The Real Deal New York

  • Boerum Hill getting 34-room hotel

    Four-story structure to replace 1960s warehouse
    July 21, 2014 06:10PM
    489-Baltic-Street

    489 Baltic Street in Brooklyn

    Developer Alec Shtromandel, who is bringing the Union Hotel in Gowanus, has plans for another hotel in Brooklyn – this time in Boerum Hill.

    The four-story building at 489 Baltic Street, between Nevins and Bond streets, would hold 34 hotel rooms, according to plans filed late last week that were cited by BuzzBuzzHome. A 5,730-square-foot warehouse dating to the early 1960s currently occupies the 50-foot-by-100-foot site. Soho-based Kutnicki Bernstein Architects was hired to handle design. [more]

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    July 21, 2014 05:50PM

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  • Madison Realty and RWN snag two Harlem buildings for $30M

    Properties along the Frederick Douglass corridor have 30,000 sf of unused air rights
    July 21, 2014 05:30PM
    From left: Josh Zegen, 2053 Frederick Douglass Boulevard and 300 West 112th Street

    From left: Josh Zegen, 2053 Frederick Douglass Boulevard and 300 West 112th Street

    Madison Realty Capital has teamed with RWN Real Estate Partners to purchase a pair of buildings along Frederick Douglas Boulevard in Harlem for about $30 million. [more]

  • From left: Rendering of 98 Haven Avenue and the work-in-progress now

    From left: Rendering of 98 Haven Avenue and the work-in-progress now

    A little Hamptons “cottage” for $13M. Columbia Medical Center’s crazy curvy tower takes shape. St. Mark’s Bookshop makes Alphabet City debut on East Third Street. Read these stories and more after the jump.

  • Inside TheRealDeal
  • Assemblage of Chelsea commercial buildings asks $120M

    Massey Knakal marketing sites as two towers, possibly hotels
    July 21, 2014 04:45PM
    28th

    From left: 132 and 136 West 28th Street and James Nelson

    Landlord Frank Ng has listed an assemblage of adjacent buildings along West 28th Street in Chelsea for a total of $120 million.

    The sites at 132-144 West 28th Street, between Sixth and Seventh avenues, are zoned exclusively for commercial use. They offer about 240,000 square feet of buildable space. [more]

  • This month in real estate history: Historic mortgage recording tax takes effect

    A look back at some of New York City’s biggest real estate stories
    July 21, 2014 04:20PM By Adam Pincus
    Andrew Carnegie

    Andrew Carnegie

    From the July issue: A fundamental change in the way that real estate loans were taxed in New York state took effect 108 years ago this month, as a new law imposed a one-time mortgage-recording tax, replacing an annual tax on property debts.

    The state law took effect July 1, 1906, and imposed a one-time recording fee of 0.5 percent of the loan, to be paid by either the borrower or the lender. [more]

  • Urban Compass raises $40M from Salesforce CEO, others

    Despite industry skepticism, real estate tech startup now valued at $360M
    July 21, 2014 03:55PM By Hiten Samtani
    From left: Ori Allon, Joshua Kushner and Marc Benioff

    From left: Ori Allon, Joshua Kushner and Marc Benioff

    The industry’s collective puzzlement over Urban Compass just turned to befuddlement. Less than a year after raising $25 million from blue-chip investors such as Salesforce’s Marc Benioff and Condé Nast parent Advance Publications, the real estate technology startup announced this morning that it raised another $40 million, valuing the company at a staggering $360 million. The Series B funds came from mostly existing investors — including Benioff and Advance Publications. [more]

  • Charles Dayan to build luxury rentals at foreclosed Tribeca site

    358 Broadway purchased off auction block for $12M
    July 21, 2014 03:55PM By E.B. Solomont
    358 Broadway

    358 Broadway

    Developer Charles Dayan is looking to build an 18-story residential building in TriBeca, after the building’s previous owner lost the site to foreclosure.

    Dayan’s Bonjour Capital filed plans on Monday to build an 89-unit apartment building at 59 Franklin Place, which has an alternate address of 358 Broadway, according to property records. The plans came on the heels of an application in May to demolish the site’s existing, six-story building. “We’re putting [in] 100 units of luxury rentals,” Dayan told The Real Deal. He said because the N/Q/R subway line runs underneath the building, construction would be a “little bit more complicated. It will take one to two years.” [more]

  • Baby-stroller mogul in contract to sell Soho site for $50M

    Garage-turned-showroom and parking lot offer 36K buildable square feet
    July 21, 2014 03:45PM By Mark Maurer
    maclaren

    From left: Farzad Rastegar (credit: Peter Murphy), 146-150 Wooster Street, Maclaren stroller and rendering of MTM’s proposed rear facade

    Real estate investment firm KUB Capital is in contract to acquire a one-story Soho baby stroller store and adjacent parking lot for a total of $50 million, The Real Deal has learned. [more]

  • Shuttered reBar owner sentenced for grand larceny, tax fraud

    Jason Stevens also admitted to failing to collect $1.2M in sales tax
    July 21, 2014 03:35PM
    From left: Jason Stevens and reBar at 149 Front Street

    From left: Jason Stevens and reBar at 149 Front Street

    Jason Stevens, former owner of popular wedding venue reBar in Brooklyn, was sentenced to between three and 10 years in jail for stealing $200,000 in sales tax between 2009 and 2012 from the shuttered establishment. [more]

  • Flood regulations put regulated multifamily housing in catch-22

    Making buildings market rate could be the only way for landlords to fund upgrades, report says
    July 21, 2014 03:15PM
    New York City flood zones

    New York City flood zones

    New building requirements that protect against flooding have put landlords of public and regulated multifamily buildings in a catch-22 situation, according to a new report from the NYU Furman Center.

    New flood insurance rates imposed in the wake of Superstorm Sandy leave landlords with a tough choice: pay higher insurance premiums or embark on costly retrofits that would lower those premiums, the New York Observer reported. The dilemma affects 1,500 buildings with 90,000 units of public, subsidized or rent-stabilized housing. The report concludes that the only viable choice for many landlords is to make them market rate. [more]

  • 10 Sullivan Street’s $45M penthouse to be completed next year

    Unit atop 204-foot tower to have private pool, rooftop lounge and 23-foot ceilings
    July 21, 2014 02:50PM

    Full-floor living room rendering at 10 Sullivan Street

    The three-floor penthouse at Madison Equities and Property Markets Group’s 10 Sullivan Street will be completed next year and is asking $45 million. [more]

  • E&M pays $95M for land under Chelsea building

    Property on West 23rd has high maintenance costs
    July 21, 2014 02:25PM By Rich Bockmann
    101 w23

    101 West 23rd Street

    A Brooklyn-based multi-family investment and management firm shelled out $95 million earlier this month to acquire the land under a co-op building in Chelsea, public records show. [more]

  • Second Sterling Mason penthouse in contract for $23M

    Taconic Investment Partners to list 32-unit condo building’s third and final penthouse this week
    July 21, 2014 02:05PM By Julie Strickland
    Living room area in Penthouse B, now in contract for $23 million

    Living room area in Penthouse B, now in contract for $23 million

    Taconic Investment Partners unloaded the second of three penthouse units at their Sterling Mason condo development in Tribeca for the full asking price of $23 million, The Real Deal has learned. The developer is also bringing the property’s third and final Penthouse C to market with an asking price of $20 million later this week. … [more]

  • Silverstein’s 4 WTC snags first private sector tenant

    High-tech marketing firm MediaMath moving into brand new digs, takes 106K sf
    July 21, 2014 01:40PM
    4-wtc

    From left: 4 World Trade Center, Mary Ann Tighe and Jeremy Moss

    Marketing software developer MediaMath inked a 15-year lease for 106,000 square feet at Silverstein Properties’ 4 World Trade Center. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    July 21, 2014 01:15PM

    1. A sneak peek at the future of parks
    2. New hotel to replicate “authentic” NYC-style apartment
    3. For the cost of a Manhattan one-bedroom, an English mountain

    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]

  • Fighting Gowanus gentrification is futile: OPINION

    Critics of development ignore benefits, development supporters say
    July 21, 2014 12:50PM
    From left: Whole Foods, Brooklyn Boulders and Royal Palms Shuffleboard

    From left: Whole Foods, Brooklyn Boulders and Royal Palms Shuffleboard

    Artisanal ice cream parlors, rock gyms and shuffleboard clubs. All signs point to a losing battle for the enemies of Gowanus gentrification. [more]

  • Taxes are not driving the wealthy away from NYC: report

    Same percentage of rich and low-income residents left the city in 2012
    July 21, 2014 12:20PM
    From left: 15 Central Park West, Time Warner Center and The Plaza Hotel

    From left: 15 Central Park West, Time Warner Center and The Plaza Hotel

    A new report suggests that New York’s tax burden is not heavy enough to make the wealthy flee the city and state just yet. [more]

  • Eyeing internet leads, Realogy buys ZipRealty for $166M

    Public real estate conglomerate buying IT firm mostly for its lead-generating technology
    July 21, 2014 11:50AM
    From left: Richard Smith and Realogy headquarters in Madison, N.J.

    From left: Richard Smith and Realogy headquarters in Madison, N.J.

    Realogy Holdings — the public real estate conglomerate whose brands include the Corcoran Group, Citi Habitats and Sotheby’s International Realty — is buying technology company ZipRealty for $166 million. [more]

  • The red flags bankers see

    Debt-to-income ratios for home loans help banks gauge whether mortgage will be repayed
    July 21, 2014 11:25AM By Kenneth Harney
    red-flag

    (Credit: Shutterstock)

    Qualifying for a mortgage for large numbers of home purchasers not only is a tough challenge but one that ends unhappily — they get rejected.

    The reasons for the turndowns typically involve multiple factors: below-par credit scores, inadequate documented income to support the monthly payments, little or no savings in the bank. But a new survey by credit score giant FICO offers buyers a rare peek inside the heads of credit-risk managers at financial institutions across the country and in Canada. [more]

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