower building and several multifamily portfolios in Brooklyn and Queens sold with enough zeros to make the list. Meanwhile, Chinese companies China Orient Asset Management and Gemdale Properties acquired sizable Manhattan stakes during the month of August.

    Here’s the full list of the top closed sales from the last full month of summer, based on CoStar Group and The Real Deal reporting. [more]