The Real Deal New York

  • Southbridge Towers residents vote to go private

    Long-time tenants could sell units for substantial profit
    October 02, 2014 08:00AM
    Southbridge Towers at 90 Beekman Place

    Southbridge Towers at 90 Beekman Place

    Residents at Southbridge Towers in the Financial District have voted to turn their subsidized co-ops into market rate apartments.

    Following a heated debate, the measure garnered support from two-thirds of residents, and the 1,067-unit affordable housing complex is now on track to go private, DNAinfo reported. Residents who paid $10,000 for apartments decades ago could sell their units for upwards of $1 million, according to the news site. [more]

  • Most popular stories on The Real Deal

    October 02, 2014 07:20AM

    Most popular stories on The Real Deal
    Current reader favorites:
    1. No shortage of NYC real estate execs on Forbes’ richest people list
    2. Jeff Appel ousted at Town: sources
    3. Andrew Heiberger returns as CEO of Town
    4. 10 most distressed properties in NYC
    5. One billion square feet of office space – in the cloud

  • Durst Organization buys $100M stake in Hallets Point project

    One World Trade Center developer will control 90 percent of Queens development
    October 01, 2014 06:10PM
    From left: Douglas Durst and Hallets Point rendering

    From left: Douglas Durst and Hallets Point rendering

    The Durst Organization will take on its first major outer borough project after acquiring a 90 percent stake in the massive Hallets Point mixed-use development in Astoria, Queens. [more]

  • WeWork eyes space at Durst’s 205 East 42nd

    Shared office specialist in talks for as much as 60,000 square feet
    October 01, 2014 05:55PM
    wework

    Adam Neumann and 205 East 42nd Street (credit: Honest Buildings)

    Adam Neumann and Miguel McKelvey’s shared workspace provider WeWork is close to inking a lease for as much as 60,000 square feet at the Durst Organization’s 205 East 42nd Street in Midtown East. [more]

  • Inside TheRealDeal
  • Half of Silverstein’s 30 Park Place now sold

    One of the penthouses in the Robert A.M. Stern-designed tower fetches $14.5M
    October 01, 2014 05:35PM By E.B. Solomont
    Larry Silverstein and renderings of 30 Park Place

    Larry Silverstein and renderings of 30 Park Place

    Half of the 157 condominium apartments at Silverstein Properties’ Four Seasons Hotel and Residences Tower have sold, four months after sales launched. [more]

  • The future of the LIC waterfront?

    The future of the LIC waterfront?

    The world’s coolest office spaces. Is a U-shaped Silvercup West to join Long Island City’s skyline? Peek inside 778 Park Avenue’s $38 million pad. Read these stories and more after the jump.

  • 5 factors that could impact Chinese property investment in NYC

    Deregulation, changes to the investor visa program and tax policy seen as playing a part
    October 01, 2014 04:55PM By Tom DiChristopher
    Chinese investment in New York City real estate

    Chinese investment in New York City real estate

    As Chinese property developers and investors look to generate bigger profits by looking beyond their local markets, questions have arisen about what’s actually driving the influx of cash – and what could slow the flow. [more]

  • The October issue is live!

    From developer Michael Shvo's comeback to the NYC construction craze
    October 01, 2014 04:30PM

    artmarc

    Developer Michael Shvo, an embodiment of the last NYC real estate boom as a bad-boy broker, is making a big comeback. He opened up about his risky new Manhattan projects in the cover story of The Real Deal’s October issue, now available online. The interview is one of many juicy, revealing Q-and-As with industry honchos in our upcoming book of Closing interviews. [more]

  • Former Jonathan Rose exec to run new city housing division

    Neighborhood Strategies will work on land use review applications and plan large-scale projects
    October 01, 2014 04:05PM
    hpd

    Daniel Hernandez and Vicki Been

    Daniel Hernandez, a former executive at affordable housing-focused development firm Jonathan Rose Companies, was tapped to run a new division of the city’s Department of Housing Preservation and Development to set up the new mandatory inclusionary zoning program.

    Agency commissioner Vicki Been said the new division, known as Neighborhood Strategies, will work on land use review applications and plan for large-scale projects. Under the mandatory inclusionary housing program, developers of massive projects that need zoning approvals would be required to provide a percentage of affordable housing without subsidies. [more]

  • De Blasio signs tenant harassment bill

    Measure lifts maximum penalty and requires DHP to post list of problem landlords
    October 01, 2014 03:40PM
    From left: Jumaane Williams, Melissa Mark-Viverito and Margaret Chin

    From left: Jumaane Williams, Melissa Mark-Viverito and Margaret Chin, who sponsored the bill

    Mayor Bill de Blasio signed a bill Tuesday that will require the Department of Housing Preservation and Development to post a list of landlords found in housing court to have harassed tenants on its website. The measure also lifts the maximum penalty for such landlords to $10,000 per residential unit. [more]

  • Would-be record-selling UES co-op on market as rental

    22-room mansion previously in contract for $75M sale now asking $150K per month
    October 01, 2014 03:20PM
    64th

    828 Fifth Avenue (Inset: Alexa Lambert)

    A 22-room mansion that almost set the sales record for a New York City co-op last year is back on the market. But this time around, the palatial pad is up for grabs as a $150,000-per-month rental. [more]

  • $26.5M penthouse at Brodsky’s 135 East 79th Street in contract

    Two available duplex penthouses remain up for grabs in developer's swanky project
    October 01, 2014 03:00PM
    135 East 79th Street

    135 East 79th Street on the Upper East Side

    One of the three last available penthouses at the Brodsky Organization’s 135 East 79th Street, listed for $26.5 million, has entered contract. [more]

  • Jeff Appel ousted at Town: sources

    President and COO’s abrupt dismissal follows Heiberger’s surprise return as CEO
    October 01, 2014 02:44PM By Hiten Samtani
    From left: Andrew Heiberger and Jeff Appel

    From left: Andrew Heiberger and Jeff Appel

    UPDATED, 3:00 p.m., October 1: On the same day that Andrew Heiberger made a dramatic return as CEO to Town Residential, president and COO Jeff Appel was terminated, sources told The Real Deal. [more]

  • Farm colony’s redevelopment as senior complex under review

    Landmarks panel supportive of 70-acre Staten Island project, but seeks clearer design plan
    October 01, 2014 02:15PM
    colony

    Map of proposed New York City Farm Colony redevelopment on Staten Island

    The Landmarks Preservation Commission is expected to approve the redevelopment of the New York City Farm Colony, a 70-acre campus of abandoned buildings on Staten Island, into a 350-unit complex for senior citizens. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    October 01, 2014 01:55PM

    1. Lightstone Group unloads downtown site for $171M
    2. News Corp. paying $950M for real estate listing website
    3. Andrew Heiberger returns as CEO of Town

    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]

  • Details revealed for 1059 Third Ave. condo project

    Manuel Glas-designed property to hold 67 residential units, along with office and retail space
    October 01, 2014 01:35PM
    1059 Third Avenue

    1059 Third Avenue

    Chance Gordy’s Real Estate Inverlad Development, in partnership with Steve Mills’ Third Palm Capital, have filed permits for a planned residential tower at 1059 Third Avenue.

    The Manuel Glas Architects-designed 30-story, 481-foot-tall building is to hold 105,000 square feet of residential space divided among 67 apartments, according to Department of Buildings filings cited by New York YIMBY. Each unit will total 1,500 square feet on average, with 16-foot floor-to-floor heights. The residences will be condominiums, according to previous reports. [more]

  • Partial-interest owner seeks forced sale of East Village apartment building

    Mallah-linked company follows same legal strategy successfully employed by Extell
    October 01, 2014 01:11PM By Adam Pincus
    Dolan-820-Mac-Avoy

    From left: Richard Dolan, 820 Broadway (Photo credit: Google) and Janice Mac Avoy

    An entity affiliated with a parking garage dynasty is taking a page out of Gary Barnett’s playbook to force a sale of the land under a large apartment building in the East Village. [more]

  • Brookfield affiliate wins Revel casino auction with $110M bid

    Battle is brewing as runner-up Glenn Straub challenges the auction's transparency
    October 01, 2014 12:40PM
    Revel casino in Atlantic City

    Revel Casino in Atlantic City

    Atlantic City’s Revel Casino Hotel confirmed today that an affiliate of Toronto-based Brookfield Asset Management won an auction to acquire the property and its assets for $110 million.

    The company’s real estate management arm, Brookfield U.S. Holdings, topped the $90 million benchmark bid by Florida real estate investor Glenn Straub, as reports had previously indicated. “Revel is a brand new trophy asset on the beachfront, which we are acquiring at a substantial discount to replacement cost,” Andrew Willis, a Brookfield spokesperson, told Bloomberg News via email. [more]

  • Investment sales cool as prices rise: Massey Knakal report

    Average price per foot for Manhattan deals hit $1,629 in third quarter
    October 01, 2014 12:10PM By Adam Pincus
    Knakal-3Q-brief

    From left: Robert Knakal, Harry Macklowe, 985-989 Third Avenue rendering and 719 Seventh Avenue

    Demand for New York City investment properties dipped over the past quarter as buyers absorbed the continuing increases in values, Robert Knakal, chairman of Massey Knakal Realty Services, said this morning at a quarterly media market briefing at the company’s Midtown headquarters. [more]

  • Plans filed for another Essex Crossing building

    Structure will be 26 stories tall, boast 300,000 square feet
    October 01, 2014 11:40AM By Claire Moses
    Rendering of Essex Crossing (Credit: SHoP Architects)

    Rendering of Essex Crossing on the Lower East Side (Credit: SHoP Architects)

    UPDATED 4:30 p.m., October 1: An application to construct a new 24-story building as part of the Essex Crossing development was filed with the city on Wednesday, according to city records. [more]

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