The Real Deal New York

  • Houghton Mifflin expands at 3 Park Ave., plans to move HQ

    Publisher is adding 55,000 square feet
    July 29, 2015 05:43PM
    3 Park Avenue in Midtown

    3 Park Avenue in Midtown

    Houghton Mifflin Harcourt inked a lease to take 55,000 additional square feet in Cohen Brothers Realty Corporation’s 3 Park Avenue with plans to relocate its headquarters there.

    The 12-year lease is for the 21st and 24th floors, in addition to part of the 18th floor. Asking rent was $63 per square foot, the New York Observer reported. [more]

  • Hello Living scraps plans for Flatbush tower

    Developer listing site at 1580 Nostrand Avenue that it bought last year
    July 29, 2015 05:25PM
    Rendering of 1580 Nostrand Avenue in Flatbush (credit: Loadingdock5) (inset: Eli Karp)

    Rendering of 1580 Nostrand Avenue in Flatbush (credit: Loadingdock5) (inset: Eli Karp)

    Eli Karp’s Hello Living listed the site of a planned 23-story residential development at 1580 Nostrand Avenue in Flatbush for $28 million, just one year after purchasing it for $13 million. [more]

  • Soho House doubles Chelsea office space

    Rents at A & R Kalimian-owned complex near High Line climb to mid-$50s psf
    July 29, 2015 04:50PM By Mark Maurer
    Soho House Chelsea

    From left: 513-519 West 20th Street and roof of Soho House at 29 Ninth Avenue (inset: Jim Gross and Justin DiMare)

    Soho House signed a 10-year lease to renew – and double – its Chelsea office space near the High Line, The Real Deal has learned. [more]

  • Neighborhood Dive: Chinatown in transformation

    New development is moving in, helping to change the neighborhood’s population
    July 29, 2015 04:20PM By Kerry Murtha
    Chinatown in New York City

    Chinatown in New York City

    From the July issue: For decades Chinatown was spreading out and engulfing its neighbors, particularly Little Italy, growing to encompass about 40 blocks. But the community, known for its Old World cuisine, open-air markets and tightly packed tenements is now seeing the reverse trend, as changes in popular neighbors like Tribeca, Soho and the Lower East Side advance from the edges of Chinatown to its core. [more]

  • Inside TheRealDeal
  • Mitchell-Lama waitlisters were carelessly skipped over: Comptroller

    Primitive recordkeeping and Airbnb rentals discovered in state’s investigation
    July 29, 2015 03:55PM By Tess Hofmann
    From left: 100 West 92nd Street on the Upper West Side, 101 Clark Street in Brooklyn Heights and 505 LaGuardia Place in Greenwich Village

    From left: 100 West 92nd Street on the Upper West Side, 101 Clark Street in Brooklyn Heights and 505 LaGuardia Place in Greenwich Village

    Scores of waitlisted applicants at Mitchell-Lama developments have been illegally passed over for apartments as a result of alarmingly dsyfunctional building management, a state probe into the affordable housing program has revealed. The audit by New York State Comptroller Thomas DiNapoli’s office also found that residents of the middle-income affordable developments have been renting their apartments on Airbnb. [more]

  • Manhattan’s top 10 condo flips

    Deals on the list netted flippers $11M in profits
    July 29, 2015 03:25PM By Rey Mashayekhi
    From left: 181 West 81st

    From left: 181 West 87th Street on the Upper West Side and One Madison in the Flatiron District

    Talk about seller’s remorse. Had the owner of the penthouse at 101 West 87th Street sat tight for just a few months longer, they might be $2 million richer. And that seller is hardly alone – an analysis by The Real Deal found that the 10 most lucrative Manhattan flips netted flippers over $11 million in the past year. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    July 29, 2015 03:01PM By Kyna Doles
    Market reports

    (credit: MNS and Cushman & Wakefield)

    The latest batch from around the industry found that Bed-Stuy is leading the pack in new development sales, Hamptons home prices are falling and Manhattan’s office vacancy rate hasn’t been this low since 2009. [more]

  • Preservationists claim new evidence in Pierhouse height fight

    Community group claims building plans show condo's view-blocking is illegal
    July 29, 2015 02:40PM
    Rendering of Pierhouse in Brooklyn Bridge Park (credit: Rogers Marvel Architect)

    Rendering of Pierhouse in Brooklyn Bridge Park (credit: Rogers Marvel Architects)

    After a temporary restraining order against Toll Brothers City Living’s Pierhouse was lifted in June, a preservationist group amended its complaint in light of what it says is new evidence that the building’s view-blocking height is illegal. [more]

  • Notorious Camden Hotel property to be replaced by 10-story resi building

    United Management Corp. and Certes Partners bought the UWS property for $15M last year
    July 29, 2015 02:15PM By Claire Moses
    206 West 95th Street and (from left) Elan Hakimian and Sunder Jambunathan

    206 West 95th Street and (from left) Elan Hakimian and Sunder Jambunathan

    One of the most troubled buildings on the Upper West Side will soon be replaced by a brand new 10-story residential building, according to a permit application filed with the city Wednesday. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    July 29, 2015 01:50PM

    1. LaGuardia revamp to cost $8B, take 10 years: experts
    2. A $56M deal could be the end of an iconic longshoreman’s bar
    3. What’s Donald’s worth? Not $10B

    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]

  • Queens I-sales dollar volume rises 69% in first half of year

    Blackstone's $400M SkyView Parc buy was priciest deal in borough
    July 29, 2015 01:20PM By Kyna Doles
    Queens Ariel Property Advisors

    (credit: Ariel Property Advisors)

    Queens investment sales continued to climb upward in the first half of the year, with dollar volume sales up 69 percent year-over-year, according to a report from Ariel Property Advisors. [more]

  • Real estate lawyer Luigi Rosabianca disbarred

    Attorney who specialized in foreign buyers was found to have mishandled client funds
    July 29, 2015 12:50PM By Tess Hofmann
    Luigi Rosabianca

    Luigi Rosabianca

    Luigi Rosabianca, a real estate attorney who once bragged that his clients sometimes “come in with suitcases,” was disbarred from practicing law on Tuesday after a court found he violated the terms of his suspension. [more]

  • Florida resi market panel set for TRD’s Shanghai showcase

    Arquitectonica's Fort-Brescia, Swire Properties chief and other SoFla experts to participate
    July 29, 2015 12:30PM
    Fort Brescia Ownes

    From left: Bernardo Fort-Brescia and Stephen Owens

    Arquitectonica’s Bernardo Fort-Brescia, Swire Properties’ Stephen Owens, Metro 1’s Tony Cho, ISG’s Philip Speigelman and Gold Krown’s Ron Krongold have confirmed their participation in the panel focusing on the South Florida residential market at The Real Deal’s September showcase in Shanghai.

    China is emerging as a promising market for South Florida investment. In fact, China’s share of the foreign buying pool in Florida jumped more than 40 percent from mid-2013 to 2014. This timely panel will look at this and other market trends in Florida, along with a forecast of what’s to come and the best South Florida cities and neighborhoods in which to invest.

    We will continue to announce the names of participants in other panels in the weeks to come, so stay tuned to this space. And, for more information about the event itself, please click here and check out the hashtag #TRDShanghai for updates via social media.

    If you are interested in participating as a sponsor, please contact Ross Fox at For editorial inquiries, please reach out to Heather Grossmann at

  • Cuomo says he’s staying out of 421a negotiations

    REBNY, unions must reach wage agreement in order for tax abatement to be extended
    July 29, 2015 11:50AM
    From left: Bill de Blasio and Andrew Cuomo

    From left: Bill de Blasio and Andrew Cuomo

    Gov. Andrew Cuomo is going to stay mum on the future of 421a. At least for now.

    Lawmakers will continue to discuss the policy’s fate over the coming months after reaching a last-minute deal on the matter in Albany in June, according to Capital New York. While Cuomo weighed in during those negotiations, he is changing course now.  [more]

  • Rent-to-own programs are resurging

    Wall Street firms targeting potential buyers with blemished credit
    July 29, 2015 11:20AM

    Rent-to-own programs, popular in the 1990s, are making a comeback, with several newly-established firms giving potential buyers with damaged credit an opportunity to become homeowners. [more]

  • Judge slams hotelier Richard Born over legal antics

    Court fight between Bowery Hotel owners gets uglier
    July 29, 2015 10:50AM

    From left: Richard Born, Justice Shirley Werner Kornreich and Gerald Rosengarten

    Boutique hotel pioneer Richard Born is throwing his weight around in his $50 million legal fight with business partner Gerald Rosengarten, and the judge is having none of it. [more]

  • The Woolworth Building

    The Woolworth Building

    New images of the New York Wheel revealed. A look at the Woolworth Building‘s conversion. Chelsea woman tries to get roommate evicted over pot smoking. Read these stories and more after the jump.

  • Crowdfunding: A short history

    Tapping small-time investors is nothing new — it’s older than the Statue of Liberty
    July 29, 2015 09:40AM By Konrad Putzier
    A cover of Joseph Pulitzer's The New York World newspaper

    A cover of Joseph Pulitzer’s The New York World newspaper

    From the July issue: In the summer of 1885, readers of the New York World saw an unusual offering on the newspaper’s front page: its publisher, Joseph Pulitzer, asked them to donate a small sum to a “pedestal fund” that was to help finance the base of a new statue. “Let us not wait for the millionaires to give us money,” he wrote. [more]

  • Study: Airbnb pushing renters out of hot neighborhoods

    More than 20% of East Village apartments off the market, say housing advocates
    July 29, 2015 09:10AM

    From left: Airbnb CEO Brian Chesky and an East Village block

    Airbnb, beloved by tourists and “hosts,” is bad for everyone else, pushing rental apartments off the market in hot neighborhoods, a new study by housing advocates finds. [more]

  • City to take in $22.3B in local tax revenue in FY 2015

    By 2019, the revenue number is projected to be $25.5 billion
    July 29, 2015 08:35AM
    Bill de Blasio

    Bill de Blasio

    New York City expects to receive $22.3 billion from property tax collections this fiscal year, or 40 percent of the city’s total $56.9 billion local revenue stream.

    The revenues are a result of a strong real estate market as well as increased collections of property taxes, according to a Financial Control Board report cited by Capital New York. [more]