The Real Deal New York

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    February 10, 2016 04:40PM By Kyna Doles
    Douglas Elliman and CBRE

    (credit: Douglas Elliman and CBRE)

    Manhattan office leasing activity tumbled in January and median townhouse prices reached a 10-year high. [more]

  • Josh Caspi, Daniel Hollander and One Manhattan Square

    From left: Josh Caspi, Daniel Hollander and a rendering of One Manhattan Square

    From the February issue: The Lower East Side is a long gritty neighborhood that’s undergoing a dramatic makeover.  Driving the transformation is the $1.1 billion Essex Crossing mega project, which is set to deliver 1,000 units of housing along with retail, office, and community/cultural uses.

    In our third and final web installment, we bring you TRD‘s interviews with Daniel Hollander, managing principal of DHA Capital, and Joshua Caspi, owner of Capsi Development, who weigh in on the condo and rental market and tell us what they think of Gary Barnett’s decision to market Extell’s One Manhattan Square condo project exclusively to Asian buyers. [more]

  • titanic-1

    Clive Palmer and the Titanic

    1) Thanks to Clive Palmer, the Titanic will ride again (to Dubai).

    2) For $300, this Brooklyn shop will tell you what you should smell like.

    3) Kim Kardashian’s best friend is teaching rich kids how to buy private jets and other important lessons.

  • Quartz signs lease for 26K sf for new Chelsea HQ

    Atlantic Media's business news website relocating to 675 Third Avenue
    February 10, 2016 03:30PM By Dusica Sue Malesevic
    675-Sixth-Avenue-Kevin-Delaney1

    675 Sixth Avenue in Chelsea (inset: Kevin Delaney of Quartz)

    UPDATED, 4:20 p.m., Feb. 10: Global business news website Quartz inked a five-year lease for around 25,644 square feet of office space at 675 Sixth Avenue in Chelsea. [more]

  • Inside TheRealDeal
  • Fairstead to buy two Central Park North rentals for $48M

    Adjacent Harlem elevator buildings have 100K-plus buildable sf
    February 10, 2016 03:00PM By Mark Maurer
    Fairstead Capital NYC

    From left: Stephen Siegel, 211-217 Central Park North and Maurice Mann (credit: STUDIO SCRIVO)

    On the heels of acquiring a massive $690 million multifamily portfolio, Fairstead Capital is in contract for two more Manhattan rental buildings.

    The Midtown East-based investment firm led by veteran CBRE broker Stephen Siegel and three partners agreed last month to pay about $48 million for two adjacent six-story elevator properties at 207 and 211-217 Central Park North in Harlem, sources told The Real Deal. Maurice Mann’s Mann Realty Associates has owned the buildings since the mid-1990s. [more]

  • Lutnick bullish on US real estate, says NGKF outpacing rivals

    BGC head cites low interest rates, NGKF's limited exposure to Asia and emerging markets
    February 10, 2016 02:30PM By Rey Mashayekhi
    Howard Lutnick

    Howard Lutnick

    BGC Partners chair and CEO Howard Lutnick said the U.S. economy’s current “low interest rate environment is good for real estate,” and added that Newmark Grubb Knight Frank’s domestic focus and low exposure to volatile global markets gives it an advantage over rival brokerages. [more]

  • Stellar Management sues Raphael Toledano for ditching $130M loan on EV deal

    Entity tied to Larry Gluck claims it was left in the lurch after Toledano turned to Madison instead
    February 10, 2016 02:10PM By Kyna Doles
     Raphael Toledano, 327 East 12th Street, 66 East 7th Street and Larry Gluck

    From left: Raphael Toledano, 327 East 12th Street, 66 East 7th Street and Larry Gluck

    An affiliate of Larry Gluck’s Stellar Management is suing Raphael Toledano, claiming the investor accepted a $130 million mortgage to finance the acquisition of his East Village portfolio, but then backed out of the deal and refused to pay the $1.9 million break-up fee. [more]

  • See the top January permit applications for all boroughs

    TRData shows the most recent project plans, with real developer names and links to more info
    February 10, 2016 01:51PM By Will Parker and Adam Pincus
    manhatan-january-oermits-pic-

    See the full construction permit application by clicking in the Type/DOB Link column.

    Did you know you can now see the top construction permit applications for every borough in one place every month? Or that you can get links to the full Department of Buildings applications for every top project too? The Real Deal‘s research site, TRData, has the top 10 permit applications for every borough for the last month and the last year. Get direct links to the full new building applications every month, by clicking on the DOB link.  See the real developers (not just the LLCs) behind the newest announced projects in the city, and use TRDTopics to find more about them. And to see all TRData’s reports and data collections, visit the Data Hub. [more]

  • Bauhouse Group’s Sutton Place supertall faces foreclosure

    The developer's $128.8 million in loans expired last month
    February 10, 2016 01:15PM
    A rendering of 3 Sutton Place on the Upper East Side (inset from left: N. Richard Kalikow and Joseph Beninati)

    A rendering of 3 Sutton Place on the Upper East Side (inset from left: N. Richard Kalikow of Gamma, and Joseph Beninati, of Bauhouse)

    Gamma Real Estate is making moves to foreclose on Bauhouse Group’s troubled supertall planned for Sutton Place. [more]

  • Airbnb purged over 1,000 listings before December data release: report

    Short-term rental behemoth allegedly doctored numbers to present more flattering profile
    February 10, 2016 01:00PM By Ariel Stulberg

    (Credit: Murray Cox and Tom Slee)

    UPDATED: 4:05 p.m., Feb. 10, 2016: In the thick of a bitter battle with the city over regulation of its service, home-sharing giant Airbnb allegedly removed over 1,000 controversial New York City listings from its site just before its much-hyped data release in December, according to a new report based on data scraped from Airbnb’s website. [more]

  • Aby Rosen, Four Seasons Restaurant owners warring over trademark

    Leaving 375 Park in July, the iconic eatery owners registered the Pool Room and Grill Room
    February 10, 2016 12:30PM
    Four Seasons Restaurant

    The Four Seasons Restaurant at 375 Park Avenue (inset: Aby Rosen)

    A trademark tiff is brewing between the Four Seasons Restaurant owners and their soon-to-be former landlord Aby Rosen, owner of the Seagram Building. [more]

  • Ronnie Lowenstein

    IBO Director Ronnie Lowenstein

    The Independent Budget Office says it botched a recent report on affordable housing by drastically underestimating the impact of requiring prevailing wages on projects benefiting from the 421a property tax break.

    Such a union-friendly requirement would cost the city an additional $4.2 billion in financing to keep up with Mayor Bill de Blasio’s stated goal of constructing 80,000 new affordable housing units, according to the IBO. This figure is a correction from a previous report, which estimated that union wages on such projects would cost an extra $2.8 billion. [more]

  • Fed may revise outlook on multiple interest rate hikes

    Yellen says China's struggles have “exacerbated concerns about the outlook for global growth”
    February 10, 2016 11:30AM
    Janet Yellen

    Janet Yellen

    Federal Reserve chair Janet Yellen said that while the U.S. central bank still plans to gradually raise interest rates over the course of this year, global economic uncertainty could derail the multiple rate hikes previously forecast for 2016.

    In remarks prepared for the Fed chair’s two days of scheduled Congressional testimony this week, Yellen indicated that uncertainty over China’s faltering economy had “exacerbated concerns about the outlook for global [economic] growth” and had contributed to collapsing prices for commodities like oil. [more]

  • Penny Marshall to list Upper West Side pad for $5.5M

    Actress has owned apartment since "Laverne & Shirley" days
    February 10, 2016 11:01AM By Katherine Clarke
    Penny Marshall is listing her UWS penthouse at 470 West End Ave for $5.5M

    Penny Marshall is listing her UWS penthouse at 470 West End Ave

    She’s always been “Big” on New York but Penny Marshall is giving up her Manhattan pied-a-terre to move to California full-time. [more]

  • Where NYC’s kosher power players do deals and break bread (or matzo)

    The Prime Grill, Reserve Cut and Mike's Bistro are among the favorites
    February 10, 2016 10:30AM By Rich Bockmann
    The kitchen at Reserve Cut, a kosher steakhouse in the Financial District

    The kitchen at Reserve Cut, a kosher steakhouse in the Financial District

    From the February issue: It wasn’t that long ago that gourmet glatt steakhouses were basically nonexistent, meaning that when observant Jews sat down for a high-powered business lunch over some juicy prime beef, they were often left to order a salad.

    Although there were kosher steakhouses in the city, there were few during the 1990s that rose to the level of a first-class dining experience where real estate industry bigwigs could wine and dine clients. [more]

  • Donald Trump’s kids take spotlight in presidential campaign – with mixed results

    Ivanka, Eric and Donald Jr. make regular cameos on political TV
    February 10, 2016 10:00AM By Konrad Putzier

    From left: Eric Trump, Ivanka Trump and Donald Trump Jr.

    As Donald Trump continues his unlikely run for president of the United States, his three elder children have become fixtures on national television. But they aren’t necessarily as skillful with the media as their dad is, and the spotlight hasn’t always been kind to them. As Trump basks in the glow of his big victory in New Hampshire, here’s a quick roundup of the public roles Ivanka, Donald Jr. and Eric Trump play in their father’s campaign. [more]

  • The kids are all right: How developers are courting tweens

    Ms. Pac-Man, mini arcades, soundproof music rooms and study lounges being offered at condos
    February 10, 2016 09:35AM
    111-Murray-teens

    The rec room at 111 Murray Street (Credit: 111 Murray Street)

    Luxury condo developers are rolling out the red carpet for tweens and teens — sure to send the eye-rolling #rebels to Snapchat and Instagram to compete for the title of who lives in the coolest building. [more]

  • Anticipating development boom, Simon Baron buys $24M Greenpoint site

    Developer will wait to see what happens with Toby Moskovits’ nearby zoning request before making plans for 12 Franklin St.
    February 10, 2016 09:04AM By Rich Bockmann
    Matthew Baron and 12 Franklin Street in Greenpoint

    Matthew Baron and 12 Franklin Street in Greenpoint

    In a rapidly changing area near the Greenpoint border that’s home to local hangouts named after far-off foreign lands and early explorers, Simon Baron Development sees big-time potential. The firm just closed on a site at 12 Franklin Street for $24 million, but is waiting to see what happens with a nearby project before committing to plans. [more]

  • WeWork could be raising even more money

    Coworking giant’s valuation jumps to $15B after Fidelity ups appraisal
    February 10, 2016 08:37AM

    From left: WeWork c-founders Miguel McKelvey and Adam Neumann

    WeWork’s valuation jumped 50 percent to $15 billion this week after Fidelity Investments reported that its shares in the company had appreciated spectacularly in the fourth quarter of 2015. The firm is also reportedly planning to enter another round of financing. [more]

  • Related to raise debt fund of up to $2B

    New vehicle will focus on buying from struggling REITs
    February 10, 2016 08:01AM
    Stephan Ross

    Stephen Ross

    Related Cos. is expanding its recent push into commercial real estate debt, raising as much as $2 billion in capital for a new fund along with partner Highbridge Principal Strategies.

    Related Fund Management will soon begin taking in funds for the new vehicle, which will focus on properties from real estate investment trusts that have recently seen their stock prices sag. [more]

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