The Real Deal New York

  • Trump: NY casino projects will “all go down the tubes”

    Developer of the recently shuttered Trump Plaza in NJ says market is saturated
    October 20, 2014 04:55PM
    donaldtrump

    Donald Trump and the Trump Taj Mahal in Atlantic City

    In the wake of the recent closure of Trump Plaza in Atlantic City, N.J., Donald Trump is speaking out against the four-casino project heading to upstate New York. [more]

  • What real estate pros are reading

    Industry leaders share their picks of books for business and fun
    October 20, 2014 04:30PM By Alexandra Barrett

    080 Books se FINAL.inddFrom the October issue: Where do you look for inspiration and insight? This month, The Real Deal polled leaders in the industry to find out what they’re reading, how the book was recommended to them and what they’ve found most compelling about it. [more]

  • Brooklyn congregations put faith in development

    Houses of worship looking to sell land, air rights to stay afloat
    October 20, 2014 04:10PM
    St. Ann & the Holy Trinity in Brooklyn Heights

    St. Ann & the Holy Trinity

    Brooklyn congregations desperate for a financial boost are now tapping into the local real estate market as a sort of saving grace. [more]

  • Wanted: Gentrifiers for huge Long Island City warehouse

    Investors look to up value of their nearby properties by wooing developer to convert 300K sf site
    October 20, 2014 03:55PM By Rich Bockmann
    shamash

    From left: Nigel Shamash and a rendering of 30-02 Borden Avenue

    Investors in a far-flung corner of industrial Long Island City are looking for a way to transform a 300,000-square-foot development site into a property that will raise its neighbors’ values.

    Nigel Shamash, principal broker at the firm 5cre, is courting developers to see who can come up with the best use for a property in a gritty section of the neighborhood between Newtown Creek and the Long Island Expressway. [more]

  • Inside TheRealDeal
  • Revealed: Interior renderings of Woolworth condos

    Alchemy Properties offers closer look at dining rooms, bathrooms and terraces
    October 20, 2014 03:25PM
    woolworth

    Renderings of a 29th-floor terrace and a dining room at the Woolworth Tower Residences at 233 Broadway in the Financial District (Credit: Williams New York)

    Alchemy Properties have unveiled a batch of renderings for the condominium units at the Woolworth Tower Residences in the Financial District. Click here for a slideshow and more.

  • JPMorgan’s proposed $1B in tax breaks a “nonstarter”: mayor

    Bank in talks to build $6.5B headquarters at Hudson Yards
    October 20, 2014 02:53PM
    From left: Jamie Dimon, a rendering of Hudson Yards and Bill de Blasio

    From left: Jamie Dimon, a rendering of Hudson Yards and Bill de Blasio

    Mayor Bill de Blasio has flatly rejected JPMorgan Chase’s request for $1 billion in tax breaks to build its headquarters in New York. [more]

  • Northwood adds retailer Trunk Club at Villard Houses

    Online menswear company to open first NYC store, spanning 26K sf
    October 20, 2014 02:45PM
    trunk

    From left: 455 Madison Avenue, Matthew Seigel and Trunk Club clothing

    Online menswear retailer Trunk Club signed a lease to open its first brick-and-mortar shop in the city. [more]

  • Ashkenazy blames homeless in bid to develop public space

    Developer wants to turn Lincoln Square atrium into retail
    October 20, 2014 01:59PM
    ashkenazy

    1991 Broadway in Lincoln Square and Ben Ashkenazy

    Ben Ashkenazy’s Ashkenazy Acquisition Corporation proposed converting an atrium at the base of the Bel-Canto condominium building in Lincoln Square into a retail space, arguing that it is now overrun by homeless people.

    Community Board 7 members criticized the request to convert the 1,600-square-foot atrium at 1991 Broadway back to private use. The developer also said it would help fund a renovation of the Broadway malls from West 70th to 110th streets. [more]

  • Development site sells for $37M in latest Long Island City deal

    GDC Properties picks up plot that allows 114K sf development
    October 20, 2014 01:40PM By Claire Moses
    11-22 45th Road, Long Island City

    11-22 45th Road, Long Island City

    The Westchester-based GDC Properties bought a development site in Long Island City for $37 million, according to property records filed with the city Monday.

    The site at 11-22 45th Road in the Court Square area of Long Island City is home to a one-story warehouse. The president of GDC Properties, William Ingraham, also filed a permit to demolish the 33,660-square-foot structure at the location, according to records from the city’s Department of Buildings. [more]

  • Yonkers firm makes the year’s biggest SoFla multi-family buy

    Investor pays $96M for Modera community in Pembroke Pines
    October 20, 2014 01:25PM By Eric Kalis
    Modera Pembroke Pines

    Modera Pembroke Pines

    From the South Florida website: Yonkers, N.Y.-based real estate investment firm AVR Realty Company LLC, best known for unloading 5 Times Square for $1.5 billion in 2010, dropped nearly $96 million on a Pembroke Pines apartment complex in South Florida’s most expensive multi-family trade of 2014, The Real Deal has learned.

    AVR acquired the 422-unit first phase of Modera Pembroke Pines in a transaction recorded on Friday, according to Broward County records. [more]

  • Number of Manhattan commercial deals on pace to set record

    328 sales worth $30 billion transacted through September: JLL
    October 20, 2014 01:00PM
    jll

    Scott Latham and 245-249 West 17th Street in Chelsea

    Although the average Manhattan commercial building sale shrunk in size year-over-year, the number of sales so far this year is on pace to break a 2007 record high, according to a third-quarter report from JLL.

    Manhattan saw 328 commercial deals worth $30 billion through September. That marks a 47 percent jump from the 223 sales worth $30.2 billion recorded for all of last year. In 2007, there were 346 deals valued at roughly $48.5 billion. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    October 20, 2014 12:33PM

    1. Even more views from 432 Park’s penthouse released
    2. What you’re really getting for your tiny $1M apartment
    3. Details, teaser site out for Williamsburg’s latest condo project 

    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]

  • Premier Equities’ UES retail site hits market for $50M

    Property offers possible resi addition; fashion brand Halston Heritage could be booted
    October 20, 2014 12:00PM By Mark Maurer
    1122-broadway

    From left: 1122 Madison Avenue on the Upper East Side, Yoav Oeslner and Glenn Tolchin

    Premier Equities is asking $50 million for a two-story Upper East Side retail building with air rights that would allow it to be redeveloped with as many as 11 floors of apartments on top, The Real Deal has learned. [more]

  • Abraham Leser snags Murray Hill buildings for $27M

    Brooklyn developer grabs mixed-use assemblage from art dealer Ely Sakhai
    October 20, 2014 11:48AM By E.B. Solomont
    609-615 Second Avenue

    609-615 Second Avenue

    Developer Abraham Leser, a longtime player in Brooklyn’s insular real estate circles, scooped up four low-rise buildings in Murray Hill for $26.5 million. [more]

  • Under-fire Greek mogul sells Columbus Circle unit for $21.4M

    Dimitrios Contominas, who is facing fraud charges, bought unit in 2006 for $12.5M
    October 20, 2014 11:30AM By Claire Moses
    From left: Dimitrios Contominas and 25 Columbus Circle

    From left: Dimitrios Contominas and Time Warner Center at 25 Columbus Circle

    Greek media mogul Dimitrios Contominas sold his 74th floor apartment at 25 Columbus Circle for $21.4 million, according to property records filed with the city Monday. [more]

  • $5B bill for NYC landlords who stormproof their properties

    To get lowest FEMA insurance rates, 87K ground floor units would have to be eliminated
    October 20, 2014 11:00AM
    From left: Sandy damage in Mantaloking, NJ and Rockaway, NY

    From left: Sandy damage in Mantaloking, NJ and Rockaway, NY

    New Yorkers who are looking to stormproof their homes could be facing high costs to do so in the near future. [more]

  • Real estate investors choose to spread wealth

    A growing number of wealthy NYC buyers are purchasing mulitple, smaller units, bucking the trend toward large trophy apartments
    October 20, 2014 10:25AM By E.B. Solomont
    From left: Jacky Teplitzky and Alon Chadad

    From left: Jacky Teplitzky and Alon Chadad

    From the October issue: Investors with $10 million to $15 million to spend have no shortage of New York City real estate to choose from. As of the middle of last month, there were 218 apartments listed in Manhattan in that price range, according to the real estate website StreetEasy. [more]

  • Groupon's tiki-inspired office

    Groupon’s tiki-inspired office

    These are the coolest office spaces in the country. Mapping famous sitcom residences in New York City. The priciest elevator buildings in Manhattan. Read these stories and more after the jump.

  • Unique boutique hotel coming to Harlem in 2016

    Members of club will be required to mentor a child from the neighborhood or the Bronx
    October 20, 2014 09:20AM
    From left: Mark Somen and Uptown House

    From left: Mark Somen and rendering of Uptown House

    An unusual boutique hotel is slated to open in Manhattanville’s Factory District. [more]

  • Loft building near World Trade Center goes for $53M

    Hersel Torkian bought the 14-story building which last changed hands in 1997
    October 20, 2014 08:50AM
    110-112 Greenwich Street

    110-112 Greenwich Street

    Developer Hersel Torkian bought a 14-story building at 110-112 Greenwich Street for almost $53 million.

    The 66,500-square-foot building, located just south of the 9/11 memorial and the World Trade Center, has 60 market-rate apartments, according to the Wall Street Journal. Eastern Consolidated and Cresa brokered the sale.

    The property also comes with roughly 6,600 square feet of retail space and 30,000 square feet of commercial air rights, according to the newspaper. [more]

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