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The Real Deal New York

  • Brunello Cucinelli runway show

    Brunello Cucinelli runway show

    Council member questions blocs of Asian immigrants using NYCHA. Brunello Cucinelli opens Soho location. Pre-Second Avenue subway deals are still out there. Read these stories and more after the jump.

  • WWII Basement

    Secret basement under Grand Central Terminal (credit: Business Insider)

    Hidden 10 stories below Grand Central Terminal, a secret basement can be found. This basement was a prime New York City target during World War II, as it provided electricity for northeast trains dedicated to troop and equipment transport. The location remains confidential today, and continues to provide electricity to Metro-North trains. [more]

  • East Village building collapses after explosion

    Fire at 121 Second Avenue spread to neighboring building; at least 12 injured
    March 26, 2015 04:05PM By Claire Moses and TRD staff
    123 Second Avenue in East Village (credit: Instagram)

    121-123 Second Avenue in East Village (Photo: William Farrington on Twitter | @imeyers44)

    (Editor’s Note- This is a developing story): A five-story East Village building collapsed Thursday afternoon after an explosion rocked the structure, according to news reports.

    Smoke emanated from the 8,460-square-foot property at 121 Second Avenue, near 7th Street, following a blast around 3:20 p.m., officials told the New York Daily News. The fire then spread to the neighboring building, 123 Second Avenue. At least 12 people were injured — four of whom are in critical condition, DNAinfo reported. About 130 firefighters initially battled the fire, but as of 5:15 p.m. Thursday, about 250 were on the scene. Investigators suspect that a gas leak at Sushi Park on the ground floor of 121 Second Avenue sparked the explosion, according to news reports. [more]

  • Willets Point auto shops settle lawsuit with city, developers

    Agreement includes creation of $5.8M escrow fund to help businesses relocate to the Bronx
    March 26, 2015 03:55PM
    From left: Rendering of the Willets Point redevelopment and automotive businesses at Willets Point

    From left: Rendering of the Willets Point redevelopment and automotive businesses at Willets Point

    A group of automotive businesses in Queens have settled a lawsuit with the city and the developers of Willets Point, creating a big step forward toward the realization of the Related Companies’ and Sterling Equities’ $3 billion residential development and mega-mall there. [more]

  • Inside TheRealDeal
  • Len Blavatnik closes on Woody Johnson’s co-op for record $77.5M

    Price was previously reported to be $80M
    March 26, 2015 03:25PM
    From left: Len Blavatnik, 834 Fifth Avenue and Woody Johnson

    From left: Len Blavatnik, 834 Fifth Avenue and Woody Johnson

    Billionaire Len Blavatnik has officially closed on his record-breaking purchase of New York Jets owner Woody Johnson’s co-op in 834 Fifth Avenue, and while the sale remains a record, the price was just $77.5 million, rather than the $80 million previously reported. [more]

  • Treetop withdraws $30 million issuance on Tel Aviv Stock Exchange

    After receiving not-so-sweet terms, firm will restructure strategy, return in 12-18 months
    March 26, 2015 02:55PM By Rich Bockmann
    Adam Mermelstein and the Tel Aviv Stock Exchange

    Adam Mermelstein and the Tel Aviv Stock Exchange

    Treetop Development, one of a handful of American real estate firms that have turned to the Tel Aviv Stock Exchange as a source of capital, has withdrawn its bid to raise approximately $30 million on the exchange after Israeli investors came back with unfavorable terms. [more]

  • Sign up now: TRD showcase set for May 12

    Annual real estate event to be held at the Metropolitan Pavilion in Chelsea
    March 26, 2015 02:30PM

    TRD New Development Showcase 2015
    The Real Deal
    is hosting its annual real estate forum and new development showcase on May 12th in New York at the Metropolitan Pavilion, and once again, we’re bringing real estate’s top names together for thought-provoking discussions on the industry’s biggest issues.

    Last year, more than 3,000 industry players attended TRD‘s all-day event, where high-profile panelists riffed on topics such as Manhattan’s skyrocketing condo prices and the future of architecture and design. This year’s event will bring issues such as crowdfunding and the ultra-luxury market to the table, while providing some greater insight into the EB-5 visa program and other forms of foreign investment.

    Click here to buy tickets and learn more about the event. For sponsorship opportunities, call 212-595-6271 or email forum@therealdeal.com.

  • Outrage over JDS’ nonunion plans hits multifamily conference

    Union workers rally at Bisnow summit to protest 111 West 57th St.
    March 26, 2015 01:54PM By Mark Maurer
    From left: Michael Stern, Ian Bruce Eichner, Scott Alper and banner outside New World Stages (credit: Mark Maurer)

    From left: Michael Stern, Ian Bruce Eichner, Scott Alper and banner outside New World Stages (credit: Mark Maurer)

    The fight between Michael Stern’s JDS Development Group and a prominent construction trade group spread to a real estate conference Thursday morning, as protesters rallied outside and, in one instance, shouted from the audience. [more]

  • Online sale of East Harlem walk-up breaks area record

    Four-story property sold for $607 per square foot
    March 26, 2015 01:20PM
    From left: 1700 Lexington Avenue and Carlos Olson

    From left: 1700 Lexington Avenue and Carlos Olson

    Real estate bidding website Auction.com is claiming it broke a record in East Harlem with the $2.2 million sale of 1700 Lexington Avenue.

    The property sold for $607 per square foot, which the website claimed is a record for a one- to four-family home in that area, according to the New York Observer. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    March 26, 2015 01:00PM

    1. Compass responds to Corcoran’s “multi-front assault” suit
    2. Modified design for Dumbo’s 10 Jay St. gets thumbs up for Landmarks
    3. Warburg’s No. 1 agent Richard Steinberg joins Douglas Elliman

    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]

  • Former Soho home of Madoff’s late son for sale for $9M

    Mark Madoff ended his life in the three-bedroom apartment in 2010
    March 26, 2015 12:30PM
    Mark Madoff Mercer Street

    158 Mercer Street and Mark Madoff (inset)

    The sprawling Soho loft where Mark Madoff committed suicide in 2010 is on the market for $9 million. [more]

  • Zillow, Trulia make deals with 24 more multiple listing services

    Last week, Realogy and Keller Williams signed on
    March 26, 2015 12:00PM
    Zillow CEO Spencer Rascoff and Trulia president Paul Levine

    Zillow CEO Spencer Rascoff and Trulia president Paul Levine

    The merged Zillow-Trulia listings site machine is continuing to expand its reach, and just signed agreements with 24 additional multiple listing services that will now provide data directly to them.

    The news comes after Zillow-Trulia signed agreements last week to share data with Realogy, Keller Williams, and 18 multiple listing services, including California Regional MLS, according to HousingWire. [more]

  • Revealed: First rendering of Shvo’s 100 Varick St.

    New resi tower planned for the site
    March 26, 2015 11:30AM
    Rendering of 100 Varick Street and Michael Shvo

    Rendering of 100 Varick Street and Michael Shvo

    Michael Shvo and Erez Itzhaki have remained tight-lipped about their project at 100 Varick Street in Soho, but thanks to the project’s first rendering, we can see that it will involve glass, glass and more glass. [more]

  • Thor Equities scores “missing link” for its Miami Design District portfolio

    Thor now has contiguous property and is putting together a redevelopment plan, broker says
    March 26, 2015 11:00AM By Ina Cordle
    55 NE 39th St., and 56 NE 40th St., Miami and Lyle Chariff

    55 Northeast 39th Street and 56 Northeast 40th Street, Miami and Lyle Chariff, president of Chariff Realty Group

    From the South Florida site: New York-based Thor Equities has bought two more properties in Miami’s Design District, as it expands its sizable retail portfolio in the neighborhood, The Real Deal has learned. [more]

  • TIAA-CREF secures $190M loan to spruce up 685 Third Ave

    Five year debt deal with MetLife closed earlier this month
    March 26, 2015 10:30AM
    685 Third Avenue

    685 Third Avenue

    MetLife has provided a $190 million loan to fund upgrades to TIAA-CREF and the Australian Government Future Fund’s 685 Third Avenue.

    The five-year debt deal closed earlier this month, according to the New York Observer. The 31-story tower doesn’t have any other existing debt. TIAA-CREF and the Australian sovereign wealth fund acquired the more than 646,000-square-foot property in 2010 from Pfizer for $190 million. [more]

  • Little Italy

    Little Italy

    Little Italy museum wants Italian grandmother evicted. Heastie says minimum wage remains high priority. World series winning ex-Yankee David Cone sells $5.9M pad. Read these stories and more after the jump.

  • Density won’t spur developers to build in low-rent areas

    Report says that without government help, areas like East New York won’t see towers rise
    March 26, 2015 09:33AM
    City Planning Commission Chair Carl Weisbrod and Mayor Bill De Blasio

    City Planning Commission Chair Carl Weisbrod and Mayor Bill De Blasio

    In low-rent neighborhoods where the city is planning rezonings to allow developers to build taller towers, the math won’t pencil out without government subsidies, according to a report by the NYU Furman Center for Real Estate and Urban Policy.

    The city has proposed changing the zoning laws in neighborhoods including East New York, East Harlem and Cromwell-Jerome in the Bronx to allow for more density and spur development of affordable housing. [more]

  • Chelsea Hotel owner puts Williamsburg and NoMad inns up for sale

    McCarren Hotel & Pool and the Martha Washington Hotel are up for grabs
    March 26, 2015 09:01AM

    McCarren Hotel & Pool in Williamsburg (inset: Ed Scheetz)

    Chelsea Hotels, the entity that owns the storied Chelsea Hotel and was formerly known as King & Grove, is putting two of its hospitality holdings on the chopping block — the McCarren Hotel & Pool in Williamsburg and the Martha Washington Hotel on East 29th Street. [more]

  • City approved permits for 20K units last year: report

    Number still falls short of mayor’s housing goals
    March 26, 2015 08:31AM
    Renderings of 420 Tompkins Avenue and 30 Sixth Avenue in Brooklyn (credit from left: Charles Mallea, SHoP)

    Renderings of 420 Tompkins Avenue and 30 Sixth Avenue in Brooklyn (credit from left: Charles Mallea, SHoP)

    New York City approved construction on 20,329 residential units across 1,415 buildings last year — representing a huge increase over pre-recession levels, but still not quite enough to meet Mayor Bill De Blasio’s housing goals within 10 years. [more]

  • Kevin Maloney buys $56M air rights from MTA for LIC tower

    Developer is planning a 77-story residential building
    March 26, 2015 07:59AM
    29-37 41st Avenue in Long Island City and Kevin Maloney

    29-37 41st Avenue in Long Island City and Kevin Maloney

    The MTA is getting $56 million in a deal to sell air rights to Property Markets Group and joint venture partner Karman Hakim, who are planning to build a 77-story residential tower on Queensboro Plaza in Long Island City. [more]

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