The Real Deal New York

  • Nest Seekers’ broker sues top exec alleging abuse

    Ravi Gulivindala retaliated when former girlfriend Ande Sedwick went to police: lawsuit
    October 13, 2015 02:00PM
    Ande Sedwick Ravi Gulivindala Ryan Serhant

    From left: Ande Sedwick, Ravi Gulivindala and Ryan Serhant

    Ande Sedwick of Nest Seekers International is suing the brokerage, her ex-boyfriend Ravi Gulivindala, a senior vice president at the firm, and “Million Dollar Listing” star Ryan Serhant, alleging her career at the company suffered after she reported Gulivanadala’s domestic abuse to police.

    Sedwick accuses Gulivindala of abusing his position as her superior by pressuring her in what became a two-and-a-half-year relationship.

    The lawsuit claims Gulivandala assaulted her in April, after which Sedwick received an order of protection, which Gulivandala ultimately violated. [more]

  • Eisenberg’s A&E buys Jackson Heights multifamily for $22M

    The building spans 111,648 square feet and has 144 units
    October 13, 2015 01:30PM By Kathryn Brenzel
    35-02 9th Street in Jackson Heights (inset: Douglas Eisenberg)

    35-02 9th Street in Jackson Heights (inset: Douglas Eisenberg)

    Douglas Eisenberg’s A&E Real Estate continues to bulk up its multifamily portfolio — it scooped up a six-story elevator building in Jackson Heights for $22 million, The Real Deal has learned. [more]

  • WeWork mops up messy dispute with union

    Shared-office unicorn to hire 32BJ contractors, offer severance pay
    October 13, 2015 01:10PM By Konrad Putzier
    From left: 32BJ's Hector Figueroa, WeWork's Miguel McKelvey and Adam Neumann

    From left: 32BJ’s Hector Figueroa, WeWork’s Miguel McKelvey and Adam Neumann

    WeWork and service workers’ union 32BJ SEIU today ended a four-month labor dispute that had turned into a publicity nightmare for the shared-office company.

    According to a new agreement, WeWork will, “whenever possible,” start using union contractors for certain maintenance jobs in New York and Boston and arrange for the re-hiring of cleaners that lost their jobs during the dispute. The company also agreed to set aside $250,000 for severance payments for workers let go by its former cleaning contractor, Commercial Building Maintenance (CBM). [more]

  • Bedford Avenue tops Brooklyn retail

    New REBNY report shows W'burg shopping spot leads borough with asks near $350 psf
    October 13, 2015 12:45PM By Rich Bockmann
    Ben Fox John Banks

    From left: Cushman’s Ben Fox and John Banks

    Bedford Avenue is now Brooklyn’s version of Fifth Avenue, as far as retail prices are concerned.

    Asking rents on the trendy Williamsburg strip between Grand Street and North 12th Street were the most expensive in Brooklyn, at an average of $347 per square foot, according to the Real Estate Board of New York’s inaugural retail report for the borough. [more]

  • Inside TheRealDeal
  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    October 13, 2015 12:00PM

    CityRealty NYC Apartments

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • Compass snags BHS’ No. 2 manager in the Hamptons

    Ed Reale to head up firm’s operation in eastern Long Island
    October 13, 2015 11:46AM By E.B. Solomont

    From left: Ed Reale and Robert Reffkin

    After recruiting heavily – and poaching from – competitors in New York City, startup brokerage Compass has snagged a top sales manager from Brown Harris Stevens to head its forthcoming Hamptons operation.

    Ed Reale joined Compass as senior managing director of the Hamptons region, according to Compass. [more]

  • GE to sell CRE business to Wells Fargo

    The sale will include $32B in assets at 3,000 employees
    October 13, 2015 10:54AM
    Jeffrey Immelt John Stumpf

    From left: Wells Fargo’s John Stumpf and GE’s Jeffrey Immelt

    General Electric is selling off its commercial lending and leasing businesses to Wells Fargo, part of GE’s push to shed its financial service operations.

    The deal, which will include $32 billion in assets and 3,000 employees, will close in the first half of next year.

    The business lines being sold are GE Capital’s global commercial distribution finance, North American vendor finance and corporation finance platform. [more]

  • Voluntary inclusionary housing construction triples in FY 2015

    3,031 apartments built through city program, compared to 936 in FY 2014
    October 13, 2015 10:15AM
    Bill de Blasio Vicky Been

    From left: Bill de Blasio and Vicky Been

    As Mayor Bill de Blasio struggles to push through his mandatory inclusionary zoning plan, that program’s voluntary cousin is producing an unprecedented quantity of affordable housing.

    The city’s voluntary inclusionary housing program, which incentivizes developers to build affordable units by allowing them to build more total units, has produced a bumper crop of new apartments — just over 3,031 in Fiscal Year 2015. [more]

  • Chaim Miller finds himself sued up tight

    Lenders hover over Brooklyn investor, while partners claim chicanery
    October 13, 2015 09:46AM By Kyna Doles
    Chaim Miller, a prolific Brooklyn-based real estate investor, is being sued by his partners, buyers and sellers

    Chaim Miller, a prolific Brooklyn-based real estate investor, is being sued by his partners, buyers and sellers

    TRD Profile:In July, Chaim Miller and his sidekick Sam Sprei attended a bankruptcy hearing in Lower Manhattan. At issue was 45 John Street, a condominium development site that investor Harry Sohn claimed Miller was to sell him for $66 million.

    Sohn, who controls Orin Management, accused Miller and Sprei of failing to disclose that the property’s mortgages were in default, and said the two — whom he described as “nothing short of scoundrels” — were backing out because Miller’s own partners on the deal were suing him.

    “I think it was Churchill that was describing Russia as an enigma wrapped up in a riddle,” Sohn’s attorney Kevin Nash said at the hearing. “And I think Mr. Miller and Mr. Sprei would make Churchill’s Russia. They have a penchant for moving in and out of properties with other people’s monies.” [more]

  • How Gary Barnett assembled the Central Park Tower

    A blow-by-blow account of Extell's 10-year, 11-deal odyssey
    October 13, 2015 09:15AM By Rich Bockmann
    Gary Barnett Central Park Tower

    From left: Gary Barnett and the Central Park Tower at 217 West 57th Street in Midtown

    From the October Issue: “Our strength is assembling land,” Extell Development’s Gary Barnett told an Israeli TV station late last year as he gave a reporter a tour of his condo tower One57. “On that, we’re Number 1.”

    It’s hard to deny the accuracy of Barnett’s assessment. While Barnett was chatting with that reporter, construction crews were clearing the site for his next supertall tower just one block west at 217 West 57th.

    That tower — which was unofficially known as Nordstrom Tower, but has now been officially dubbed Central Park Tower — will top out at 1,550 feet tall when it opens in 2019. [more]

  • Elevators in 60 buildings halted following fatal accident

    All lifts made by Global Tardif will be checked
    October 13, 2015 08:12AM
    Eran Modan Espoir

    The Espoir at 156 Hope Street in Williamsburg

    The Department of Buildings ordered the shut down and inspection of 60 elevators throughout the city following the death of Eran Modan in a lift at the Espoir Luxury Rentals building in Williamsburg last week. [more]

  • Most popular stories on The Real Deal

    October 13, 2015 07:30AM

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    5. Predicting the peak

  • Copperline raises $85M in Israeli bond deal

    Developer with NY, Florida offices could secure another $10M this week
    October 12, 2015 06:15PM By Rey Mashayekhi
    Tel Aviv Stock Exchange

    The Tel Aviv Stock Exchange and Yehonatan Cohen (credit: Globes)

    New York- and Florida-based residential developer Copperline Partners raised $85 million through a bond offering on the Tel Aviv Stock Exchange on Monday, in a boost for U.S. real estate firms looking to the Israeli bond market as a source of capital. [more]

  • Deal for Williamsburg site near Domino Sugar hits snag

    Shulem Herman claims seller canceled contract for $36M buy
    October 12, 2015 05:32PM By Mark Maurer
    south 3rd

    45-51 South 3rd Street in Williamsburg (inset: Shaun Riney)

    Williamsburg investor Shulem Herman is suing the owner of a development site that sits next to the Domino Sugar Factory megaproject for allegedly backing out of a deal that was already in contract. [more]

  • Isaac Chetrit, Yadidi score $130M refi for Midtown office buildings

    Investors acquired two properties for combined $116M in 2012
    October 12, 2015 05:02PM
    Isaac Chetrit Diamond District

    From left: 22 West 48th Street and 15 West 47th Street in the Diamond District

    Investors Isaac Chetrit and Ray Yadidi refinanced two Diamond District buildings with a $130 million loan from Signature Bank.

    The refinancing, arranged by Meridian Capital Group, will go toward 15 West 47th Street and 22 West 48th Street, both located in Midtown between Fifth and Sixth avenues. [more]

  • 1035 Lincoln Road in Miami Beach

    1035 Lincoln Road in Miami Beach

    From the October issue: In one of the largest real estate deals in Miami-Dade history, a full block of Miami Beach’s Lincoln Road traded for $370 million last month. The buyer was Amancio Ortega, the Spanish fashion billionaire who founded Zara and the world’s fourth richest person.

    A partnership led by commercial real estate investors and developers Michael Comras and Jonathan Fryd sold the four properties that run from 1001 Lincoln Road through 1035 Lincoln Road, home to newly built stores leased to Gap, Intermix, Athleta, Apple and a planned location for Nike slated to open in 2016. [more]

  • MNS closes only Manhattan office

    Mid-sized brokerage moves HQ to BK to focus on outer-borough developments
    October 12, 2015 04:00PM By Rich Bockmann
    MNS Real Estate's new Brooklyn office at 102 North Sixth Street, with Andrew Barrocas and David Behin

    MNS real estate’s new Brooklyn office at 102 North 6th Street, with Andrew Barrocas and David Behin

    Sayonara, Manhattan! MNS real estate is leaving the borough behind as it shifts its strategy to focus on new developments in the outer-boroughs.

    The mid-sized brokerage vacated its 6,140-square-foot office at 115 East 23rd Street in Gramercy when the lease expired in September, and has moved its corporate headquarters to 102 North 6th Street in Williamsburg. [more]

  • Arson charges dismissed against hotel security manager

    Mariano Barbosa accused of setting fires at Yotel, Soho Grand
    October 12, 2015 03:34PM
    Yotel NYC Soho Grand Hotel

    Yotel New York at 570 10th Avenue and Soho Grand Hotel at 310 West Broadway

    Prosecutors dismissed charges last week against a former security manager accused of setting alight fires at two Manhattan hotels where he worked.

    Mariano Barbosa faced arson, reckless endangerment and criminal mischief charges after authorities accused him of creating eight fires at Yotel New York in Hell’s Kitchen and the Soho Grand Hotel between 2009 and 2013. [more]

  • Countdown to TRD’s South Florida Showcase has begun

    Event at the Moore Building in Miami is 3 days away. Get your tickets now
    October 12, 2015 02:53PM

    Miami Showcase 2

    Brokers, developers, architects and other industry professionals are gearing up for The Real Deal‘s second annual South Florida real estate forum and showcase, taking place on Thursday at The Moore Building in Miami’s Design District.

    Attendees will enjoy three panel discussions featuring some of real estate’s major players from Florida and New York’s and nearly 40 vendors booths, showcasing the latest development projects and services in South Florida.

    This year’s show will also feature some changes designed to improve logistics for all attendees. Hallways at the showcase have been widened for better access and traffic flow. And, a new parking structure next to the Moore Building, plus double the number of parking attendants, will make for an efficient parking process.

    So, buy your tickets here, and be sure to follow #TRDForum for up-to-the-minute reports from Thursday’s event.

  • Minskoff’s 51 Astor draws three new retail tenants

    Bluestone Lane Coffe, Chop't Creative Salad Company and Flywheel Sports are joining CVS
    October 12, 2015 02:20PM
    From left: Edward Minskoff and 51 Astor Place in the East Village

    From left: Edward Minskoff and 51 Astor Place in the East Village

    Minskoff Equities had no troubling filling the office space at 51 Astor Place, but retail at the building remained vacant for years. Now, three more shops have taken space, nearly completing the leasing push that began in earnest with the signing of CVS Pharmacy in July. [more]