The Real Deal New York

  • Current reader favorites:
    1. How common are NYC’s poor doors?: PHOTOS
    2. Urban Compass raises $40M from Salesforce CEO, others
    3. Top of the market is extremely crowded: Kushner, Naftali
    4. Manhattan’s top listing agents: PHOTOS
    5. E&M pays $95M for land under Chelsea building

  • 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]

  • Inside TheRealDeal
  • 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]

  • By the numbers: The retail space “workout”

    Fitness centers eat up increasing amount of storefront space in five boroughs
    July 22, 2014 04:30PM By Sasha von Oldershausen
    SoulCycle

    SoulCycle

    From the July issue: Fitness centers come standard in most new residential condos these days, but that isn’t slowing the spread of gyms and other fitness-related businesses throughout the five boroughs. Seven of the 20 largest retail leases in Manhattan last year went to fitness facilities like Equinox, Crunch and Planet Fitness, The Real Deal reported in January. [more]

  • SL Green’s 1 Vanderbilt gets mixed reviews at Landmarks meeting

    Some commissioners lauded design, others chided "hollow gesture" to Grand Central Terminal
    July 22, 2014 04:15PM
    1 Vanderbilt rendering (Kohn Pederson Fox)

    1 Vanderbilt rendering (Kohn Pederson Fox)

    Opinions on SL Green’s 1 Vanderbilt were mixed at a meeting on Tuesday of the Landmarks and Preservation Commission, which sought to weigh in on the design of the 65-story building’s base and its effect on Grand Central Terminal. [more]

  • Robert Durst urinated on CVS cash register: cops

    Estranged member of real estate family charged with criminal mischief
    July 22, 2014 03:50PM
    durst

    Robert Durst

    Robert Durst, an estranged member of the Durst real estate family, was arrested Sunday for allegedly exposing himself and urinating on a cash register at a CVS in Houston. The 71-year-old Texas millionaire was charged with criminal mischief. Police said he paid for his prescription prior to exposing himself.

    “There was no argument,” a spokesperson for the Houston Police Department told the New York Daily News. “He did not seem agitated, he did not argue with anyone. He just casually walked out of the business.” [more]

  • Top of the market is extremely crowded: Kushner, Naftali

    Developers discuss changing role of brokers at panel event
    July 22, 2014 03:25PM By Hiten Samtani
    From left: Jared Kushner, Miki Naftali and Leonard Steinberg

    From left: Jared Kushner, Miki Naftali and Leonard Steinberg

    Developers Miki Naftali and Jared Kushner, as well as top Downtown broker Leonard Steinberg, spoke today to a standing-room-only crowd at the Lower East Side’s New Museum during a panel discussion on the future of real estate. The discussion kicked off with a look at the state of Manhattan’s luxury market. [more]

  • Leroy Schecter gets $28M for Miami Beach manse

    New Jersey-based steel magnate unloads property at $17M below ask
    July 22, 2014 03:15PM By Eric Kalis
    12 Indian Creek Drive, Miami Beach

    12 Indian Creek Drive, Miami Beach

    From the South Florida site: Steel magnate Leroy Schecter got $28 million for his waterfront Miami Beach mansion, The Real Deal has learned. [more]

  • High-end Riverdale market lags despite citywide rebound

    Western Bronx neighborhood saw 30 percent fewer top-tier sales from 2009-2013
    July 22, 2014 02:50PM
    From left: 4941 Arlington Avenue, 5000 Iselin Avenue and 421 West 250th Street in Riverdale

    From left: 4941 Arlington Avenue, 5000 Iselin Avenue and 421 West 250th Street in Riverdale

    While the New York City luxury real estate market has long bounced back since the recession, one high-end corner of the Bronx still lags behind. [more]

  • Court tosses suit against Malkins in Empire State Building row

    Judge says family has immunity from suits due to earlier $55M settlement
    July 22, 2014 02:27PM
    From left: Anthony Malkin and Empire State Building

    From left: Anthony Malkin and the Empire State Building

    A Manhattan judge dismissed a suit brought against the Empire State Building’s managers by investors, who claim they lost out on hundreds of millions in potential profits when the skyscraper went public last year.

    Judge O. Peter Sherwood sided with the Malkin family, who earlier this month claimed they had immunity from future suits as part of a $55 million settlement reached in November of last year. [more]

  • Manhattan’s top listing agents: PHOTOS

    A slideshow of the 75 brokers who made The Real Deal’s annual ranking
    July 22, 2014 02:00PM By Rich Bockmann
    From left: Fredrik Eklund and John Gomes (Credit: Chance Yeh)

    From left: Fredrik Eklund and John Gomes (Credit: Chance Yeh)

    Douglas Elliman’s Fredrik Eklund and John Gomes were the city’s top residential agents in The Real Deal’s 2014 ranking, with a whopping $535.53 million worth of exclusive listings. New development projects helped propel the Eklund-Gomes team to the top of the totem pole, beating out perennial leaders such as Brown Harris Stevens’ Paula Del Nunzio and Sotheby’s International Realty’s Serena Boardman. See the full list — with photos — of the 75 top residential brokers after the jump.

  • CORE hires Douglas Heddings, absorbs his brokerage

    Veteran broker to serve as executive vice president of sales
    July 22, 2014 01:35PM
    core

    From left: Shaun Osher and Douglas Heddings

    CORE has absorbed the Hedding Property Group as part of its hiring of Douglas Heddings as the new executive vice president of sales, the brokerage announced today.

    Heddings, a veteran broker, had founded the residential brokerage Heddings Property Group in 2010 after leaving Rutenberg Realty. HPG opened an office at 119 West 23rd Street in Chelsea last year following the closure of several suburban outposts.  [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    July 22, 2014 01:10PM

    1. Urban Compass raises $40M from Salesforce CEO, others
    2. Manhattan’s office building values near pre-crash levels
    3. Yair Levy gets defiant

    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]

  • Tenants booted from illegal East Williamsburg artist lofts

    Department of Buildings says studios are "imminently perilous to life"
    July 22, 2014 12:45PM
    248 and 255 McKibbin Street

    248 and 255 McKibbin Street

    The dream of occupying the post-industrial McKibbin Lofts just ended for some East Williamsburg residents after the Department of Buildings deemed basement quarters at the notorious building “imminently perilous to life.”

    The agency has issued a partial vacate order for cellar space at 255 McKibbin, citing a variety of violations in illegally converted artist studios. The infractions include unapproved installation of gas lines and bathrooms and inadequate exits, according to city records filed last week. [more]

  • Ex-Hudson Companies exec plans Bronx affordable housing

    10-story building to hold 92 apartments intended for homeless veterans and young adults
    July 22, 2014 12:20PM
    waltonave

    2065 Walton Avenue in the Bronx

    Developer Alan Bell, formerly a principal with Hudson Companies, and supportive-housing builder Jericho Project have teamed up to construct a 10-story affordable-housing building in the West Bronx. [more]

  • Upstate casinos eye tax break to compete with NYC-area rival

    Gaming venue in Orange County would keep gamblers from going north, they contend
    July 22, 2014 11:55AM
    From left: Michael Treanor and Nevele Casino rendering

    From left: Michael Treanor and Nevele Casino rendering

    At least three casino developers are seeking hundreds of millions of dollars in property tax breaks for upstate gaming venues, in part because the incentives will help them compete with a casino project that would be located about 45 minutes from New York City. [more]

  • Rentals in demand: Searches up in pricier areas

    TRD's weekly look at the most searched-for apartments
    July 22, 2014 11:30AM

    Rentals-in-demand

    Despite surges in popularity for two- and three-bedroom rental apartments in Manhattan over the summer, one-bedrooms had the most leads last week, with 38 percent, according to apartment listings website Zumper.

    One-bedrooms had 38 percent of the leads and a median inquiry of $2,695 per month. Studios and two-bedrooms tied with 23 percent of the leads. Three-bedroom rentals were dead last with 16 percent. The median inquiry budget increased to $3,000, which reflects more searches in higher-priced areas, according to Zumper. The priciest inquiry was for an Upper East Side apartment renting for $10,000 per month. [more]

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