The Real Deal New York

  • Kahen Properties picks up three DoBro buildings for $23.2M

    Developer bought the Livingston Avenue properties from BPC Managment
    September 01, 2015 11:34AM By Ariel Stulberg

    From left: 90 Livingston Avenue, 86 Livingston Avenue and 80 Livingston Avenue in Downtown Brooklyn, with Alex Kahen (inset)

    Kahen Properties are the new owners of a trio of adjacent residential and commercial buildings on Livingston Avenue in Downtown Brooklyn. Kahen bought the properties for $23.2 million from BPC Management Corporation, according to property records filed with the city Tuesday. [more]

  • New building permits plummeted 90% in July

    June numbers inflated by developers locking in old 421a breaks
    September 01, 2015 11:10AM
    A construction site near the High Line, with John Banks of REBNY and Gary Labarbera of BCTCGNY

    A construction site near the High Line (inset: John Banks of REBNY and Gary Labarbera of the Building and Construction Trades Council of Greater New York)

    An overwhelming boom of new building permits in June as developers sought to take advantage of the old 421a tax abatement has given way to comparatively paltry numbers in July.  [more]

  • Public advocate latest to join fight against Pier 6

    Possible mayoral candidate throws support against de Blasio-backed plan
    September 01, 2015 10:40AM
    Rendering of Pier 6 in Brooklyn Bridge Park and Letitia James

    Rendering of Pier 6 at Brooklyn Bridge Park and Letitia James

    City Public Advocate Letitia James is the latest to join a list of civic groups and advocacy organizations fighting the Pier 6 residential development in Brooklyn Bridge Park. [more]

  • gibraltar

    The Gibraltar at 160 West Street in Greenpoint

    David Berley-led group buys 5 East 47th Street for $18.3 million. Greenpoint’s Gibraltar gets new renderings. Schaefer Landing honors Brooklyn’s brewing past. Read these stories and more after the jump.

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  • Amid crisis, de Blasio’s homelessness czar resigns

    Lilliam Barrios-Paoli served under four mayors
    September 01, 2015 09:34AM
    From left:

    From left: Lilliam Barrios-Paoli and Mayor Bill de Blasio

    The de Blasio deputy responsible for managing the homelessness crisis in the city is out of a job.

    The Mayor’s Office last night announced the impending resignation of Lilliam Barrios-Paoli, the deputy mayor for health and human services. The de Blasio administration’s statement gave no explanation of the departure. Barrios-Paoli will become the volunteer chairwoman of the board of the Health and Hospitals corporation, which runs the city’s public hospitals. [more]

  • Queens condo asking $5.4M could set a new borough record

    Prices in Long Island City continue to far exceed those in the rest of Queens
    September 01, 2015 09:01AM
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    From left: Basil Messados and 46-30 Center Boulevard in Long Island City

    Queens may not be the new Manhattan or even yet the new Brooklyn, but with luxury condominium units in Long Island City fetching upwards of $5 million, maybe it doesn’t have to be. [more]

  • Manhattan’s first crowdfunded condo building to launch sales

    Prodigy's AKA United Nations is set to open
    September 01, 2015 08:31AM
    From left: Rodrigo Nino and the AKA United Nations at

    From left: Rodrigo Nino and the AKA United Nations at 234 East 46th Street

    The wisdom of the crowd is about to be tested as Manhattan’s first condo building funded by a large group of internet-based investors is primed to hit the market.

    Prodigy Network’s Rodrigo Nino will begin booking guests and selling units as early as September at the company’s mew extended-stay hotel-condominium, the AKA United Nations at 234 East 46th Street. [more]

  • Friends, family “shocked” that Sean Ludwick left broker to die after crash: report

    Hansen said to have previously warned Ludwick about speeding in the neighborhood
    September 01, 2015 08:07AM
    From left: Paul Hansen and Sean Ludwick

    From left: Paul Hansen and Sean Ludwick

    Grim details of playboy developer Sean Ludwick’s alleged drunken drive along Sag Harbor’s notoriously winding roads that ended in the death of his friend, Douglas Elliman broker Paul Hansen, are coming into focus.

    Ludwick, head of BlackHouse Development, spent the night drinking with Hansen at the 230 Down in Southampton, according to a media report. [more]

  • Most popular stories on The Real Deal

    September 01, 2015 07:30AM

    Current reader favorites:
    1. BlackHouse head Sean Ludwick charged in crash that killed Douglas Elliman broker
    2. Can Blackstone’s real estate business keep growing?
    3. Gaia Real Estate: Billionaires aren’t wanted in our buildings
    4. WeWork could have trouble meeting $10B financial projections
    5. Ludwick held on $1M bond for role in fatal Hamptons crash

  • City seeks developers for 11th Ave. affordable housing project

    Former slaughterhouse site at 495 11th Ave. now houses NYPD parking lot
    August 31, 2015 06:00PM
    Maria Torres-Springer and 495 11th Avenue

    Maria Torres-Springer and 495 11th Avenue

    The city’s Economic Development Corporation is seeking bidders to develop a mixed-use affordable housing complex on the site of a former slaughterhouse at 495 11th Avenue in Hell’s Kitchen.

    The de Blasio administration is hoping the 25,000-square-foot, city-owned property’s proximity to the Hudson Yards project, as well as the upcoming extension of the 7 train to Manhattan’s Far West Side, will make the slaughterhouse site – which now houses an NYPD parking lot – attractive to developers. [more]

  • Join 20,000-plus real estate pros on TRD’s new database

    Sign up for The Real Deal's real estate directory
    August 31, 2015 05:41PM
    The Real Deal's new real estate directory

    The Real Deal‘s new real estate directory

    Those navigating the New York City market now have fewer hoops to jump through when searching for a real estate professional, thanks to The Real Deal‘s newly-launched database.

    Powered by commercial mortgage brokerage Eastern Union, The Real Deal‘s new directory puts the name of brokers, appraisers, mortgage bankers and other real estate professionals all in one place.

    Click here to submit your information and browse other real estate professionals listed in the directory.

  • Related closes on Hudson Yards site for $30M

    Developer went into contract at 507-511 W. 33rd in 2012
    August 31, 2015 05:24PM By E.B. Solomont

    From left: 507-511 West 33rd Street and Jeff Blau

    The Related Cos. closed on another Hudson Yards site for $30 million, property records filed with the city Monday show.

    The site, located at 507-511 West 33rd Street, houses a five-story manufacturing building that measures just over 36,000 square feet. [more]

  • Show me the Monet: Transcon International negotiating for 140K sf SoBro facility

    Art warehouser seeks tax exemptions in bid to purchase city-owned property
    August 31, 2015 05:00PM By Rich Bockmann
    131 Walnut Avenue and Picasso's “Les Femme d'Alger”

    131 Walnut Avenue and Picasso’s “Les Femme d’Alger”

    One of the city’s top fine-art storage companies is looking to make itself a part of the permanent collection in the South Bronx.

    Transcon International – which specializes in storing and shipping works that belong to private collectors, galleries, museums and corporations – is in negotiations to purchase the nearly 140,000 square-foot Port Morris warehouse it leases from the non-profit SoBro development firm. [more]

  • Sean Ludwick held on $1M bond for role in fatal crash

    Douglas Elliman broker Paul Hansen, 53, died Sunday morning in Sag Harbor
    August 31, 2015 04:30PM
    From left: Paul Hansen and Sean Ludwick

    From left: Paul Hansen and Sean Ludwick

    BlackHouse Development’s Sean Ludwick was held on $1 million bond Monday for his role in a car accident in Sag Harbor on Sunday morning that killed Douglas Elliman broker Paul Hansen.

    Ludwick, 42, was arraigned in Southampton Town Justice Court in Hamptons Bay and charged with DWI and leaving the scene of a fatal accident, law enforcement officials told the New York Post. [more]

  • Eastern Consolidated sues Waterbridge over Radegast deal

    Brokerage claims it is owed commission from $93M sale of W'burg site
    August 31, 2015 04:15PM By Konrad Putzier
    From left: Gabriel Saffioti, an aerial shot of 103-119 North 3rd Street and Nicole Rabinowitsch

    From left: Gabriel Saffioti, an aerial shot of 103-119 North 3rd Street in Williamsburg and Nicole Rabinowitsch

    Eastern Consolidated is suing Joel Schreiber’s Waterbridge Capital, claiming its agents are owed commission over the purchase of an assemblage of properties at 103 North 3rd Street in Williamsburg. The lawsuit adds yet another twist to the already lengthy saga of the Radegast Beer Hall site. [more]

  • neumannFbox

    Adam Neumann

    WeWork, a startup that leases office space to other startups, is now worth $10 billion, but an investor presentation obtained by The Information suggests the long-term financial situation of the company may be perilous.

    In the presentation, WeWork projects a 2018 operating profit of $942 million on $2.9 billion in revenue, a far cry from the $4.2 million in operating profit on $75 million in revenue it expected in 2014. [more]

  • SL Green, Vornado teamwork pays off at 280 Park Avenue

    REIT rivals' $150 million investment reaping dividends
    August 31, 2015 02:30PM
    280 Park Avenue in Midtown (inset, from left: Marc Holliday and Steven Roth)

    280 Park Avenue in Midtown (inset, from left: Marc Holliday and Steven Roth)

    They may be rivals as two of the city’s largest office landlords, but SL Green Realty and Vornado Realty Trust worked together to make the $150 million renovation of 280 Park Avenue pay off. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 31, 2015 02:00PM

    1. The Chinese super-rich are about to flood the U.S. real estate market
    2. Demand for condos at Plaza Hotel is pretty weak
    3. Bridgehampton estate is back, this time at $30M

    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]

  • Brunner’s Bed-Stuy rental deal complicated by suit

    Investor and his partner Mandel say seller “unjustifiably” claims they’re in default
    August 31, 2015 01:30PM By Mark Maurer
    Fischer Bed-Stuy

    From left: Karl Fischer and 1123 Myrtle Avenue in Bedford-Stuyvesant

    UPDATED, Aug. 31, 4:15 p.m.: A lawsuit threatens to disrupt the sale of a Bedford-Stuyvesant development site slated for 196 rental units.

    Joseph Brunner, Abe Mandel and Isaac Hager signed a contract late last year to pay $22.5 million for the site at 1101-1123 Myrtle Avenue, near Lewis Avenue. Hager, who is affiliated with Cornell Realty Management and North True Construction, had filed plans in December for a nine-story, 172,000-square-foot property to be designed by architect Karl Fischer. [more]

  • Empire State Building mooring mast gets new windows

    A total of 480 windows, some dating back to 1931, are being replaced
    August 31, 2015 01:00PM
    An inflatable King Kong hanging from the Empire State Building's mooring mast in 1983 (credit: Bettmann/CORBIS)

    An inflatable King Kong hanging from the Empire State Building’s mooring mast in 1983 (credit: Bettmann/CORBIS)

    The Empire State Buildings mooring mast, worn by time and King Kong attacks, is getting a makeover.

    All 480 windows in the 200-foot mast, above the iconic tower’s observation deck, are being swapped out, in one of the last stages of the buildings’ renovation.

    Workers prepare their gear in the hours before the observation deck’s 2 a.m. closing time. They work from 2 a.m. to 7 a.m., assuming winds stay below 25 miles an hour. They replace about eight panels per night. [more]