The Real Deal New York

  • Movable Inc. takes 55K sf at Bryant Park tower

    Equity Office recently renovated the 9th floor
    July 25, 2016 08:05AM
    5 Bryant Park

    5 Bryant Park

    An email marketing firm has inked a 55,000-square-foot lease for an office overlooking Bryant Park. [more]

  • Ranking NYC’s 20 biggest resi landlords

    TRD explores how the largest property owners are reshaping the city’s rental market
    July 25, 2016 07:30AM By Will Parker
    From left to right: Stephen Ross of Related Companies, Jonathan Gray of Blackstone Group, Ruby Schron of Cammeby’s International Group, Richard LeFrak of LeFrak Organization and Douglas Eisenberg of A&E Real Estate Holdings

    From left to right: Stephen Ross of Related Companies, Jonathan Gray of Blackstone Group, Ruby Schron of Cammeby’s International, Richard LeFrak of LeFrak Organization and Douglas Eisenberg of A&E Real Estate Holdings

    From the July issue: With all of the trades, windfalls, setbacks and wildcards, New York City’s rental market can often resemble a big round of Monopoly. But in the real world, the wins and losses are far greater than what can be counted in multicolored cash.

    This month, The Real Deal pored through public documents gathered in April to come up with a first-ever, exclusive ranking of who owns the most rental apartments in New York City. What we discovered was that just 20 landlords hold more than 150,000 of the city’s approximately 2.2 million rental units. And those properties netted their owners more than $2 billion in annual income as recently as 2014, according to an analysis of New York City Department of Finance tax records. [more]

  • Why the WTC mall could look like a ghost town on opening day

    Shops are already backing out, and that could really cut into Westfield's profits
    July 25, 2016 07:00AM By Rich Bockmann

    WTC

    When Westfield Corp. signed a deal in 2012 to create a glistening new shopping center in the belly of Santiago Calatrava’s $4 billion World Trade Center transit hub, co-CEO Peter Lowy promised that the Australian developer would sign world-class tenants and create a new standard for retail in the city.

    “We’re going to do something that no one can imagine,” Lowy said.

    But as the World Trade Center Mall buzzes with the sounds jackhammers and saws, at least four retailers have already walked away from their leases and a number of other shops won’t be open for business by mid-August.

    Such a scenario would slice into Westfield’s profits during a critical stage of development and could give rise to the belief that the project won’t be a success. [more]

  • Current reader favorites:
    1. Day in the life of: Jason Lee
    2. Madonna faces off with UWS co-op in court
    3. There’s a mad rush for housing like we haven’t seen since the end of the financial crisis
    4. Trump boasts about successful golf development at Ferry Point
    5. Feds move to seize Walker Tower PH, Park Lane investment stake in connection to 1MDB probe

  • Inside TheRealDeal
  • Trump boasts about successful golf development at Ferry Point

    There is just one problem: He didn’t build it
    July 24, 2016 05:00PM TRD WEEKEND EDITION
    Donald Trump and Bronx Borough President Ruben Diaz Jr. at Ferry Point and the Throggs Neck Houses

    Donald Trump and Bronx Borough President Ruben Diaz Jr. at Ferry Point and the Throggs Neck Houses

    Before presidential hopeful Donald Trump took the stage in Cleveland, a video narrated by actor Jon Voight praised the candidate for his real estate prowess.

    “He took over another city project tied up in red tape since 1978,” Voight said. “Donald transformed a landfill into a championship public golf course and saved the city millions.” But there is one problem with that statement, according to NYC officials: it isn’t true. [more]

  • Roman holiday

    A trip to Eataly’s new pop-up rooftop eatery Sabbia, for a beachy Italian experience, minus the sand
    July 24, 2016 04:00PM By Ann Imperatore
    TRD WEEKEND EDITION
    A speciality drink, La Puttanesca and a flight of beers

    A speciality drink, La Puttanesca and a flight of beers

    From Luxury Listings NYC: While it may seem counterintuitive to head to the top of crowded destination to get your beach on, Eataly’s new pop-up eatery Sabbia is hoping New Yorkers will do just that. Intended to be reminiscent of the Italian seaside, Sabbia (“sand” in Italian — ironically there is not a speck) invites guests to pretend they are on a coastal getaway instead of in a concrete jungle and eat, drink and relax — through October. [more]

  • Montauk’s Surf Lodge lands on the wrong side of zoning again

    But this time it’s not live music – it’s yoga
    July 24, 2016 03:00PM TRD WEEKEND EDITION
    Surf Lodge

    Surf Lodge

    We’re used to hearing about legal battles over Montauk’s party scene. But it isn’t DJs who are causing ire among locals this time – it’s yoga junkies. [more]

  • Banking on guests

    New residential hotel AKA Wall Street taps the area’s rising profile as cultural, retail and dining destination
    July 24, 2016 02:00PM By Jennifer White Karp
    TRD WEEKEND EDITION
    The restaurant scene on Stone Street

    The restaurant scene on Stone Street

    From Luxury Listings NYC: The narrow streets of the Financial District, where glimpses of buildings appear at odd angles, can be a bit discombulating for a visitor. It is sort of like wandering into an Escher painting.

    But developers of new residential hotel AKA Wall Street, which opened in late June and overlooks the Treasury Building where Maiden meets William, are banking on the area’s growing attraction to travelers. [more]

  • Here’s some food for thought: restaurants are outselling supermarkets

    And now landlords are scrambling to attract trendy eateries nationwide
    July 24, 2016 01:00PM TRD WEEKEND EDITION
    Smorgasburg

    Smorgasburg

    Looks like it’s not just New Yorkers who are eating out a lot. Restaurant sales have surpassed supermarket sales for the first time in nearly two decades — and landlords are making changes. [more]

  • Soylent CEO angers neighbors with illegal shipping container home

    Now city officials are pursuing criminal charges if it's not removed
    July 24, 2016 12:23PM TRD WEEKEND EDITION

    Chew on this one.

    From the Los Angeles website: Robert Rhinehart, founder the company Soylent that makes meals in liquid form, is in trouble with the City of Los Angeles — not for his questionable but trendy food-in-a-bottle product, but for a shipping container he placed on the top of a Lincoln Heights hill known as Flat Top. [more]

  • Plans to transform Chelsea building into single-family mansion hit a roadblock

    His name is Jonathan
    July 24, 2016 11:32AM TRD WEEKEND EDITION
    442 West 22nd Street

    Conversion plans for 442 West 22nd Street, the plain brick building in the center, are currently being blocked by a tenant

    It seems every other building in Manhattan is being turned into a “mega-mansion” these days. But plans to transform a building of two-dozen apartments into a gigantic single-family home were foiled when someone unexpected showed up at a community board meeting. [more]

  • Markham-suburbs_aerial-edit2

    It hasn’t been this tough to be in the housing market since the financial crisis. To recap the problem, the supply of housing, especially in the affordable entry-level segment, is not keeping up with huge demand from first-time buyers and existing homeowners looking to upgrade. [more]

  • A work of art

    New building The Fitzroy returns to Art Deco style
    July 24, 2016 09:12AM By Isabel Schwab
    TRD WEEKEND EDITION
    Homes feature oak floors and copper-clad windows; Kitchens have Smallbone of Devizes cabinetry.

    Homes feature oak floors and copper-clad windows; Kitchens have Smallbone of Devizes cabinetry.

    From Luxury Listings NYC: Twenty-fourth Street between 10th and 11th avenues could easily be renamed Gallery Row; the relatively short block west of the High Line holds no fewer than nine galleries, including a location for the famed Gagosian Gallery.

    But for true art lovers (which many Chelsea residents are), that may not be enough. As Vickey Barron, a broker at Douglas Elliman, puts it, “Who doesn’t want to be surrounded by art?” [more]

  • 22 Lelands Path, Edgartown, Massachusetts

    22 Lelands Path, Edgartown, Massachusetts

    From Luxury Listings NYC: Worried about the so-called “heat dome” that’s about to turn the city into a sweaty mess this weekend? Well for the moneyed set, one-hundred degree temperatures mean only one thing: escaping the city for the cool ocean breezes of their lavish summer homes.

    For those who haven’t yet invested in such a home, we’ve collected a number of suitable options currently on the market for your consideration below. [more]

  • Madonna faces off with UWS co-op in court

    The co-op says Madonna must live with her children in her apartment
    July 23, 2016 04:00PM TRD WEEKEND EDITION
    Madonna (photo credit: David Shankbone) and the Harperley Hall

    Madonna (photo credit: David Shankbone) and the Harperley Hall

    Madonna and the co-op board of her Upper West Side building are back in court. This time the co-op board is suing the pop star in an attempt to force her to honor a rule requiring her to be present when members of her family and staff are living in the unit. [more]

  • New maps visualize disparity between assessed and market property values along Central Park

    The study found that just one sliver of Manhattan was undervalued by $5.2 billion
    July 23, 2016 03:00PM TRD WEEKEND EDITION
    “Section 581″ by SITU Studio, Photograph by Patrick Mandeville

    “Section 581″ by SITU Studio, Photograph by Patrick Mandeville

    The city loses billions of dollars in taxes because flaws in the way property values are assessed. In many cases it is the billionaires themselves that benefit from these flaws. Now SITU Studio has created stunning visual representations of those inequalities. [more]

  • Renovating against the clock

    The story of a bold Park Avenue co-op makeover that met the challenge of strict summer renovation rules
    July 23, 2016 02:00PM By C. J. Hughes
    TRD WEEKEND EDITION
    It took several attempts to achieve just the right shade of high-gloss brown on the mahogany panels in the library.

    It took several attempts to achieve just the right shade of high-gloss brown on the mahogany panels in the library.

    From Luxury Listings NYC: It’s a fact that’s probably well known to any co-op dweller who has had to hire a contractor to sand floors or switch out a sink: Strict renovation rules make the task a lot more difficult.

    So, the challenge that faced renovation guru Lee Stahl almost strains credulity. He was hired to update a 3,800-square-foot Park Avenue pad that hadn’t really been touched since the 1980s. (Think sea-foam green carpets and earth-tone checkerboard shower tiles.) And do it over the course of a single summer. [more]

  • From the archives: Is Howard Michaels the toughest boss in real estate?

    The hard-driving commercial finance middleman has already done $5 billion in deals this year, but has a reputation as the 'Ari Gold' of the business
    July 23, 2016 01:00PM By Candace Taylor
    TRD WEEKEND EDITION
    Howard Michaels in his office at 560 Lexington Avenue last month.

    Howard Michaels in his office at 560 Lexington Avenue last month.

    Thirty-four years ago, Howard Michaels was knocking on doors in the 2.3 million-square-foot Starrett-Lehigh office building, hawking copy machines for the 3M Company.

    “I was making bupkis,” Michaels recalled.

    Those days are undoubtedly over. In 2004, he arranged a $219 million recapitalization of that same building, earning a seven-figure commission for his company, a real estate investment advisory firm known as the Carlton Group. Read the full story from the October 2011 issue here.

  • Shelter Island mansion asks $32M

    That’s more than three times the island’s current sales record
    July 23, 2016 12:00PM TRD WEEKEND EDITION
    Screen-Shot-2016-07-23-at-11.16

    The Shelter Island estate

    One of Shelter Island’s best waterfront estates is poised to set a record for the idyllic isle. The 4.8-acre property has hit the market asking $32 million. [more]

  • The Chrysler Building once had apartments

    And other forgotten facts about the iconic tower
    July 23, 2016 11:00AM TRD WEEKEND EDITION
    Photo credit: Carol M. Highsmith America Collection/Library of Congress

    Photo credit: Carol M. Highsmith America Collection/Library of Congress

    The Empire State Building gets all the attention but real building connoisseurs and Art Deco devotees know that the Chrysler Building is the real architectural tour de force. So here are a few facts you probably didn’t know about the iconic tower. [more]

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