The Real Deal New York

  • WATCH: Here’s what the Moynihan Train Hall will look like

    Gov. Andrew Cuomo unveiled new looks for the $1.6B redevelopment
    September 27, 2016 06:20PM By Alistair Gardiner

    Moynihan 2

    “Penn Station is the train version of LaGuardia,” Gov. Andrew Cuomo said during a press conference on Tuesday, before referring to the Manhattan transit hub as “decrepit” and an “affront to passengers.” Cuomo went on to unveil plans for the new Moynihan Train Hall, which will be redeveloped from the existing James A. Farley Post Office. To see all the renderings, watch the video here.

  • Anbang closes on acquisition of Essex House, 14 Strategic properties

    The Chinese insurer will buy 15 of 16 hotels from $6.5B portfolio
    September 27, 2016 06:10PM
    Anbang's Wu Xiaohui and Essex House

    Anbang’s Wu Xiaohui and Essex House

    Anbang Insurance Group closed on its acquisition of the Strategic Hotels & Resorts portfolio from the Blackstone Group. The Chinese insurance company bought 15 of 16 of the U.S. properties, which includes the iconic Essex House at 160 Central Park South. [more]

  • Japan’s Toyoko Inn files plans for first US hotel in LIC

    50-story tower on Jackson Avenue is slated to span 261K sf
    September 27, 2016 05:55PM By Miriam Hall
    h29h1 copy

    Toyoko Inn (credit: Toyoko Inn) and 24-09 Jackson Avenue in Long Island City (credit: Google Maps)

    Japan’s Toyoko Inn is moving ahead with plans for a massive hotel in Long Island City — its first in the U.S. — after initially toying with the idea in 2010.

    The hotel chain filed plans Tuesday to build a 50-story, 261,000-square-foot hotel at 24-09 Jackson Avenue, according to a permit application. [more]

  • Virtual golf and a tween lounge are coming to the tallest planned resi building on UWS

    Amenities abound at SJP Properties and Mitsui Fudoson's 200 Amsterdam Ave
    September 27, 2016 05:30PM By Chava Gourarie

    Rendering of 200 Amsterdam Avenue

    Permits filed Tuesday for the planned 51-story condominium tower at 200 Amsterdam Avenue reveal a ritzy list of amenities.

    SJP Properties and Mitsui Fudosan’s building, slated to be the tallest building on the Upper West Side, will have one entire floor devoted to fitness and offer virtual golf, a yoga studio, a pool, a sauna and salt rooms, permit filings reveal. Another floor will be dedicated to other forms of leisure, with plans for a conservatory, rehearsal room, club room and a tween lounge, according to the documents. [more]

  • Inside TheRealDeal
  • Lending constraints put the squeeze on LA developers

    Debt funds are among the capital sources builders are increasingly turning to as banks retreat
    September 27, 2016 05:00PM By Matthew Egan
    Work on DTLA’s Wilshire Grand, which will become the tallest building west of the Mississippi when it is completed in 2017.

    Work on DTLA’s Wilshire Grand

    From the Southern California Market Report: Developers plotting to build in the hot Los Angeles market are bracing for tighter lending conditions, even for projects backed by robust supply-demand fundamentals.

    Banks, the traditional source of construction financing, are in retreat due to a more conservative lending approach and new pressure from regulators. Developers who do secure bank loans have been required to put up more equity, accept higher borrowing rates and provide stronger guarantors, industry insiders tell The Real Deal. Builders have also found nonrecourse loans from banks to be elusive in this more cautious environment.

    “Construction lending is much more difficult than it was last year,” said Chris Casey, an L.A.-based managing director in JLL’s real estate investment banking group. [more]

  • Kelsey Grammer teams up with neighbor to list their Chelsea condos for $20M

    He and Larry Mueller's apartments at 100 Eleventh Avenue comprise the entire 19th floor
    September 27, 2016 04:15PM By Isabel Schwab
    kelsey-grammer

    Kelsey Grammer and 100 Eleventh Avenue (photo credit: Tenebrae via Wikipedia)

    From Luxury Listings NYC: What do you do when you can’t sell your apartment? If you’re Kelsey Grammer, you team up with your next-door neighbor, tech CEO Larry Mueller, to try to sell your condos together. The pair listed a combined apartment at the Jean Nouvel-designed building at 100 Eleventh Avenue on Monday for $19.6 million total. [more]

  • Menachem Stark’s attacker found guilty of kidnapping, murder

    The Brooklyn landlord’s killer faces 25-to-life
    September 27, 2016 03:45PM
    From left: Menachem Stark and Kendel Felix

    From left: Menachem Stark (credit: Eli Wohl) and Kendel Felix

    A Brooklyn court found Kendel Felix guilty of kidnapping and killing landlord and developer Menachem Stark during a snowstorm in 2014.

    Stark was abducted outside his Williamsburg office and suffocated inside a minivan when one of his attackers sat on him. His scorched body was found in a dumpster near a Long Island gas station two days later.

    Felix, a construction worker who worked on Stark’s properties, was the driver of the minivan, prosecutors said. He was convicted on charges of second-degree murder and first-degree kidnapping and sentenced to 25 years to life in prison. [more]

  • Capital One in talks to take 80K sf from Publicis at 11 West 19th

    Division of Big Four ad giant put Midtown South space on sublease market earlier this year
    September 27, 2016 03:20PM By Rich Bockmann
    unnamed-1 copy

    Interior of 11 West 19th Street office space (credit: CoStar)

    Capital One has a deal pending to take nearly 80,000 square feet of turnkey sublet space in Midtown South. [more]

  • Debate night from inside Trump Bar

    TRD visits Fifth Avenue’s Trump Tower on the night of his first showdown with Hillary Clinton
    September 27, 2016 03:03PM By Will Parker
    Hillary Clinton and Donald Trump

    Hillary Clinton and Donald Trump

    It was about an hour before the start of presidential debate when a tatted-up waiter snaked through a modest crowd at Trump Bar inside Trump Tower. [more]

  • ICS-see you later, Giuliani

    Rudy booted as keynote speaker at December NYC conference over Trump support
    September 27, 2016 02:11PM
    The Javits Center (inset from top: Kevin Plank and Rudolph Giuliani)

    The Javits Center (inset from top: Kevin Plank and Rudolph Giuliani)

    What a difference two years can make. The International Council of Shopping Centers, which paid Donald Trump $50,000 to give the keynote speech at its New York City conference in 2014, has booted former Mayor Rudolph Giuliani as this year’s top speaker over his support for the controversial presidential candidate. [more]

  • Comeback kids: Related, Vornado win bid for Moynihan Train Hall redevelopment project

    Redevelopment expected to cost $1.6B
    September 27, 2016 01:48PM By Kathryn Brenzel
    Rendering of the Farley Post Office (inset: Stephen Ross and Steven Roth)

    Rendering of the Farley Post Office (inset: Stephen Ross and Steven Roth)

    After the state kicked them off the Moynihan Train Hall project earlier this year, the Related Companies and Vornado Realty Trust are back. [more]

  • Site made vacant by East Village gas explosion sells for $6M

    It sold for $4M under ask
    September 27, 2016 01:10PM By Kathryn Brenzel
    123 Second Avenue

    123 Second Avenue before the March 2015 blast

    The former site of a five-story rental building destroyed in the fatal Second Avenue gas explosion sold for $6 million, nearly $4 million less than its original ask.

    The buyer, according to records filed with the city on Tuesday, is Ezra Wibowo. Owner George Pasternak started marketing the East Village property in March, with a listing price of $9.7 million. The site, according to the New York Post, has up to 10,000 buildable square feet for condo or rental development with a commercial overlay.

    Compass brokers Sarah Kruse and Gabriele Sewtz had the listing. Kruse and Sewtz did not immediately respond to calls seeking comment. Wibowo could not immediately be reached for more information on his plans for the property. [more]

  • Hirschfeld buys 40-unit Yorkville building for $23M

    The six-floor walk-up also has two storefronts
    September 27, 2016 12:50PM By Chava Gourarie
    1771 First Avenue and Elie Hirschfeld

    1771 First Avenue and Elie Hirschfeld

    Hirschfeld Properties bought a 40-unit rental building at 1771 First Avenue on the Upper East Side for $22.8 million or $1,054 per square foot, according to documents filed with the city Tuesday.

    Hirschfeld purchased the 21,640-square-foot walk-up from Abraham Daniel’s A.D. Real Estate, which picked up the building two years ago for $14.5 million.

    The six-story Yorkville building between 91st and 92nd streets has two storefronts and 40 rental units, 28 of which are rent stabilized, according to Reonomy. The apartments will add to Hirschfeld’s portfolio of over 1,000 residential units throughout the city. [more]

  • Skyline Developers secures $100M to refi 1040 Sixth Avenue

    Prudential provides new mortgage for 23-story Garment District office building
    September 27, 2016 12:30PM By Miriam Hall

    1040 Sixth Avenue and Orin Wilf

    Skyline Developers landed a $100 million loan from Prudential to refinance its 23-story Garment District office building at 1040 Sixth Avenue, according to property records filed with the city Tuesday.

    The loan consolidates an existing mortgage from Bank of America and includes an additional $37.8 million. [more]

  • Rent-stabilized tenant claims Chelsea super tried to kill her

    Sylvia Rivera alleges landlord Joseph Kizner ordered super to scare tenants into moving out
    September 27, 2016 12:00PM
    317-321 West 21st Street

    317-321 West 21st Street

    The superintendent of a Chelsea apartment building attempted to kill a 73-year-old resident after the landlord instructed him to harass tenants, according to a new civil suit filed in Manhattan Supreme Court.

    The plaintiff, Sylvia Rivera, a resident of the 20-unit building at 317-321 West 21st Street for more than 40 years, is suing the super Noe Ortega and landlord Joseph Kizner for the alleged attack, which she claims was an escalation of the landlord’s campaign to harass residents into moving out.

    According to the suit, on July 7, following an argument Ortega dragged Rivera to the basement, beat her and then attempted to kill her three different ways: strangling her with a plastic bag, choking her with a broomstick and then with his hands. [more]

  • Release the hounds: Attack email targets Compass, alleging number fudging and toxic work culture

    16-page presentation anonymously sent to brokerage chiefs and agents
    September 27, 2016 11:33AM By Katherine Clarke
    (Inset from top: Robert Reffkin and William Gilbert)

    A screenshot of the presentation (Inset from top: Robert Reffkin and William Gilbert)

    Forget Decision 2016. The real estate world is dealing with its own version of a political attack ad.

    A 16-page presentation and YouTube video sent to a string of brokerage chiefs and agents across New York and Los Angeles last weekend took aim at Compass, saying the venture capital-backed brokerage poached agents, artificially inflated its valuation to north of $1 billion and stole data from other companies. [more]

  • Ex-Douglas Elliman broker who called police “poor” pleads guilty to drunken driving

    Liridona Selimaj reportedly told cops they "picked on" her because she drove an expensive car
    September 27, 2016 10:55AM
    Liridona Selimaj

    Liridona Selimaj

    A former Douglas Elliman broker pleaded guilty to charges of driving while intoxicated and was ordered to install an ignition interlock device on her car, complete a drunk-driving program and pay a $500 fine.

    Liridona Selimaj, 28, was pulled over on the Henry Hudson Parkway at around 1 a.m. on June 2 when officers saw her swerving. On Monday, she took a plea deal, according to the New York Post.

    Prosecutors said Selimaj told police she was not drunk at the time. “You’re picking on me because I was driving an expensive car. You make no money, and you’re poor — you’re picking on rich people,” Selimaj allegedly told the officers. “I had one drink. I’m not taking your test, so take me to jail. I’ve been through this before.” [more]

  • Why landlords could soon have a much tougher time evicting poor tenants

    NYC could be first jurisdiction in US to guarantee lawyers for low-income residents
    September 27, 2016 10:09AM
    Illustration of Lawyers outside of the Bronx Housing Civil Court

    Illustration of lawyers outside of the Bronx Housing Civil Court

    Evicting tenants may soon prove a lot more challenging for New York City landlords. The City Council is considering a bill that would automatically provide lawyers to all low-income residents facing eviction proceedings.

    Tenants who make below 200 percent of the federal poverty line would qualify for a city-sponsored lawyer under the terms of the bill, which was heard Monday by the Council.

    That means a single person who earned under $23,540 would be eligible, as would a family of four living on less than $48,500. The bill is widely expected to pass a City Council vote, though the de Blasio administration hasn’t yet endorsed it. An estimate from an independent advisory firm estimated that it would cost the city $200 million a year to provide representation to low-income tenants facing eviction. [more]

  • Cuomo offers financial aid to those picking up after Chelsea bombing

    Gov. plans to give grants to cover gaps in insurance
    September 27, 2016 09:37AM
    131 West 23rd Street and Andrew Cuomo

    131 West 23rd Street and Andrew Cuomo

    The governor’s office plans to step in and help residents and business owners affected by the explosion on 23rd Street in Chelsea where their insurance falls short.

    Staffers from the state Department of Financial Services worked out of a van last week helping locals file insurance claims and apply for state grants, Crain’s reported. [more]

  • Deputy Mayor Tony Shorris to testify at City Council hearing on Rivington House

    Line of communication over $116M sale broke down
    September 27, 2016 09:15AM
    Rivington House at 45 Rivington Street and Anthony Shorris

    Rivington House at 45 Rivington Street and Anthony Shorris

    First Deputy Mayor Tony Shorris is expected to testify at a City Council hearing Thursday over the city-enabled sale of the Rivington House nursing home to Slate Property Group, Adam America Real Estate and China Vanke in a scandal that’s embroiled Mayor Bill de Blasio’s administration. [more]

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