The Real Deal New York

  • Brooklyn I-sales dollar volume up 74% in first half of year

    Multifamily market holds firm with 60 percent of borough's $5.3B in deals
    July 27, 2015 06:10PM By Mark Maurer
    Ariel Property

    Brooklyn 2015 transaction map (credit: Ariel Property Advisors)

    Brooklyn investment sales climbed by 74 percent year-over-year, according to a new mid-year report from Ariel Property Advisors. [more]

  • Cuomo plans demolition, redevelopment of LaGuardia Airport

    First phase of $4B construction will demolish terminal B and create single, integrated structure
    July 27, 2015 05:50PM
    From left: Rendering of TWA Flight Center Hotel at JFK Airport (Credit: MCR Development) and LaGuardia Airport

    From left: Rendering of TWA Flight Center Hotel at JFK Airport (Credit: MCR Development) and LaGuardia Airport

    Governor Andrew Cuomo announced an overhaul of LaGuardia Airport that will transform the airport into one terminal with expanded transportation access and improved amenities for its passengers, according to an announcement from the governor’s office. [more]

  • Aby Rosen’s RFR pays $26M for Soho homeless shelter

    RKF seeking retail tenant for 350 Lafayette
    July 27, 2015 05:40PM By Rey Mashayekhi
    Aby Rosen and 350 Lafayette Street in Soho

    Aby Rosen and 350 Lafayette Street in Soho

    Aby Rosen’s RFR Holding bought a four-story building at 350 Lafayette Street in Soho for $26 million, according to property records filed with the city Monday.

    RFR closed on the purchase of the roughly 15,000-square-foot building July 16 from Admar Group, a New Jersey-based marketing consulting firm that also owns real estate properties around the country. The building, located on the corner of Lafayette and Bond streets, currently houses a 43-bed homeless women’s shelter. [more]

  • Holy Ghost! musician buys Williamsburg building for $2.6M

    Nick Millhiser purchases 161 Manhattan Avenue
    July 27, 2015 05:03PM By Tess Hofmann
    161 Manhattan Avenue in Williamsburg (inset: From left, Nick Millhiser and Alex Frankel)

    161 Manhattan Avenue in Williamsburg (inset: From left, Nick Millhiser and Alex Frankel)

    One half of the Brooklyn-based synthpop duo Holy Ghost! picked up a three-story Williamsburg apartment building for $2.6 million, according to property records filed with the city on Monday. [more]

  • Inside TheRealDeal
  • Rental market didn’t meet the hype

    Million-dollar pads sit empty as more people choose to buy in the Hamptons
    July 27, 2015 04:30PM By Elaine Pofeldt
    The interior of the Sandcastle Estate

    The interior of the Sandcastle Estate

    From the July issue: After all the hype around record rental pricing in the Hamptons at the beginning of the season, some property owners who were hoping to bring in the big bucks for their mansions were disappointed. In fact, with a growing number of people choosing to purchase a summer home this year, several rentals hit the discount bin. [more]

  • The Donald may have reviewed controversial construction contract at Trump Soho

    Worker at Sapir-owned property fell 40 stories to his death in 2008
    July 27, 2015 04:05PM
    Donald Trump and the Trump Soho at 246 Spring Street

    Donald Trump and the Trump Soho at 246 Spring Street

    Donald Trump may have been more involved in the 2008 death of a construction worker at the Sapir Organization’s Trump Soho hotel than he originally let on. [more]

  • Financial problems plague NYC halfway house provider

    Roughly 800 Narco Freedom residents could be forced to find new homes
    July 27, 2015 03:36PM
    Alan and Jason Brand and a Narco Freedom home in the Bronx

    Alan and Jason Brand and a Narco Freedom home in the Bronx

    Narco Freedom, one of the city’s largest chains of “three-quarter” halfway houses, is on the verge of bankruptcy. [more]

  • Benchmark close to $40M buy of Brooklyn Heights rental

    DLJ flipping 12-story Monroe Place building
    July 27, 2015 03:05PM By Mark Maurer
    25 Monroe Place Brooklyn

    From left: 23-25 Monroe Place in Brooklyn Heights, Benchmark’s Jordan Vogel and Aaron Feldman, and DLJ’s Chip Andrews

    In a departure from its recent selling spree, Benchmark Real Estate Group is close to buying a 12-story Brooklyn Heights rental building for north of $40 million, a property that changed hands little more than a year ago. [more]

  • With $109M in VC funding, LendingHome takes on mortgage market

    California-based lending platform offers alternative to crowdfunding
    July 27, 2015 02:41PM By Konrad Putzier
    Herbert

    From left: LendingHome’s co-founders Matt Humphrey and James Herbert

    LendingHome may be the biggest real estate tech startup most New Yorkers have never heard of.

    The mortgage-lending marketplace, founded in 2013, has raised $109.3 million in venture funding from firms like Renren – placing it among the real estate industry’s richest startups. That fact alone should make LendingHome the talk of the town. So why isn’t it?

    One likely reason is that the San Francisco-based firm only just launched in New York, on July 16, and hasn’t financed any deals here to-date. But it’s also perhaps because of its focus: while other real estate startups are developing 3D technologies and cloud computing solutions for the Big Apple’s biggest landlords, LendingHome focuses on financing what is arguably the least flashy asset class in real estate: non-owner-occupied, single-family properties. [more]

  • Michael Bloomberg buys $26.5M mansion in London

    Seven-bedroom home along Thames was once owned by author George Eliot
    July 27, 2015 01:50PM
    From left: Michael Bloomberg's new mansion on Cheyne Walk in London and Michael Bloomberg

    From left: Michael Bloomberg’s new mansion on Cheyne Walk in London and Michael Bloomberg

    Roughly three months after rumors — or should we say rumours? — circulated about former New York City mayor Michael Bloomberg’s plans to apply for the same job in London, he has bought a sprawling estate along the River Thames for nearly $26.5 million, or £17 million. [more]

  • BLDG wants to tear down Coliseum theater, build retail center

    Renderings show new building on site of historic Washington Heights theater
    July 27, 2015 01:15PM
    Rendering of

    Rendering of 701 West 181st Street in Washington Heights (inset: Lloyd Goldman)

    Lloyd Goldman’s BLDG Management could soon replace the historic Coliseum movie theater in Washington Heights with a 70,000-square-foot shopping center. [more]

  • Late landlord’s daughters to be rewarded for marriage, babies born in wedlock

    Daughters of Maurice Laboz were left $10M apiece
    July 27, 2015 12:45PM
    From left: Victoria, Marlena and Ewa Laboz (source: Instagram)

    From left: Victoria, Marlena and Ewa Laboz (source: Instagram)

    With great wealth comes great responsibility — and sometimes, great power-tripping. [more]

  • 909 Monroe Street on the Lower East Side

    909 Monroe Street on the Lower East Side

    City Council member Corey Johnson to host “rat academy”. Lower East Side church shutters after 90 years. Two new Brooklyn Bridge Park sections opening soon. Read these stories and more after the jump.

  • Ruth family spending $35M on Meatpacking building

    Trump Plaza deal funding purchase
    July 27, 2015 11:45AM By Rey Mashayekhi
    344 West 14th Street in the Meatpacking District (inset, from left: Joseph Koicim and Peter Von Der Ahe)

    344 West 14th Street in the Meatpacking District (inset, from left: Joseph Koicim and Peter Von Der Ahe)

    The Ruth family is using proceeds from its sale of the land beneath Trump Plaza to acquire a mixed-use residential building in the Meatpacking District for $35 million. [more]

  • Testing center inks lease in Jamestown’s 1250 Broadway

    Prometric Inc. will take approximately 12K sf
    July 27, 2015 11:15AM
    1250 Broadway near Penn Station

    1250 Broadway near Penn Station

    Testing services company Prometric Inc. signed on to take 11,600 square feet in Jamestown Management’s office property at 1250 Broadway.

    Prometric, which administers professional licensing exams and provides test development services, will occupy the 25th floor of the 39-story building, the Wall Street Journal reported. The building recently underwent a $3 million renovation. [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)
    July 27, 2015 10:45AM

    CityRealty July27

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

  • 23 contracts signed at $4 million and up last week

    Top deal was William Randolph Hearst penthouse on the Upper West Side
    July 27, 2015 10:15AM
    Average asking price (red) and contracts signed (blue)

    Average asking price (red) and contracts signed (blue)

    Last week saw 23 contracts signed at $4 million and above, with the two priciest deals both being Upper West Side co-ops in historic buildings, according to the latest Olshan luxury market report.

    The average asking price for luxury homes also jumped from $7.1 million in the previous week to $9.7 million, reversing a downward trend since January.

    [more]

  • Brooklyn: “Like a desert with no cactus”

    Despite strong demand for condos, pipeline in borough is pumping out more rentals
    July 27, 2015 09:40AM By Tess Hofmann
    The 278-unit 550 Vanderbilt

    The 278-unit 550 Vanderbilt

    From the July issue: Condo buyers in Brooklyn are in for a rude awakening for the next few years.

    While there are plenty of new development rentals to choose from, the pipeline of for-sale units in the already inventory-starved borough is paltry. [more]

  • NYC’s biggest development foes

    Meet some of the city’s most visible preservationists
    July 27, 2015 09:09AM
    Gale Brewer and Andrew Berman

    Gale Brewer and Andrew Berman

    While ever-taller, ever-faster new development in New York City seems to be par for the course these days, a crop of powerful anti-development voices work behind the scenes to slow things down.

    The city’s biggest development foes include Michael Gruen, the attorney who led the charge to stop the Willets West shopping mall based on the argument that it was to be built on public parkland. [more]

  • UWS affordable housing board sued by tenants

    Management of 13-19 West 106th Street accused of corruption
    July 27, 2015 08:31AM
    13-19 West 106th Street on the Upper West Side

    13-19 West 106th Street on the Upper West Side

    The board of an affordable housing co-op on the Upper West Side is being accused of nepotism and mismanaging funds in a new lawsuit filed by tenants.

    The suit claims that board members at 13-19 West 106th Street, a 54-unit building, have racked up $143,000 in back taxes and $70,000 in water and sewer charges, all while paying themselves handsomely for their duties, DNAinfo reported. The president, vice president and secretary/treasure have collected monthly salaries of $1,600, $1,000 and $650 respectively since 2006, according to court papers. [more]

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