The Real Deal New York

  • Ian Schrager locks in $50M construction loan for 160 Leroy

    Developer aims for a $470M sellout at the West Village project
    February 05, 2016 05:10PM
    160 Leroy Ian Schrager

    160 Leroy Street in the West Village (inset: Ian Schrager)

    Hotelier and developer Ian Schrager is one step closer to building 160 Leroy Street, securing a $50M construction loan from Dublin-based Talos Capital Limited. [more]

  • From the February issue’s “In their words” feature, a roundup of the funniest and most insight comments on real estate:

    John Liang Chinese buyers real estate

    To read the full feature, click here.

  • FBI, IRS search former insurance magnate’s offices

    Raid indicates active criminal investigation into Alexander Chatfield Burns
    February 05, 2016 04:20PM
    Alexander Chatfield Burns

    Alexander Chatfield Burns (credit: Museum of American Finance)

    Federal authorities raided the Manhattan office of insurance magnate Alexander Chatfield Burns’ former company Southport Lane Management last month, indicating an active criminal investigation into Burns’ insurance dealings.

    About a dozen FBI and IRS agents showed up unannounced at Southport Lane’s offices on Jan. 14 and carted off more than 20 boxes of material as well as copies of computer hard drives, according to the Wall Street Journal. [more]

  • CalPERS closes on purchase of 787 Seventh for $1.9B

    AXA Financial is also close to selling adjacent office tower at 1285 Sixth
    February 05, 2016 03:55PM By Dusica Sue Malesevic
    787 Seventh Avenue

    787 Seventh Avenue in Midtown and CalPERS CEO Anne Stausboll

    CalPERS, a California pension fund, closed on the purchase of a 1.7 million-square-foot office tower at 787 Seventh Avenue for $1.9 billion from AXA Financial, according to property records filed with the city Friday.

    The fund signed a contract in December to acquire the 51-story tower, located between West 51st and West 52nd streets. The property, built in 1985, houses offices for Swiss bank UBS AG among other tenants. The building has a 98.4 percent occupancy rate, according to CoStar. [more]

  • Inside TheRealDeal
  • HSBC to pay $470M to settle federal foreclosure abuse probe

    Megabank also agreed to reform its mortgage-servicing practices
    February 05, 2016 03:35PM
    From left: HSBC's Stuart Gulliver, 452 Fifth Avenue in Midtown and Loretta Lynch

    From left: HSBC’s Stuart Gulliver, 452 Fifth Avenue in Midtown and Loretta Lynch

    London-based megabank HSBC agreed to shell out $470 million to end a series of investigations by the U.S. Justice Department and 49 state governments into its mortgage-servicing practices following the 2008 financial crisis.

    The government agencies were investigating allegations that HSBC employed tactics such as the robo-signing of documents aimed at stifling mortgage borrowers’ attempts to avoid foreclosure. [more]

  • Forest City REIT conversion will attract investors: LaRue

    CEO says company is "undervalued," new status "helps us to close" valuation gap
    February 05, 2016 03:08PM
    Forest City Realty Trust

    From left: Charles Ratner and David LaRue

    Forest City Realty Trust’s recent conversion into a real estate investment trust will help the company “attract a larger share of investment” and make the company “even more focused on our real estate business,” according to president and CEO David LaRue.

    Forest City’s REIT conversion, which became official on Jan. 1, came out of a strategic planning initiative, dating back to 2012, that focused streamlining the company to its “core products and core markets,” LaRue said. [more]

  • 432 Park’s first closed sale gets second life as a rental

    The three-bedroom, 4K sf condo is available for $60,000 per month
    February 05, 2016 02:35PM

    432 Park Avenue

    It took less than a month for the first recorded sale at the luxe 432 Park Avenue to resurface — this time as a high-priced rental asking $60,000 per month.

    The first sale for Macklowe Properties and CIM Group’s 1,396-foot-tall tower on Billionaires’ Row was a three-bedroom condominium unit that sold for $18.1 million in January. An entity known as 432 Parkview LLC purchased the unit. [more]

  • Kuafu’s MiMA condos to be priced from $1M to $6M

    Project being rebranded as Manhattan View at MiMA
    February 05, 2016 02:15PM By Katherine Clarke
    The view from the MiMA residences

    The view from the MiMA residences

    Kuafu Properties and Shanghai Construction Group America, the U.S. arm of one of China’s leading construction companies, are gearing up to launch sales at 1 MiMA Tower this spring.

    Prices for the 151 units at 460 West 42nd Street will range from $1 million to over $6 million, according to a new teaser site going live Friday. The condos, which span the 51st through 63rd floors of the building, will also be rebranded as Manhattan View at MiMA, the website shows. [more]

  • Political brethren: De Blasio’s top real estate allies

    Rob Speyer, Bruce Ratner and John Banks number among the mayor's supporters
    February 05, 2016 01:22PM By Konrad Putzier
    Rob Speyer of Tishman Speyer, Lisa Gomez of L+M Development Partners, Mayor Bill de Blasio, John Banks of REBNY and Ron Moelis of L+M Development Partners

    Rob Speyer of Tishman Speyer, Lisa Gomez of L+M Development Partners, Mayor Bill de Blasio, John Banks of REBNY and Ron Moelis of L+M Development Partners (credit: Adam Pincus)

    From the February issue: Mayor Bill de Blasio may not be known as a best friend to the industry, but that doesn’t mean he hasn’t cultivated some significant industry allies. Below is a look at three top real estate players with whom the mayor is particularly tight: Tishman Speyer’s Rob Speyer, Forest City Companies’ Bruce Ratner and the Real Estate Board of New York’s John Banks. [more]

  • Brooklyn lawmaker again pushes landmark status for Coney Island’s boardwalk

    LPC designation could save promenade from faux wood, concrete
    February 05, 2016 12:45PM

    Coney Island’s boardwalk (inset: Mark Treyger)

    Part of Coney Island’s charm is its iconic boardwalk, as synonymous with the amusement park as hot dogs, roller coasters, cotton candy and family fun. [more]

  • UPDATED: Crane activity halted after Tribeca collapse kills one, injures three

    Accident occurred at 8:30 a.m. outside 60 Hudson Street
    February 05, 2016 12:13PM By The Real Deal

    The collapsed crane on Worth Street in Tribeca (credit: FDNY)

    UPDATED: Feb. 5 12:13 p.m. All crane activity will come to a halt on Friday following a crane collapse that killed one person and injured three others outside 60 Hudson Street in Tribeca, according to authorities.  [more]

  • No buyout deal with GGP: Brookfield Property CEO

    Brian Kingston says rumor to take over REIT has no substance
    February 05, 2016 12:05PM By Rich Bockmann
    Brookfield Property Partners CEO Brian Kingston, GGP CEO Sandeep Mathrani with 685 Fifth Avenue and a rendering of 730 Fifth Ave

    Brookfield Property Partners CEO Brian Kingston, GGP CEO Sandeep Mathrani with 685 Fifth Avenue and a rendering of 730 Fifth Ave

    Brookfield Property Partners executives Friday threw cold water on a rumor that the company is planning a buyout of retail giant General Growth Properties. [more]

  • W Hotel Union Square back on the market

    Maryland-based Host Hotels & Resorts acquired 20-story property for $185M in 2010
    February 05, 2016 12:00PM
    W Hotel Union Square

    The W Hotel Union Square

    One of Union Square’s most visible properties is now on the market.

    The W Hotel Union Square is up for sale after owner Host Hotels & Resorts retained Eastdil Secured to market the 20-story property at 201 Park Avenue South. The brokerage is pitching the 205,00-square-foot, Beaux-Arts style building as a possible residential conversion opportunity, per marketing materials. [more]

  • The goal of easing credit requirements for loans is still elusive

    Some lenders not following through on vow to give OK to applicants with below-average scores
    February 05, 2016 11:30AM By Kenneth Harney
    David Stevens

    David Stevens (credit: CNBC)

    Federal housing policy makers and mortgage lending groups have been talking about expanding access to home loans for greater numbers of credit-worthy buyers for more than a year. They call it “opening up the credit box” and insist that it’s an important goal.

    So how’s it going? Not so great. Though there are a few, scattered hints of easing credit requirements, the numbers aren’t impressive. [more]

  • Ofer Yardeni loves the rent freeze

    Stonehenge CEO claims it's now easier for him to buy stabilized properties at a decent price
    February 05, 2016 11:01AM By Konrad Putzier
    abde8d41-c213-4bb2-9bbd-1ab2c1262920 (1)

    The Savoy Park Apartments at 45 West 139th Street and Ofer Yardeni

    Since the city announced a rent freeze for stabilized apartments in June, investors have increasingly shied away from rent-regulated buildings. But not Stonehenge Partners CEO Ofer Yardeni. [more]

  • Which real estate stocks performed the best since 2011?

    The REITs and other public players that racked up the most money for investors in the last five years
    February 05, 2016 10:39AM By Konrad Putzier

    Equity Residential’s Sam Zell and RiverTower at 40 East 54th Street

    From the February issue: In early January, Forest City Ratner became the latest prominent real estate company to ditch the secrecy of private ownership in exchange for the tax benefits and easier access to capital that come with being a public company.

    And they are just the latest firm to join the real estate investment trust ranks.

    For stock investors, the proliferation of REITs means more choices — and with that more confusion, given that many invest in similar assets.

    This month, The Real Deal crunched the numbers to find out which REITs and public real estate firms performed best over the past five years. [more]

  • Somerset’s Keith Rubenstein asking $84.5M for UES mansion

    The six-bedroom, 14-bathroom, 15,000-square-feet Beaux-arts home hits the market
    February 05, 2016 10:11AM
    Keith Rubenstein and 8 East 62nd Street on the Upper East Side

    Keith Rubenstein and 8 East 62nd Street on the Upper East Side (Credit: The Modlin Group)

    What would the South Bronx think? Somerset Partners’ Keith Rubenstein, whose “Piano District” project in Mott Haven unleashed a torrent of criticism, has put his opulent Upper East Side manse on the market for $84.5 million — one of the city’s priciest townhouse listings ever. [more]

  • Born, Drukier buy Midtown Hotel Elysee for $55M

    The 15-story, 103-key property is home to the Monkey Bar
    February 05, 2016 09:15AM
    Hotel Elysee Richard Born

    The Hotel Elysee at 60 East 54th Street in Midtown (inset: Richard Born)

    The operators of the 1920’s-era Hotel Elysee — home of the Monkey Bar – bought the building from its long-time family owners. [more]

  • HFZ seeks $250M from EB-5 investors for High Line condos

    Developer looking to build two towers on West 18th Street
    February 05, 2016 08:30AM By Konrad Putzier

    Ziel Feldman and a rendering of 518 West 18th Street on the High Line

    Ziel Feldman’s HFZ Capital Group is looking to raise around $250 million in EB-5 funds for its latest High Line condo development at 518 West 18th Street.

    The U.S. Immigration Fund, an EB-5 regional center, is handling the fundraising in two phases of more than $120 million each, and is currently raising cash under the first phase, CEO Nicholas Mastroianni told The Real Deal. [more]

  • Israeli-Russian billionaire adds to Fifth Avenue assemblage with $59M buy

    Boris Kuzinez is the mystery player behind a string of commercial deals in NoMad
    February 05, 2016 08:00AM By Will Parker and Kyna Doles

    Boris Kuzinez and 260-264 Fifth Avenue

    Israeli-Russian billionaire Boris Kuzinez purchased a 12-story commercial building at 260 Fifth Avenue for $59 million, his third buy on the block within the last year, city records show. [more]