The Real Deal New York

  • Highpoint Associates drags feet for 7 months on fire repairs

    Landlord is trying to muscle out rent-regulated tenants, residents say
    August 28, 2015 10:42AM

    More than six months after a fire tore through Highpoint Associates’ 412 West 46th Street in Hell’s Kitchen, cutting gas and destroying parts of the roof, the landlord and its property manager Keystone Management have failed to make basic repairs, tenants say. [more]

  • Related, Sterling’s Willets Point project hangs in limbo

    City withdraws from appeal of a ruling that halted progress
    August 28, 2015 10:09AM
    Willets Point in Queens

    Willets Point in Queens

    Plans to redevelop and revitalize the Willets Point auto-repair district in Queens have foundered in the face of court challenges and changing city priorities. [more]

  • Barnes & Noble is done with Queens

    Bookseller is leaving its last two locations in the borough
    August 28, 2015 09:36AM
    2562

    Barnes & Nobles store at 23-80 Bell Boulevard in Bayside, Queens

    Turn the page and close the book, Barnes and Nobles’s story in Queens is over, for now anyway.

    The book store chain announced it would leave its location at 23-80 Bell Boulevard in Bayside, its last location in Queens. The move follows another exit by the company, announced Wednesday, from its store 70-00 Austin Street in Forest Hills. [more]

  • Clintons’ East Hampton vacation spot hits market for $32.5M

    Bill and Hillary summered at the 8-bedroom mansion in 2011 and 2012
    August 28, 2015 09:16AM
    From left: Hillary and Bill Clinton, the Lily Pond Lane home and Hirschfeld with Clinton last year

    From left: Hillary and Bill Clinton, the Lily Pond Lane home and Hirschfeld with Clinton in 2011

    Back before Hillary Clinton was running for president, and a few years after she’d run the first time, she and Bill spent two presumably-charming summers at this historic East Hampton manse, now on sale for $32.5 million. [more]

  • Inside TheRealDeal
  • Housing the homeless in private buildings isn’t working

    "Cluster site program" is costly and fails its charges
    August 28, 2015 08:35AM
    60 Clarkson Street in Prospect-Lefferts Garden

    60 Clarkson Street in Prospect-Lefferts Garden, which houses “cluster-site” residents

    Even city officials admit that a program designed to house homeless people for whom there’s no space in shelters is an abject failure, driving out rent-stabilized tenants while also subjecting homeless families to deplorable conditions.

    Yet, more than a decade after the program’s inception, officials still can’t seem to roll out a smarter, less wasteful, more sensible plan.
    [more]

  • Galleries on West 24th Street in Chelsea and Michael Gillespie and Andrew Edlin (inset)

    Galleries on West 24th Street in Chelsea and Michael Gillespie and Andrew Edlin (inset)

    Gallery owners in Chelsea are feeling the pinch of higher rents caused by flowering development around the High Line. Many have left, headed for fresher, cheaper digs in places like the Lowest East Side, and the rest are looking at the door. [more]

  • Most popular stories on The Real Deal

    August 28, 2015 07:30AM

    Current reader favorites:
    1. Can Blackstone’s real estate business keep growing?
    2. Carnegie House residents bolting over Schron’s looming fees
    3. No winners in union fight with WeWork
    4. Joseph Brunner buys again in north Brooklyn
    5. Judge rules in Armani’s favor in fight with SL Green

  • Multifamily divided: Aaron Jungreis sues nephew Raphael Toledano over $100M Village deal

    Rosewood Realty chief claims he was squeezed out of acquisition from Tabak family
    August 27, 2015 06:30PM By Mark Maurer and Kyna Doles
    Jungreis Suit

    From left: Aaron Jungreis, Raphael Toledano, 253 East 10th Street, 27 St. Mark’s Place and 66 East 7th Street

    UPDATED, 10:57 p.m., August 27: Say uncle!

    Rosewood Realty Group’s Aaron Jungreis, one of the city’s elite multifamily brokers, is suing his nephew Raphael Toledano, claiming he was squeezed out of a $100 million deal to acquire 16 East Village rental buildings. [more]

  • Airbnb hires Clinton’s “master of disaster” to handle backlash

    Chris Lehane known as longtime Cuomo, de Blasio adviser
    August 27, 2015 06:00PM
    From left: Chris Lehane and Bill Clinton

    From left: Chris Lehane and Bill Clinton

    With Airbnb facing increased criticism from landlords and lawmakers alike, the home-sharing service hired political operative Chris Lehane – a Clinton administration veteran with ties to both Gov. Andrew Cuomo and Mayor Bill de Blasio – to head its “global policy” and public affairs operations.

    Known as the “master of disaster” for his handling of the Monica Lewinsky scandal and other Clinton administration crises, Lehane liaise with policymakers and lead “efforts to educate more people, organizations and stakeholders about Airbnb,” the company said Thursday. [more]

  • Steve Madden sues Cayre, partners over “crumbling” 720 Lex

    Court filing is the latest drama between retailer, landlord
    August 27, 2015 05:00PM By Rey Mashayekhi
    720 Lexington Avenue in Midtown

    720 Lexington Avenue in Midtown

    Steve Madden’s beef with landlord Cayre and partners continues after the shoe retailer filed a lawsuit this week claiming its flagship Midtown location, at 720 Lexington Avenue, is dealing with a crumbling foundation, water damage and loose and fallen brick.

    The shoe retailer alleges that deteriorating conditions at the location, which it has occupied since 2007, have forced it to vacate the building’s basement and shut down its second-floor retail space in order to accommodate inventory storage, according to documents filed Tuesday in New York State Supreme Court. [more]

  • US market overview panel set for TRD’s Shanghai showcase

    Miller Samuel's Jonathan Miller to moderate
    August 27, 2015 04:25PM
    China Panel

    From left: Andrew Farkas, Greg Peng, Stephen Owens and Jonathan Miller

    The roster of participants in the “U.S. real estate market overview” panel at The Real Deal’s September showcase in China includes an outstanding lineup of real estate luminaries from across the country.

    Andrew Farkas of Island Capital, Greg Peng of Cindat, Dan Kodsi of Royal Palm Companies, Mark Chu of Eastdil Secured, Sean Mei of Partners Trust China and Stephen Owens of Swire Properties have confirmed their participation on the panel. Miller Samuel’s Jonathan Miller is moderating the panel.

    The panel will provide attendees with an overview of the U.S. market as a whole, then focus on the American cities that proffer the best investment opportunities.

    Other panels that day will include an overview of the development market in New York City and beyond, moderated by Farkas, and featuring former Gov. Eliot Spitzer, Steve Witkoff of the Witkoff Group, Ifei Chang of Greenland USA, Stan Gale Jr. of Gale International and Shang Dai of Kuafu Properties as panelists.

    The show will be held at the Shangri-La Hotel in Shanghai from Sept. 10-12. It will feature networking events, breakout workshops and a showcase of U.S. developments.

    For more information on the event, please click here or check out the hashtag #TRDShanghai for updates via social media.

  • BCB’s Berger, Excelsior’s Miller launch JV

    In debut deal, Novel Property Ventures pays $35M for 12-building Harlem portfolio
    August 27, 2015 03:45PM By Mark Maurer
    BCB buy

    From left: 240 West 122nd Street and 222 St. Nicholas Avenue in Harlem (inset: Bennat Berger, Andrew Miller and Steven Vegh)

    BCB Property Management’s Bennat Charatan Berger and Excelsior Equities’ Andrew Miller have teamed up to form a new investment firm, The Real Deal has learned. The company, Novel Property Ventures, burst out of the gate with a Central Harlem multifamily portfolio buy for $35 million. [more]

  • Are NYC’s office brokers neglecting startups?

    New survey finds a third of small tech firms had no contact with leasing agents
    August 27, 2015 03:15PM By Konrad Putzier
    zandieh startups

    From left: WeWork members at the firm’s Soho location, and Ashkan Zandieh (credit: WeWork)

    Considering the real estate industry’s current obsession with tech companies, this number is surprising: a third of New York’s tech startups have never been contacted by a leasing agent, according to a new survey by real estate consulting firm RE:Tech. [more]

  • If it’s broke, make sure they don’t fix it: State agency blasted over “weak” NYCHA oversight

    Comptroller Thomas DiNapoli criticizes agency monitoring $100M in repair funds
    August 27, 2015 02:50PM
    From left: Thomas DiNapoli, Bill de Blasio and Shola Olatoye

    From left: Thomas DiNapoli, Bill de Blasio and Shola Olatoye

    As if the problems at the New York City Housing Authority weren’t bad enough, the state agency charged with overseeing NYCHA’s use of $100 million in repair funds is now under scrutiny. [more]

  • Lawsuit could limit campaign contributions by LLCs

    If complaint succeeds, entities would be identified with their owners
    August 27, 2015 02:05PM
    From left: Shirley Patterson,  Risa Sugarman and Leonard Litwin

    From left: Shirley Patterson, Risa Sugarman and Leonard Litwin

    Corporations are “people,” and they’re the kinds of people who give a lot of money to politicians. But if a new lawsuit winding its way through state courts succeeds, only the actual, human people behind the corporations will be allowed to play. [more]

  • Full of memories, David Cassidy’s SoFla home goes to auction

    The house and most of its contents will be auctioned Sept. 9 as part of divorce
    August 27, 2015 01:29PM By Nick Madigan
    DavidCassidy+Home

    David Cassidy and his home at 1600 South Ocean Drive in Fort Lauderdale (Credit: Nick Madigan)

    From the South Florida website: On the face of it, the white house with the imposing portico on South Ocean Drive is not very different from most of the others in Fort Lauderdale’s upscale Harbor Beach neighborhood, where residents belong to the Surf Club and private docks are common.

    Inside the five-bedroom waterfront house, however, pianos, electric guitars and musical memorabilia hint at the identity of its owner — the singer and actor David Cassidy, who became famous in the 1970s as a cast member of the television sitcom “The Partridge Family.”  [more]

  • What’s trending on LLNYC: Nicole Miller to host Sotheby’s event, yachting gives billioniares an appetite…& more

    The most buzzworthy posts on TRD's sister publication
    August 27, 2015 01:00PM
    Nicole Miller and

    Upcoming LLNYC cover star Nicole Miller and the Audi Hamilton Island Race Week in Australia

    1.  Food will meet art at Sotheby’s this fall. Upcoming LLNYC cover star, Nicole Miller, is co-hosting “The Art of Food,” where Upper East Side chefs prepare art-inspired avant-garde meals. Be there.

    2. Forty-year-olds, who never got over their sweet 16, are dropping six figures on embarrassing parties. Luckily Bravo is there to capture all the cringe-inducing excess.

    3. Billionaires gathered in Australia to race yachts, and consume 106,000 beers, six tons of beef, 3,000 sausage rolls, 3,000 bottles of mostly vintage champagne, 12,000 boxes of strawberries, a small volcano of in-season Tasmanian truffles and … one apple.

     

  • Publisher of Billboard, Hollywood Reporter to take space at Twitter’s old 340 Madison digs

    Prometheus Global Media moving titles from Vornado's 770 Broadway
    August 27, 2015 12:43PM
    340 Madison Avenue in Midtown

    340 Madison Avenue in Midtown

    The media company behind Billboard Magazine, Adweek and the Hollywood Reporter is subleasing 40,000 square feet from Twitter at 340 Madison Avenue in Midtown.

    Prometheus Global Media signed a 3.5-year deal with Twitter for the space, located on the sixth floor of RXR Realty’s 22-story, 745,000-square-foot property. The office will house Billboard and the Hollywood Reporter, with those publications moving from Vornado Realty Trust’s 770 Broadway in Midtown South. [more]

  •  Sky view of New York City and its rapid transit network. (credit: Arnorrian and Dennis Dimick/flickr)

    Aerial view of New York City and its rapid transit network. (credit: Arnorrian and Dennis Dimick/Flickr)

    City to spend $100 million on new flood protection system. MTA subway lines superimposed on aerial photos of Manhattan. Turmoil in China fueling real estate buys abroad. Read these stories and more after the jump.

  • Soccer legend Andrea Pirlo scopes out Manhattan penthouse

    Italian soccer legend, NYCFC star checks out $30K a month Midtown pad
    August 27, 2015 11:30AM
    205 East 59th Street in Midtown (inset: Andrea Pirlo)

    205 East 59th Street in Midtown (inset: Andrea Pirlo)

    Andrea Pirlo, the man they call “the Architect” for his influence on the soccer pitch, has expensive taste in Manhattan real estate. [more]

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