The Real Deal New York

  • Related bets on California with $6.5B development

    The real estate firm is ramping up large scale developments on the West Coast
    September 17, 2014 09:00AM
    From left: Santa Clara, Calif. and William Witte

    From left: Santa Clara, Calif. and William Witte

    California, here we come.

    New York-based Related Companies — one of the biggest developers in both the city and the country — is planning a $6.5 billion project in Santa Clara, Calif. Related’s proposal — 8 million square feet of offices, retail space, hotels and apartments — will have to go through an environmental review, the Wall Street Journal reported.

    [more]

  • Shake Shack to open in Herald Square in 2015

    The burger chain will occupy 3,265 square feet on the corner of West 36th Street and Broadway
    September 17, 2014 08:30AM
    From left: 1333 Broadway, Shake Shack burgers and Danny Meyer

    From left: 1333 Broadway, Shake Shack burgers and Danny Meyer

    Those who grow hungry after shopping at Macy’s will soon have a new dining option: Shake Shack is opening about a block away. [more]

  • Asian investor pays $272M for Midtown Sofitel

    Hong Kong firm Keck Seng Investments also purchased SpringHill Suites in July
    September 17, 2014 08:00AM
    From left: 45 West 44th Street and Accor Group chairman and CEO Sebastien Bazin

    From left: 45 West 44th Street and Accor Group chairman and CEO Sebastien Bazin

    The Sofitel hotel in Midtown is being sold to an Asian real estate investor for $272 million.

    A partnership composed of Accor Group, Goldman Sachs Group and GEM Realty Capital will sell the 398-room hotel at 45 West 44th Street to the Hong Kong-listed firm Keck Seng Investments, the Wall Street Journal reported. Goldman Sachs and GEM paid $255 million for a 75-percent stake in the Midtown hotel and another Sofitel property in Philadelphia in 2006, according to the newspaper. [more]

  • Most popular stories on The Real Deal

    September 17, 2014 07:30AM

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    5. Waterbridge in $100M-plus contract on Williamsburg’s North 3rd Street

  • Inside TheRealDeal
  • Boston Properties sells 45% interest in 601 Lexington

    Norwegian bank to pay $1.5B for share of Midtown tower and two Boston buildings
    September 16, 2014 06:15PM
    Boston Properties' Mortimer Zuckerman and 601 Lexington Avenue

    Boston Properties’ Mortimer Zuckerman and 601 Lexington Avenue

    Norges Bank Investment Management, an arm of the central bank of Norway, has reached an agreement to purchase a 45 percent interest in 601 Lexington Avenue, along with equal shares in two Boston properties, from real estate investment trust Boston Properties for $1.5 billion in cash.

    Norges Bank is also picking up an equal interest share in Boston’s Atlantic Wharf Office Building and 100 Federal Street as part of the deal. Following the agreement, Norges Bank and Boston Properties will form a joint venture for each of the three properties, with the latter retaining property and leasing management. [more]

  • Morgans sues Meilman affiliate for $210M over Meatpacking hotel deal

    Hotelier claims firm breached contract on West 15th Street project
    September 16, 2014 06:00PM By David Jones
    Morgans Jason Taubman Kalisman

    Morgans’ Jason Taubman Kalisman

    Boutique lodging company Morgans Hotel Group filed a breach of contract suit for up to $210 million alleging it lost a deal to manage a long stalled luxury hotel project in the Meatpacking District after the owner terminated the agreement and went with a new group of partners.

    The Manhattan-based hotel company filed suit in Manhattan Supreme Court against LM Legacy Group, an affiliate of the Meilman family. Morgan claimed the owners failed to complete construction of the property in a timely manner and wrongfully terminated a 15-year management deal, among other things. [more]

  • Hudson Companies wins bid for Brooklyn Heights library plan

    Marvel Architects to design affordable-housing site with new branch at the base
    September 16, 2014 05:35PM
    hudson

    280 Cadman Plaza West in Brooklyn circa 1966 and David Kramer

    The board of trustees for the Brooklyn Public Library announced today that developer David Kramer’s Hudson Companies and architecture firm Marvel Architects will head up redevelopment of the Brooklyn Heights branch.

    The executive committee on the board recommended Hudson to be the developer on the project at 280 Cadman Plaza West. Hudson bid $60 million for the project. Under the plan, the 60,000-square-foot building would be demolished to make way for a 20,000-square-foot library at the base of a larger building with 115 affordable-housing units above it. [more]

  • A bipartisan bill would allow new private investment in Amtrak from real estate developers and others.

    A bipartisan bill up for a House vote Wednesday would allow private investment in Amtrak from real estate developers. (Credit: Professor Bop via Flickr)

    New York among Obama Presidential Library finalists. Real estate developers mull air rights deals for urban Amtrak stations. Brooklyn’s first convention center is now open. Read these stories and more after the jump.

  • Cushman nears contract to broker Port Authority retail space

    With $1.1M agreement, firm would market Midtown bus terminal and Jersey City PATH locations
    September 16, 2014 04:40PM By Rich Bockmann
    bo-retail-opportunities-pabt-2

    From left: retail spaces at the Port Authority Bus Terminal and Journal Square PATH station

    Cushman & Wakefield is poised to land a contract to broker up to 230,000 square feet of retail space at Port Authority transit hubs in the city and across the Hudson River, agency documents show. [more]

  • U.S. Roundup: San Francisco median sales price now $1 million; Homeownership drops in Philly and more

    Snapshots of real estate news from around the U.S.
    September 16, 2014 04:25PM By Maya Kaufman
    San Francisco

    San Francisco

    From the September issue: In this month’s roundup of national real estate news, The Real Deal checks out the San Francisco real estate market, whose median sales price is now $1 million. Over in Philadelphia, the percentage of homeowners is on the wane. Lastly, a Las Vegas estate where pop icon Michael Jackson once lived is on the market for $19.5 million. Click here to see these items and more.

  • Waterbridge in $100M-plus contract on Williamsburg’s North 3rd St.

    Properties are home to area hotspots such as Radegast Hall and Egg
    September 16, 2014 04:06PM By Hiten Samtani
    Radegast Hall at 113 North 3rd Street

    Radegast Hall at 113 North 3rd Street

    Joel Schreiber’s Waterbridge Capital is in contract to lay out $100 million to buy multiple properties on North Third Street, including the buildings that house the popular beer garden Radegast Hall and brunch hotspot Egg, The Real Deal has learned. The investment firm will pay nearly $1,000 per square foot for the properties, its boldest bet yet on one of the city’s hippest neighborhoods. [more]

  • NYC Football Club eyes site near Aqueduct Racetrack for arena

    Deal to locate the team near Yankee stadium fell apart last month
    September 16, 2014 03:50PM
    From left: Sheikh Mansour bin Zayed al-Nahyan and Aqueduct Racetrack

    From left: NYC Football Club owner Sheikh Mansour bin Zayed al-Nahyan and the Aqueduct Racetrack in Queens

    New York City’s first Major League Soccer team could be coming to Queens after all. [more]

  • Gawker Media relocating to Flatiron

    Gizmodo, Jezebel and Deadspin publisher picks up 59K space at 114 Fifth Ave.
    September 16, 2014 03:25PM
    From left: Gawker's Nick Denton and 114 Fifth Avenue

    From left: Gawker’s Nick Denton and 114 Fifth Avenue

    Gawker Media is relocating from its 210 Elizabeth Street headquarters to a new 59,000-square-foot space at 114 Fifth Avenue.

    The media outfit, which includes verticals Gizmodo, Jezebel, Valleywag and Deadspin, inked a 15-year lease for 58,900 square feet spanning three full floors at the new digs at Fifth Avenue and West 17th Street, the New York Observer reported. [more]

  • Lender to put Trump Soho Hotel up for sale

    Reportedly, only a third of property's condo units have sold
    September 16, 2014 03:05PM
    From left: the Trump Soho Hotel and Donald Trump

    From left: the Trump Soho Hotel and Donald Trump

    The Trump Soho is reportedly being sold.

    CIM Group, one of the lenders to the upscale condominium-hotel, is foreclosing on the property and plans to auction it off, the Wall Street Journal reported. CIM Group holds a junior loan on the property and has taken control of the building through a foreclosure process. CIM Group hired commercial brokerage Eastdil Secured to market the property. [more]

  • Extell makes play for Port Authority’s Hudson Yard air rights

    Agency to vote Wednesday on firm's $30M bid for space above Dyer Avenue
    September 16, 2014 02:45PM By Rich Bockmann
    Extell's development site at 429 West 36th Street

    Extell’s development site at 429 West 36th Street

    Gary Barnett’s Extell Development Corp. is looking to buy at least $30 million worth of air rights from the Port Authority of New York & New Jersey for a residential development site it owns in the Hudson Yards neighborhood, according to agency documents.

    Extell owns three properties between Ninth and 10th Avenues on the far West Side running block-through from 36th to 37th streets along Dyer Avenue, the sunken roadway that snakes from the Lincoln Tunnel to 30th Street. Extell’s site is surrounded by a number of hotel and residential developments in the booming neighborhood just north of the Related Companies’ and Brookfield Office Properties’ large, mixed-use projects. [more]

  • Prospect Park Residence in breach of court order, say lawyers

    Judge ordered owner to maintain services until residents depart ahead of likely condo conversion
    September 16, 2014 02:25PM
    1 Prospect Park West

    1 Prospect Park West

    The operator of a Park Slope assisted living facility is in breach of a court order to maintain essential services at the residence, lawyers and caregivers for elderly tenants allege.

    The owner of Prospect Park Residence is trying to wind down operations ahead of a likely condo conversion, but a judge temporarily blocked the process in June after residents filed suit over the original closure plan. [more]

  • Chinese developer’s Williamsburg condos hit the market

    Residential building at 429 Kent is Xinyuan's first ground-up project in U.S.
    September 16, 2014 02:00PM
    Rendering of the Oosten at 249 Kent Avenue in Williamsburg

    Rendering of the Oosten at 429 Kent Avenue in Williamsburg

    Offerings at the first ground-up residential project by the U.S. branch of Chinese developer Xinyuan Real Estate Company are now up for grabs.

    The Oosten development, which will occupy a full block between Williamsburg’s Kent and Wythe avenues and South 8th and South 9th streets, is slated to hold a total of 216 condominium units starting at $710,000. The property, which has an address of 429 Kent Avenue, is offering up a mix of seven different kinds of apartments: townhouses, duplexes, one-, two- and three-bedrooms, lofts and duplex penthouses. Click here to see renderings of the units on offer.

  • Soho gallery owner snags Residences at Bath Club condo

    Louis Meisel pays $5M for unit at Don Peebles-developed complex in Miami Beach
    September 16, 2014 01:35PM By Eric Kalis
    meisel

    From left: Don Peebles, Residences at Bath Club and Louis Meisel

    From the South Florida website: A New York company tied to the Soho art gallery of photorealism pioneer Louis Meisel paid $5 million for a four-bedroom condo at the Don Peebles-developed Residences at the Bath Club in Miami Beach, The Real Deal has learned. [more]

  • Condo prices at Ian Schrager’s Public hotel could set record

    Developer seeking $7M and up for units in Lower East Side property
    September 16, 2014 01:12PM By Mark Maurer
    chrystie

    From left: Interior and exterior of 215 Chrystie Street on the Lower East Side (Inset: Ian Schrager, courtesy of SCRIVO)

    Condominiums at veteran hotelier Ian Schrager’s upcoming Public hotel on the Lower East Side are poised to break a sales record for the neighborhood, The Real Deal has learned. [more]

  • Hudson Companies unveils East New York housing renderings

    Phase III of the 659-unit affordable development has broken ground
    September 16, 2014 12:45PM
    Rendering of Gateway Elton Phase III in East New York, courtesy of Dattner Architects

    Rendering of Gateway Elton Phase III in East New York, courtesy of Dattner Architects

    The Hudson Companies and civic architecture firm Dattner released images of the final-phase, 287-unit component of their affordable housing project in the Spring Creek section of East New York, Brooklyn. [more]

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