The Real Deal New York

  • Program seeks to speed up backlog of foreclosures

    Trustees would conduct short sales while homes are still tied up in bankruptcy
    September 29, 2014 06:00PM
    Underwater mortgages

    Underwater mortgages

    A new pilot program could help Freddie Mac, Fannie Mae and large lenders expedite the sale of underwater homes currently mired in the bankruptcy process.

    U.S. bankruptcy trustees are aiming to significantly reduce the time it takes to deal with distressed homes by essentially conducting short sales during the bankruptcy process, rather than going through with foreclosure, the Daily Business Review reported. The program is meant to more quickly process homes that have been tied up for years in Chapter 7 proceedings in state courts, which have prevented lenders from repossessing properties, according to the news site. [more]

  • Rendering of the  Beekman rooftop

    Rendering of the Beekman rooftop

    Will real estate cash keep state Republicans in power? The Beekman floor plans come online. MTA should tap real estate assets to generate much-needed revenue: OPINION. Read these stories and more after the jump.

  • Magna Hospitality buys Hampton Inn near JFK for $41M

    13-story hotel in Jamaica sold for the first time since opening in 2001
    September 29, 2014 05:20PM By Mark Maurer

    144-10 135th Avenue in Queens, and Magna’s Bob Indeglia

    Rhode Island-based hotel investment and management firm Magna Hospitality Group acquired a 13-story Hampton Inn near John F. Kennedy International Airport in Jamaica for $41.4 million, according to property records filed with the city today.

    The nearly 115,000-square-foot property at 144-10 135th Avenue, near 145th Street, holds 216 rooms. An affiliate of Wayne, Pa.-based Field Hotel Associates has owned the site since 2001, when the hotel opened there. [more]

  • Shore Club repositioned with high-end condos

    HFZ Capital taps Douglas Elliman to market 85 luxury Miami residences
    September 29, 2014 04:50PM
    Ziel Feldman and Shore Club at 1901 Collins Avenue

    Ziel Feldman and Shore Club at 1901 Collins Avenue in Miami Beach

    From the South Florida website: Ziel Feldman’s HFZ Capital Group plans to reposition South Beach’s Shore Club with a mix of about 85 luxury residences and 100 hotel rooms. [more]

  • Inside TheRealDeal
  • Cadillac in talks for 330 Hudson Square space

    Luxury automaker to take 20K sf of office space and ground-floor showroom
    September 29, 2014 04:30PM
    A Cadillac CTS Sedan and 330 Hudson Street

    A Cadillac CTS Sedan and 330 Hudson Street

    Cadillac, General Motors’ luxury auto brand, is nearing a deal for 20,000 square feet of office space in Hudson Square. [more]

  • Carl Icahn, Trump Resorts seek labor concessions at Taj Mahal

    Billionaire creditor backs plan to pull Atlantic City casino out of bankruptcy
    September 29, 2014 04:10PM
    From left: Carl Icahn and Trump Taj Mahal in Atlantic City

    From left: Carl Icahn and Trump Taj Mahal in Atlantic City

    Trump Entertainment Resorts and billionaire investor Carl Icahn are trying to pull the Taj Mahal casino in Atlantic City out of bankruptcy, and they plan to take on organized labor in order to succeed. [more]

  • Diamond District building being shopped as redevelopment site

    Property at 36-42 West 47th Street latest on the block to go on the block; 98K sf available
    September 29, 2014 03:50PM By David Jones

    36-42 West 47th Street in Midtown

    Massey Knakal Realty Services is in early discussions with investors interested in buying the Diamond Center of America, a 16-story office tower that is being marketed as a potential redevelopment site.

    The building, located at 36-42 West 47th Street, is home to some of the top jewelry merchants in the world, but the property has a number of leases set to expire and is seen as a potential site for anything from new commercial development to residential or hospitality. [more]

  • City mulls 100-acre Staten Island health complex plan

    Several buildings would rise on site of former tuberculosis treatment center
    September 29, 2014 03:30PM

    From left: Staten Island Health & Wellness Campus map, James Oddo and Seaview Hospital on Staten Island

    The city is in talks to build a health and wellness complex on the nearly 100-acre site of former tuberculosis treatment center Seaview Hospital on Staten Island. [more]

  • Planning commission OKs Astoria Cove proposal

    Alma Realty's controversial mixed-use development still must win City Council approval
    September 29, 2014 03:10PM By Rich Bockmann
    From left: The City Planning Commission and Astoria Cove

    From left: The City Planning Commission (credit: Rich Bockmann) and Astoria Cove

    The attorney for Queens-based developer Alma Realty said he was pleased with the outcome after the City Planning Commission voted earlier today to approve a 1,700-unit mixed use development on the Queens waterfront that is being watched closely as a big test of the mayor’s affordable housing plan. [more]

  • One billion square feet of office space – in the cloud

    Leasing software company View the Space hosts 110M sf in NYC alone
    September 29, 2014 02:45PM By Hiten Samtani
    From left: Ryan Masiello and Nick Romito

    From left: Ryan Masiello and Nick Romito

    A startup founded by a former pro surfer is aiming to be the Big Kahuna in the fast-growing real estate technology industry. View the Space, a cloud-based leasing and portfolio management company established by Nick Romito, expects to have 1 billion square feet of the world’s office space on its platform before the year is out. [more]

  • Affordable housing plans hit snag over East New York prices

    Area development sites cost $93 per square foot on average
    September 29, 2014 02:20PM
    From left: Bill de Blasio and Franklin Avenue in East New York

    From left: Bill de Blasio and Franklin Avenue in East New York

    Brooklyn’s East New York neighborhood is the first spot to be targeted by the de Blasio administration’s affordable housing initiative. But area land prices, which have nearly tripled over the last year, could throw a wrench in the plan. [more]

  • Sales launch at Metro Loft Developers’ 443 Greenwich Street

    Total of 13 units were listed ranging from $7 million to $20.5 million
    September 29, 2014 01:55PM
    443 Greenwich Street

    443 Greenwich Street

    Metro Loft Developers’ 443 Greenwich Street condominiums, the site of a long-stalled condominium-hotel conversion project before the developer purchased the property in 2012, are now officially on the market. [more]

  • Slate draws up plan for rental, condos in East Williamsburg

    Martin Nussbaum, David Schwartz pay $21M for pair of development sites
    September 29, 2014 01:25PM By Mark Maurer

    From left: Martin Nussbaum, David Schwartz and 21 Powers Street in Williamsburg

    Brooklyn development firm Slate Property Group paid $21 million for a pair of East Williamsburg development sites on which it plans to construct both a condominium building and a rental building, The Real Deal has learned.  [more]

  • At Long Island College Hospital, NYU back in — if nurses drop suit

    School's medical center signs conditional agreement with Fortis to run on-site facilities
    September 29, 2014 01:00PM
    From left: NYU Langone dean and CEO Dr. Robert Grossman, Long Island College Hospital and Fortis president Joel Kestenbaum

    From left: NYU Langone dean and CEO Dr. Robert Grossman, Long Island College Hospital and Fortis president Joel Kestenbaum

    A $240 million deal to bring new residences and limited medical facilities to Long Island College Hospital in Brooklyn Heights could be back on track after it seemed to have derailed last week. [more]

  • Inclusionary housing proposal expected to drop subsidies

    Alicia Glen: "If you want the tax exemption, you will have to do more."
    September 29, 2014 12:35PM
    Alicia Glen

    Alicia Glen

    Mayor Bill de Blasio’s mandatory inclusionary housing proposal is expected to try to boost the number of new affordable units in the city by asking developers to build near current benchmarks without subsidies, rather than requiring a substantial increase in the percentage of affordable housing in new developments required.

    The de Blasio administration is expected to keep with a roughly 20 percent affordability requirement, rather than up that portion to 30 percent or more, as has been suggested. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    September 29, 2014 12:10PM

    1. Prices in Harlem outpacing the rest of Manhattan
    2. Will Zeckendorf get a record $130M for 520 Park penthouse?
    3. A look back on the rise of Tamir Sapir, one of NYC’s most prominent landlords

    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]

  • Landlord group sees red over de Blasio’s green energy plan

    Compliance and filing costs will be big burden for owners of smaller buildings, says group
    September 29, 2014 11:45AM
    Mayor Bill de Blasio

    Mayor Bill de Blasio

    A trade group representing rent-regulated housing landlords is warning that changes to a program designed to promote energy efficiency could hit small building owners with big costs.

    Under new guidelines, the city would require buildings that are 25,000 square feet or larger to track their energy use. Currently, the threshold is 50,000 square feet. [more]

  • Publisher John Wiley & Sons re-ups for 386K sf in Hoboken

    Sam Zell’s real estate investment trust Equity Commonwealth owns property
    September 29, 2014 11:20AM

    From left: 111 River Street in Hoboken, N.J., Mitch Steir and Sam Zell

    International textbook publisher John Wiley & Sons signed a 15-year lease renewal for its more than 386,400-square-foot office space in Hoboken, N.J. [more]

  • Frank McCourt brings in Hines on $3B project on 10th Ave.

    SHoP Architects will design 733,000 sf mixed-use building in Hudson Yards area
    September 29, 2014 10:51AM By Hiten Samtani
    From left: Frank McCourt, 360 Tenth Avenue and Tommy Craig

    From left: Frank McCourt, 360 Tenth Avenue and Tommy Craig

    Frank McCourt’s MG Properties has brought in Hines as an equity and development partner on 360 10th Avenue, a $3 billion, 733,000-square-foot mixed-use project on the Far West Side. The developer also announced that SHoP Architects will design the project. [more]

  • Microsoft to open Fifth Avenue flagship store

    Software giant to move into 8,700 square feet space, replacing Fendi
    September 29, 2014 10:30AM
    From left: 677 Fifth Avenue and Microsoft CEO Satya Nadella

    From left: 677 Fifth Avenue and Microsoft CEO Satya Nadella

    Microsoft’s move to Fifth Avenue is official.

    The software and video game company confirmed that it will open a flagship at 677 Fifth Avenue as part of a continued expansion of the company’s retail presence, the Wall Street Journal reported. Microsoft will occupy 8,700-square-foot across two-floors at the coveted Fifth Avenue location, just a short walk from its main rival, Apple. [more]


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