The Real Deal New York

  • ‘Passive’ Cornell Tech campus to aggressively cut energy costs

    The building method, a hit in Europe, can slash expenses by as much as 90%
    November 28, 2015 03:00PM
    Cornell's "passive buildings" at the tech campus on Roosevelt Island. (Credit: Handel Architects)

    Cornell’s “passive buildings” on Roosevelt Island. (Credit: Handel Architects)

    Students at Cornell Tech spend their days pushing the boundaries of science and technologies. Soon, some will spend their nights doing the same. [more]

  • Is $100M enough to preserve Pier 40?

    Downtown residents speak out at City Planning hearing
    November 28, 2015 02:00PM
    Pier 40 in Lower Manhattan

    Pier 40 in Lower Manhattan

    Last, month Westbrook Partners and Atlas Capital Group agreed to buy 250,000 square feet of air rights at the dilapidated Pier 40 at Hudson River Park, with the $100 million price earmarked for repairs at the facility. But this week, locals expressed skepticism that it would be enough. [more]

  • From the archives: Entrepreneurs rush into NYC real estate market

    Social media sites, data collection firms among new start-ups launched
    November 28, 2015 01:00PM By Candace Taylor

    Longtime friends Carastina DuBrovin, a former agent at Brown Harris Stevens, and Jennifer Kilmurray started Staunton DuBrovin in the fall to cater to wealthy pied-à-terre owners.

    Citi Habitats founder Andrew Heiberger’s well-funded new brokerage, Town Residential, made a splash when it debuted late last year. But the brokerage is far from the only new business in the city. The start of 2011 ushered in a flurry of new start-ups, many with innovative new business models related to New York City real estate.

    Ironically, many of these models don’t involve actually doing deals. With prices down and fewer sales, entrepreneurs are looking for other ways to profit from the business of selling property.

  • Betting on the Bronx: VIDEO

    Investors are flooding into the borough
    November 28, 2015 12:00PM By E.B. Solomont


    The Bronx, which has long fought its image of a borough besotted by arson, poverty and urban decay, is now a hot commodity among the same investors and developers who overlooked it for years. Click here for a look at The Real Deal’s recent visit to the borough, which is on track to see a record 8,000 new residential units hit the market this year.

  • Inside TheRealDeal
  • Blinded by the light: UES diners, neighbors upset at Anbau’s late night construction

    Neighbors question whether DOB should have issued after-hours work permits
    November 28, 2015 11:00AM
    Anbau Enterprise's "Citizen360" at 360 E. 89th St. (Credit: SHoP Architects)

    Anbau Enterprise’s “Citizen360” at 360 E. 89th St. (Credit: SHoP Architects)

    If you’re at Cavatappo on the Upper East Side, do try the duck ragu. But do not sit at the table near the window! You’ll likely need a side of visors, thanks to flood lights beaming in from a development site across the street.

    Light and sound from the construction site holding Anbau Enterprise’s 34-story luxury tower on 89th Street has UES restaurant owners and neighbors calling on the Department of Buildings to reconsider its policy on issuing after-hours work permits. [more]

  • donald trump illustration president 2016_make america great again_speech thumb

    Donald Trump (credit: Mike Nudelman/Business Insider)

    Real-estate tycoon Donald Trump has a decidedly Trump-like approach to the give-and-take of deal-making.

    “It’s give-and-take,” the Republican presidential front-runner told Business Insider.

    He then immediately added: “But it’s gotta be mostly take. Because you can’t give. You gotta mostly take.” [more]

  • Old Westbury Gardens in Westbury (the Phipps Mansion)

    Old Westbury Gardens in Westbury, NY (the Phipps Mansion)

    From Luxury Listings NYC: Before there was a billionaire’s row on 57th Street, there was Long Island’s Gold Coast. At the height of the Gilded Age (and in the following decades), familiar names like the Vanderbilts, Roosevelts, Whitneys, Charles Pratt, J. P. Morgan and F. W. Woolworth, to name a few, built stately mansions reminiscent of English country homes on Long Island’s North Shore.

    Thankfully, many of those homes still stand, and they remain arguably the most splendid homes surrounding New York City — one is even on the market for a cool $100 million. Here are a few of the best specimens. [more]

  • The five biggest Miami projects that were never built

    A look at development plans that bit the dust before they could rise from it
    November 27, 2015 05:00PM By Francisco Alvarado

    The Miami Herald’s site was eyed for a grand casino resort.

    From the South Florida Market Report: In Miami, dreams of grand, ostentatious projects are often billed as set-in-stone reality by developers hoping to cash in on the city’s volatile real estate market. Yet, whether due to market forces, community opposition or political skulduggery, some “game-changing” projects never have reached the groundbreaking stage. [more]

  • Nate Berkus, Jeremiah Brent list Village penthouse for $10.5M

    The 2,800 sf duplex co-op unit features two terraces and a massive, windowed walk-in closet
    November 27, 2015 04:00PM
    39 Fifth Avenue (inset: Nate Berkus)

    39 Fifth Avenue (inset: Nate Berkus)

    Interior designers Nate Berkus and Jeremiah Brent are listing their duplex penthouse, but, sadly, they aren’t including the furniture. [more]

  • Klein Group closes first Israeli bond issuance, while Joel Gluck taps market again

    Retail landlord and Brooklyn developer targeting over $115M in funds from Tel Aviv debt offerings
    November 27, 2015 03:00PM By Rey Mashayekhi
    Tel Aviv Stock Exchange

    The Tel Aviv Stock Exchange

    Two more New York-based real estate players successfully issued bonds on the Tel Aviv Stock Exchange, with retail landlord the Klein Group securing roughly $55 million in its first bond offering and Joel Gluck’s Spencer Equity Group tapping the market once again for more than $50 million.

    Israeli institutional investors responded enthusiastically to both debt offerings, leading both companies to up their respective issuances, according to sources with knowledge of both deals. [more]

  • Stanley Wasserman in contract for $300M-plus UES portfolio

    Multifamily investor inks deal with members of Elghanayan family
    November 27, 2015 02:01PM By Rich Bockmann and Mark Maurer
    From left: 355 East 72nd Street, a development site at 1179-1183 Second Avenue and 250 East 63rd Street

    From left: 355 East 72nd Street, 1179-1183 Second Avenue and 250 East 63rd Street on the Upper East Side

    Multifamily investor Stanley Wasserman is in contract to buy an Upper East Side portfolio from members of the Elghanayan real estate family for north of $300 million. [more]

  • From left: Set tables at Vaucluse and Chef Michael White

    From left: Set tables at Vaucluse and Chef Michael White

    From Luxury Listings NYC: Celebrity chef Michael White isn’t playing it safe.

    White, who already has six restaurants in NYC, 10 more spread across four countries and two Michelin stars under his belt, isn’t resting on his toque blanche. Known primarily for his famed Italian dining rooms like Marea and Ai Fiori, White’s latest venture is Vaucluse — his first French effort.

  • From the archives: The downward plunge

    What's next for real estate following Wall Street's meltdown
    November 27, 2015 01:00PM By Candace Taylor

    The Dow Jones Industrial Average from March 2006 to October 2008

    October 2008 is one for the history books. Not just because Barack Obama battled John McCain for the Oval Office as the first black Democratic presidential nominee, or because the Philadelphia Phillies won the World Series for the first time in two decades.

    Monumental as those events were, they were largely eclipsed by the wild swings of the stock market and the realization that the downturn of the residential and commercial real estate markets in New York is essentially a fait accompli at this point. Read the full story from the November 2008 issue after the jump.

  • Domed penthouse in Police Building hits the market at $40M

    Co-op features secret room, outdoor space and a Parisian vibe
    November 27, 2015 11:00AM TRD WEEKEND EDITION
    The penthouse at the Police Building at 240 Centre Street is on the market for $39.9 million. (StreetEasy)

    240 Centre Street in Little Italy and its penthouse

    Brunelleschi’s Dome it’s not, but one Little Italy penthouse sure has some surprises to offer. The 6,000-square-foot co-op in the historic Police Building at 240 Centre Street is on the market for a very expressive sum of $39.9 million. [more]

  • Hotel de Glace in Quebec

    Hotel de Glace in Quebec

    The Hotel de Glace in Quebec just might be the coolest hotel in the world. Either way, it’s the only ice hotel in North America. [more]

  • Sale in aisle 5: Where are the biggest price chops?

    Zillow ranks cities with biggest discounts and NY clocks in at No. 8
    November 27, 2015 09:00AM By E.B. Solomont


    Shopping for a home this Black Friday?

    Seattle-based Zillow came out with a list of the top cities where buyers can snag the best deals on a new apartment or house. [more]

  • The 13 best properties to hit the market this week

    November 27, 2015 09:00AM By Isabel Schwab
    7 East 69th Street on the Upper East Side

    7 East 69th Street on the Upper East Side

    From Luxury Listings NYC: Think you’ve seen everything that’s out there to buy? Thankfully in New York there’s always more beautiful apartments to drool over/purchase (if you’re lucky). Take a look at these lovely properties that just hit the market. [more]

  • Happy Thanksgiving from The Real Deal!

    November 25, 2015 05:30PM
    Happy Thanksgiving from The Real Deal!

    Happy Thanksgiving from The Real Deal!

    In honor of turkey day, The Real Deal won’t be posting on Thursday. We’ll be back in the swing of things Friday through Sunday though, so keep an eye out for TRD‘s weekend edition. Happy Thanksgiving! — TRD

  • Nonprofit plans to bring 126 apartments to the West Bronx

    Community Access' 14-story building slated to hold supportive housing, affordable units
    November 25, 2015 05:10PM By Konrad Putzier
    111 East 172nd

    111 East 172nd Street

    Nonprofit Community Access filed plans Wednesday for a 126-unit,14-story apartment building at 111 East 172nd Street in the Bronx.

    The Lower Manhattan-based organization, which helps people with psychiatric disabilities transition from shelters to independent living, plans to use more than half the units as “supportive housing” for individuals and families battling mental health or drug problems. The remainder will be affordable units for people making up to 50 percent of the neighborhood’s median income. [more]

  • TRD’s “The Closing” book available for purchase, download

    Candid conversations with moguls, starchitects and a host of other industry heavyweights
    November 25, 2015 04:50PM


    The biggest shopping weekend of the year may be underway, but save the trip to Macy’s. We’ve got the perfect holiday present right here.

    “The Closing” book features 100 candid interviews with the giants of the real estate industry, who share the lessons they learned and the challenges they overcame on their way to the top. 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.