The Real Deal New York

  • Private club could replace former surfer haven in Montauk

    Surfers held a peaceful protest in Montauk over the weekend in effort to halt planned development
    September 02, 2014 06:00PM
    East Deck Motel in Montauk in 1988

    Montauk’s East Deck Motel in 1988

    A group of surfers is trying to preserve a former Montauk surf haven. Over the weekend, about 100 surfers held a peaceful protest — a “paddle out” – to try to save 1950s surfer stronghold East Deck Motel. [more]

  • Prodigy Network closes on hotel project for $85M

    Real estate crowdfunding startup converting site into a 23-story, 191-unit extended-stay hotel
    September 02, 2014 05:40PM

    17 John Street

    Real estate crowdfunding startup Prodigy Network closed on the acquisition of a 15-story rental building at 17 John Street for $85.3 million. The sum included more than $25 million in crowdfunded equity. [more]

  • Swimmers are finding the crowds a little thinner at the McCarren Park Pool and others this summer.

    Swimmers are finding the crowds a little thinner at the McCarren Park Pool and others this summer.

    Aby Rosen unveils 610 Lex interiors via Instagram. Attendance drops at NYC pools over unusually cool summer. Travelers, diners split over Penn Station improvements. Read these stories and more after the jump.

  • Starchitect Zaha Hadid scores point in defamation suit

    Critic accused Hadid of indifference to worker deaths on project that has not yet commenced
    September 02, 2014 05:00PM
    From left: Zaha Hadid, Al Wakrah stadium rendering and Martin Filler

    From left: Zaha Hadid, Al Wakrah stadium rendering and Martin Filler

    Pritzker Prize-winning architect Zaha Hadid, who sued Martin Filler and the New York Review of Books last month over what she called defamatory statements in a series of articles, scored a point last night when the publication’s editors posted a correction to Filler’s June article entitled “The Insolence of Architecture.” [more]

  • Inside TheRealDeal
  • Warburg sues condo sponsor over sales deal at 225 E. 81st St.

    Brokerage claims Michael Paul Enterprises violated arrangement
    September 02, 2014 04:45PM By Zachary Kussin
    From left: Warburg's Frederick Peters and 22

    From left: Warburg’s Frederick Peters and 225 East 81st Street

    Warburg Realty filed a complaint in State Supreme Court last Thursday against Michael Paul Enterprises, the sponsor of 225 East 81st Street — a boutique five-unit condominium development — alleging that the Westchester-based investment and development firm reneged on an exclusive sales agreement. [more]

  • Branding company VSA latest to take space in Hudson Square

    Design specialist to consolidate offices in deal for 25,000 square feet
    September 02, 2014 04:30PM By Rich Bockmann
    95 Morton Street

    95 Morton Street

    VSA Partners, a branding firm that is beefing up its marketing activity, is heading to Hudson Square as the company moves to consolidate offices in SoHo and Chelsea.

    The company, which has served clients like Harley-Davidson and the city of Chicago in its bid for the 2016 Olympics, is planning on moving to Brickman Properties’ 95 Morton Street in Hudson Square as soon as the space’s buildout is complete. Brickman was represented in-house on the 10-year, 25,000 square-foot lease and VSA was repped by Brian Fennelly of Newmark Grubb Knight Frank. Neither VSA nor Brickman could be immediately reached for comment. [more]

  • Where have all the office listings gone?

    Landlords slow to offer new space in recent months
    September 02, 2014 04:15PM By Adam Pincus

    From the September issue: One aspect of the Manhattan’s office leasing market was stuck in the summer doldrums last month, as landlords put far fewer square feet on the market compared with the yearly average. [more]

  • Trevi Retail makes $100M all-residential purchase

    Investment firm picks up four rental buildings from Stone Street Properties
    September 02, 2014 04:00PM
    From left: Trevi Retail CIO Johnny McCarthy, 404 East 88th Street, 336 East 81st Street and Bob Knakal

    From left: Trevi Retail’s Johnny McCarthy, 404 East 88th Street, 336 East 81st Street and Bob Knakal

    Trevi Retail has ventured outside its retail investment specialty, buying four Upper East Side residential buildings with no ground-level retail space for nearly $100 million. [more]

  • Priciest August home listings in Brooklyn, Queens: PHOTOS

    Four condos at Brooklyn Bridge Park's Pierhouse top the list
    September 02, 2014 03:50PM By Mark Maurer

    From left: Unit S101 at Pierhouse at Brooklyn Bridge Park at 130 Furman Street in Brooklyn asking $6 million; and 184-15 Hovendon Road in Queens asking $3.4 million.

    In August, a four-bedroom condominium at Pierhouse at Brooklyn Bridge Park in Brooklyn Heights was the most expensive listing to hit the market in Brooklyn, according to information provided by listings service Point2 Homes. For a story and slideshow, click here

  • Forest City, contractor at Pacific Park Brooklyn swap lawsuits

    Dispute centers around time and cost required to construct modular apartments
    September 02, 2014 03:41PM By E.B. Solomont
    From left: Bruce Ratner, B2 and Skanska's Michael McNally

    From left: Forest City Ratner’s Bruce Ratner, B2 and Skanska CEO Michael McNally

    Developer Forest City Ratner and contractor Skanska USA Building traded lawsuits Tuesday over who is responsible for construction delays and cost overruns at the long-stalled Pacific Park Brooklyn, formerly known as Atlantic Yards. [more]

  • City hidden behind 189 miles of scaffolds: OPINION

    Temporary structures now a permanent fixture on NYC landscape
    September 02, 2014 03:20PM By James Gardner
    Scaffolding outside 175 Fifth Avenue, St. Patrick's Cathedral on Fifth Avenue between 50th and 51st streets and 881 Seventh Avenue

    Scaffolding outside 175 Fifth Avenue, 460 Madison Avenue and 881 Seventh Avenue

    By coincidence, two articles have appeared nearly simultaneously on the website of the New York Times having to do with the scaffolding sheds that, since the end of the 1990s, have become ubiquitous in New York City, and especially in Manhattan. [more]

  • Foreign investors set record in outer boroughs

    More than $600M invested in properties outside Manhattan so far this year
    September 02, 2014 02:55PM

    Pacific Park/Atlantic Yards, in which Shanghai-based Greenland Holding Group bought a $200M, 70 percent stake

    The outer boroughs are increasingly gaining in popularity among foreign investors. [more]

  • 25 Airbnb hosts sue to block turnover of private information

    Group fighting to keep their details private following deal between attorney general and Airbnb
    September 02, 2014 02:32PM By Adam Pincus
    From left: Airbnb founders (Photo: Business Insider) and Eric Schneiderman

    From left: Airbnb founders (Photo: Business Insider) and Eric Schneiderman

    UPDATED, Sept. 2, 5:00 p.m.: More than two dozen New York Airbnb hosts filed a lawsuit early this morning to block the disclosure of their personal information as stipulated in an agreement between the New York attorney general and the online rental service. [more]

  • Warner Music boss scores big with $35M Fifth Avenue PH sale

    Cooper sells 1136 Fifth for $5M above ask -- and $15M more than he paid it for
    September 02, 2014 02:00PM By E.B. Solomont
    From left: Anton Levy, the penthouse at 1136 Fifth Avenue and Stephen Cooper

    From left: Anton Levy, the penthouse at 1136 Fifth Avenue and Stephen Cooper

    Warner Music Group CEO Stephen Cooper netted a $15 million profit on the sale of his Fifth Avenue penthouse, according to public records. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 02, 2014 01:35PM

    1. Inside the New York Plaza Hotel’s latest $50M listing
    2. America’s oldest mall is now brimming with micro-apartments
    3. Outside brownstone belt, builder to put up townhouses in Red Hook

    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]

  • The Travelers moving on, sells stake at 77 Water for $118M

    Kaufman Organization to retain controlling interest in 612K sf office property
    September 02, 2014 01:05PM

    77 Water Street in Financial District and Travelers Companies CEO Jay Fishman

    Minnesota-based insurance firm the Travelers Companies sold its 49 percent stake in a 26-story Financial District office building at 77 Water Street for $117.6 million.

    The William Kaufman Organization owns a 51 percent stake and controlling interest in the 612,237-square-foot property, which is valued at more than $235 million. Financial giant Goldman Sachs net-leased the building’s total space about 10 years ago. [more]

  • De Blasio administration aims to ramp up Sandy repairs

    City program to help homeowners lags behind state's efforts, as well as the rebuilding plan in NJ
    September 02, 2014 12:40PM
    New York City Housing Recovery Build It Back program

    The latest numbers from the New York City Housing Recovery’s Build it Back program

    After getting off to a slow start, a program to help New York City homeowners make repairs to houses damaged by Superstorm Sandy is gaining momentum. [more]

  • Part of Brookfield Place’s eating space to open in November

    Beaubourg, a full-service restaurant, will seat more than 200 people
    September 02, 2014 12:15PM
    A rendering of Brookfield Place's Le District

    A rendering of Brookfield Place’s Le District

    A full-service restaurant and French-inspired marketplace are scheduled to open at Brookfield Place’s Le District in November. [more]

  • The September issue is live!

    From industry's doubling down on Cuomo to the early cracks in NYC luxury residential market
    September 02, 2014 11:50AM


    The highest reaches of the New York City residential market may not be so invincible, even after a very strong last few years. In the cover story of its September issue, The Real Deal breaks down the state of high-end residential sales, which some brokers said have begun to suffer from several issues – price sensitivity, a drop in contracts, listing discounts and cautious investors. [more]

  • Former Economic Development Corp. real estate boss signs up with law firm

    Patrick O'Sullivan oversaw Pier 17 lease to Howard Hughes
    September 02, 2014 11:25AM By Rich Bockmann
    Patrick O'Sullivan

    Patrick O’Sullivan

    The former head of the New York City Economic Development Corporation’s real estate arm has joined the white-shoe law firm Cleary Gottlieb Steen & Hamilton, where he will focus on working clients through complex public/private projects.

    Patrick O’Sullivan, who served as the EDC’s executive vice president and head of its real estate transactions group, has overseen efforts such as the city’s lease of the South Street Seaport’s Pier 17 to the Howard Hughes Corporation and the city’s acquisition of Brooklyn Bridge Park. [more]