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The Real Deal New York

  • Rendering of the view from 210 West 77th Street on the Upper West Side (credit:  Thomas Juul-Hansen)

    Rendering of the view from 210 West 77th Street on the Upper West Side (credit: Thomas Juul-Hansen)

    Mayor Bill de Blasio is miffed by subway delay. A look at the view from Naftali Group’s 210 West 77th Street penthouse. Santiago Calatrava sculptures will dot Park Avenue. Read these stories and more after the jump.

  • Downtown to see 1,350 new condo units by 2016

    Manhattan pipeline includes 4,580 condos in next two years, Marketing Directors data show
    May 05, 2015 05:30PM By E.B. Solomont
    MDpipeline

    From left: Manhattan condo pipeline (Credit: Marketing Directors) and a rendering of 100 Barclay (Credit: Williams New York)

    The future of Manhattan’s condo market is Downtown.

    Out of a total of 4,580 condos projected to hit the Manhattan market by 2016, nearly 30 percent will be located below 14th Street, according to a new report from the Marketing Directors. [more]

  • De Blasio proposes tenant protections for rent-regulated units

    Plan would end vacancy decontrol and allowances, permanent surcharges
    May 05, 2015 05:05PM
    Bill de Blasio

    Bill de Blasio

    Mayor Bill de Blasio proposed a sweeping expansion of tenant protections for the city’s 1 million rent-regulated apartments Tuesday, calling for an end to vacancy decontrol and new restrictions on rent surcharges.

    The proposals would see an end to vacancy decontrol, which allows landlords to charge tenants market rates once a rent-regulated unit exceeds a rent threshold of $2,500 per month. [more]

  • SL Green’s One Vanderbilt, rezoning get key approvals

    Zoning subcommittee votes 7-0 to allow a special permit and increase density
    May 05, 2015 04:45PM
    From left: Marc Holliday, a rendering of One Vanderbilt (credit: Kohn Pedersen Fox) and Dan Garodnick

    From left: Marc Holliday, a rendering of One Vanderbilt (credit: Kohn Pedersen Fox) and Dan Garodnick

    SL Green Realty’s proposed 63-story tower at One Vanderbilt and a rezoning of the Vanderbilt corridor are one step closer to approval after the City Council zoning subcommittee voted unanimously in their favor Tuesday. [more]

  • Inside TheRealDeal
  • At the Desk of: Belinda Schwartz

    The head of Herrick, Feinstein’s RE practice on her "anger putty," and "piece" of the Woolworth
    May 05, 2015 04:30PM By Claire Moses
    Belinda Schwartz

    Belinda Schwartz (Photo: Max Dworkin)

    From the May issue: Belinda Schwartz heads up the 50-member real estate practice at the prestigious law firm Herrick, Feinstein. She started at Herrick 17 years ago as a partner and was named chair of the department in January 2014. The promotion made her one of the few women in the country heading up a commercial real estate law practice. [more]

  • Worker dies after falling 24 stories at Riu Hotel site in Midtown

    Department of Buildings previously shut down construction, citing unsafe work conditions
    May 05, 2015 04:06PM
    Rendering of a new hotel at 301 West 46th Street in Midtown

    Rendering of a new hotel at 301 West 46th Street in Midtown

    A 25-year-old construction worker died Tuesday after falling 24 stories down an elevator shaft at the site of a new luxury hotel in Midtown.

    The accident occurred at what will be the Riu Hotel Times Square at 301 West 46th Street, according to the New York Daily News. The unidentified man was rushed to Bellevue Hospital, where he died at 1:26 p.m., the newspaper reported. [more]

  • Crowdfunding startup Sharestates secures $30M from investment fund

    Funding will allow the Long Island-based RE tech firm to expand its lending
    May 05, 2015 03:44PM By Konrad Putzier
    From left: Ranger's Nim Hacker and Sharestates' Allen Shayanfekr

    From left: Ranger’s Nim Hacker and Sharestates’ Allen Shayanfekr

    Hardly a month goes by without a real estate crowdfunding startup getting big bucks from investors. Long Island-based Sharestates just became the latest, with an expected commitment of $30 million from an affiliate of Ranger Capital Group.

    The money will not go to the startup itself, but to real estate projects listed on Sharestates’ platform. In essence, it will complement the money Sharestates raises from small-time investors. [more]

  • RXR closes on purchase of Helmsley Building for $1.2B

    34-story, 1.4 million sf office tower sold for $1.15B in 2007
    May 05, 2015 03:25PM
    Scott Rechler Helmsley Building

    Scott Rechler and the Helmsley Building at 230 Park Avenue in Midtown

    RXR Realty has acquired the Helmsley Building at 230 Park Avenue for $1.2 billion in one of the biggest investment sales of the year. [more]

  • Is Rob Speyer “Developer 2” in Skelos case?

    Description of unnamed developer in federal case against Senate leader matches a top RE player
    May 05, 2015 03:04PM By Rich Bockmann
    From left: Rob Speyer, Preet Bharara and Dean Skelos

    From left: Rob Speyer, Preet Bharara and Dean Skelos

    UPDATED, 3:27 p.m., May 5: Tishman Speyer President Robert Speyer — the chairman of the Real Estate Board of New York, the city’s most powerful industry lobby — appears to be the unnamed “Developer 2” in the criminal indictment filed yesterday in the case against Senate Majority Leader Dean Skelos. [more]

  • Jason Kidd sells Hamptons pad for $7M

    Retired NBA star left town last year to coach the Milwaukee Bucks
    May 05, 2015 02:30PM
    Jason Kidd and 100 Flying Point Road in Water Mill

    Jason Kidd and 100 Flying Point Road in Water Mill

    Former NBA star and current Milwaukee Bucks coach Jason Kidd scored a slam dunk this week, with a buyer agreeing to pay $7.1 million for his Hamptons home. [more]

  • WeWork’s Brooklyn Navy Yard building gets new renderings

    Facility will be approximately 14 stories and 600,000 square feet
    May 05, 2015 02:00PM
    Rendering of WeWork's Brooklyn Navy Yard building (credit: S9 Architects/ Perkins Eastman)

    Rendering of WeWork’s Brooklyn Navy Yard building (credit: S9 Architects/Perkins Eastman via New York YIMBY)

    New, unofficial renderings show what a new WeWork facility at the Brooklyn Navy Yard could look like.  [more]

  • 220 CPS: One-third of the condos sold after six weeks

    Vornado Realty Trust has commitments for $1.1B
    May 05, 2015 01:30PM By E.B. Solomont
    220CPS

    Rendering of 220 Central Park South (Credit: Neoscape)

    Enthusiastic buyers have snapped up more than a third of the condos at 220 Central Park South, developer Vornado Realty Trust said Tuesday. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    May 05, 2015 01:20PM

    1. Brokerages take gloves off
    2. LES prices push past $2,000 a foot
    3. Hamptons summer rentals reach $2M mark

    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]

  • Office upgrades “defining part” of Vornado’s Penn Plaza plans

    REIT also signs Swatch Group at St. Regis retail condo
    May 05, 2015 01:00PM By Rey Mashayekhi
    Vornado chair and CEO Steven Roth

    Steven Roth

    Upgrades to existing office inventory is the “defining part” of Vornado Realty Trust’s plans for the Penn Plaza district around Penn Station, chair and CEO Steven Roth said in the real estate investment trust’s first-quarter earnings call Tuesday.

    Roth, who was reluctant to offer “premature” comments on Vornado’s plans for the area, said the REIT “couldn’t be more excited about the opportunities” presented by what would be a significant investment in its massive portfolio there. [more]

  • Former Pier 17 tenants sue Howard Hughes over allegedly fake membership dues

    Nathan’s, other retailers claim landlord billed them for defunct group for 15 years
    May 05, 2015 12:30PM By Rich Bockmann
    From left: Sandeep Mathrani, Pier 17 at the South Street Seaport and David Weinreb

    From left: Sandeep Mathrani, Pier 17 at the South Street Seaport and David Weinreb

    A group of former tenants at the South Street Seaport’s Pier 17 is suing General Growth Properties and the Howard Hughes Corp., claiming the landlords intentionally squeezed the retail shops dry so they could throw them overboard in an attempt to redevelop the pier. [more]

  • Labor unions lobby to overhaul 421a tax program

    Rent regulation laws are set to expire on June 15, unless the State Legislature acts
    May 05, 2015 12:05PM
    From left: Mayor Bill de Blasio and a tenant protest against 421a tax breaks in front of One57

    From left: Mayor Bill de Blasio and a tenant protest against 421a tax breaks in front of One57 in Midtown

    Labor unions and contractors are lobbying to overhaul the 421a tax abatement program to guarantee higher wages for construction workers and help create more affordable housing. [more]

  • Charles Cohen’s empty 57th Street retail may be filled soon

    Ground-floor space at Midtown towers sat empty for years
    May 05, 2015 11:35AM
    From left: 465 Park Avenue, Charles Cohen and 135 East 57th Street

    From left: 465 Park Avenue, Charles Cohen and 135 East 57th Street

    Developer Charles Cohen has allowed two enormous retail spaces on East 57th Street to sit vacant for years — but those days could be over. [more]

  • Here’s what the $10M-$20M NYC investment sales market looked like last week

    Thor Equities buys Nolita retail; SMA Equities sells 210 Rivington Street
    May 05, 2015 11:10AM By Kyna Doles
    Thor

    From left: 185 Mott Street, 176 Bowery and Joseph Sitt

    From Thor Equities’ purchase of a Nolita retail building to Melvin Lev’s deal for Harlem rentals, here is a look at how New York City’s investment sales market for properties between $10 million and $20 million fared this week.

  • The Rabsky riddle

    Simon Dushinsky developing more Brooklyn apartments than almost anyone, but public sightings are still rare
    May 05, 2015 10:34AM By Mark Maurer

    Rabsky

    From the May issue: As the face of Brooklyn rapidly changes, the face of one of its most prolific developers remains shrouded in shadows. Real estate professionals have long relied upon LLCs and tight-lipped lawyers to shield them from public view. But few are as inconspicuous as Simon Dushinsky, who runs the Williamsburg-based Rabsky Group with his partner, Isaac Rabinowitz. [more]

  • The new Whitney Museum at 99 Gansevoort Street

    The new Whitney Museum at 99 Gansevoort Street

    This could be the fanciest treehouse in Brooklyn. Wellness center to replace former Art Bar in the East Village. The new Whitney Museum through excellent Instagram photos. Read these stories and more after the jump.

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