The Real Deal New York

  • 100 West Kinsbridge in University Heights

    100 West Kingsbridge Road in the Bronx 

    Nursing home owner Leopold Friedman purchased three adjacent elder care facilities on New Jewish Home’s University Heights campus in the Bronx for $110 million, according to property records filed with the city Friday. [more]

  • Bruce Ratner makes multifamily bet with $24M BK rental

    Forest City CEO adds new Clinton Hill building to personal holdings
    September 30, 2016 05:25PM By Mark Maurer
    From left: Bruce Ratner, 105 Grand Avenue and Adam Verner

    From left: Bruce Ratner, 105 Grand Avenue in Clinton Hill and Adam Verner

    Bruce Ratner, CEO of Forest City Ratner Companies, picked up a six-story Clinton Hill rental building for $24 million as a personal investment, sources told The Real Deal.

    The 38,000-square-foot elevator building at 105 Grand Avenue opened in 2012. Brooklyn investor Yoel Gruber and partners developed it, but Adam Verner’s Springhouse Partners bought it for $16 million that year and ultimately leased it up. Four years later, Springhouse sold it. [more]

  • Empire State Development exec leaving for YMCA

    Joe Chan, who ran state agency's RE arm, will manage nonprofit's NYC building assets
    September 30, 2016 04:50PM
    Rendering of Moynihan Station (inset: Joe Chan)

    Rendering of Moynihan Station (inset: Joe Chan)

    Joe Chan, the head of the Empire State Development Corporation’s real estate division, is leaving for a position with the YMCA.

    Chan, who played a role in the Penn Station redevelopment among several state projects, will oversee the the development and expansion of the nonprofit’s 2 million square feet of real estate assets in the city.  [more]

  • Shrinkage: Total sellout on new condos $5.7B lower than ‘15

    Aggregate price of condos hitting the market in NYC dropped 34.4% year-over-year: TRData
    September 30, 2016 04:26PM By Will Parker
    Source: TRD analysis of NY State Attorney General condominium offering plan data

    Source: TRD analysis of NY State Attorney General condominium offering plan data (Costanza credit: NBC)

    Developers are finally taking off their rose-colored glasses. The target offering price of new condominiums approved for sale in New York City is down 34.4 percent year-over-year, despite only a slight drop in the number of offered apartments, according to a new analysis by The Real Deal of offering plans. The data shows just how much developers rolled back on ultra-luxury projects over the last year. [more]

  • Inside TheRealDeal
  • WATCH: NYC real estate’s week in numbers

    A 2.4 percent drop in pending home sales, 110 "dangerous" Airbnb listings and more
    September 30, 2016 03:55PM By Alistair Gardiner

    week in renderings

    A $1.5 billion construction loan, a $6 million sale of a vacant lot in the East Village and a partnership that only lasted eight days — in real estate, it’s all about the numbers.

    To see the most important stats and figures from this past week, watch the video here.

  • Aby Rosen’s RFR buys GreenOak out of 285 Madison for $334M

    85% stake makes RFR majority owner of 530K sf office building
    September 30, 2016 03:25PM By Mark Maurer
    Aby Rosen, 285 Madison Avenue and Mark Van Zandt

    From left: Aby Rosen, 285 Madison Avenue (credit RFR) and Mark Van Zandt

    Aby Rosen’s RFR Holding has bought the majority interest in 285 Madison Avenue from its partner GreenOak Real Estate, paying $334.1 million for GreenOak’s 85 percent stake, property records filed with the city Friday show. [more]

  • The Skyslide, an offbeat attraction at the U.S. Bank Tower, lets observation-deck guests slide from the 70th to the 69th floor.

    The Skyslide, an offbeat attraction at the U.S. Bank Tower, lets observation-deck guests slide from the 70th to the 69th floor.

    From the Southern California Market Report: When tourists envision Los Angeles, they typically imagine Venice Beach, Beverly Hills mansions and the iconic Hollywood sign. Few of them think of the Downtown Los Angeles skyline. But the developers of DTLA’s tallest buildings are working hard to change that, adding sky-high amenities that simultaneously raise their profiles and their bottom lines.

    The Harry Cobb-designed 1989 U.S. Bank Tower has a gleaming new 43,000-square-foot observation deck, dubbed Skyspace LA, with a first-class restaurant and a quirky amenity called the Skyslide. Since this attraction opened, in June 2016, visitors have been sliding from the building’s 70th to 69th floor, whooshing along a thick composite of Italian chemically tempered twisted glass and Chinese flat-tempered glass. On a recent afternoon visit, a reporter for The Real Deal took a ride on the Skyslide, traversing the single floor (smartphone video camera in hand) in a matter of seconds. [more]

  • Tavros Capital putting together $30M-plus LIC dev site

    Assemblage near Citigroup Building could reach 250K sf
    September 30, 2016 02:22PM By Rich Bockmann
    Tavros-Capital-Court-Square

    45-01 through 45-09 23rd Street in Long Island City

    Tavros Capital is working on assembling a large development site in Long Island City’s Court Square neighborhood that will come with a price tag of $30 million-plus when all is said and done.

    The Soho-based investment and development firm recently closed on a trio of properties on 23rd Street in the shadow of the Citigroup Building, and is negotiating to buy several other properties and air rights that would give the firm as much as 250,000 square feet of development rights. [more]

  • Clinton Hill church plans 16-story resi building next door

    The 119K sf property on Classon Avenue will have 142 units, community space
    September 30, 2016 01:50PM By Miriam Hall
    St. Mary’s Episcopal Church at 230 Classon Avenue in Church Clinton Hill

    St. Mary’s Episcopal Church at 230 Classon Avenue in Clinton Hill

    St. Mary’s Episcopal Church is planning a 16-story apartment building in Clinton Hill, according to permit application filed Friday with the city’s Department of Buildings.

    The 119,300-square-foot property at 230 Classon Avenue will hold 142 apartments and about 25,200 square feet of community space to be used by the historic church, the filing shows. A three-story, 4,800-square-foot rectory currently sits on the site, which is next door to the church itself. The church owns a 99-year ground lease.

    Father Gerald Keucher told The Real Deal that the church is developing the property in partnership with a developer he declined to identify. [more]

  • Chetrit Group files plans for 46-story apartment-hotel project in Hudson Yards

    Tower at 545 West 37th Street will hold 358 hotel rooms and 131 residential units
    September 30, 2016 01:23PM By Rich Bockmann
    541-545 West 37th Street and 540-548 West 38th Street and Joseph Chetrit (click to enlarge)

    541-545 West 37th Street and 540-548 West 38th Street and Joseph Chetrit
    (click to enlarge)

    Joseph Chetrit took another step toward developing a 46-story hotel and residential building at his Hudson Yards development site.

    The Chetrit Group filed plans Friday to build a 622-foot-tall, 373,275 square-foot tower at 545 West 37th Street, just east of 11th Avenue, according to permits filed with the city’s Department of Buildings.

    Floors nine through 27 will contain a hotel with 358 rooms, a business lounge and a premium lounge for guests, permits show. Above, floors 32 through 46 will boast 131 residential units spanning 269,688 square feet. [more]

  • NYC’s biggest real estate firms are “paranoid” about cybersecurity and excited by virtual reality: panelists

    Industry giants also say they're lukewarm to consumer-facing tech at Columbia forum on entrepreneurship
    September 30, 2016 12:50PM By Chava Gourarie

    From left: Marc Holliday, Denis Hickey, Robert Entin and Jamie von Klemperer (credit: Columbia Entrepreneurship)

    Real estate tech upstarts are focused on better tools for consumers, but New York’s graying veterans of the industry see cybersecurity, virtual reality and smart building technology as the key to maximizing the bottom line, speakers at a panel on entrepreneurship at Columbia University said Thursday.

    “Cybersecurity is number one for me,” said Marc Holliday, CEO of SL Green Realty who moderated one of the panels. “Is this a burning issue for your firms,” he asked the other panelists, “or am I just paranoid?”

    If he was paranoid, so were they, the other panelists, including Robert Entin, chief information officer at Vornado Realty Trust, assured him. [more]

  • Here’s the latest talk on the Midtown East rezoning

    Garodnick, Weisbrod talk transit improvements, air rights transfers
    September 30, 2016 12:22PM By Kathryn Brenzel
    Dick Anderson and Carl Weisbrod

    Richard Anderson and Carl Weisbrod

    Is it strange that the city is helping the state pay for transit improvements? Sure, but the alternative, according to Councilman Daniel Garodnick, is not getting the work done.

    Richard Anderson, president of trade group New York Building Congress, posed the question on Friday, asking why the money wasn’t instead going to the city’s Department of Transportation. Under the Midtown East rezoning proposal, buildings that are within the so-called transit improvement zone will need to contribute a yet-to-be determined amount to improvements identified by the Metropolitan Transportation Authority. Garodnick said the city is currently working with the MTA to choose these improvements, which are on the agency’s “list” of projects but aren’t necessarily a priority. Garodnick said if the city doesn’t step in, Midtown East could wait another generation or more to see change. [more]

  • Does the value of your home affect how you vote?

    Housing is not a key causative factor in voting behavior, but it can't be totally ignored
    September 30, 2016 11:30AM By Kenneth Harney

    Donald Trump and Hillary Clinton (Illustration by Lexi Pilgrim for The Real Deal)

    Do home values have any significance when it comes to presidential elections? Not directly. But indirectly they are manifestations of economic growth, unemployment rates, incomes, household formations, population inflows and outflows, along with historical patterns of land use and restrictions on building. [more]

  • Related moves forward with mixed-use project in Chelsea

    Building at 501 West 18th will rise 10 stories and feature 63 apartments
    September 30, 2016 11:08AM By Miriam Hall
    From left: 511 West 18th Street and 131 10th Avenue in Chelsea, and Related's Jeff Blau (credit: Chris Martin)

    From left: 511 West 18th Street and 131 10th Avenue in Chelsea, and Related’s Jeff Blau (credit: Chris Martin)

    UPDATE: Friday, Sept. 30 at 12:23: The Related Companies is planning a 63-unit mixed-use building at 501 West 18th Street in Chelsea, according to permits filed with the city Friday.

    The 10-story building will have 97,800 square feet of residential space, along with 10,300 square feet of commercial space that will be divided across two retail units on the ground floor. SLCE Architects is the architect of record, filings show. [more]

  • Is Los Angeles the new Shanghai?

    Chinese developers have accounted for the bulk of DTLA land buys since 2014
    September 30, 2016 10:31AM
    Rendering of the Metropolis project (credit: highrises.com)

    Rendering of the Metropolis project (credit: highrises.com)

    From the Los Angeles website: For Greenland Group executive Winston Yan, the revival of Downtown L.A. looks awfully familiar.

    “It reminds me of what’s happening in Beijing and Shanghai,” said Yan, whose company is developing the $1 billion Metropolis project downtown. “Now it’s happening here.” [more]

  • From the archives: Real estate’s love-hate relationship with Mayor Bill de Blasio

    Two years into his term, the mayor has proven to be far more pro-development than many expected. So why hasn’t he won over more developers?
    September 30, 2016 10:00AM By Konrad Putzier
    Bill de Blasio (Illustration: John Kuczala)

    Bill de Blasio (Illustration: John Kuczala)

    On an unseasonably mild morning in October, the roughly 50 people who showed up for a press conference at Stuyvesant Town witnessed a strange spectacle: Bill de Blasio, New York’s progressive mayor and self-declared fighter for the working class, chumming it up with Jonathan Gray, the head of global real estate at The Blackstone Group, the world’s largest private equity firm.

    The two men were there to announce Blackstone’s $5.3 billion deal to buy Manhattan’s biggest apartment complex, which included a commitment by the company to preserve 5,000 units of affordable housing. “I know that [Gray] understood from the beginning that there was an opportunity to do something good and lasting here, and he put his heart into it,” de Blasio said.

    Gray, in turn, had his own flattering assessment of City Hall.

    “It felt like working with a very skilled deal team, almost like another investment firm,” Gray recently told The Real Deal. “The most impressive thing was the 24/7 nature of the transaction over more than a week and just how committed they were to doing this.”

    Read the full story from the February 2016 issue here.

  • Kushner praised Wildstein after Bridgegate resignation: lawyer

    Developer allegedly sent gushing email in December 2013
    September 30, 2016 09:35AM
    The George Washington Bridge, Jared Kushner and David Wildstein (credit: Getty)

    The George Washington Bridge, Jared Kushner and David Wildstein (credit: Getty)

    Jared Kushner allegedly praised David Wildstein a day after he resigned from the Port Authority over his role in the Bridgegate scandal.

    On day 5 of the Bridgegate trial, defense attorney Michael Baldassare mentioned an email allegedly sent from Kushner to Wildstein on December 7, 2013 in which he congratulates Wildstein for “the move you pulled.” The content of the email wasn’t revealed, but the attorney said it showed Wildstein “made some admissions” to Kushner. “The truth is, judge, this is what this man thrives for. People like that calling him a badass,” he added. [more]

  • Pan-Asian play: CORE teams up with JLL to reach Chinese buyers

    JLL sells units directly to buyers via roadshows in cities such as Beijing and Shanghai
    September 30, 2016 09:00AM By Katherine Clarke
    From left: Shaun Osher and Gavin Morgan

    From left: Shaun Osher and Gavin Morgan

    Economists may be warning that the Chinese economy is on wobbly footing, but New York brokers are still looking East to find condo buyers.

    To that end, boutique residential brokerage CORE and JLL have formed an exclusive partnership to market CORE’s new development projects to the pan-Asian market, CORE CEO Shaun Osher told The Real Deal. [more]

  • Council, City Hall argue over early end to Shorris hearing

    Deputy mayor left hearing over Rivington House after two-and-a-half hours - but did he lie?
    September 30, 2016 08:37AM
    From left: Melissa Mark-Viverito, Rivington House and Anthony Shorris

    From left: Melissa Mark-Viverito, Rivington House and Anthony Shorris

    In the aftermath of Thursday’s hearing on the Rivington House scandal, reps for the Mayor and City Council speaker traded barbs over an alleged attempt to “mislead” the chamber. [more]

  • Ashkenazy, Deka put Marriott East Side on the market

    Pair paid $270M for the property in May 2015
    September 30, 2016 08:03AM
    From left: Ben Ashkenazy and the New York Marriott East Side on Lexington Avenue

    From left: Ben Ashkenazy and the New York Marriott East Side on Lexington Avenue

    Ashkenazy Acquisition and Deka Immobilien put the New York Marriott East Side hotel on the market a mere 17 months after buying. [more]

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