The Real Deal New York

  • Aby Rosen, Four Seasons Restaurant owners warring over trademark

    The iconic eatery owners leaving 375 Park registered the Pool Room and Grill Room
    February 10, 2016 12:30PM
    Four Seasons Restaurant

    The Four Seasons Restaurant at 375 Park Avenue (inset: Aby Rosen)

    A trademark tiff is brewing between the Four Seasons Restaurant owners and their soon-to-be former landlord Aby Rosen, owner of the Seagram Building. [more]

  • Ronnie Lowenstein

    IBO Director Ronnie Lowenstein

    The Independent Budget Office says it botched a recent report on affordable housing by drastically underestimating the impact of requiring prevailing wages on projects benefiting from the 421a property tax break.

    Such a union-friendly requirement would cost the city an additional $4.2 billion in financing to keep up with Mayor Bill de Blasio’s stated goal of constructing 80,000 new affordable housing units, according to the IBO. This figure is a correction from a previous report, which estimated that union wages on such projects would cost an extra $2.8 billion. [more]

  • Fed may revise outlook on multiple interest rate hikes

    Yellen says China's struggles have “exacerbated concerns about the outlook for global growth”
    February 10, 2016 11:30AM
    Janet Yellen

    Janet Yellen

    Federal Reserve chair Janet Yellen said that while the U.S. central bank still plans to gradually raise interest rates over the course of this year, global economic uncertainty could derail the multiple rate hikes previously forecast for 2016.

    In remarks prepared for the Fed chair’s two days of scheduled Congressional testimony this week, Yellen indicated that uncertainty over China’s faltering economy had “exacerbated concerns about the outlook for global [economic] growth” and had contributed to collapsing prices for commodities like oil. [more]

  • Penny Marshall to list Upper West Side pad for $5.5M

    Actress has owned apartment since "Laverne & Shirley" days
    February 10, 2016 11:01AM By Katherine Clarke
    Penny Marshall is listing her UWS penthouse at 470 West End Ave for $5.5M

    Penny Marshall is listing her UWS penthouse at 470 West End Ave

    She’s always been “Big” on New York but Penny Marshall is giving up her Manhattan pied-a-terre to move to California full-time. [more]

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  • Where NYC’s kosher power players do deals and break bread (or matzo)

    The Prime Grill, Reserve Cut and Mike's Bistro are among the favorites
    February 10, 2016 10:30AM By Rich Bockmann
    The kitchen at Reserve Cut, a kosher steakhouse in the Financial District

    The kitchen at Reserve Cut, a kosher steakhouse in the Financial District

    From the February issue: It wasn’t that long ago that gourmet glatt steakhouses were basically nonexistent, meaning that when observant Jews sat down for a high-powered business lunch over some juicy prime beef, they were often left to order a salad.

    Although there were kosher steakhouses in the city, there were few during the 1990s that rose to the level of a first-class dining experience where real estate industry bigwigs could wine and dine clients. [more]

  • Donald Trump’s kids take spotlight in presidential campaign – with mixed results

    Ivanka, Eric and Donald Jr. make regular cameos on political TV
    February 10, 2016 10:00AM By Konrad Putzier

    From left: Eric Trump, Ivanka Trump and Donald Trump Jr.

    As Donald Trump continues his unlikely run for president of the United States, his three elder children have become fixtures on national television. But they aren’t necessarily as skillful with the media as their dad is, and the spotlight hasn’t always been kind to them. As Trump basks in the glow of his big victory in New Hampshire, here’s a quick roundup of the public roles Ivanka, Donald Jr. and Eric Trump play in their father’s campaign. [more]

  • The kids are all right: How developers are courting tweens

    Ms. Pac-Man, mini arcades, soundproof music rooms and study lounges being offered at condos
    February 10, 2016 09:35AM

    The rec room at 111 Murray Street (Credit: 111 Murray Street)

    Luxury condo developers are rolling out the red carpet for tweens and teens — sure to send the eye-rolling #rebels to Snapchat and Instagram to compete for the title of who lives in the coolest building. [more]

  • Anticipating development boom, Simon Baron buys $24M Greenpoint site

    Developer will wait to see what happens with Toby Moskovits’ nearby zoning request before making plans for 12 Franklin St.
    February 10, 2016 09:04AM By Rich Bockmann
    Matthew Baron and 12 Franklin Street in Greenpoint

    Matthew Baron and 12 Franklin Street in Greenpoint

    In a rapidly changing area near the Greenpoint border that’s home to local hangouts named after far-off foreign lands and early explorers, Simon Baron Development sees big-time potential. The firm just closed on a site at 12 Franklin Street for $24 million, but is waiting to see what happens with a nearby project before committing to plans. [more]

  • WeWork could be raising even more money

    Coworking giant’s valuation jumps to $15B after Fidelity ups appraisal
    February 10, 2016 08:37AM

    From left: WeWork c-founders Miguel McKelvey and Adam Neumann

    WeWork’s valuation jumped 50 percent to $15 billion this week after Fidelity Investments reported that its shares in the company had appreciated spectacularly in the fourth quarter of 2015. The firm is also reportedly planning to enter another round of financing. [more]

  • Related to raise debt fund of up to $2B

    New vehicle will focus on buying from struggling REITs
    February 10, 2016 08:01AM
    Stephan Ross

    Stephen Ross

    Related Cos. is expanding its recent push into commercial real estate debt, raising as much as $2 billion in capital for a new fund along with partner Highbridge Principal Strategies.

    Related Fund Management will soon begin taking in funds for the new vehicle, which will focus on properties from real estate investment trusts that have recently seen their stock prices sag. [more]

  • Most popular stories on The Real Deal

    February 10, 2016 07:30AM

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    4. Queens developer files for 79-story LIC resi tower
    5. Luxury rental unit boom, but whither the renter?

  • Bridgeton sells Kips Bay multifamily portfolio to Bolanos family for $29M

    Five-building deal marks Garden City-based buyer's first Manhattan acquisition
    February 09, 2016 06:25PM By Katherine Clarke
    Atit Jariwala, CEO of Bridgeton Holdings, and the East 33rd Street properties

    Atit Jariwala, CEO of Bridgeton Holdings, and the East 33rd Street properties

    Bridgeton Holdings, fresh off the back of a $78 million hotel acquisition in Greenwich Village, sold off a portfolio of five Kips Bay multifamily buildings to the Garden City-based Bolanos family.

    The family paid $29 million, or $814 per square foot. With the deal, the buyer, which controls Bolanos Properties LLC, made its first-ever Manhattan acquisition. [more]

  • Actress Ellie Kemper swaps doomsday bunker for UWS co-op

    "Unbreakable Kimmy Schmidt" star bags duplex at 325 West End Avenue for $2.8 million
    February 09, 2016 06:15PM
    Ellie Kemper

    325 West End Avenue on the Upper West Side (inset: Ellie Kemper)

    From Luxury Listings NYC: Ellie Kemper – the actress best known for her roles in “The Office,” “Bridesmaids” and “Unbreakable Kimmy Schmidt” – has just bought a three-bedroom co-op unit on the Upper West Side. [more]

  • Architectural review of 25 Kent: “Old Brooklyn” meets “New Brooklyn”

    Design powerhouse Gensler melds brick and glass with "artificial" but "charming" results
    February 09, 2016 05:45PM By James Gardner

    A renderings of 25 Kent Street in North Williamsburg and developer Toby Moskovits

    From the February issue: Developer Toby Moskovits has received much attention for her planned eight-story building at 25 Kent Street in North Williamsburg. That’s largely because it will be Brooklyn’s first speculative office tower in nearly a century.

    But less ink has been spilled about the design itself, which is being masterminded by the astonishingly prolific global architectural firm Gensler and aspires to reproduce the redbrick aesthetic that prevails in Brooklyn, or at least the mythic Brooklyn of the silver screen. [more]

  • Muss cleared of wrongdoing on botched Staten Island deal

    NJ investor sued Queens developer over $4M deposit on a $38M parcel
    February 09, 2016 05:30PM
    Prince's Point Staten Island

    The Prince’s Point site on Staten Island

    The New York State Supreme Court’s Appellate Division upheld a ruling last week that absolves Muss Development of wrongdoing in relation to the Queens-based firm’s botched $38 million sale of a Staten Island development site.

    The court ruled in 2014 that Muss is not responsible for problems with a seawall at the 23-acre site, which New Jersey investor Lawrence Bresnick agreed to acquire through his entity, Prince’s Point LLC, for nearly $38 million in 2006. [more]

  • Meet the little Williamsburg building that’s home to over 1,000 LLCs

    The likes of Menachem Stark, Yoel Goldman have plied their trade through 199 Lee Avenue
    February 09, 2016 05:20PM By Ariel Stulberg and Kyna Doles
    199 Lee Avenue in Williamsburg (credits: Google Street View and the Brooklyn Daily)

    199 Lee Avenue in Williamsburg (credits: Google Street View and the Brooklyn Daily)

    At first glance it seems like one nondescript building among scores in South Williamsburg, a three-story brown-brick property housing a small retail store and a couple of apartments above.

    But in Hasidic real estate circles, the 3,500-square-foot structure at 199 Lee Avenue is legendary. Hundreds of landlords from the Orthodox community, who collectively own thousands of apartments in Brooklyn’s fastest-growing neighborhoods, have mailboxes there. Every month, these mailboxes are used to collect rent checks and help cloak the identities of some of the city’s most mysterious property owners. [more]

  • Affordable housing lender rebounds after $900M in bad loans

    CPC whittled down troubled mortgages to $3M
    February 09, 2016 04:50PM

    CPC CEO Rafael Cestero

    Community Preservation Corporation, a major New York affordable housing lender, has whittled down its debt after almost drowning in $900 million of bad loans made before the real estate crash, and will return to it original mission.

    “We went through a period, driven by the boom in the real estate market, where we got away from our core mission,” said CEO Rafael Cestero, who was hired in 2012 by the organization’s board to turn it around.

    Established in 1974, CPC used capital raised from commercial banks to finance affordable multifamily rental apartments throughout the city, but veered off course during the boom when it began lending to riskier market-rate projects. [more]

  • The Lower East Side goes upscale: Q&A, part II

    L+M's Isaac Henderson and Goldman Sachs' Margaret Anadu explain why the LES is "an excellent value"
    February 09, 2016 04:15PM By Adam Warner
    From left: Isaac Henderson, Margaret Anadu and Essex Crossing at

    From left: Isaac Henderson, Margaret Anadu and a rendering of Essex Crossing at on the Lower East Side

    From the February issue: The Lower East Side is a long-gritty neighborhood that’s undergoing a dramatic makeover. Driving the transformation is the $1.1 billion Essex Crossing mega project, which is set to deliver 1,000 units of housing along with retail, office, and community/cultural uses.

    In the second web installment, The Real Deal asked Isaac Henderson, director at L+M Development Partners, one of the developers on the project, and Margaret Anadu, managing director of Goldman Sachs Urban Investment Group, one of the investors, to weigh in on the LES market and why the neighborhood is being billed as the most “affordable cool” option in the city. [more]

  • Meadow Partners files plans for Williamsburg office conversion

    Investment firm bought 65K sf former factory for $42M in September
    February 09, 2016 03:45PM

    109 South 5th Street in Williamsburg (inset: Meadow Partners’ Jeffrey Kaplan)

    Meadow Partners is moving ahead with plans to convert a former South Williamsburg factory at 109 South 5th Street into a new office building. [more]

  • Michael Strahan

    Michael Strahan

    Football legend Michael Strahan converted his success on the grid into a charmed career on the small screen. The celebrated NFL Hall of Famer and Giants Super Bowl champ has gone on to equal fame as a television personality, with hosting gigs on “Live with Kelly and Michael,” “Good Morning America” and as a “Fox NFL Sunday” analyst. Strahan talked to LLNYC about some of his newest ventures as he takes the next step and translates his fame and wide-ranging appeal into a new brand. [more]