The Real Deal New York

  • Julien Studley, founder of Studley, dies at 88

    Industry leader credited as commercial real estate pioneer
    October 13, 2015 07:11PM By Konrad Putzier
    Julien Studley

    Julien Studley

    Julien Studley, legendary real estate broker and founder of the eponymous commercial brokerage, died Monday night at the age of 88, a spokesperson confirmed.

    In conversations with The Real Deal, friends and colleagues remembered him as visionary who changed New York’s commercial real estate industry, all with a pleasant and unpretentious demeanor.

    “This is a guy who transformed the business in many ways into what it is today,” said Bruce Mosler, chairman of global brokerage at Cushman & Wakefield. “Julien had the ability to read the business and excel and still keep the trust of his colleagues – that’s a fairly tall order.” [more]

  • At the Desk of: Nancy Packes

    The marketing guru on her friendship with her son and finding inspiration in fortune cookies
    October 13, 2015 05:40PM By Adam Warner
    Nancy Packes

    Nancy Packes

    From the October issue: There’s a good chance that someone entering Douglaston Development’s Ohm apartment building in Chelsea will be greeted with live music. The idea to turn the luxury rental’s lobby into a four-story performance space was the brainchild of Nancy Packes and her son, Seth Rosner.

    “If the building doesn’t express itself as a personality, as a being, it has missed something,” said Packes.[more]

  • City to build 179 affordable units on East Harlem school site

    12-story property on 120th Street to house low-income families
    October 13, 2015 05:20PM By Kathryn Brenzel

    413 East 120th Street in East Harlem

    The city submitted plans on Tuesday to build 179 units of affordable housing on a former East Harlem school site, according to a permit application filed with the city’s Department of Buildings Tuesday.

    The 12-story property at 413 East 120th Street will include apartments for low-income families, as well as retail space and a community facility, the filing shows. Magnusson Architecture and Planning’s Christine Hunter, the architect of record, said that the project’s developer is the Bronx-based Acacia Network. [more]

  • Trump to host “Saturday Night Live” next month

    Presidential candidate among the first NYC developers to helm program
    October 13, 2015 04:55PM


    It seems like everyone has a Donald Trump impression these days. Now, it’s the Donald’s turn to show off some of his character skills.

    The presidential candidate is set to host NBC’s “Saturday Night Live” on the evening of Nov. 7, almost a year-to-the-day from Election Day 2016. [more]

  • Inside TheRealDeal
  • SL Green continues selling spree, lists office condo for $700M

    REIT and Ivanhoe Cambridge seeking buyers for 24 floors at 1745 Broadway
    October 13, 2015 04:25PM
    From left: 1745 Broadway and SL Green's Marc Holliday

    From left: 1745 Broadway and SL Green’s Marc Holliday

    SL Green put an office space at 1745 Broadway on the market for more than $700 million, continuing a selling spree that follows the blockbuster purchase of 11 Madison Avenue.

    The real estate investment trust holds a 56.9-percent stake in 685,000 square feet of space, which spans floors two through 25. Pension-backed Canadian investment firm Ivanhoe Cambridge owns the minority stake. A JLL team led by Richard Baxter is marketing the office condo. [more]

  • TRD’s “The Closing: Interviews with New York City’s Titans of Real Estate” is now available

    Candid conversations with moguls, starchitects and a host of others
    October 13, 2015 03:50PM


    Mavericks. Moguls. Visionaries. “The Closing” 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.

  • Soccer legends Paolo Maldini and Christian Vieri score big in Tribeca

    Italian athletes, in partnership with local developer, sell hotel site for $13.2M
    October 13, 2015 03:20PM By Hiten Samtani and Kyna Doles
    From left: Paolo Maldini, rendering of 219 Hudson Street and Christian Vieri

    From left: Paolo Maldini, rendering of 219 Hudson Street and Christian Vieri

    For years, Paolo Maldini, sporting the red of A.C. Milan, and Christian Vieri, donning royal blue for Inter Milan, battled each other at the San Siro. The two were stars of one of global soccer’s most intense rivalries.

    But they suited up together for the Italian national team, and went on to become good friends and business partners. They even forayed into New York real estate, and have just pulled off a sizable deal in Tribeca.  [more]

  • 227 East 89th Street, 10-27 46th Avenue and Jeffrey Gural

    From left: 227 East 89th Street, 10-27 46th Avenue and Jeffrey Gural

    From Newmark Holding’s $14.2 million purchase in LIC to the sale of a Yorkville rental building for $12.8 million, here is a recap of last week’s activity in the New York City’s investment sales market for properties between $10 million and $20 million.

  • PHOTO: See the London Terrace apartments in 1943

    Unearthed 1940s-era photos depict city landmarks, icons
    October 13, 2015 02:30PM
    London Terrace NYC

    The London Terrace apartment complex in Chelsea

    Built in 1929 by developer Henry Mandel, the London Terrace apartment complex remains a commanding presence – encompassing an entire city block, between West 23rd and West 24th streets and Ninth and 10th avenues, in Chelsea. Click here to check out the World War II-era photo of the classic property.

  • Nest Seekers broker sues top exec alleging abuse

    Ravi Gulivindala retaliated when former girlfriend Ande Sedwick went to police: lawsuit
    October 13, 2015 02:00PM
    Ande Sedwick Ravi Gulivindala Ryan Serhant

    From left: Ande Sedwick, Ravi Gulivindala of Nest Seekers International

    Ande Sedwick of Nest Seekers International is suing the brokerage, her ex-boyfriend Ravi Gulivindala, a senior vice president at the firm, and “Million Dollar Listing” star Ryan Serhant, alleging her career at the company suffered after she reported Gulivanadala’s domestic abuse to police.

    Sedwick accuses Gulivindala of abusing his position as her superior by pressuring her in what became a two-and-a-half-year relationship.

    The lawsuit claims Gulivandala assaulted her in April, after which Sedwick received an order of protection, which Gulivandala ultimately violated. [more]

  • Eisenberg’s A&E buys Jackson Heights multifamily for $22M

    The building spans 111,648 square feet and has 144 units
    October 13, 2015 01:30PM By Kathryn Brenzel
    35-02 9th Street in Jackson Heights (inset: Douglas Eisenberg)

    35-02 9th Street in Jackson Heights (inset: Douglas Eisenberg)

    Douglas Eisenberg’s A&E Real Estate continues to bulk up its multifamily portfolio — it scooped up a six-story elevator building in Jackson Heights for $22 million, The Real Deal has learned. [more]

  • WeWork mops up messy dispute with union

    Shared-office unicorn to hire 32BJ contractors, offer severance pay
    October 13, 2015 01:10PM By Konrad Putzier
    From left: 32BJ's Hector Figueroa, WeWork's Miguel McKelvey and Adam Neumann

    From left: 32BJ’s Hector Figueroa, WeWork’s Miguel McKelvey and Adam Neumann

    WeWork and service workers’ union 32BJ SEIU today ended a four-month labor dispute that had turned into a publicity nightmare for the shared-office company.

    According to a new agreement, WeWork will, “whenever possible,” start using union contractors for certain maintenance jobs in New York and Boston and arrange for the re-hiring of cleaners that lost their jobs during the dispute. The company also agreed to set aside $250,000 for severance payments for workers let go by its former cleaning contractor, Commercial Building Maintenance (CBM). [more]

  • Bedford Avenue tops Brooklyn retail

    New REBNY report shows W'burg shopping spot leads borough with asks near $350 psf
    October 13, 2015 12:45PM By Rich Bockmann
    Ben Fox John Banks

    From left: Cushman’s Ben Fox and John Banks

    Bedford Avenue is now Brooklyn’s version of Fifth Avenue, as far as retail prices are concerned.

    Asking rents on the trendy Williamsburg strip between Grand Street and North 12th Street were the most expensive in Brooklyn, at an average of $347 per square foot, according to the Real Estate Board of New York’s inaugural retail report for the borough. [more]

  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    October 13, 2015 12:00PM

    CityRealty NYC Apartments

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • Compass snags BHS’ No. 2 manager in the Hamptons

    Ed Reale to head up firm’s operation in eastern Long Island
    October 13, 2015 11:46AM By E.B. Solomont

    From left: Ed Reale and Robert Reffkin

    After recruiting heavily – and poaching from – competitors in New York City, startup brokerage Compass has snagged a top sales manager from Brown Harris Stevens to head its forthcoming Hamptons operation.

    Ed Reale joined Compass as senior managing director of the Hamptons region, according to Compass. [more]

  • GE to sell CRE business to Wells Fargo

    The sale will include $32B in assets at 3,000 employees
    October 13, 2015 10:54AM
    Jeffrey Immelt John Stumpf

    From left: Wells Fargo’s John Stumpf and GE’s Jeffrey Immelt

    General Electric is selling off its commercial lending and leasing businesses to Wells Fargo, part of GE’s push to shed its financial service operations.

    The deal, which will include $32 billion in assets and 3,000 employees, will close in the first half of next year.

    The business lines being sold are GE Capital’s global commercial distribution finance, North American vendor finance and corporation finance platform. [more]

  • Voluntary inclusionary housing construction triples in FY 2015

    3,031 apartments built through city program, compared to 936 in FY 2014
    October 13, 2015 10:15AM
    Bill de Blasio Vicky Been

    From left: Bill de Blasio and Vicky Been

    As Mayor Bill de Blasio struggles to push through his mandatory inclusionary zoning plan, that program’s voluntary cousin is producing an unprecedented quantity of affordable housing.

    The city’s voluntary inclusionary housing program, which incentivizes developers to build affordable units by allowing them to build more total units, has produced a bumper crop of new apartments — just over 3,031 in Fiscal Year 2015. [more]

  • Chaim Miller finds himself sued up tight

    Lenders hover over Brooklyn investor, while partners claim chicanery
    October 13, 2015 09:46AM By Kyna Doles
    Chaim Miller, a prolific Brooklyn-based real estate investor, is being sued by his partners, buyers and sellers

    Chaim Miller, a prolific Brooklyn-based real estate investor, is being sued by his partners, buyers and sellers

    TRD Profile:In July, Chaim Miller and his sidekick Sam Sprei attended a bankruptcy hearing in Lower Manhattan. At issue was 45 John Street, a condominium development site that investor Harry Sohn claimed Miller was to sell him for $66 million.

    Sohn, who controls Orin Management, accused Miller and Sprei of failing to disclose that the property’s mortgages were in default, and said the two — whom he described as “nothing short of scoundrels” — were backing out because Miller’s own partners on the deal were suing him.

    “I think it was Churchill that was describing Russia as an enigma wrapped up in a riddle,” Sohn’s attorney Kevin Nash said at the hearing. “And I think Mr. Miller and Mr. Sprei would make Churchill’s Russia. They have a penchant for moving in and out of properties with other people’s monies.” [more]

  • How Gary Barnett assembled the Central Park Tower

    A blow-by-blow account of Extell's 10-year, 11-deal odyssey
    October 13, 2015 09:15AM By Rich Bockmann
    Gary Barnett Central Park Tower

    From left: Gary Barnett and the Central Park Tower at 217 West 57th Street in Midtown

    From the October Issue: “Our strength is assembling land,” Extell Development’s Gary Barnett told an Israeli TV station late last year as he gave a reporter a tour of his condo tower One57. “On that, we’re Number 1.”

    It’s hard to deny the accuracy of Barnett’s assessment. While Barnett was chatting with that reporter, construction crews were clearing the site for his next supertall tower just one block west at 217 West 57th.

    That tower — which was unofficially known as Nordstrom Tower, but has now been officially dubbed Central Park Tower — will top out at 1,550 feet tall when it opens in 2019. [more]

  • Valyrian Capital, Daten Group to build 26 units at Prospect Heights site

    Partners recently filed permits to demolish the Green Point Savings Bank at the site
    October 13, 2015 08:42AM By Ariel Stulberg
    Green Point Savings Bank

    Green Point Savings Bank at 856 Washington Street in Prospect Heights

    UPDATED: 3:22 p.m., Oct. 13: Valyrian Capital, along with partners the Daten Group, will tear down the former Green Point Savings Bank in Prospect Heights, with plans to build a 14-story condominium in its place.

    The new building will include 26 condos and a total of 50,000 square feet of residential space, according to Gregory Williamson of Douglas Elliman, who will handle marketing at the property.

    Demolition permits were recently filed for the stone structure that currently occupies the site, which was built in 1928 and most recently served as a Capital One Bank branch. [more]