The Real Deal New York

  • No deal reached between Brookfield and Skadden Arps: report

    News of imminent move premature; law firm could extend lease at 4 Times Square
    August 27, 2014 10:30AM
    From left: 4 Times Square and Manhattan West project rendering

    From left: 4 Times Square and Manhattan West project rendering

    Skadden Arps may be staying put.

    Reports that the law firm – one of the city’s largest and most prestigious – is moving to Brookfield’s Manhattan West office tower are just rumors, the New York Post reported. The newspaper claims it has confirmed that Skadden has not signed a letter of intent and is merely exploring its options, which include tenancy at Brookfield’s west side property, heading downtown to 3 Hudson Boulevard or sticking around at the Durst Organization’s 4 Times Square.
    [more]

  • Model Behati Prinsloo sells Alphabet city bachelorette pad

    Star of Victoria's Secret ads unloads East 11th Street unit ahead of move to $4.5M Soho home
    August 27, 2014 10:00AM
    From left: Behati Prinsloo, 643 East 11th Street and Noot Seear

    From left: Behati Prinsloo, 643 East 11th Street and Noot Seear

    Behati Prinsloo, Victoria’s Secret model and wife of Maroon 5 lead man Adam Levine, has sold her Alphabet City apartment. [more]

  • The Frick Collection

    The Frick Collection

    The history of the Frick Collection’s backyard. 432 Park Avenue is now Midtown’s tallest tower. Luxury 18-room home in North Queens sells for $2.5 million. Read these stories and more after the jump.

  • Murray Hill rental building trades for $44M

    Vito Sacchetti buys 68-unit property at 153 East 32nd Street for $700 per square foot
    August 27, 2014 09:00AM By Hiten Samtani
    From left:  Joseph Koicim, Peter Von Der Ahe, 153 East 32nd St. and Aaron Jungreis

    From left: Joseph Koicim, Peter Von Der Ahe, 153 East 32nd St. and Aaron Jungreis

    Residential landlord Vito Sacchetti paid $43.7 million, or about $700 per square foot, for a 68-unit Murray Hill rental building, The Real Deal has learned. [more]

  • Inside TheRealDeal
  • Minskoff’s 101 Sixth takes walk in the cloud with new tenant

    Cloud-computing firm DigitalOcean signing up for 24,000 sf at property
    August 27, 2014 08:30AM By Hiten Samtani
    From left: Ben Uretsky, 101 Sixth Avenue and Edward Minskoff

    DigitalOcean CEO Ben Uretsky, 101 Sixth Avenue (Credit: CoStar) and Edward Minskoff

    UPDATED, 9:35 a.m., August 27: Edward Minskoff will soon welcome another technology tenant to his 101 Sixth Avenue. Cloud-computing firm DigitalOcean is taking 23,500 square feet at the Hudson Square property, The Real Deal has learned. The deal brings the property to over 95 percent leased, with only the second floor remaining. [more]

  • Brookland buys development site on Brooklyn’s Fourth Avenue

    Team from TerraCRG negotiated the $7.4M deal
    August 27, 2014 08:00AM
    From left: Boaz Gilad, 550-554 Fourth Avenue and Melissa DiBella Warren

    From left: Boaz Gilad, 550-554 Fourth Avenue and Melissa DiBella Warren

    Brookland Capital plans to build a new residential and retail development after acquiring a site on the border of Park Slope and Gowanus. [more]

  • Most popular stories on The Real Deal

    August 27, 2014 07:20AM

    Current reader favorites:
    1. Meet the investors behind NYC’s hottest real estate startups
    2. Eliot Spitzer in talks for 2.8-acre Kedem Winery site in Williamsburg: sources
    3. Small law firms handling big sales at Extell’s One57
    4. 6 NYC buildings sure to make headlines this fall
    5. “Rat Castle” no more: sales set to launch at 179 Ludlow Street

  • Gary Barnett: “Poor door” makes financial sense

    Extell chief defends 40 Riverside entrances, says condo income subsidizes affordable units
    August 26, 2014 06:15PM
    40 Riverside Drive and Extell's Gary Barnett

    40 Riverside Drive and Extell’s Gary Barnett

    Extell Development CEO Gary Barnett defended the “poor door” planned for his 33-story building at 40 Riverside Boulevard, arguing that it would have made no financial sense to incorporate affordable rental units into the condominium tower without it.

    Developers told the New York Times that a condo-and-rental building with separate entrances allows them to reserve the best location and amenities for condos seeking a high price. The income from those condos subsidizes the construction of the affordable-housing component, developers said. [more]

  • Howard Lutnick’s $30M suit against Southampton can proceed

    Billionaire BGC Partners CEO is suing for the right to build a barn on his property
    August 26, 2014 06:00PM
    From left: Howard Lutnick and a barn

    From left: Howard Lutnick and a barn

    Real estate titan Howard Lutnick is one step closer to living out his aspirations of farming his 40-acre plot in Southampton. [more]

  • Benjamin Ringel sued over $35M in loans to NJ mall

    Developer filed for Chapter 11 bankruptcy protection in June for shopping mall in Manahawkin
    August 26, 2014 05:45PM By David Jones
    Aerial view of an Armstrong shopping center

    Aerial view of an Armstrong Capital-owned shopping center

    Developer Benjamin Ringel and two of his investment partners are facing a lawsuit from lenders looking to enforce $35 million in loans connected to a bankrupt New Jersey shopping mall.

    Ringel, the president of Armstrong Capital and the developer behind a Food Emporium site on the Upper West Side of Manhattan, was sued in Manhattan Supreme Court by special servicer Rialto Capital Advisors over a loan connected to the Commons at Manahawkin Village. [more]

  • Plug into TRD‘s The Wire

    Follow The Real Deal's very own RSS feed
    August 26, 2014 05:30PM

     

    wire2Stay connected to the fast-moving world of New York City real estate by checking out The WireThe Real Deal‘s RSS feed with nuggets of news that aren’t published on our daily blog. The Wire is continuously fed by fresh, up-to-the-minute industry news, with a wide range of stories from New York City and beyond. Browse our long list of items, or filter news by publication.

    Click here to access to the feed, or visit “The Wire” on the top navigation bar.

  • Jean Leon Gerome Ferris' "The Fall of New Amsterdam"

    Jean Leon Gerome Ferris’ “The Fall of New Amsterdam,” commemorating the arrival of English warships that would lead to the formation of New York.

    Happy Birthday, New York! Gotham turns 350 years old today. The shuffle for biotech space in NYC. Clothing retailer Gap plans $96M investment in Dutchess County distribution center. Read these stories and more after the jump.

  • Jimmy Tisch buys 11-bedroom Hamptons mansion for $41M

    Mediabistro.com CEO Alan Meckler bought land on which the house now sits for $5.5M in 1999
    August 26, 2014 05:00PM
    576 Meadow Lane as seen in Something's Gotta Give

    576 Meadow Lane as seen in the 2003 film “Something’s Gotta Give”

    The sprawling Hamptons home made famous by the 2003 movie “Somethings Gotta Give” has sold. [more]

  • In their words

    The funniest and most insightful comments on real estate
    August 26, 2014 04:40PM
    From left:

    From left: Congressman Charlie Rangel, Donna Olshan and David Walentas

    From the August issue: In this month’s in their words feature, Congressman Charlie Rangel offers his two cents on what he sees as the absurdity of government assistance for luxury housing projects. Olshan Realty’s Donna Olshan worries about having too many Midtown condos on the market at the same time. Lastly, Two Trees’ David Walentas does not mince his words when talking about Mayor Bill de Blasio. Click here to see more.

  • Bellmarc founder Neil Binder allegedly misused company funds

    $2M suit could endanger Coldwell Banker franchise deal
    August 26, 2014 04:20PM
    Neil Binder

    Neil Binder

    Neil Binder, co-founder of the Bellmarc Group, is being sued by his business partners for allegedly embezzling hundreds of thousands of dollars, according to court papers.

    Larry Friedman and Anthony DeGrotta, Binder’s business partners, filed papers on Tuesday in Manhattan Supreme Court, stating that Binder allegedly used the company’s funds as “his personal piggy bank.” The business partners are looking to receive $2 million in damages. Bellmarc could be in danger of losing its franchise deal with Coldwell Banker and the embezzlement the suit alleges could cause tax problems for the company.

    [more]

  • NYC law firms think small in bid to scale back office space

    Firms previously housed in upscale Midtown spots moving to lower-cost spaces Downtown or in Midtown West
    August 26, 2014 03:55PM
    From left: Cushman & Wakefield's Sherry Cushman, 4 Brookfield Place and a rendering of Manhattan West

    From left: Cushman & Wakefield’s Sherry Cushman, 4 Brookfield Place and a rendering of Manhattan West

    Gotham law firms are increasingly going the way of big banks, shrinking the amount of space per attorney and relocating from pricey Midtown locales in an attempt to reduce office space overall. [more]

  • Permits filed for new Downtown Brooklyn residential tower

    Livingston Street project slated to rise 17 stories and contain 37 units
    August 26, 2014 03:30PM
    From left: 299 Livingston development site and location on map (Google Earth)

    From left: 299 Livingston development site and location on map (Google Earth)

    An unidentified developer plans to build a 17-story residential tower in Downtown Brooklyn, according to city permits that surfaced today. [more]

  • Greenpoint buildings to be razed for resi project

    400 apartments to replace old structures on factory site
    August 26, 2014 03:00PM
    greenpoint

    From left: 49 Dupont Street and 22 Clay Street in Brooklyn

    Dupont Street Developers LLC plans to soon begin tearing down more than six properties to construct a 400-unit apartment building in Greenpoint.

    The developer filed demolition permits earlier in the month for several buildings, excluding the main 1930s-era factory at 280 Franklin Street. [more]

  • Jersey Mike’s way: Sandwich king pays $16M for Lenox Hill pad

    Peter Cancro buys nearly 4,000-sf spread on East 68th Street
    August 26, 2014 02:30PM By Zachary Kussin
    11 East 68th Street and Peter Cancro

    11 East 68th Street and Peter Cancro

    From Luxury Listings NYC: Peter Cancro, the owner and CEO of Jersey Mike’s Subs — a submarine sandwich franchise with 750 stores nationwide including two in Manhattan — purchased a condominium home at the Marquand for $15.7 million, according to city records filed today. [more]

  • Staten Island gets $56M to help shield homes from floods

    More than half of the funding to go toward buying 23 acres of land
    August 26, 2014 02:00PM
    new-dorp

    New Dorp on Staten Island after Hurricane Sandy

    Staten Island has received $33 million in federal funding to buy 23 acres of land in an effort to reduce flood damage to homes in the borough.

    The funds from the U.S. Department of Agriculture will go to the city Department of Environmental Protection. Mayor Bill de Blasio and Senator Charles Schumer announced yesterday that the city also received $23 million to acquire flood plain easements in New Dorp and Midland Beach in Staten Island. [more]

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