The Real Deal New York

  • Happy Thanksgiving from The Real Deal!

    November 25, 2015 05:30PM
    Happy Thanksgiving from The Real Deal!

    Happy Thanksgiving from The Real Deal!

    In honor of turkey day, The Real Deal won’t be posting on Thursday. We’ll be back in the swing of things Friday through Sunday though, so keep an eye out for TRD‘s weekend edition. Happy Thanksgiving! — TRD

  • Nonprofit plans to bring 126 apartments to the West Bronx

    Community Access' 14-story building slated to hold supportive housing, affordable units
    November 25, 2015 05:10PM By Konrad Putzier
    111 East 172nd

    111 East 172nd Street

    Nonprofit Community Access filed plans Wednesday for a 126-unit,14-story apartment building at 111 East 172nd Street in the Bronx.

    The Lower Manhattan-based organization, which helps people with psychiatric disabilities transition from shelters to independent living, plans to use more than half the units as “supportive housing” for individuals and families battling mental health or drug problems. The remainder will be affordable units for people making up to 50 percent of the neighborhood’s median income. [more]

  • TRD’s “The Closing” book available for purchase, download

    Candid conversations with moguls, starchitects and a host of other industry heavyweights
    November 25, 2015 04:50PM


    The biggest shopping weekend of the year may be underway, but save the trip to Macy’s. We’ve got the perfect holiday present right here.

    “The Closing” book features 100 candid interviews with the giants of the real estate industry, who share the lessons they learned and the challenges they overcame on their way to the top. The collection is drawn from nearly a decade of The Real Deal’s back-page interview, The Closing, one of the most popular features with readers since the magazine’s inception.

    In no-holds-barred conversations, we learn about the tough times and the triumphs of luminaries like Charles Kushner, who spent his time in prison mentoring younger inmates; and Stephen Ross, who spent as much time as a school boy in the principal’s office as he does now in boardrooms.

    The book is a must-read for anyone fascinated by these very human stories of the grit and determination it took to conquer the world of New York City real estate. It is available for purchase here, or can be downloaded through The Real Deal‘s app on iTunes and Google Play.

    The book is also available on Amazon and Shopify.

  • DDG’s newest bluestone building is solid as a rock: review

    Developer's 12 Warren Street appears to be a gem
    November 25, 2015 04:30PM By James Gardner
    A rendering of the upper portion of 12 Warren Street

    A rendering of the upper portion of 12 Warren Street in Tribeca

    From the November issue: Those good people over at DDG really love stone, especially bluestone. They love bluestone the way other people love macaroons and cupcakes, puppies and springtime.

    This love of stone has been demonstrated in several of the firm’s previous undertakings in lower Manhattan, such as 41 Bond Street and 345 West 14th Street (also known as 345 Meatpacking). [more]

  • Inside TheRealDeal
  • Verdict in Sheldon Silver trial postponed

    Jury leaves for Thanksgiving break, will reconvene Monday
    November 25, 2015 03:45PM

    From left: Leonard Litwin and Sheldon Silver

    There is still no verdict in former Assembly Speaker Sheldon Silver’s corruption trial – and don’t expect one before Monday. The jury left U.S. District Court early Wednesday for Thanksgiving break after three hours of talks.

    Silver, who is accused of extortion and fraud in a case that has shone a light on the real estate industry’s often complicated ties to state politicians, spoke to reporters at the courthouse. “It’s all in the hands of the jury, and it would be foolish to speculate as to what is taking place,” Silver said. [more]

  • Spreading out: How do brokerage magazines stack up?

    Spoiler: Not all magazines are created equal
    November 25, 2015 03:14PM By E.B. Solomont

    Left to right: Elliman magazine, Compass Quarterly and My Town Magazine

    With articles on Miami’s tech scene, the history of architecture in Boston and a creative renaissance in Brooklyn, the magazine could have passed for the latest issue of just about any general interest publication out there.

    Instead, the slim journal was put out by Compass, the two-year-old residential brokerage that’s joined a flurry of residential firms fancying their hand at publishing. [more]

  • 15 CPW duplex sells for nearly $15M under ask

    Duplex that just traded for $45M was asking $60M
    November 25, 2015 02:22PM By E.B. Solomont


    Maybe “asking price” should be redefined as “wishful thinking” price.

    A 15 Central Park West duplex just traded for $45 million — a hefty sum, but a massive discount from the condominium’s most recent asking price of $59.5 million. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    November 25, 2015 01:45PM By Kyna Doles
    Market Reports

    (credit: Cushman & Wakefield)

    The latest batch of reports found that nearly half of Brooklyn’s new development inventory has been sold and multifamily dollar volume reached $1.7 billion in September. [more]

  • Flushing tower sees $85M in contracts in first weekend of sales

    The quick condo deals follow years of delays at Sky View Parc complex
    November 25, 2015 01:10PM
    Rendering of one tower at the Grand at Sky View Parc (inset: Michael Dana)

    Rendering of one tower at the Grand at Sky View Parc (inset: Michael Dana)

    Things are once again looking up for a massive Flushing development with a troubled past. [more]

  • Manhattan retail market starting to soften: REBNY report

    Asking rents on 7 prime shopping strips dropped this year -- another sign of possible cooldown
    November 25, 2015 12:30PM By Rich Bockmann
    John Banks and 645 Madison Avenue

    645 Madison Avenue on the Upper East Side and John Banks

    Here’s something tenant advocates can be thankful for: Landlords have started to drop asking rents on some of the city’s priciest shopping strips such as Madison and Upper Fifth avenues, according to the Real Estate Board of New York. [more]

  • Trinity, Norges deal values buildings at $3.6B

    Binding contract signed Nov. 20; sale to close by year’s end
    November 25, 2015 12:04PM By E.B. Solomont

    From left: Trinity’s Jason Pizer, 1 Hudson Square and Norges’ Yngve Slyngstad

    Trinity Real Estate and Norway’s sovereign wealth fund quietly signed a binding contract late last week to partner on the church’s 11-building Hudson Square portfolio, in a massive deal that values the real estate at $3.55 billion.

    Norges Bank Investment Management entered into contract Nov. 20 to pay $1.56 billion for a 44 percent share in a 75-year ownership of Trinity’s portfolio, the fund said. The deal is expected to close by the end of the year. [more]

  • Miami’s new development sales center showdown

    The high-stakes battle for buyers plays out in multimillion-dollar tricked-out galleries
    November 25, 2015 11:30AM By Katherine Kallergis
    Ramon Corona, Daniel de la Vega and Jon Paul Perez explored Paramount’s new sales center

    Ramon Corona, Daniel de la Vega and Jon Paul Perez explored Paramount’s new sales center

    From the South Florida Market Report: Ever been at the mercy of a bouncer while trying to gain admittance to a sales gallery?

    At the VIP launch party last spring for Paramount Miami Worldcenter, more than 1,100 attendees made the attempt, with varying degrees of success, to do just that. The party, replete with what developer Daniel Kodsi claimed was the largest disco ball in the world, included a roped-off entrance and a line of eager guests on a red carpet rivaling the queue for LIV at the Fontainebleau on a Friday night. [more]

  • Douglas Shorenstein, developer and landlord, dies at 60

    Family firm controls NYC office buildings including 1407 Broadway
    November 25, 2015 11:00AM
    Douglas Shorenstein

    Douglas Shorenstein

    Douglas Shorenstein, whose San Francisco-based real estate development firm controls major properties in New York City, died Tuesday after a battle with cancer. He was 60.

    Shorenstein oversaw a nationwide portfolio of more than 24.8 million square feet, with office holdings in New York such as 1407 Broadway, 477 Madison Avenue and 850 Third Avenue.

    “As many of you know, Doug had been ill for some time, and he fought a courageous battle with his illness,” his family said in a statement. “Through it all, he maintained a positive and hopeful outlook, and he remained steadfastly focused on serving his family, his colleagues and his community. We miss him dearly already.” [more]

  • Hometeam subleases Flatiron space from SoundCloud

    Senior services firm will take 22K sf at Two Trees' building
    November 25, 2015 10:33AM
    50 West 23rd Street in the Flatiron District (inset: Two Trees’ Jed Walentas)

    50 West 23rd Street in the Flatiron District (inset: Two Trees’ Jed Walentas)

    Hometeam, a provider of caregivers and nurses for senior citizens, is quadrupling the size of its offices, signing a one-year sublease for a 22,000-square-foot space in the Flatiron District from online audio platform SoundCloud. [more]

  • NoMad rents down, everywhere else up in Q3: MAP

    But hey, you can still find a great deal in East Flatbush!
    November 25, 2015 10:07AM
    Median rents for one-bedroom apartments (credit: Zumper)

    Median rents for one-bedroom apartments (credit: Zumper)

    Apartment listing service Zumper has a new map laying out median rents for one-bedrooms in the city by neighborhood. And guess what? They’re really, really high. [more]

  • We Heard: The robot takeover has begun

    This attorney rolls around the office on wheels, sits in his charging dock on breaks
    November 25, 2015 09:30AM By Adam Warner
    “Felix2,” the robot double attorney Felix Tschanz uses to work remotely at First Nationwide Title Agency’s Long Island office

    “Felix2,” the robot double attorney Felix Tschanz uses to work remotely at First Nationwide Title Agency’s Long Island office

    From the November issue: The vendor visiting First Nationwide Title Agency was taken aback when Felix2 came up from behind.

    “I just quietly rolled up on him, like a bee honing in,” Felix Tschanz recalled. “He just kind of froze up.”

    The surprise was that this version of the firm’s senior attorney was a five-foot-tall Segway with an iPad for a head. [more]

  • Singapore wealth fund is “underinvested” in global RE: exec

    GIC, partial owners in the Time Warner Center, looking to move billions into gateway cities
    November 25, 2015 09:00AM
    Goh Kok Huat Time Warner Center

    From left: Goh Kok Huat and the Time Warner Center in Columbus Circle

    Singaporean investors have already poured substantial cash into the New York real estate market, and more might be on the way.

    Goh Kok Huat, president of real estate at GIC Pte, the city-state’s sovereign wealth fund, whose total holdings Morgan Stanley estimates at $343 billion, said his firm was “underinvested” in the global property market and is seeking to make major purchases. [more]

  • Pining for wood: Will New York embrace the wooden tower movement?

    Despite fire hazard connotations, material is safe, efficient and pretty: experts
    November 25, 2015 08:40AM By Kathryn Brenzel
    Rendering of 478 West 18th Street (inset from left: renderings of LEVER Architecture's Framework, of Rüdiger Lainer and Partner's HoHo project, C.F. Moller 's HSB 2023 and MGA's Baobab)

    Rendering of 475 West 18th Street (inset from left: renderings of LEVER Architecture’s Framework, of Rüdiger Lainer and Partner’s HoHo project, C.F. Moller ‘s HSB 2023 and MGA’s Baobab)

    In some ways, a wooden condominium tower planned for Chelsea has roots in an 18th-century barn.

    Chris Sharples, a principal at SHoP Architects, remembers the barn as one of his first encounters with architecture, at his childhood home in Pennsylvania’s Chester County. He recalls marveling at its beautiful, exposed wooden beams, and it’s this intimate quality of bringing the “tectonic outside” inside that he hopes to replicate at 475 West 18th Street.

    “It’s just amazing that we could actually think about building mid-rise, high-rise buildings out of this very traditional material,” he said. “We’ve come full circle.” [more]

  • Blackstone sells London NYC to Abu Dhabi fund for $382M

    The ADIA also bought the debt and the ground least at the 563-key Midtown hotel
    November 25, 2015 08:08AM
    London Hotel New York

    The London NYC Hotel at 151 West 54th Street in Midtown (inset: The ADIA’s Sheikh Khalifa bin Zayed Al Nahyan and Blackstone’s Jonathan Gray)

    The Abu Dhabi Investment Authority, the nation’s sovereign wealth fund, has added to its portfolio of Manhattan hotels. [more]

  • Most popular stories on The Real Deal

    November 25, 2015 07:30AM

    Current reader favorites:
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    2. Timeline: The massive BK projects that beat the 421a clock
    3. Toby Moskovits’ 75K sf “Bushwick Generator” project underway
    4. Aby Rosen’s RFR challenges muddled rent control rule
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