The Real Deal New York

  • Upper East Side eateries make way for new development

    Icon Realty Management bought six buildings that will likely be demolished
    July 22, 2014 11:00AM
    From left: Johnny Foxes, Nancy Lee's Pig Heaven and Cascabel eatery on Second Avenue between 80th and 81st streets

    From left: Johnny Foxes, Nancy Lee’s Pig Heaven and Cascabel eatery on Second Avenue between 80th and 81st streets

    Multiple business on the Upper East Side are closing to make way for a new development. [more]

  • At the desk of: David Von Spreckelsen

    Toll Brothers president talks World Cup, his Fidel Castro photo and the firm's $1B in projects
    July 22, 2014 10:30AM By Julie Strickland
    David Von Spreckelsen

    David Von Spreckelsen

    From the July issue: David Von Spreckelsen, the president of Toll Brothers City Living, moved to New York City in 1985 to take a job as an assistant buyer at Lord & Taylor. The Pennsylvania native and University of Richmond grad then went back to school to get an MBA from Columbia University and later a degree in urban planning. In 1993, he joined the city’s Economic Development Corporation, where he worked with big-named real estate players like Donald Trump and Tishman Speyer. [more]

  • Mayor close to naming new Standards and Appeals chair

    Attorney Margery Perlmutter to get the position; serves on Landmarks commission
    July 22, 2014 10:00AM
    From left: Margery Perlmutter and Bill de Blasio

    From left: Margery Perlmutter and Bill de Blasio

    Mayor Bill de Blasio is reportedly on the verge of naming Margery Perlmutter to become the new chairperson of the Board of Standards and Appeals.

    Perlmutter is a partner at law and lobbying firm Bryan Cave. She also serves on the Landmarks Preservation Commission. Before joining Bryan Cave, Perlmutter was a managing partner at a private architecture firm for 15 years. [more]

  • The Greenwood Cemetery

    The Greenwood Cemetery

    Greenwood Cemetery: this is where New York’s rich and powerful are buried. High rents in Chinatown are pushing out tenants.  Quite the week for New York Times columnist Thomas Friedman to write about Airbnb. Read these stories and more after the jump.

  • Inside TheRealDeal
  • Harry Macklowe and clothier Eliot Rabin square off in court

    Macklowe claims Rabin owes $100K in rent, fashion designer says he was pushed out
    July 22, 2014 09:00AM
    From left: Harry Macklowe, Eliot Rabin and Aby Rosen

    From left: Harry Macklowe, Eliot Rabin and Aby Rosen

    Harry Macklowe and his former tenant Eliot Rabin — owner of men’s and women’s clothing brand Peter Elliot — will be seeing each other in court. [more]

  • Owners getting tipped off about landmarking plans: report

    Advance notice of preservation process leads to pre-emptive demolition of buildings
    July 22, 2014 08:30AM

    Dakota Stables and Andrew Berman

    A pro-preservation group is urging the city to stop giving landlords advanced notice that their building is being considered for landmarking, saying the leaks allow owners to circumvent the process. [more]

  • Park Slope group sues to halt New York Methodist expansion

    Organization opposes hospital's plans to build large outpatient facility in resi neighborhood
    July 22, 2014 08:00AM By David Jones

    New York Methodist Hospital

    A Brooklyn community organization has filed suit to overturn a decision by the city Board of Standards and Appeals to approve plans for a new ambulatory care facility at New York Methodist Hospital in Park Slope.

    The 800-member organization, called Preserve Park Slope, filed suit in Manhattan Supreme Court late last week seeking to reverse a series of variances that would enable New York Methodist to build the new facility in the middle of a residential neighborhood. [more]

  • Current reader favorites:
    1. Extell’s “poor door” receives city approval
    2. Urban Compass raises $40M from Salesforce CEO, others
    3. Manhattan’s skyline will look dramatically different by 2020
    4. E&M pays $95M for land under cash-strapped Chelsea building
    5. Manhattan’s office building values near pre-crash levels

  • Boerum Hill getting 34-room hotel

    Four-story structure to replace 1960s warehouse
    July 21, 2014 06:10PM

    489 Baltic Street in Brooklyn

    Developer Alec Shtromandel, who is bringing the Union Hotel in Gowanus, has plans for another hotel in Brooklyn – this time in Boerum Hill.

    The four-story building at 489 Baltic Street, between Nevins and Bond streets, would hold 34 hotel rooms, according to plans filed late last week that were cited by BuzzBuzzHome. A 5,730-square-foot warehouse dating to the early 1960s currently occupies the 50-foot-by-100-foot site. Soho-based Kutnicki Bernstein Architects was hired to handle design. [more]

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    July 21, 2014 05:50PM

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  • Madison Realty and RWN snag two Harlem buildings for $30M

    Properties along the Frederick Douglass corridor have 30,000 sf of unused air rights
    July 21, 2014 05:30PM
    From left: Josh Zegen, 2053 Frederick Douglass Boulevard and 300 West 112th Street

    From left: Josh Zegen, 2053 Frederick Douglass Boulevard and 300 West 112th Street

    Madison Realty Capital has teamed with RWN Real Estate Partners to purchase a pair of buildings along Frederick Douglas Boulevard in Harlem for about $30 million. [more]

  • From left: Rendering of 98 Haven Avenue and the work-in-progress now

    From left: Rendering of 98 Haven Avenue and the work-in-progress now

    A little Hamptons “cottage” for $13M. Columbia Medical Center’s crazy curvy tower takes shape. St. Mark’s Bookshop makes Alphabet City debut on East Third Street. Read these stories and more after the jump.

  • Assemblage of Chelsea commercial buildings asks $120M

    Massey Knakal marketing sites as two towers, possibly hotels
    July 21, 2014 04:45PM

    From left: 132 and 136 West 28th Street and James Nelson

    Landlord Frank Ng has listed an assemblage of adjacent buildings along West 28th Street in Chelsea for a total of $120 million.

    The sites at 132-144 West 28th Street, between Sixth and Seventh avenues, are zoned exclusively for commercial use. They offer about 240,000 square feet of buildable space. [more]

  • This month in real estate history: Historic mortgage recording tax takes effect

    A look back at some of New York City’s biggest real estate stories
    July 21, 2014 04:20PM By Adam Pincus
    Andrew Carnegie

    Andrew Carnegie

    From the July issue: A fundamental change in the way that real estate loans were taxed in New York state took effect 108 years ago this month, as a new law imposed a one-time mortgage-recording tax, replacing an annual tax on property debts.

    The state law took effect July 1, 1906, and imposed a one-time recording fee of 0.5 percent of the loan, to be paid by either the borrower or the lender. [more]

  • Urban Compass raises $40M from Salesforce CEO, others

    Despite industry skepticism, real estate tech startup now valued at $360M
    July 21, 2014 03:55PM By Hiten Samtani
    From left: Ori Allon, Joshua Kushner and Marc Benioff

    From left: Ori Allon, Joshua Kushner and Marc Benioff

    UPDATED 10:00 a.m., July 22: The industry’s collective puzzlement over Urban Compass just turned into befuddlement. Less than a year after raising $25 million from blue-chip investors such as Salesforce’s Marc Benioff and Condé Nast parent Advance Publications, the real estate technology startup announced this morning that it raised another $40 million, valuing the company at a staggering $360 million. The Series B funds came from mostly existing investors — including Benioff and Advance Publications. [more]

  • Charles Dayan to build luxury rentals at foreclosed Tribeca site

    358 Broadway purchased off auction block for $12M
    July 21, 2014 03:55PM By E.B. Solomont
    358 Broadway

    358 Broadway

    Developer Charles Dayan is looking to build an 18-story residential building in TriBeca, after the building’s previous owner lost the site to foreclosure.

    Dayan’s Bonjour Capital filed plans on Monday to build an 89-unit apartment building at 59 Franklin Place, which has an alternate address of 358 Broadway, according to property records. The plans came on the heels of an application in May to demolish the site’s existing, six-story building. “We’re putting [in] 100 units of luxury rentals,” Dayan told The Real Deal. He said because the N/Q/R subway line runs underneath the building, construction would be a “little bit more complicated. It will take one to two years.” [more]

  • Baby-stroller mogul in contract to sell Soho site for $50M

    Garage-turned-showroom and parking lot offer 36K buildable square feet
    July 21, 2014 03:45PM By Mark Maurer

    From left: Farzad Rastegar (credit: Peter Murphy), 146-150 Wooster Street, Maclaren stroller and rendering of MTM’s proposed rear facade

    Real estate investment firm KUB Capital is in contract to acquire a one-story Soho baby stroller store and adjacent parking lot for a total of $50 million, The Real Deal has learned. [more]

  • Shuttered reBar owner sentenced for grand larceny, tax fraud

    Jason Stevens also admitted to failing to collect $1.2M in sales tax
    July 21, 2014 03:35PM
    From left: Jason Stevens and reBar at 149 Front Street

    From left: Jason Stevens and reBar at 149 Front Street

    Jason Stevens, former owner of popular wedding venue reBar in Brooklyn, was sentenced to between three and 10 years in jail for stealing $200,000 in sales tax between 2009 and 2012 from the shuttered establishment. [more]

  • Flood regulations put regulated multifamily housing in catch-22

    Making buildings market rate could be the only way for landlords to fund upgrades, report says
    July 21, 2014 03:15PM
    New York City flood zones

    New York City flood zones

    New building requirements that protect against flooding have put landlords of public and regulated multifamily buildings in a catch-22 situation, according to a new report from the NYU Furman Center.

    New flood insurance rates imposed in the wake of Superstorm Sandy leave landlords with a tough choice: pay higher insurance premiums or embark on costly retrofits that would lower those premiums, the New York Observer reported. The dilemma affects 1,500 buildings with 90,000 units of public, subsidized or rent-stabilized housing. The report concludes that the only viable choice for many landlords is to make them market rate. [more]

  • 10 Sullivan Street’s $45M penthouse to be completed next year

    Unit atop 204-foot tower to have private pool, rooftop lounge and 23-foot ceilings
    July 21, 2014 02:50PM

    Full-floor living room rendering at 10 Sullivan Street

    The three-floor penthouse at Madison Equities and Property Markets Group’s 10 Sullivan Street will be completed next year and is asking $45 million. [more]