The Real Deal New York

  • State ethics commission clashed over real estate influence: report

    An investigation showed loyalists to Cuomo blocked efforts to subpoena industry board
    July 23, 2014 01:45PM
    From left: Andrew Cuomo and Steven Spinola

    From left: Andrew Cuomo and Steven Spinola

    An investigation shows that members of an anti-corruption commission and loyalists to Governor Andrew Cuomo clashed over efforts to look into the governor’s relationship with real estate professionals.

    The insight into the Moreland Commission came out after the New York Times released the results of a three-month investigation into the extent of the governor’s office’s efforts to block the panel’s information-gathering. [more]

  • Those old Verizon buildings in NYC? They’re condo towers now

    Luxury homes replacing telco's one-time tech spaces
    July 23, 2014 01:25PM
    verizon

    From left: 212 West 19th Street, 435 West 50th Street before conversion, and 140 West Street

    Verizon Communications sold 10 of its New York City properties over the past decade – most of which have been converted into brick, residential condominium towers. [more]

  • Demand for hotels in Brooklyn back up to pre-Sandy levels

    June of this year saw the first year-over-year increase since April 2013
    July 23, 2014 01:00PM
    Wythe Hotel

    Wythe Hotel

    Brooklyn’s demand for hotel rooms is back on track, continuing along an upward path toward pre-Superstorm Sandy highs. [more]

  • Business owners call for Crown Heights industrial zone revamp

    Area east of Barclays Center could accommodate new housing and light industry, advocates say
    July 23, 2014 12:35PM

    823 Bergen Street in Crown Heights

    Some building and business owners are calling on the city to rezone a portion of Crown Heights to allow residential properties to rise above light industrial facilities.

    The area just east of Barclays Center is dominated by one-story warehouses and garages due to zoning left over from an era when the neighborhood serviced rail lines along Atlantic Avenue, WNYC reported. But between October and March of this year, there were more apartment building sales transactions in Crown Heights than any other city neighborhood, according to Ariel Property Advisors data cited by the station. That residential demand is leading some to question whether the current zoning is still relevant, and if a plan for mixed-use properties would be a better option. [more]

  • Inside TheRealDeal
  • Andrew Bradfield to build residential building in Clinton Hill

    Orange Management boss bought site for $9.2M in December
    July 23, 2014 12:10PM By E.B. Solomont
    From left: Andrew Bradfield and

    Andrew Bradfield and a rendering of 502 Waverly Avenue

    Manhattan-based developer Andrew Bradfield is looking to Brooklyn for his next luxury condo project. [more]

  • City Planning to review 445K sf Staten Island Mall expansion

    General Growth Properties' plan calls for Macy's addition, supermarket, theater and garage
    July 23, 2014 11:50AM
    si-mall.jpg

    Staten Island Mall

    Chicago-based real estate investment trust General Growth Properties is slated to present its plans tomorrow to the Department of City Planning for the 445,000-square-foot expansion of the 85-acre Staten Island Mall.

    The shopping center at 2655 Richmond Avenue, located in the Heartland Village residential development, would gain several new buildings by 2017. [more]

  • Ridgewood Masonic Temple in Bushwick designated landmark

    Fraternal society uses 1920s-era venue for meetings, concerts
    July 23, 2014 11:25AM
    ridgewood-masonic

    1054 Bushwick Avenue in Bushwick

    The Landmarks Preservation Commission designated the Ridgewood Masonic Temple in Bushwick a city landmark yesterday in a unanimous decision.

    The Beaux-Arts structure was erected at 1054 Bushwick Avenue, near Gates Avenue, in 1920. Fraternal society the Freemasons uses the 15,000-square-foot space for meetings and parties. Bands such as Sleigh Bells and Lightning Bolt have performed in the first-floor theater in recent years, as previously reported. [more]

  • Former de Blasio campaign manager consulting for Airbnb

    Apartment-sharing site took on Bill Hyers months ago as it tweaks business model in NYC
    July 23, 2014 11:00AM
    From left: Bill Hayers and Airbnb website

    From left: Bill Hayers and Airbnb website

    Mayor Bill de Blasio’s former campaign manager has signed on as a consultant with Airbnb as the apartment-sharing website weathers challenges to its business model in New York City. [more]

  • Meet the landlord: Tom Lebling of Equity Residential

    Acquisition, development lifts real estate investment trust portfolio in New York area to 38 properties with 10,330 units
    July 23, 2014 10:30AM
    Tom Lebling

    Tom Lebling

    From the July issue: In this month’s meet the landlord feature, TRD talks to Tom Lebling of Equity Residential. He discusses how he got his start in real estate, the challenges he has faced as a landlord and his workload since Equity’s $9 billion acquisition of Archstone a little over a year ago. Click here to read more.

  • Brokerage manual reveals tricks of the trade in NYC

    One pithy tip from the guide: Engage clients in small talk, such as "Do you like the sun?"
    July 23, 2014 10:00AM

    A manual with tips for brokers has been revealed

    When is it appropriate for a broker to date a potential tenant? According to a real estate manual from an unnamed brokerage, not until “after we rent them and collect the broker’s fee.”

    The Guardian got its hands on that manual for real estate agents in New York City after it was left in one reporter’s apartment. Other advice includes: always get the client into the office and never show an apartment to a husband without his wife. [more]

  • 243 West 98th Street #7A

    243 West 98th Street #7A

    Doll-filled house, including a rent-stabilized tenant, lists for $1.3 million. Professional ropers inspect buildings from up close, 500 feet above the ground. Construction at One Soho Square underway. Read these stories and more after the jump.

  • Design of new High Line building revealed

    Soo Chan tapped as architect for Bauhouse Group's building on West 29th Street
    July 23, 2014 09:00AM
    Renderings for 515 West 29th Street

    Renderings for 515 West 29th Street

    The latest building to join the High Line has been revealed. [more]

  • 8 NYC sites that were razed before Landmarks panel could act

    Report says owners demolished buildings ahead of designation review
    July 23, 2014 08:30AM By Mark Maurer
    41-43 Bond Street

    41-43 Bond Street

    Nearly 30 buildings were spotlighted in the Greenwich Village Society for Historic Preservation’s recent report on landlords demolishing buildings after Landmarks Preservation Commission officials tipped them off.

    The advance notice allows landlords to push through demolitions before the landmarks process begin. Between 2002 and 2013, these situations span the city. Most of the buildings were altered, either with a new façade or a rooftop or the removal or a cornice. About eight of the sites were razed, including a historic townhouse making way for a condominium building or a historic factory building being replaced by a parking lot. Click here for a slideshow and more.

  • Madison Realty shells out $40M for Turtle Bay apartments

    Firm making flurry of trades in mid-sized market
    July 23, 2014 08:00AM By Hiten Samtani
    AaronJungreis361E51JoshZegen

    From left: Aaron Jungreis, 361 East 50th Street and Josh Zegen

    Madison Realty Capital closed on a six-story residential building in Midtown East’s Turtle Bay neighborhood for $40.2 million, The Real Deal has learned. [more]

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  • Scores strip club owner sues Deutsche Bank

    Investor claims German lender improperly backed out of $17M loan
    July 22, 2014 06:00PM By Adam Pincus
    Screen Shot 2014-07-22 at 5.34.47 PM

    610 West 46th Street (Photo credit: Google)

    A hardware magnate who is also an owner of the strip club Scores New York claims in a new lawsuit that commercial lender Deutsche Bank unfairly reneged on making a $17 million loan on several of his local commercial properties.

    Robert Gans, owner of Metropolitan Lumber & Hardware as well as Scores New York and Penthouse Executive Club, alleges in the lawsuit filed yesterday that the German-based lender — one of the most active commercial loan sources for Manhattan properties — declined to make the loan because Gans also owns the strip clubs. [more]

  • Residential conversion planned near Apollo Theater

    30-unit property to be located at Frederick Douglass Boulevard and West 125th Street
    July 22, 2014 05:45PM By Tom DiChristopher
    20140722_271_west_125th

    271 West 125th Street rendering

    Permits have been filed with the Department of Buildings to convert three floors of commercial office space at the corner of Frederick Douglass Boulevard and West 125th Street into 30 residential units. [more]

  • Rudin buys development rights from FiDi hotel

    Developer pays $7.7M to acquire almost 36K square feet near Sandy-damaged 110 Wall Street
    July 22, 2014 05:30PM By Rich Bockmann
    William Rudin and 110 Wall Street

    From left: William Rudin and 110 Wall Street

    Rudin Management, which was reportedly eyeing a residential conversion for its Superstorm Sandy-damaged office building at 110 Wall Street, purchased nearly 36,000 square feet of development rights from a neighboring FiDi hotel earlier this month.

    William Rudin’s firm paid $7.76 million – or about $217 per square foot – to acquire 35,815 square feet of development rights from the Eurostar Hotel at 129 Front Street, property records show. [more]

  • Bumper-to-bumper traffic may soon be the only way to get to East Hampton.

    Bumper-to-bumper traffic may soon be the only way to get to this spot in East Hampton.

    East Hampton’s troubled airport may soon close. New York has the country’s second-highest cost of living. Artists move deeper into Brooklyn and Queens. Read these stories and more after the jump.

  • Related to build nearly 50 condos at Tribeca development site

    Residential building is firm’s second deal to come from relationship with Ponte family
    July 22, 2014 04:50PM By Tom DiChristopher
    From left: Jeff Blau, 270 and 264 West Street

    From left: Jeff Blau, 270 and 264 West Street

    The Related Companies’ Tribeca project at the site of the former Ponte family restaurant will be a 152,000 square-foot condominium building with approximately 46 units at 268 West Street, a company spokesperson told The Real Deal. [more]

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