The Real Deal New York

  • At the Desk of: Robert A.M. Stern

    Starchitect talks about writing emails in long hand, his affinity for Fred Astaire and picking out ties
    September 23, 2014 04:20PM By Claire Moses
    Robert A.M. Stern (credit: Jeremy Williams)

    Robert A.M. Stern (credit: Jeremy Williams)

    From the September issue: Famed architect Robert A.M. Stern was born in Flatbush, Brooklyn, in 1939 and earned degrees from Columbia University and the Yale School of Architecture, where he is now dean. The winner of a slew of prestigious architecture awards — none of which are displayed in his West Side office — Stern has designed projects globally, including academic and municipal buildings, homes and resorts. In New York, he’s perhaps best known for his residential work, including 30 Park Place, which Silverstein Properties is currently constructing in Lower Manhattan and, of course, Zeckendorf Development’s 15 Central Park West. [more]

  • $4M-plus property contracts set September weekly record

    28 properties that went into contract at that amount last week
    September 23, 2014 04:05PM
    A penthouse unit at 60 Riverside Boulevard, four-bedroom at 224 Mulberry Street and three-bedroom co-op at 1100 Park Avenue are among the current Manhattan listings priced over $4M.

    A penthouse unit at 60 Riverside Boulevard, four-bedroom at 224 Mulberry Street and three-bedroom co-op at 1100 Park Avenue are among the current Manhattan listings priced over $4 million.

    A record number of properties priced at $4 million or more went into contract last week, from Sept. 15-21, according to Olshan Realty’s luxury market report. [more]

  • Queens’ hospital project snags final construction funds

    Steven Wu's conversion of St. John's Hospital in Elmhurst to hold 144 rentals
    September 23, 2014 03:43PM By Claire Moses
    The former St. John's Hospital in Elmhurst, Queens

    The former St. John’s Hospital in Elmhurst, Queens

    A group of Asia-based developers led by Steven Wu secured a $32 million construction loan that will finance the completion of the final stage of the St. John’s Hospital conversion in Elmhurst, Queens. Madison Realty Capital provided the loan, which lined up an earlier $38 million acquisition loan for the property. [more]

  • World’s first all-metal home will not move to Queens

    Aluminaire house will most likely move to Palm Springs, Calif. instead
    September 23, 2014 03:15PM
    Aluminaire House

    Aluminaire House

    A plan to move the 1931-built Aluminaire House to Sunnyside, Queens has been scrapped. [more]

  • Inside TheRealDeal
  • US home prices’ rise less than expected

    0.1 percent monthly increase could not compare to economists' projection of 0.5 percent
    September 23, 2014 02:55PM By Business Insider
    fhfa

    Monthly house price index (Credit: FHFA)

    The latest home price index report from the FHFA showed home prices rose 0.1 percent in July, less than the 0.5 percent that was expected by economists and below the 0.4% increase seen the prior month. [more]

  • Two remote Brooklyn, Bronx spots ripe for development: study

    University Heights and Broadway Junction have infrastructure to support residential enclaves
    September 23, 2014 02:35PM
    From left: University Heights from across the Harlem River and Brooklyn's Broadway Junction

    From left: University Heights and Broadway Junction

    A pair of long-overlooked spots in the far reaches of Brooklyn and the Bronx are ripe for development, according to two reports released Monday by the Urban Land Institute. [more]

  • Pan Brothers sues over commission on Minskoff building’s Digital Ocean lease

    Firm claims it was cut out of fee by former employee and Kaufman Organization
    September 23, 2014 02:10PM By Rich Bockmann
    From left: Yancy Foster and 101 Sixth Avenue

    From left: Yancy Foster and 101 Sixth Avenue

    A family owned real-estate firm is suing a former employee and another brokerage for allegedly cutting the company out of a deal to put a tech tenant in an Edward Minskoff building in Hudson Square.

    Pan Brothers Associates claims ex-employee Yancy Foster and the Kaufman Organization cut principals George and Peter Pantelidis out of their share of the commission for signing Digital Ocean to Minskoff’s 101 Sixth Avenue in July. The charge was leveled in a complaint filed in Manhattan Supreme Court last week. [more]

  • Jack Resnick & Sons donates 315 Hudson space to arts group

    10-month tenancy is worth about $2.7M
    September 23, 2014 01:45PM
    315 Hudson Street and Jonathan Resnick

    315 Hudson Street and Jonathan Resnick

    Landlord Jack Resnick & Sons has donated 50,000 square feet at 315 Hudson Street to the Lower Manhattan Cultural Council, which will operate its Workspace artist residency in the spot.

    The 10-month tenancy would ordinarily drum up about $2.7 million in rent based on a rate of $60 per square foot elsewhere in the Hudson Square building, the New York Post reported. LMCC will have 32 artist studios, meeting rooms and rehearsal spaces, according to the newspaper. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 23, 2014 01:20PM

    1. Chinese investor Kuafu files condo-hotel plans
    2. A possible pied-á-terre payday for de Blasio?
    3. New York, northern NJ among nation’s top 10 buyers’ markets

    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]

  • Manhattan the priciest commercial market in the US: report

    Cost of transactions 40 percent higher than in No. 2 town on list
    September 23, 2014 12:55PM
    This report includes transactions reported closed YTD through July 31, 2014. Only properties and portfolios $2.5M and greater are included. (Source: Real Capital Analytics and Transwestern)

    Transactions $2.5M+ reported closed YTD through July 31, 2014. Click to enlarge. (Source: Real Capital Analytics and Transwestern)

    Manhattan is the most expensive market for commercial real estate, both in sales price per square foot and volume, according to a new second-quarter 2014 report and graphic from Real Capital Analytics and Transwestern. [more]

  • Flank kicks off sales for 224 Mulberry in Nolita

    Condo prices range from $10.75M to $30M
    September 23, 2014 12:30PM
    224-mulberry

    224 Mulberry Street, unit 2, in Nolita (Inset: Flank’s Jon Kully)

    Developer and architecture firm Flank launched sales for its eight-story Nolita condominium building at 224 Mulberry Street. [more]

  • Transit agency wants to add Metro-North stops in the Bronx

    Plan would boost real estate values in under-served neighborhoods, proponents say
    September 23, 2014 11:55AM
    From left: Ruben Diaz Jr. and Metro-North New Haven line

    From left: Ruben Diaz Jr. and Metro-North New Haven line

    The Metropolitan Transportation Authority will formally propose a long-discussed plan to extend the Metro North New Haven Line to a section of the Bronx with little access to public transportation.

    On Wednesday, the transportation authority will unveil plans to build stations in Hunts Point, Parkchester, Morris Park and Co-op City along the New Haven line, according to documents posted to the MTA website ahead of a meeting on its five-year capital plan and cited by the Wall Street Journal. The project also calls for the commuter line to be extended beyond Grand Central Terminal to Penn Station. [more]

  • State senator to propose bill on pied-à-terre tax

    Think-tank report proposed increase on $5M-plus units owned by non-city residents
    September 23, 2014 11:30AM
    time-warner

    Brad Hoylman and Time Warner Center condo

    A day after the Fiscal Policy Institute unveiled a report proposing a city tax on uber-luxury pied-à-terres, State Senator Brad Hoylman is set to introduce it as a bill.

    Hoylman, a Democrat, said the bill would bring New York City in line with several global cities with comparable surcharges. His district includes residential towers such as 15 Central Park West and Time Warner Center. [more]

  • Catsimatidis’ Red Apple plans 32-story building on Myrtle Ave.

    Mixed-use structure will be tallest in complex in Brooklyn
    September 23, 2014 11:00AM
    From left: John Catsimatidis and a rendering of 86 Fleet Place in Brooklyn

    From left: John Catsimatidis and a rendering of 86 Fleet Place in Brooklyn

    Supermarket magnate John Catsimatidis’s Red Apple Group is planning to construct the largest building of its Myrtle Avenue development in Brooklyn. [more]

  • A final countdown for FiDi

    While not yet a 24-hour nabe, the area is getting closer as big projects near the finish line and residential and commercial tenants storm in
    September 23, 2014 10:30AM By Maya Kaufman
    fidi

    From left: Ariel Cohen, Adrienne Albert, Daniel Hedaya and Tali Berzak

    From the September issue: Talk about the Financial District becoming a 24-hour neighborhood has been underway for several years now. It is still not there, but the latest wave of real estate activity could just provide the surge needed to change that. [more]

  • Bill would hike fines for landlords who harass tenants

    City Council proposal also calls for creation of public list of the worst offenders
    September 23, 2014 10:00AM
    From left: Jumaane Williams, Melissa Mark-Viverito and Margaret Chin

    From left: Jumaane Williams, Melissa Mark-Viverito and Margaret Chin

    The City Council is expected to pass a bill on Tuesday that will double fines for landlords who harass their tenants. The bill will also create a public list of the worst offenders, which would be maintained by the Department of Housing Preservation and Development. [more]

  • Apple's newly proposed Silicon Valley Campus

    Apple’s newly proposed Silicon Valley Campus

    New Apple headquarters will be the greenest building on earth. MTV’s The Real World was a story of gentrification. Bronx residents oppose the arrival of a Days Inn. Read these stories and more after the jump.

  • Colorado REIT unloads Harlem resi and retail portfolio for $67M

    AIMCO sells 224-unit, 215,000 sf package to Brooklyn-based buyer
    September 23, 2014 09:00AM By Hiten Samtani
    From left: Terry Considine, 2302 Seventh Avenue in Harlem and Steven Vegh

    From left: Terry Considine, 2302 Seventh Avenue in Harlem and Steven Vegh

    AIMCO just closed on the sale of a 21-building residential and retail portfolio in Central Harlem for $66.7 million, a source familiar with the off-market transaction told The Real Deal. [more]

  • Developer sues to delay close on two High Line area properties

    Washington Square Group claims it discovered rent roll inaccuracies for sites on West 17th St.
    September 23, 2014 08:30AM By David Jones
    From left: 116 10th Avenue and

    From left: 116 10th Avenue and 453-455 West 17th Street

    Lawyers are negotiating to resolve a lawsuit filed by the Washington Square Group over a $32 million deal involving the sale of two West Chelsea area properties, The Real Deal has learned.

    Washington Square Group, based in Chatham, N.J., filed the $2.25 million breach of contract suit  in Manhattan Supreme Court on Sept. 19. The firm is seeking to delay the scheduled closing today of a deal to buy 116 Tenth Avenue and 453-455 West 17th Street. The seller is a firm called N.E.W. Corp., which is led by Neil Wainland. Wainland runs an Astoria-based metal fabricator, Wainlands Inc. [more]

  • $90M condo development coming to Murray Hill church site

    Ekstein Development paid $15.6M for property earlier this year
    September 23, 2014 08:00AM

    30 East 31st Street

    Madison Avenue Baptist Church, located at 30 East 31st Street between Madison and Park avenues, will soon give way to a $90 million condominium development.

    Ekstein Development Group has filed for a permit to demolish the 1906 structure, and plans to develop a condominium on the site in partnership with Pinnacle Real Estate, according to details on Ekstein’s website cited by the New York Observer. [more]

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