The Real Deal New York

  • Manhattan Borough Board votes against de Blasio rezonings

    Advisory group joins Queens and Bronx counterparts in opposition
    December 01, 2015 10:52AM
    Bill de Blasio Gale Brewer

    From left: Bill de Blasio and Gale Brewer

    It seems like no one’s pleased with hizzoner’s zoning and affordable housing policies.

    The Manhattan Borough Board, an advisory group composed of City Council members and community board representatives, voted unanimously against two of Mayor Bill de Blasio’s signature rezoning proposals Monday. [more]

  • Brooklyn to lead country in 2016 apartment construction

    New units that year projected to total 6,073
    December 01, 2015 10:12AM
    Artist rendering of Brooklyn’s skyline in 2020 (credit: CityRealty)

    Artist rendering of Brooklyn’s skyline in 2020 (credit: CityRealty)

    People want to live in Brooklyn, and developers are responding in force, with more units slated to come online in the borough in 2016 than in any other U.S. submarket. [more]

  • Bauhouse receives demo permits for 3 Sutton Place

    Firm still seeking financing for the project
    December 01, 2015 09:33AM
    A rendering of 3 Sutton place (inset: Joseph Beninati)

    A rendering of 3 Sutton Place on the Upper East Side (inset: Joseph Beninati)

    The Bauhouse Group is moving forward with 3 Sutton Place, despite not yet having secured additional financing for the project. [more]

  • Highgate Hotels founder buys UES townhouse for $22.5M

    Interior designer Juan Pablo Molyneux bought it for just $3.1M in 1990
    December 01, 2015 09:00AM
    Juan Pablo Molyneux with his wife Pilar and the exterior and interior of the townhouse

    Juan Pablo Molyneux with his wife Pilar and the exterior and interior of the townhouse

    Juan Pablo Molyneux designs interiors for a living, but he apparently knows something about buy-and-hold investing too. [more]

  • Inside TheRealDeal
  • “Hipster-mites” and “Evil crops developer” are the villains in West Bronx gentrification mural

    Rio-based Alberto Serrano and local Royal KingBee painting the giant comic strip
    December 01, 2015 08:26AM

    Mural on Walton Avenue in the West Bronx (credit: Alberto Serrano and the Royal KingBee)

    A pair of artists are telling developers and their alleged “hipster-mite” minions how they feel about recent efforts to redevelop and rebrand parts of the Bronx. [more]

  • Most popular stories on The Real Deal

    December 01, 2015 07:45AM

    Current reader favorites:
    1. Manhattan’s priciest new developments by total sellout
    2. “25th worst” NYC landlord says Public Advocate Tish James didn’t do her research
    3. City orders tenants to vacate Williamsburg rental built by Menachem Stark
    4. Stanley Wasserman in contract for $300M-plus UES portfolio
    5. Capstone exec buys Lenox Hill co-op for $12M

  • Nestio raises $8M in Series A

    Listings database will expand to Boston, Chicago, Miami and DC in 2016
    December 01, 2015 07:30AM By E.B. Solomont

    From left: Caren Maio, Nestio’s homepage and Noel Fenton

    Residential listings database Nestio just raised $8 million in a Series A fundraising round, CEO Caren Maio told The Real Deal. Trinity Ventures led the round, bringing the total investment in Nestio to $11.85 million at a time when real estate technology continues to attract serious investor interest. [more]

  • Westfield chief Frank Lowy sells Trump Int’l pad

    Apartment once owned by “Sex and the City” creator sold for $14.2M
    November 30, 2015 07:02PM By Katherine Clarke
    Frank Lowy and his former apartment at Trump International

    Frank Lowy and his former apartment at Trump International

    Frank Lowy, chairman of Australian retail giant the Westfield Corporation, has sold his apartment at Trump International for $14.2 million. [more]

  • Robert Durst faces $100M lawsuit over first wife’s disappearance

    McCormack family members claim real estate heir murdered her
    November 30, 2015 06:02PM
    Robert Durst Kathleen McCormack

    From left: Kathleen McCormack Durst and Robert Durst

    The mother and three sisters of Robert Durst’s first wife, Kathleen McCormack, are suing the real estate heir for $100 million over her disappearance more than 30 years ago.

    In the suit filed Monday in New York State Supreme Court in Mineola, the plaintiffs claim that Robert Durst murdered Kathleen and hid the body, violating “sepulcher,” a New York law that states family members have an immediate right to bury a dead relative. If successful, the suit could wipe out Robert Durst’s wealth, which has so far withstood decades of trials and murder allegations. Authorities have estimated Durst’s net worth is about $100 million.  [more]

  • Leslie J. Garfield may merge with London-based firm

    Brokerage has focused on NYC townhouses since 1972
    November 30, 2015 05:45PM
    From left: Jed Garfield and

    From left: Jed Garfield and Gary Hersham

    After more than 40 years in business, Leslie J. Garfield & Co. may join forces with a London-based firm.

    The residential brokerage announced on Monday that it has inked an agreement with Beauchamp Estates ahead of a possible merger between the two firms, Crain’s reported. The two firms, which both specialize in townhouses, have agreed to share customers and leads on properties, and to combine their marketing and public relations efforts. The next step would be a complete merger. [more]

  • What’s trending on LLNYC: Hermès ties, loud gyms … & more

    The most buzzworthy posts on TRD's sister publication
    November 30, 2015 05:35PM

    Tracy Anderson gym

    1) Hermès launched a tie-of-the-month club to help you pay back your dad for that college degree.

    2) Celebrity trainer Tracy Anderson is being sued for making too much noise in her Tribeca building.

    3) Scratch one thing off of your bucket list. A travel company is offering a trip around the world for $75,000.

  • David Lapierre and Mark Owens

    From left: David Lapierre and Mark Owens

    From the November issue: CBRE promoted 22-year retail real estate veteran David LaPierre to vice chairman. LaPierre has been a member of the firm’s global retail services team since joining in 1994. His client list includes Burberry, H&M, Bank of America and Disney. He also worked with Mario Batali to create the flagship Eataly at 200 Fifth Avenue.

    Mark Owens joined CBRE Capital Markets as an executive vice president. He’ll be responsible for securing debt and structured finance products and institutional asset sales for CBRE’s global hotel clients with assets in North America. He was previously at Ackman-Ziff, where he led the firm’s hospitality practice, arranging more than $1 billion in annual debt and equity transactions. [more]

  • Sheldon Silver found guilty on all counts in corruption trial

    Former State Assembly speaker's trial shone light on real estate dealings in Albany
    November 30, 2015 04:55PM
    Sheldon Silver

    Sheldon Silver

    Sheldon Silver, the former speaker of the New York State Assembly and one of the state’s most powerful politicians, was convicted Monday in a federal corruption trial that shone a light on the real estate lobby’s dealings in Albany.

    Silver, 71, was convicted on all seven counts of honest services fraud, extortion and money laundering that he faced over five weeks of trial in Federal District Court in Lower Manhattan. [more]

  • Extell planning new 29-story Midtown resi building

    54-unit development will include 38K sf of retail on first six floors
    November 30, 2015 04:25PM
    842-846 Seventh Avenue

    842-846 Seventh Avenue in Midtown (inset: Gary Barnett)

    Gary Barnett’s Extell Development filed plans for its latest Midtown residential project last week – a 29-story, 112,300-square-foot mixed-used property at Seventh Avenue and West 54th Street. [more]

  • Here’s what the $10M-$20M NYC investment sales market looked like last week

    Neil Bender buys a West Village townhouse for $13M; Silvershore picks up a Ridgewood building for $10.6M
    November 30, 2015 03:55PM By Kyna Doles
    Jason Silverstein, 1708 Summerfield Street and 164 Perry Street

    Silvershore’s Jason Silverstein, 1708 Summerfield Street and 164 Perry Street

    From a $13 million sale in the West Village to a $14.6 million sale in Chelsea here is a recap of last week’s activity in the New York City’s investment sales market for properties between $10 million and $20 million.

  • Robert A.M. Stern-designed condos could come to Sag Harbor

    Greystone and Michael Maidan looking to build 11-unit project
    November 30, 2015 03:25PM By Konrad Putzier
    Rendering of One Ferry Road (credit: Robert A.M. Stern Architects)

    Rendering of One Ferry Road (credit: Robert A.M. Stern Architects)

    Greystone Property Development is looking to bring Robert A.M. Stern-designed condos to Sag Harbor, in what would be its first Hamptons Project. [more]

  • 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)
    November 30, 2015 03:10PM

    NYC Apartment Sales

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

  • Silicon Valley would like to finance your home

    Tech startups are breaking into the residential mortgage industry
    November 30, 2015 02:41PM
    Cagney Herbert

    From left: Social Finance’s CEO Mike Cagney and Lending Home’s co-founders Matt Humphrey and James Herbert

    Non-bank lenders are shaking up the residential mortgage market by offering interest-only loans to borrowers who struggle to get a bank loan, and then sell those loans off to investors. Sound familiar? Well, Silicon Valley would like to have you know that this time it will all be different.

    A new cohort of tech startups has started offering residential mortgages, looking to break into turf currently held by major banks and home lenders like Quicken Loans. These firms are using online technology to approve loans in a matter of minutes, which they claim drives down transaction costs and allows them to offer lower rates than traditional lenders. [more]

  • Marolda sells three-building LES package

    Caspi and Black Bear pay 16 times the rent roll
    November 30, 2015 02:00PM By Mark Maurer
    Marolda Forsyth

    72, 74 and 104 Forsyth Street on the Lower East Side

    UPDATED, 2:52 p.m., Nov. 30: Caspi Development and Black Bear Asset Management bought a three-building package on the Lower East Side from Marolda Properties for $24.4 million.

    Marolda, a Chinatown-based landlord run by Lawrence Marolda, more than doubled its money with the purchase, having paid $9.8 million in 2012 to a family that had owned the properties for more than three decades.  [more]

  • Florida Keys getting 1,600 new hotel rooms

    Growth comes despite significant regulations
    November 30, 2015 01:30PM By Robert Silk
    The Gates is one of a trio of hotels that will welcome travelers to the island chain’s southernmost link.

    The Gates in the Florida Keys

    From the South Florida Market Report: High room rates expected to continue for the forseeable future are fueling a hotel redevelopment boom in the Florida Keys.

    “The dynamic for investment at this point is very, very good,” said hotelier Jim Rhyne, who is in the process of renovating and expanding his Coconut Cay Resort & Marina in Marathon.

    According to projections, by the end of next year, more than a dozen Keys resorts will have either relaunched after a major renovation or opened for the first time since the start of 2014. These properties will account for about 1,600 rooms. [more]