The Real Deal New York

  • Oh no he didn’t! Jimmy Van Bramer claims de Blasio “disrespected” him

    Politicians clashed over 209-unit Sunnyside development
    August 25, 2016 12:21PM
    Rendering of 50-25 Barnett Avenue (inset from top: Jimmy Van Bramer and Bill de Blasio)

    Rendering of 50-25 Barnett Avenue (inset from top: Jimmy Van Bramer and Bill de Blasio)

    You don’t disrespect Council member Jimmy Van Bramer and get away with it, according to Council member Jimmy Van Bramer. [more]

  • Sam Chang scoops up Holiday Inn LaGuardia for $38M

    Hotelier Michael Pomeranc owned the 214-key hotel since 1999
    August 25, 2016 11:56AM By E.B. Solomont
    Holiday Inn LaGuardia (inset: Sam Chang)

    Holiday Inn LaGuardia (inset: Sam Chang)

    Hotelier Sam Chang’s bet on the hotel market around LaGuardia Airport is taking flight. [more]

  • Toni Haber jumps to Compass after 27 years at Elliman

    Four-person team will join her at new firm
    August 25, 2016 11:20AM By Katherine Clarke
    From left: Toni Haber, Robert Reffkin and Dottie Herman

    From left: Toni Haber, Robert Reffkin and Dottie Herman

    Compass persuaded one of Douglas Elliman’s most longstanding brokers to join its ranks. [more]

  • Planning Commission questions affordable housing component of St. John’s Terminal project

    Commissioners also voiced concern over the size of the retail space
    August 25, 2016 10:51AM
    Rendering of Saint John's Terminal (Credit: COOKFOX)

    Rendering of Saint John’s Terminal (Credit: COOKFOX)

    Members of the City Planning Commission voiced concerns over the planned St. John’s terminal development at a hearing Wednesday. [more]

  • Inside TheRealDeal
  • NYC pols slam Port Authority over bus terminal

    Nadler, Brewer and others demand do-over of $10B plans
    August 25, 2016 10:19AM
    Jerrold Nadler, Gale Brewer and Corey Johnson

    Jerrold Nadler, Gale Brewer and Corey Johnson

    A group of New York City politicians penned a scathing critique of the Port Authority of New York and New Jersey’s controversial plans to replace its bus terminal on West 42nd Street, demanding that the agency overhaul its process. [more]

  • Widow of former Carlyle Hotel owner sues stepson amid inheritance battle

    Liliane Peck claims Ian Peck didn’t pay back $3M loan
    August 25, 2016 09:44AM
    The Carlyle Hotel at 35 East 76th Street

    The Carlyle Hotel at 35 East 76th Street

    The widow of former Carlyle Hotel owner Norman Peck is suing her late husband’s son for $3 million in unpaid loans, according to a report.

    The suit marks the latest twist in the battle over the Upper East Side hotel owner’s inheritance. Liliane Peck is suing as an executor of her late husband’s estate, claiming her stepson Ian Peck failed to pay back a loan meant to cover legal bills and a settlement with a hedge fund.

    A week ago, Ian had launched his own suit to get a bigger share of his father’s $41 million estate, according to the New York Post. [more]

  • The game changer coming to Bushwick

    Two projects at the Rheingold Brewery site are bringing at least 1,300 units
    August 25, 2016 09:04AM By Mark Maurer
    The Rheingold Brewery plant in 1976 and the excavated Rheingold site at 10 Montieth St.

    The Rheingold Brewery plant in 1976 and the excavated Rheingold site at 10 Montieth St.

    From the August issue: In mid-June, renderings for a Brooklyn developer’s sprawling 1 million-square-foot rental complex at the former Rheingold Brewery site were unveiled to the public. Set to be developed by Yoel Goldman TRData LogoTINY of All Year Management and designed by Gramercy-based architect firm ODA New York, the plan is modeled on a European village, showing as many as 900 apartments around interconnecting courtyards. In a wink at the site’s past, the amenities will include an urban rooftop farm with a “hop yard” for growing cultivars to be supplied to local craft brewers.

    While such splashy details drew attention, a few in the media also seized on the project’s suggestive name. “The development will be named ‘Bushwick II,’ presumably because the first version of Bushwick was so popular they couldn’t resist making a sequel, this time with twice the gentrification,” Gothamist cheekily noted. Over the past decade, the neighborhood has gone from an area dotted with bodegas, tenements and vacant factories to a cultural phenomenon that’s routinely name-checked by celebrities. [more]

  • City Hall publishes long-awaited Midtown East rezoning plan

    Proposal would allow developers to build up to 30% taller
    August 25, 2016 08:37AM
    Midtown East

    Midtown East

    Midtown East could reach new heights — literally. City Hall on Monday published a long-awaited draft proposal to rezone all of Midtown East, which would allow developers to build significantly taller than current rules permit. [more]

  • Bronx Borough President awarded $1.4M grant to developer who donated to campaign

    MJM Construction connected to $100k in donations to Diaz Jr.
    August 25, 2016 08:09AM

    Ruben Diaz Jr.

    Bill de Blasio isn’t the only New York City politician under scrutiny for campaign donations from developers. Bronx Borough President Ruben Diaz Jr. awarded a $1.4 million grant to a construction company in 2011 that was connected to $100,000 in donations to his campaign, according to a report.

    The company, MJM Construction, was picked to build a multifamily building on a vacant plot at Pelham Parkway. But MJM never actually received the money from the borough president’s 2011 capital budget because the project never got built. [more]

  • Chaim Miller’s portfolio unravels as old courtroom foes return with new claims

    Legal drama ends with bankruptcy auction for three Brooklyn buildings
    August 25, 2016 07:30AM By Kyna Doles

    From left: Proposed rendering of 271 Sea Breeze Avenue in Coney Island, Sergey Rybak and 96 Steuben Street in Clinton Hill

    In 2015, Chaim Miller owned over 1 million square feet of real estate across Manhattan and Brooklyn. But with at least 20 lawsuits filed against him in the last two years, the Brooklyn investor has been forced to sell some of his most valuable assets to satisfy judgements from lenders and ex-business partners. And it appears history is repeating itself. [more]

  • Qatar’s Empire State Building investment is rare move for foreign fund

    Sovereign wealth fund bought 9.9-percent stake in REIT for $622M
    August 25, 2016 07:00AM By Konrad Putzier
    From left: the Empire State Building and Abdullah bin Mohammed Al Thani

    From left: the Empire State Building and Abdullah bin Mohammed Al Thani

    The Qatar Investment Authority’s acquisition of a 9.9-percent stake in Empire State Realty Trust, announced Wednesday, is an unusual move for a sovereign wealth fund. But it offers several advantages, analysts say. [more]

  • Most popular stories on The Real Deal

    August 25, 2016 06:41AM

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    5. Blackstone to finance $620M Kips Bay Court buy with Fannie Mae loan

  • Slate to sell Bedford-Union Armory stake amid City Hall pressure

    De Blasio pledged a “hard look” at developer after Rivington House scandal
    August 24, 2016 06:00PM
    Bedford-Union Armory in Crown Heights (inset from left: Donald Capoccia and David Schwartz)

    Bedford-Union Armory in Crown Heights (inset from left: Donald Capoccia and David Schwartz)

    Slate Property Group agreed to sell its stake in the Bedford-Union Armory development in Crown Heights to BFC Partners amid pressure from City Hall. [more]

  • Late journalist Barbara Goldsmith and developer Michael Meldman

    Late journalist Barbara Goldsmith and developer Michael Meldman

    Home of late journalist Barbara Goldsmith slashed to $6 million
    Two months after the death of the author and founding editor of New York Magazine, Barbara Goldsmith’s children have slashed the price of her former 1.1-acre East Hampton estate to a sliver below $6 million — that’s $4.5 million cheaper than its original listing price of $10.5 million. The 5,000-square-foot home at 86 Georgica Road has been on and off the market since 2013, the New York Post reported. The listing brokers are Douglas Elliman’s Justin Agnello, Michaela Keszler and James Keogh. The estate includes five bedrooms, 4.5 bathrooms, three fireplaces, a chef’s kitchen and a terrace that overlooks the grounds. [NYP] [more]

  • Inside the Hudson Yards financing playbook

    Breaking down the investments at Related and Oxford’s megaproject
    August 24, 2016 04:37PM By E.B. Solomont

    Related and Oxford have raised $14B at Hudson Yards (Illustration by Lexi Pilgrim for The Real Deal)

    After four months of negotiating to buy a 44 percent stake in 10 Hudson Yards, a twist of fate kept Christoph Donner stranded in Los Angeles on the day of the closing.

    “I was dialed in via email and phone,” the top real estate executive for Allianz said, recalling the culmination of the German insurer’s largest-ever real estate investment in the United States.

    But if the closing was anticlimactic for Donner, the deal itself was a robust endorsement of Hudson Yards, the $25 billion, 17 million-square-foot development by Related Companies TRData LogoTINY and Oxford Properties Group. Despite headwinds in the capital markets, the partners have locked up about $14 billion in debt and equity for the project to date. [more]

  • Commercial units make up a third of Airbnb hosts’ revenue: report

    Profit motive could push startup to focus more on “commercial units”
    August 24, 2016 03:54PM
    Map of Airbnb listings (credit: Inside Airbnb)

    Map of Airbnb listings (credit: Inside Airbnb)

    While commercial listings on Airbnb make up a tiny sliver of the total units available, they do account for an outsized portion of profits – and that could motivate the controversial startup to focus more on those commercial listings as it grows.

    Commercial listings — or units that are rented at least 180 days a year — make up 8 percent of the more than 30,000 units listed on Airbnb in New York City, according to an analysis by the data blog FiveThirtyEight. [more]

  • From the August’s issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate:

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    To read other smart and/or funny sayings, click here for the full feature.

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    August 24, 2016 02:30PM By Kyna Doles
    Marcus & Millichap and NYU Furman Center

    Click to enlarge (credit: Marcus & Millichap and NYU Furman Center)

    According to the latest batch of market reports, more than 30,000 new rental units are coming to the market by the end of the year, New York City’s homeownership rate is less than half the U.S. rate and most condominium buyers prefer all-cash deals. [more]

  • Robert Durst to be subject of Lifetime TV movie

    Film to be told from late wife's perspective
    August 24, 2016 02:12PM
    RobertDurstCloseup

    Robert Durst (credit: HBO)

    Robert Durst is about to get the Lifetime treatment. [more]

  • Hedge funds looking for big payday on defaulted mortgage bonds

    Prosiris and Tilden Park sued to get share of $8.5B settlement
    August 24, 2016 01:16PM
    Reza Ali and Joshua Birnbaum

    Reza Ali and Joshua Birnbaum

    Two hedge fund managers are hoping for a big payday on defaulted pre-crisis mortgage bonds by capitalizing on legal fine print.

    The funds, Prosiris Capital Management and Tilden Park Capital Management, bought defaulted bonds issued prior to the 2008 crash by Countrywide Financial Corp, now part of Bank of America. In 2011, Bank of America settled with the bond investors, agreeing to pay $8.5 billion to cover their losses. Most of that money has been distributed to investors like BlackRock and AIG, but around $600 million has yet to be spent. [more]

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