The Real Deal New York

  • Alfa abandons conversion plans at Chelsea Hershey factory

    The firm has put the property on the market for $30M
    August 23, 2014 03:00PM
    From left: Alfa CEO Michael Namer, the site at 117-119 West 21st Street

    From left: Alfa CEO Michael Namer and 117-119 West 21st Street

    WEEKENDEDITION Alfa Developments had planned a 12-story residential building at a former Hershey factory in Chelsea. But now those plans have been scraped and the West 21st site is back on the market for $30 million.

    Alfa purchased the site, located at 117-119 West 21st Street between Sixth and Seventh avenues, in late 2012 for just $12 million. Originally, the firm planned to convert this site into eight full-floor condos, as well as two duplexes. [more]

  • Loew’s Kings Theater to reopen in January

    The 1920s movie palace will be the largest theater in Brooklyn
    August 23, 2014 02:00PM
    Lowe's Kings Theater in Flatbush

    Lowe’s Kings Theater in Flatbush

    WEEKENDEDITION Flatbush’s Loew’s Kings Theater excited both architecture and movie fans last year when it announced that the gorgeous 1920s movie palace would reopen. Now the theater has revealed that it will be open by January 2015. [more]

  • Does a hot market mean Brooklyn has lost its cool?

    Brooklyn’s well-to-do hipster establishment is setting out for more bohemian enclaves
    August 23, 2014 01:00PM
    Williamsburg

    Williamsburg

    WEEKENDEDITION With Brooklyn’s home prices and rents rapidly approaching Manhattan heights, even the borough’s well-to-do hipster establishment is getting priced out. [more]

  • Paul Rudolph’s iconic home relists asking $28M

    The modernist home was featured in Wes Anderson’s ‘The Royal Tenenbaums’
    August 23, 2014 12:00PM
    23 Beekman Place and architect Paul Rudolph

    23 Beekman Place and architect Paul Rudolph

    WEEKENDEDITION The former home of architect Paul Rudolph, the late former dean of the Yale School of Architecture, is back on the market asking $28 million. [more]

  • Inside TheRealDeal
  • Judge rules for the return of an iconic Greenwich Village pub

    Some locals had fought against the return of Chumley’s
    August 23, 2014 11:00AM
    86 Bedford Street

    86 Bedford Street

    WEEKENDEDITION The noise-sensitive Greenwich Village residents that brought a case against a famous, Prohibition-era pub should start investing in earplugs. [more]

  • Competition for Bowery development sites reaches a boil

    Prices on the famously gritty street have skyrocketed
    August 23, 2014 10:00AM
    The Bowery

    The Bowery

    WEEKENDEDITION These days you won’t find any bums on Bowery. Fierce competition between investors and a lack of inventory have sent prices for new and redevelopment sites on the street soaring. [more]

  • Sprawling mansion with a 100-car garage asks $22M in Calif.

    The Napa Valley home features 63 acres of Cabernet vineyards
    August 23, 2014 09:00AM By Business Insider
    A California mansion with a 100-car garage

    A California mansion with a 100-car garage

    WEEKENDEDITION A unique Napa Valley home is set to be auctioned off on September 10th. The 22,882-square-foot Villa De Madre was originally listed at $22 million in 2011. Now the seller, Willis Johnson, founder of Copart, Inc., a publicly traded, global online vehicle auction company, is holding an auction instead. [more]

  • Top residential agents of the week

    Catherine Auerbach of Stribling & Associates tops the week's sales
    August 22, 2014 06:00PM
    From left: Catherine Auerbach and 58 East 66th street drawings

    From left: Catherine Auerbach and 58 East 66th street drawings

    Catherine Auerbach of Stribling & Associates topped the week’s residential sales with a $17 million townhouse at 58 East 66th Street in Lenox Hill. Click here to see this listing and more. … [more]

  • TGIF: Stay tuned to TRD‘s Weekend Edition

    Keep in touch with NYC, national and international real estate news
    August 22, 2014 05:40PM

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    It may be high time to kick back and relax, but The Real Deal is still churning our stories courtesy of our Weekend Edition. Every Saturday and Sunday, we cover real estate items from around the country and abroad, along with any breaking news happening in New York City. Like our Facebook page or follow us on Twitter to stay in touch with us on the go.

  • 2 West 47th Street and Extell's Gary Barnett

    2 West 47th Street and Extell’s Gary Barnett

    A published report claims that Extell Development Company plans to open a hotel on West 47th Street. [more]

  • The price tags on posh Shelter Island pads are on the rise.

    The price tags on posh Shelter Island pads are on the rise.

    Prices on Shelter Island hit Hamptons highs. America’s top 12 cities for lucrative home flips. Woman discovered 50,000 bees in Elmhurst attic. Read these stories and more after the jump.

  • By the numbers: Rising rents on the menu for New York City’s restaurant industry

    Spike in costs for retail space presents new challenges for eateries
    August 22, 2014 04:40PM By Sasha von Oldershausen
    Union Square Cafe

    Union Square Cafe

    From the August issue: The New York City restaurant business is not for the faint of, well, stomach. And in the past few years, that’s become even more apparent, as a number of acclaimed long-standing restaurants — the nearly 30-year-old Union Square Cafe, celebrity chef Bobby Flay’s flagship Mesa Grill and Wylie Difresne’s groundbreaking wd~50 among them — closed or announced plans to shutter because of rent increases or to make way for more lucrative real estate developments. [more]

  • Top Manhattan apartment sales: August 11 – August 17

    An interactive map of the priciest recorded deals, plus total overall sales and average prices for the week (click on numbers to see data)
    August 22, 2014 04:20PM

  • The week’s notable renderings: Future 40-story Virgin Hotel, 221 West

    Here are some images of future NYC sites that caught our eye
    August 22, 2014 04:00PM
    Images of the Virgin Hotel set to rise at 1205-1225 Broadway in NoMad leaked this week

    The Virgin Hotel set to rise at 1205-1225 Broadway

    Click here for renderings and more.

  • Bank of America Tower, New York Times among world’s largest holders of unused tower space

    Dubai’s Burj Khalifa tops all other skyscrapers with 800 feet of non-occupiable space
    August 22, 2014 03:40PM
    From left: 1111 Avenue of the Americas and 620 Eighth Avenue

    From left: 1111 Avenue of the Americas and 620 Eighth Avenue

    Building owners are often keen on scaling new heights. But the tricks and toppers that bring record-breaking skyscrapers to their peak often result in big chunks of useless hidden space.

    In New York City, the loftiest example of this trend is the Bank of America tower at 1111 Avenue of the Americas, which stretches 1,200 tall feet and has 430 feet of non-occupiable height, making it third among the world’s largest chunks of unusable space. And the New York Times Tower at 620 Eighth Avenue, ranked sixth in the world, holds 325 feet of useless space atop its 1,046 feet. [more]

  • Arlene Farkas asks lenders to halt sale of her River House unit

    Creditors are looking to recoup the $6M Farkas owes on the duplex
    August 22, 2014 03:30PM
    From left: Arlene Farkas and River House

    From left: Arlene Farkas and River House

    The drama surrounding a 14-room River House co-op continued to unfold as the owner and estranged wife of department store heir Bruce Farkas plead with creditors to delay putting the duplex on the auction block.

    The lenders to whom Arlene Farkas owes about $6 million planned to sell her apartment at the tony co-op building on September 5, the New York Daily News reported. However, Farkas said that a sale at auction would likely bring in less than the $8.5 million she believes the unit should fetch, according to the newspaper. [more]

  • Is 319 Schermerhorn the first hipster building ever? Architecture review

    Residential development on corner of Nevins Street to embrace Brooklyn (BK) cool
    August 22, 2014 03:10PM By James Gardner
    Schermerhorn-Kitchen

    319 Schermerhorn (Credit: Incorporated)

    Perhaps it is my over-active imagination, but I do believe that Schermerhorn, a new development planned for Brooklyn, may just be the first hipster building ever created. Why it should be the first — that is, why it should have no antecedents — is not difficult to figure out. Hipsters tend not to build things, certainly not buildings. Furthermore, the hipster generation is still too young to be developers, even if they wanted to be. And so, one way or another, there are no hipster buildings. [more]

  • Long-delayed Murray Hill condo tower set to launch sales

    Model residences at 325 Lexington will open this fall; building under construction since 2008
    August 22, 2014 02:50PM
    From left: 325 Lexington rendering and teaser website image

    From left: 325 Lexington rendering and teaser website image

    The 33-story condo tower at 325 Lexington Avenue that has been under construction intermittently since 2008 is finally set to launch sales this fall.

    A teaser website has launched for the condo building, which is located in Murray Hill between East 38th and 39th streets and houses 123 units and 2 penthouses. It advertises the imminent opening of on-site model residences. Construction restarted in December 2012 following a four-year halt. [more]

  • Steepest, cheapest listings to hit Manhattan this week

    On the high end: A 96-bottle wine refrigerator. On the low: Could accommodate furnishings.
    August 22, 2014 02:30PM
    From left: 1 Central Park South and 301 East 63rd Street

    From left: 1 Central Park South and 301 East 63rd Street

    Douglas Elliman’s Tal Alexander and Oren Alexander had the priciest single-family residential listing to hit the Manhattan market this week with a $25 million condominium at 1 Central Park South, while Living New York’s Michael Carbone had the cheapest with a $199,000 restricted-sale two-bedroom co-op at 214 Bradhurst Avenue in Central Harlem. Click here to see these listings and more.

  • 5Pointz to begin coming down today

    Demolition to make way for new residential development by David and Jerry Wolkoff
    August 22, 2014 02:10PM
    5Pointz before and after the building was whitewashed

    The old 5Pointz before and after the building was whitewashed

    Demolition will start today at 5Pointz, the former graffiti artist mecca in Long Island City. [more]

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