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The Real Deal New York

  • Binder’s Bellmarc Realty unable to pay bills after TD Bank freezes accounts

    New lawsuit claims says bank took action “without providing adequate explanation or cause”
    April 20, 2015 06:00PM By Claire Moses
    Neil Binder

    Neil Binder

    TD Bank has frozen all of Bellmarc Realty’s bank accounts, leaving the brokerage unable to handle core business operations and pay out commissions, according to a lawsuit filed in New York Supreme Court on Friday.

    As a result of the freeze — which Bellmarc’s president Neil Binder claims in the lawsuit against the bank is being done “without providing adequate explanation or cause” — the brokerage is unable to take care of payroll, pay rent for its offices and dole out commissions to its roughly 300 agents. [more]

  • DTZ looks to bid $2B for Cushman

    Acquisition would create second-largest property services firm in the world
    April 20, 2015 05:40PM
    From left: Brett White, an old Cushman & Wakefield office in New York and Cushman’s Edward Forst

    From left: Brett White, an old Cushman & Wakefield office in New York and Cushman’s Edward Forst

    DTZ Group, London-based commercial real estate brokerage, is seeking support for a $2 billion bid to acquire rival firm Cushman & Wakefield. [more]

  • AG calls on NY brokers to give rebates

    Change to Real Property Law was approved in December
    April 20, 2015 05:25PM
    Schneiderman Broker Law

    From left: Lee Zeldin, Charles Lavine and Eric Schneiderman

    Attorney General Eric Schneiderman made a push Monday for the state’s real estate brokers to take advantage of a recent change to the state’s Real Property Law that allows brokers to rebate a portion of their commissions to clients.

    Schneiderman’s office issued an open letter to brokers licensed in the state, and encouraged buyers and sellers to negotiate to pay a lower commission. [more]

  • The Woolworth Building

    The Woolworth Building

    From the April issue: The Woolworth Building in Lower Manhattan opened as the world’s tallest skyscraper, 102 years ago this month. The neo-Gothic tower at 233 Broadway was designed by architect Cass Gilbert for the F. W. Woolworth Company, one of the pioneers of the five-and-dime store model. [more]

  • Inside TheRealDeal
  • Shaoul, partners pay $108M for LES development site

    Magnum and Real Estate Equities plan 83-unit mixed-use building next to Katz's Deli
    April 20, 2015 04:30PM By Rich Bockmann
    Ben Shaoul (inset), Katz's Deli and a rendering for 196 Orchard Street

    Ben Shaoul (inset), Katz’s Deli and a rendering for 196 Orchard Street

    UPDATED, April 20, 11:54 p.m.: Ben Shaoul has teamed up with Real Estate Equities Corp. to close on a $108 million assemblage on the Lower East Side where they plan to develop a mixed-use building next to Katz’s Deli, The Real Deal Has learned. [more]

  • Lend Lease lands stake in proposed condo tower at 281 Fifth

    Construction firm will have equal control over development with Victor Group
    April 20, 2015 04:05PM
    281 Fifth Avenue

    Lend Lease’s Melissa Burch and 281 Fifth Avenue

    Construction firm Lend Lease has acquired an unspecified stake in the proposed condominium project at 281 Fifth Avenue in NoMad. [more]

  • Follow Thursday’s event in Broward on Twitter

    Check out @trdmiami for live coverage of TRD's real estate forum & showcase
    April 20, 2015 03:40PM

    TRDForum

    In just three days, real estate heavyweights will gather for The Real Deal‘s first-ever showcase and forum in Broward County, where industry players are seeing an uptick in activity as both foreign and domestic investors look north of Miami.

    Follow along or add your two cents to the conversation by using #TRDForum on Twitter. Users can also submit questions about future development in Broward and foreign investment in South Florida by tweeting @trdmiami leading up to and during the event.

    Keep an eye on our account for live coverage throughout the day. Click here to get your tickets now.

  • Pension fund seeking $650M loan for 590 Madison

    State Teachers Retirement System of Ohio hired Cushman to source funds
    April 20, 2015 03:10PM
    590 Madison Avenue

    590 Madison Avenue in Midtown

    The pension fund that owns 590 Madison Avenue – the Plaza District office tower that house financial services firms UBS, Morgan Stanley and Bain Capital – is seeking a loan valued at up to $650 million.

    The State Teachers Retirement System of Ohio has retained a Cushman & Wakefield team of Steve Kohn, Alex Hernandez, Chris Moyer and Alex Lapidus to source the funds, which could be one of the largest loans to close this year. The pension fund put a stake in the 42-story tower on the market last October, when the building was valued at $1.5 billion. [more]

  • From Russia — and elsewhere — with less love

    Economic conditions worldwide are shifting how foreign capital flows into South Florida
    April 20, 2015 02:25PM By Francisco Alvarado

    054-056 GLOBAL VIEW-FINAL.inddFrom the Miami site: As the U.S. dollar continues to gain strength in a growing economy, the buying power of the primary foreign investors helping to fuel South Florida’s current boom cycle is sputtering. Currency devaluations along with other destabilizing economic and political factors in Latin America, Europe and Russia are making it harder for buyers from those regions to convert their funds to flight capital. [more]

  • Prodigy Network to develop short-term rental apartments

    Crowdfunding firm signed options on two NoMad buildings: sources
    April 20, 2015 02:04PM By Konrad Putzier
    Nino 17 John

    From left: A rendering of 17 John Street and Prodigy’s Rodrigo Nino

    Prodigy Network, one of the city’s most prominent real estate crowdfunding firms, is following in WeWork’s footsteps with plans to combine shared workspace and short-term rental apartments, The Real Deal has learned.

    The firm is looking to launch the concept, sources said, at three locations in Manhattan: 17 John Street, which it bought last year, as well as two NoMad buildings it has recently signed purchase options on.   [more]

  • Red Hook contractor planning 86-unit Coney Island project

    Mixed use development at 2885 West 15th Street will feature 95K sf of resi, retail space
    April 20, 2015 01:15PM By Rey Mashayekhi
    2885 West 15th Street

    2885 West 15th Street in Coney Island

    A Brooklyn contractor is planning to develop a new, 95,000-square-foot mixed-use building at 2885 West 15th Street in Coney Island, according to a Department of Buildings application filed Saturday. [more]

  • Extell’s 217 West 57th Street gets new renderings

    Midtown skyscraper on pace to be world's tallest residential tower
    April 20, 2015 12:45PM
    217 West 57th Street

    Rendering of the Nordstrom Tower at 217 West 57th Street (credit: Adrian Smith + Gordon Gill)

    Renderings for Extell Development’s proposed supertall residential tower at 217 West 57th Street, known as the Nordstrom Tower have been released. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    April 20, 2015 12:30PM

    1. Here are 10 of NYC’s coolest new architecture projects
    2. A peek inside Demi Moore’s $75M San Remo penthouse
    3. You think you know NYC? Do you? Take TRD‘s quiz!

    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]

  • Big developments cropping up in Staten Island

    Urban Ready Life and Empire Outlets are among the major projects in borough's pipeline
    April 20, 2015 12:00PM
    Lighthouse Point Staten Island

    Rendering of Lighthouse Point on Staten Island

    Staten Island seems to be catching up with the other four boroughs. [more]

  • Howard Hughes marketing stake in 80 South Street

    Texas-based developer helming Seaport redevelopment paid $100M for 8K sf site last year
    April 20, 2015 11:30AM
    80 South Street

    Earlier rendering of 80 South Street and Howard Hughes CEO David Weinreb

    The Howard Hughes Corp. is marketing its interest in 80 South Street, near the South Street Seaport, for a sale or joint venture.

    Hughes paid Queens-based Cord Meyer Development $100 million last year for the 8,128-square-foot site, which sits on the corner of Fletcher Street near the East River. The parcel had previously received permission from the City Planning Commission for redevelopment into a 300,000-square-foot mixed-use tower. [more]

  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    April 20, 2015 11:00AM

    CityRealty April 20

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • Holding out in Hudson Yards

    Some property owners refuse to sell out to developers, even when offered big bucks
    April 20, 2015 10:30AM By Rich Bockmann
    hudson-yards

    Abington House dwarfs a 5-story walkup, left; Scores strip club is sandwiched by new developments.

    From the April issue: Small property owners and New York City developers have been facing off since that adage about location in real estate was coined. And every once in a  while, those contests of wills turn into lasting stalemates. [more]

  • Investors sue American Realty for alleged “hidden scheme”

    Former chairman Nicholas Schorsch lined himself up for a $94M payday over five years: lawsuit
    April 20, 2015 10:10AM
    Nicholas Schorsch

    Nicholas Schorsch

    Investors in American Realty Capital Properties are accusing ex-chair Nicholas Schorsch of perpetrating a scheme that generated more than $900 million in managers’ fee and bonuses.

    In a new class-action lawsuit, these investors say that Schorsch turned a small real estate investment trust into a moneymaking vehicle for himself and his cronies, Bloomberg reported. [more]

  • The reading room at the New York Public Library

    The reading room at the New York Public Library

    New Yorkers are using the library as their office. The history of Chelsea Piers. Brooklyn housing project has been waiting for a supermarket for five years. Read these stories and more after the jump.

  • New tenant inks 30K sf lease at RFR’s 190 Bowery

    Creative company aims to save historic aspects of the property
    April 20, 2015 09:00AM
    190 Bowery in Nolita

    190 Bowery in Nolita

    A conglomerate of creative agencies has signed an 11-year lease for nearly 30,000 square feet at the former Germania Bank at 190 Bowery. [more]

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