The Real Deal New York

  • Cadre hires former Starwood exec Marcos Alvarado

    Kushner-backed finance startup boasts $68M in venture funding
    July 27, 2016 09:00AM By Konrad Putzier
    From left: Marcos Alvarado, Ryan Williams and Joshua Kushner

    From left: Joshua Kushner, Ryan Williams and Marcos Alvarado

    Cadre, a real estate finance startup backed by Joshua and Jared Kushner, hired former Starwood Capital Group exec Marcos Alvarado as its new head of acquisitions. The hiring adds another high-profile name to the young company, which has raised $68 million in venture funding and seeks to upend the secretive institutional real estate investment market. [more]

  • Merchants takes over gay-themed Hell’s Kitchen hotel

    Developer plans to bring in new flag, night club
    July 27, 2016 08:32AM
    The Out Hotel

    The Out Hotel at 510 West 42nd Street

    Merchants Hospitality bought the long-term lease on the famed Out Hotel near Times Square for $40 million and plans to put an end to its days as a gay-themed hotel. [more]

  • Amid pressure from DOI, City releases damning evidence that it knew about Rivington House condo plans

    Internal memo suggests deputy mayor was briefed on the deal
    July 27, 2016 08:03AM
    45 Rivington Street

    45 Rivington Street

    The DOI claims that Corporation Counsel Zachary Carter withheld a crucial internal memo from a citywide probe into the real estate deal, and only released it Friday after the DOI threatened to sue. The memo, sent from a lower-level official to the head of the Department of Citywide Administrative Services on July 23, 2014, indicates the City knew Rivington House could be turned into condos and that deputy mayor Anthony Shorris was briefed on the deal at the time, the New York Daily News reports. [more]

  • WATCH: How Jared Seligman saved himself from losing his first-ever clients

    The Douglas Elliman agent recalls how he flirted with disaster on his first deal as a rental broker
    July 27, 2016 07:30AM By Alistair Gardiner

    Jared Seligman

    Douglas Elliman broker Jared Seligman credits his signing on to sell Mary-Kate and Ashley Olsen’s penthouse back in late 2007 as a defining moment in his career. Though he was later dropped from the listing — a $12 million penthouse at 1 Morton Square — Seligman went on to accumulate a long roster of celebrity clients, including Courtney Love, James Franco and Kirsten Dunst, among others.

    “That was really when I went from a $700 rental to a $10 million sale, and that was the turning point of my career,” he told The Real Deal.

    But before he brokered deals for the likes of the Olsen twins, real estate wasn’t exactly glamorous for Seligman. Click here to watch the broker talk about his first experience as a rental agent — and how his lack of real estate chops almost cost him his first pair of clients.

  • Inside TheRealDeal
  • Here’s why REIT stocks are on the rise

    It’s all about the 10-year Treasury yield
    July 27, 2016 07:00AM By Konrad Putzier
    433dd6a6-d0d2-444e-9d44-1468e45c7380

    Over the past three years REIT stocks tended to rise when treasury yields fell, with a few exceptions

    Real estate investment trusts are back. After a tough start to the year, share prices of New York’s leading public real estate firms have climbed steadily for five months. [more]

  • Current reader favorites:
    1. Why the WTC mall could look like a ghost town on opening day
    2. Home of Brooklyn Brewery, Brooklyn Bowl in contract for $37M
    3. Rentopoly: Who owns New York?
    4. Extell scores $140M construction loan for East Village project
    5. Jordan Roth, son of Vornado CEO, buys condo at Related’s Superior Ink

  • James Nederlander, major Broadway landlord, dies at 94

    Company owns or operates nine Midtown theaters
    July 26, 2016 07:10PM By Katherine Clarke
    James Nederlander and the Palace Theater

    James Nederlander and the Palace Theater

    James Nederlander, patriarch of a real estate dynasty that owns several famous venues in the Theater District, died Monday at his Southampton home at the age of 94.

    The Nederlanders are among the Theater District’s biggest landlords — second only to the Shubert Organization — and own or operate nine theaters, including the Minskoff, the Neil Simon, the Gershwin, the Palace and the Nederlander Theatre. [more]

  • Abraham Leser raises $32.5M in Israeli bonds

    Issuance comes three months after Urbancorp default
    July 26, 2016 06:28PM
    TelAviv

    Tel Aviv Stock Exchange

    Abraham Leser’s Leser Group is selling $32.5 million worth of bonds on the Israeli market. The issuance will be the first by a North American company since Canadian developer Urbancorp defaulted on its bonds in April.

    Brooklyn developer Leser’s bonds come with a 10-year term and a 6.9 percent coupon, Bloomberg reported. [more]

  • Landlord accused of gutting Harlem building while family still lived there

    Ephraim Vashovsky faces charges including reckless endangerment
    July 26, 2016 06:00PM
    From left to right: Exterior and interior of 21 East 115 Street (credit: Courtesy of the Manhattan District Attorney's Office)

    From left to right: Exterior and interior of 21 East 115 Street (credit: Courtesy of the Manhattan District Attorney’s Office)

    An East Harlem landlord was arrested Tuesday on charges that he began taking apart a 10-unit building while a family of seven still lived there. [more]

  • Moishe Mana says he’ll give $1M to charity if Trump reveals his tax returns

    Returns would shed light on the Donald's business practices and true net worth
    July 26, 2016 05:40PM
    Moishe Mana, left, and Donald Trump (Credit: Michael Vadon)

    From left: Moishe Mana and Donald Trump (credit: Michael Vadon)

    From the South Florida website: Moishe Mana has officially thrown his hat into the ring of high-profile business leaders touting #NeverTrump.

    The Miami mega-developer said he’d donate $1 million to a charity of Donald Trump’s choice if the Republican presidential nominee made the last five years of his tax returns public, according to a report in the Hill. [more]

  • Brookfield set to award JLL leasing assignment for Manhattan West retail

    Brokerage vice chair Patrick Smith will oversee 250K sf effort
    July 26, 2016 05:20PM By Rich Bockmann
    Manhattan West and Patrick Smith

    Rendering of Manhattan West and Patrick Smith

    Brookfield Property Partners is close to an agreement with JLL awarding the brokerage the leasing assignment for about 250,000 square feet of retail at Manhattan West, sources told The Real Deal. [more]

  • Inside the Four Seasons restaurant auction: A Manhattan landmark goes under the hammer

    Emil Antonucci’s “Four Seasons” sign fetches $96K
    July 26, 2016 05:04PM By E.B. Solomont
    4seasons

    A Wright auctioneer takes bids for coveted Four Seasons furniture and tableware

    There were no bargains to be had, but did anyone expect there to be? Tuesday’s auction featuring roughly 500 items from the iconic Four Seasons restaurant was still equal parts riveting, nostalgic, stressful and – at times – downright gleeful. [more]

  • Tavros, partners file plans for 22-story building on Dime Savings Bank site

    Developers plan to break ground on the Williamsburg property next year
    July 26, 2016 04:40PM By Katherine Clarke and Kyna Doles
    263 South 5th Street in Williamsburg

    263 South 5th Street in Williamsburg

    A development site formerly owned by the Dime Savings Bank of Williamsburg is slated to be transformed into a 22-story mixed-use building with residential and commercial space.

    A partnership between Tavros Development Partners, Charney Construction and 1 Oak Development filed a permit application with the city Tuesday for a new building at 263 South 5th Street. The plans call for 175 apartments across 120,444 square feet of residential space, 111,614 square feet of commercial space and a 980-square-foot community facility. [more]

  • Manhattan’s dev sites, rental buildings get a price boost in first half of 2016

    Overall property and transaction volumes for investments sales were down
    July 26, 2016 04:25PM By Kyna Doles
    Ariel Property Advisors

    (credit: Ariel Property Advisors)

    Demand for Manhattan investment properties fell in the first half of 2016, although buyers were willing to pay a higher price per square foot for multifamily buildings and development sites, according to a mid-year report from Ariel Property Advisors.
    [more]

  • ABC Carpet & Home shopping Flatiron HQ: sources

    Brokers say luxury rug depot's 880-888 Broadway location could fetch $200M
    July 26, 2016 04:00PM By Mark Maurer
    880 Broadway

    880-888 Broadway in the Flatiron District

    It may soon be time for ABC Carpet & Home to roll out a welcome mat for a new owner of its longtime headquarters.

    The luxury carpet and rug purveyor is shopping around its property at 880-888 Broadway, an office-and-retail condominium that sources said could fetch upwards of $200 million, or over $2,600 per square foot. [more]

  • The Hamptons summer rental market is running hot and cold

    Even as asks hit record highs, some luxury listings are quietly cutting their prices
    July 26, 2016 03:10PM By Judith Messina
    The Southampton Riklis estate has been on the summer rental market, for $2.5 million, for months.

    The Southampton Riklis estate has been on the summer rental market for months.

    From the Hamptons Market ReportIf hope springs eternal, then the record $2.5 million full-season rental listed in Southampton could be exhibit A. Owned by philanthropist Marcia Riklis, the 18,000-square-foot mansion on the prestigious Meadow Lane — complete with a gym, a private dock and servants’ quarters — has been on the Hamptons summer rental market since December. As of June, it still had no takers. [more]

  • Here’s what the $10-$10M NYC investment sales market looked like last week

    Excelsior sells three Crown Heights rentals; Lightstone picks up a Bronx building
    July 26, 2016 02:40PM By Kyna Doles
    30 Rogers Avenue, 1011 1011 Carroll Place and David Liechtenstein

    From left: 30 Rogers Avenue in Park Slope, 1011 Carroll Place in the Bronx and David Lichtenstein

    Last week in the world of mid-market New York City investment sales, Brooklyn-based landlord landlord Yeshaya Wasserman bought 70 rental units in Crown Heights for $14.2 million and Lightstone Group paid $11 million for a Bronx multifamily building.

  • Olbermann sells Trump Palace pad for $3.8M – a $400K loss

    Political commentator publicly declared ‘I’m moving out’ in March op-ed
    July 26, 2016 02:16PM By E.B. Solomont
    200 East 69th Street #40B in Trump Palace on the Upper East Side

    200 East 69th Street #40B in Trump Palace on the Upper East Side (inset from top: Donald Trump and Keith Olbermann)

    Keith Olbermann was serious about wanting to rid himself of his Trump Palace pad. The sports and politics commentator sold the three-bedroom condominium for $3.8 million – a nearly 10 percent loss, according to public records. [more]

  • Home prices are up in the US, but NYC sees weak growth

    Prices only increase 0.3 percent from April to May
    July 26, 2016 01:52PM
    Screen Shot 2016-07-26 at 1.41.59 PM

    Kathryn Brenzel (kathryn@therealdeal.com) S&P’s 10- and 20-city price growth composites from 1988 to 2016

    Home prices in the U.S. continued to climb in May, but New York City and other cities that thrived in the post-recession months are seeing far less growth. [more]

  • Lender wants to take hold of Taxi King’s castles

    Capital One claims Gene Freidman owes $8.4M on taxi-medallion loans
    July 26, 2016 01:33PM By Konrad Putzier
    Gene Freidman and NYC yellow cabs

    Gene Freidman and NYC yellow cabs

    Banking giant Capital One says Taxi King Gene Freidman hasn’t paid his fare on $8.4 million in defaulted loans. [more]

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