The Real Deal New York

  • World's Fair at the New York State Pavilion

    World’s Fair at the New York State Pavilion

    The World’s Fair in Queens is getting a new coat of paint. Meanwhile, a runaway boy lived there for two weeks. Millennials give suburbs the cold shoulder. Daniel Straus‘s first Whitney condo in contract for $17.5 million. Read these stories and more after the jump.

  • How a student saved Citicorp Center from potential collapse

    Engineer had not considered perpendicular winds' impact on building on stilts
    April 17, 2014 05:00PM

    601 Lexington Avenue, initial design on a napkin, and William LeMessurier

    A design flaw in the 1970s almost led to the demise of Citicorp Center, now known as Citigroup Center, at 601 Lexington Avenue. [more]

  • Paul Wexler, the real estate doctor

    Leading broker for medical space adapts to health care reform
    April 17, 2014 04:30PM By Angela Hunt
    Paul Wexler

    Paul Wexler

    From the April issue: You can’t install a magnetic resonance imaging scanner in just any building. The heavy machines often require special structural supports, and also frequently need special shielding to prevent their effects from being felt throughout a building. Other medical equipment likewise can demand custom heating, ventilation and cooling or even a crane to get them installed. [more]

  • Hotelier Sant Chatwal admits to campaign finance fraud

    Dream Hotel developer pleads guilty to violating US election law
    April 17, 2014 04:07PM
    Hillary Clinton and

    Hillary Clinton and Sant Singh Chatwal

    International hotelier and restaurateur Sant Singh Chatwal pleaded guilty to running a phony political fundraiser that gave money to several lawmakers, including Hillary Clinton.

    The 70-year-old Chatwal, best known known in Manhattan for developing the luxe Dream Hotel Downtown and the celebrity hotspot Time Hotel in the Theatre District, admitted in Brooklyn Federal Court to enlisting a ring of fake financiers in order to bypass donation limits, as well as tampering with a witnesses, according to reports. [more]

  • Inside TheRealDeal
  • East Village townhouse seeking $7.5M – and a draftsman

    Listing for 199 Second Avenue encourages potential buyers to "bring your architect!"
    April 17, 2014 03:43PM

    Matthew Nesi and 199 Second Avenue

    A five-story, multifamily East Village townhouse is on the market for $7.5 million.

    Broker Matthew Charles Nesi of Stephen P. Wald Real Estate Associates has the listing, which encourages the prospective buyer to “bring your architect!” The property at 199 Second Avenue, between East 12th and East 13th streets, features a retail space currently occupied by the hair salon Tease. There are also four floor-through lofts and 13-foot ceilings. The building, owned by Albert Bodian, has not been for sale in four decades. [more]

  • Scott Stringer to audit Build it Back program

    Comptroller sets up Sandy Oversight Unit to gather testimony from homeowners
    April 17, 2014 03:14PM

    Sandy-damaged home and Scott Stringer

    City Comptroller Scott Stringer said yesterday he will conduct an audit of the Build it Back program, which was launched by Mayor Michael Bloomberg to aid homeowners in the wake of Hurricane Sandy.

    The comptroller office’s new Sandy Oversight Unit will seek testimony from homeowners in Lower Manhattan, Coney Island, Rockaway and Staten Island who claim the program has been of no service to them. About 20,000 people seeking aid remain on a waiting list, Stringer said. [more]

  • Mystery investor snags Naked Lunch bar in Soho

    Saloon named after William S. Burrough's novel goes for $3 million
    April 17, 2014 03:00PM
    Interiors of

    Interiors of 17-19 Thompson Street

    An unidentified buyer has picked up a long-turnning Soho taproom for millions over its previous sale price. [more]

  • Feud between United Realty CEO and ex-president turning ugly

    Frydman claims "disparagement campaign" being waged by Verschleiser, who denies assertion
    April 17, 2014 02:45PM By Zachary Kussin
    Jacob Frydman and Eli Verschleiser

    Jacob Frydman and Eli Verschleiser

    The ongoing war between United Realty Partners’ Chairman and CEO Jacob Frydman and his onetime business associate, Eli Verschleiser, is getting even nastier. Now, Frydman is claiming that the former United Realty president is orchestrating a “disparagement campaign” against him.

    In a request for a temporary restraining order filed this week, the United Realty chairman alleges that Verschleiser is behind a smear campaign that includes anonymous email attacks and an unflattering post about him on consumer reporting site Ripoff Report. [more]

  • New York a “bright spot” in slow spring for US housing market

    Connecticut's Fairfield County also showing strong numbers
    April 17, 2014 02:25PM
    New York City:

    New York City: One of the country’s few homes to spring housing market growth

    The U.S. housing market has been slowing down in the early days of spring, worrying real estate analysts who projected that warmer weather would bring an upswing of growth. New York, as well as Baltimore and Fairfield County in Connecticut, is in the minority. [more]

  • Last TF Cornerstone Queens tower now renting

    Building at 4610 Center Boulevard in Long Island City houses 584 units
    April 17, 2014 02:05PM

    4610 Center Boulevard

    The final tower in TF Cornerstone’s six-building Long Island City waterfront project has begun leasing, according to the developer. The 26-story rental building at 4610 Center Boulevard holds 584 units, ranging from one-bedrooms to three-bedrooms. [more]

  • Development on brownfield site in Greenpoint almost done

    Domain Companies cleaned up oil-soaked former home of Brooklyn Rapid Transit Yard
    April 17, 2014 01:40PM
    From left: Rendering of 1133 Manhattan Avenue in Brooklyn and former structure

    From left: Rendering of 1133 Manhattan Avenue in Brooklyn and former structure

    Domain Companies is moving full steam ahead with redeveloping a Brooklyn brownfield site after purging the soil of oil contamination. [more]

  • Critics irked by reduction in affordable units at Astoria Cove

    Alma Realty cuts number of below-market rate apartments at Queens project to 295 from 340
    April 17, 2014 01:15PM
    From left: Steve Valiotis of Alma Realty and rendering of 3-15 26th Street in Queens

    From left: Steve Valiotis of Alma Realty and rendering of 3-15 26th Street in Queens

    Alma Realty’s future Astoria Cove in Queens will reportedly have fewer affordable units than housing advocates were expecting.

    The developer of the complex, which could house up to five towers each topping out at 32 stories, reduced the number of affordable units for the project to 295 apartments, according to an application filed with the city this month. [more]

  • Startup marketer signs on at Lightstone’s 1407 Broadway

    Main Street Hub takes full floor at 42-story tower now undergoing renovation
    April 17, 2014 12:55PM

    Peter Turchin and 1407 Broadway

    Texas-based marketing platform developer Main Street Hub inked a lease for 13,700 square feet at Lightstone Group’s 1407 Broadway, between 38th and 39th streets.

    The 1.1 million-square-foot, 42-story property, also owned by real estate investment trust Lightstone Value Plus REIT, is being renovated at the moment. The tenant will leave behind 1201 Broadway and head north, occupying the entire 26th floor of 1407 Broadway.  [more]

  • City gets $400M to fortify Sandy-damaged tunnels

    Infrastructure funds from FEMA latest storm-related aid from Uncle Sam
    April 17, 2014 12:30PM
    Flooding after Hurricane Sandy at the Brooklyn Battery Tunnel

    Flooding after Hurricane Sandy at the Brooklyn Battery Tunnel

    In addition to the $42 million in federal funds allotted to business recovery and programs to assist owners of storm-damaged homes, the U.S. government intends to give the Metropolitan Transportation Authority more than $400 million to repair and maintain tunnels damaged by Hurricane Sandy. [more]

  • Milstein donates former Facebook office to startup incubator

    Grand Central Tech looks to kick off Midtown East tech boom with 12-18 startups
    April 17, 2014 12:10PM
    335 Madison Avenue

    335 Madison Avenue

    UPDATED, 12:59 p.m., April 17: Milstein Properties is teaming up with business incubator Grand Central Tech in hopes of kicking off a thriving startup community in Midtown East, in a space that once served as Facebook’s New York offices.

    Landlord and developer Milstein is donating 15,000 square feet of space at 335 Madison Avenue, across from Grand Central Terminal between East 44th and East 43rd streets, to hold 12 to 18 fledgling startups, the Wall Street Journal reported. The ultimate goal, Grand Central Tech’s organizers told the paper, is to extend the trend of tech firms populating loft-like spaces beyond current hotspots like the Flatiron District and Chelsea. [more]

  • Durst Organization charged with Fair Housing Act violations

    Developer’s Helena tower inadequately accessible to disabled tenants, US attorney claims
    April 17, 2014 11:45AM
    From left: Douglas Durst and 601 West 57th Street

    From left: Douglas Durst and 601 West 57th Street

    Federal prosecutors slapped the Durst Organization with a lawsuit Wednesday, charging that the developer’s Helena tower is in violation of the Fair Housing Act. [more]

  • Jon Bon Jovi keeps the faith, tries again to unload Soho pad

    Property originally asking $42M put back on the market at $37.5M
    April 17, 2014 11:20AM
    From left: Jon Bon Jovi and 159 Mercer Street

    From left: Jon Bon Jovi and 159 Mercer Street

    Jon Bon Jovi is once again looking to make a memory of his Soho penthouse, which returned to the market Thursday with a $37.5 million price tag. [more]

  • Greenpoint churches to give way to residential apartments

    Sale of Monitor Street properties put on hold during recession; slated to hold 84 units
    April 17, 2014 11:00AM
    From left: 17 Monitor Street and 21 Monitor Street in Greenpoint

    From left: 17 Monitor Street and 21 Monitor Street in Greenpoint

    Two vacant brick Greenpoint buildings, formerly home to Catholic church schools, will soon reemerge as residential apartment buildings. [more]

  • Hospitals becoming powerful real estate operators

    City's medical institutions ramping up huge developments, competing fiercely for leased space
    April 17, 2014 10:30AM By Janna Herron
    Memorial Sloan-Kettering’s 1.5 million-square-foot complex on East 74th Street will include medical school facilities

    Memorial Sloan-Kettering’s 1.5 million-square-foot complex on East 74th Street will include medical school facilities

    From the April issue: The real estate needs of the city’s hospitals reflect a health care head-scratcher: These institutions want to treat more patients, but want only the sickest ones to show up at the hospital. [more]

  • Last night’s “Million Dollar Listing New York”: 3 flew over the cuckoo’s nest

    The boys take crazy to new heights in episode 3 of Bravo's popular reality show
    April 17, 2014 10:00AM By Ann Imperatore
    From left: Luis Ortiz,

    From left: Luis Ortiz, Fredrik Eklund, Ryan Serhant, and Vincent Schiavelli of “One Flew Over the Cuckoo’s Nest”

    In the latest episode on “Million Dollar Listing New York,” the inmates who run the asylum — Fredrik Eklund, Ryan Serhant and Luis Ortiz – once again exhibited behavior that argues for the inclusion of a special section in the Diagnostic and Statistical Manual of Mental Disorders dedicated to New York City-related mental issues and peripheral dysfunction. [more]