The Real Deal New York

  • Infinity Real Estate picks up Kingswood Plaza in $80M buy

    Acquisition also includes 22,000-square-foot site zoned for mixed-use development
    August 20, 2014 04:16PM By Julie Strickland
    Infinity Real Estate Managing Partner Steve Kassin and 1630 East 15th Street in Brooklyn

    Infinity Real Estate managing partner Steve Kassin and 1630 East 15th Street in Brooklyn

    Infinity Real Estate LLC, in partnership with Nightingale Properties, acquired two mixed-use properties in Brooklyn’s Midwood section. The purchase price for the properties was $80 million, according to a source. [more]

  • City no longer eyeing Yankee Stadium site for soccer facility

    The city is reportedly looking for another location of the proposed soccer-only facility
    August 20, 2014 04:00PM
    A soccer match at Yankee Stadium

    A soccer match at Yankee Stadium

    Following stalled negotiations to build a soccer facility right by Yankee Stadium, the city is reportedly now looking at other possible sites. [more]

  • Judge tosses suit from opponents of Willets Point deal

    Court rules city's sale of parcels for $3B mega-mall project did not violate state law
    August 20, 2014 03:40PM By Mark Maurer
    willets

    Willets Point rendering (Inset: Sterling Equities’ Fred Wilpon and Related Companies’ Jeff Blau)

    A New York state Supreme Court judge rejected a lawsuit this week from opponents of the Willets Point mega-mall redevelopment who claimed that it violated state law. [more]

  • Outer edges of outer boroughs to see lion’s share of new rentals: report

    Escalating prices in core neighborhoods triggering rush of projects in non-prime areas
    August 20, 2014 03:18PM By E.B. Solomont

    The frustrating search for a cheap New York City apartment is spurring rental developments beyond the city’s “core” neighborhoods, according to a report that for the first time puts a number on where exactly the new apartments will be located. Click here for a rundown of the new properties currently in the pipeline.

  • Inside TheRealDeal
  • Adjacent office vacancies in Midtown top recession levels

    35 blocks of 150K sf on the market in June, compared to 31 blocks in 2009
    August 20, 2014 02:51PM
    time-life

    Michael Cohen and Time & Life building

    The number of Midtown Manhattan buildings with contiguous office space vacancies has surpassed that at the peak of the 2009 recession, according to Savills Studley data.

    Thirty-five blocks of more than 150,000 square feet of contiguous Midtown space were on the market by late June. Five years ago, there were 31 blocks in the neighborhood. Vacancies are expected to increase in 2015 as many office tenants are consolidating space, Keith DeCoster of Savills Studley told Bloomberg News. [more]

  • City Council OKs Queens project with $10-a-year artist space

    Mixed-use building at 176 Woodward Avenue to include 88 apartments and community space
    August 20, 2014 02:30PM
    woodward

    176 Woodward Avenue in Queens, and Martin Nussbaum

    The City Council approved Slate Property Group’s plan yesterday to construct a mixed-use building in Ridgewood, Queens where artists would be charged $10 per year to rent part of a 3,000-square-foot community space. [more]

  • Tishman Speyer pays $59M for long-term leasehold at WeWork’s Soho West building

    Shared office specialist and AEW Capital paid $33M in 2012 for 175 Varick St. lease
    August 20, 2014 02:12PM By Hiten Samtani
    From left: Jerry Speyer, a rendering of the new facade of 175 Varick Street and Adam Neumann

    From left: Jerry Speyer, a rendering of the new facade of 175 Varick Street and Adam Neumann

    Tishman Speyer paid $58.7 million to a partnership between WeWork and real estate investor AEW Capital Management for the long-term leasehold at 175 Varick Street, according to city records filed Tuesday. The 187,000-square-foot Soho building is home to a 75,000-square-foot WeWork shared office. [more]

  • Manhattan office towers keep getting pricier — but incomes lag behind

    Top-grossing buildings seeing modest gains while square foot prices go through the roof
    August 20, 2014 02:00PM By Adam Pincus
    Clark-245-1251-ESB-Malkin

    From left: Ric Clark, 245 Park Avenue (Credit: CoStar), 1251 Sixth Avenue, Empire State Building and Anthony Malkin

    The sales pricing per square foot for Manhattan office buildings has been surging over the past several years. A look at revenue growth for class A office towers, however, reveals a far different picture. [more]

  • Conversion work underway at historic Bed-Stuy bank

    Old Roosevelt Savings Bank at 1024 Gates Avenue to yield 50 residential apartments
    August 20, 2014 01:30PM
    From left: Exterior of 1024 Gates Avenue and a zoning diagram of the site

    From left: Exterior of 1024 Gates Avenue and a zoning diagram of the site

    Work is reportedly now underway at Bedford-Stuyvesant’s old Roosevelt Savings Bank, where the 1907-built structure is being converted into 50 apartments. [more]

  • Auction dud leaves Lemonis clear path to pick up Crumbs

    Some of bankrupt chain's outlets -- in NYC or elsewhere -- could reopen under new ownership
    August 20, 2014 01:00PM
    crumbs

    From left: Marcus Lemonis and Crumbs Bake Shop

    Chicago millionaire and CNBC host Marcus Lemonis, along with Fischer Enterprises, is close to resurrecting Crumbs Bake Shop following a bankruptcy auction yesterday in which no other bidders emerged. [more]

  • Institutional money snapping up properties in northern NJ

    As prices climb in Manhattan, large investors look across the Hudson
    August 20, 2014 12:30PM
    From left: JPMorgan Chase CEO Jamie Dimon, 575 Washington Boulevard in Jersey City and Curling Club Apartments in Hoboken

    From left: JPMorgan Chase CEO Jamie Dimon, 575 Washington Boulevard in Jersey City and Curling Club Apartments in Hoboken

    Accelerating property prices in Manhattan and Brooklyn are leading institutional investors to scoop up property in Northern New Jersey, according to Massey Knakal Realty Services. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    August 20, 2014 12:00PM

    1. Town gets court win over exec who jumped to Douglas Elliman
    2. Alchemy to keep Woolworth Building sales in-house
    3. New York remains mecca for all-cash home purchases

    Like The Real Deal on Facebook for breaking industry stories, links to quirkier pieces and lively conversation about important properties in New York and around the world. [TRD's Facebook Page]

  • Marolda Properties faces state probe amid tenant complaints

    Division of Housing claims Chinatown landlord forced residents out of rent-controlled units
    August 20, 2014 11:30AM
    chinatown

    Bayard Street in Chinatown

    The state Division of Housing and Community Renewal is investigating Chinatown landlord Marolda Properties for allegedly forcing tenants out of rent-controlled apartments.

    Tenants accused the landlord of withholding services such as refusing to renew leases and kicking off unjustified eviction proceedings. The Tenant Protection Unit served a subpoena to Marolda earlier this month, claiming “abusive behavior.” [more]

  • Construction unions support lower pay for affordable housing

    Squeeze play as construction unions back activists' housing plan, pressuring de Blasio
    August 20, 2014 11:01AM
    From left: Bill de Blasio and Gary Lbarbera

    From left: Bill de Blasio and Gary Labarbera

    New York City construction unions have struck an agreement with housing advocates to support a plan that would see some hardhats paid significantly less for working on affordable housing projects.

    The move puts pressure on Mayor Bill de Blasio to require developers to hire organized labor as the city moves toward its goal of building 80,000 affordable units over the next decade. Policy makers, developers and housing advocates have traditionally aligned against unions because lower labor costs tend to yield more units. [more]

  • Developers, brokers are getting fired up over Hell’s Kitchen

    Influx of new developments and new residents is benefiting the neighborhood amid a hot market
    August 20, 2014 10:30AM By Sasha von Oldershausen
    From left:

    From left: David Picket, Stephen McArdle, Daria Salusbury and Vickey Barron

    From the August issue: Hell’s Kitchen spent much of its history with a grimy, some might even say seamy reputation, but in the past few years, the Midtown West neighborhood has continued its makeover into an increasingly higher-end locale. [more]

  • Commercial tenants steering clear of Governors Island

    Ferry service, historic building restrictions seen as stumbling blocks
    August 20, 2014 10:10AM
    From left: Governor's Island ferry terminal and historic houses

    From left: Governors Island ferry terminal and historic houses

    Governors Island is a nice place to visit, but it turns out tenants wouldn’t want to set up shop there. [more]

  • Robin Williams' Napa villa is listed for $29.9 million

    Robin Williams’ Napa villa is listed for $29.9 million

    Robin Williams’ townhouse is still on the market for $29.9 million. With these letters, get yourself approved by a co-op board. Chera a quiet partner in Goldman’s sale of $65M 57th Street townhouse. Read these stories and more after the jump.

  • Greenpoint warehouse to turn into cubed resi development

    Cayuga Capital Management decides not to demolish existing structure at 79 Quay Street
    August 20, 2014 09:00AM
    79 Quay Street in Brooklyn

    79 Quay Street in Brooklyn

    This is one Brooklyn warehouse that will not be demolished. [more]

  • Broadway firm goes for twofer, doubles space at Brill Building

    Key Brand now takes up nearly 34,000 square feet at 1619 Broadway
    August 20, 2014 08:30AM
    From left: the Brill Building and Kinky Boots on Broadway

    From left: the Brill Building and Kinky Boots on Broadway

    Key Brand Entertainment, the developer and producer of Broadway shows, is doubling its size at the Brill Building at 1619 Broadway. [more]

  • Arch Street Capital snaps up Midtown Marriott for $90M

    Extended-stay hotel was previously owned by real estate baron Harry Helmsley
    August 20, 2014 08:00AM
    144 East 48th Street

    144 East 48th Street

    Arch Street Capital, a Greenwich, Conn.-based real estate investor and adviser, purchased the leasehold interest at the Midtown Extended-Stay Marriott at 144 East 48th Street from AEW Capital Management for $89.6 million.

    The deal was funded with a $57 million loan from Barclays, according to the New York Observer. The transaction hit city records Tuesday. [more]

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