The Real Deal New York

Category: Popular

  • brokeragemagazines

    Left to right: Elliman magazine, Compass Quarterly and My Town Magazine

    With articles on Miami’s tech scene, the history of architecture in Boston and a creative renaissance in Brooklyn, the magazine could have passed for the latest issue of just about any general interest publication out there.

    Instead, the slim journal was put out by Compass, the two-year-old residential brokerage that’s joined a flurry of residential firms fancying their hand at publishing. [more]

  • NorgesJasonPizer

    From left: Trinity’s Jason Pizer, 1 Hudson Square and Norges’ Yngve Slyngstad

    Trinity Real Estate and Norway’s sovereign wealth fund quietly signed a binding contract late last week to partner on the church’s 11-building Hudson Square portfolio, in a massive deal that values the real estate at $3.55 billion.

    Norges Bank Investment Management entered into contract Nov. 20 to pay $1.56 billion for a 44 percent share in a 75-year ownership of Trinity’s portfolio, the fund said. The deal is expected to close by the end of the year. [more]

  • Rendering of 478 West 18th Street (inset from left: renderings of LEVER Architecture's Framework, of Rüdiger Lainer and Partner's HoHo project, C.F. Moller 's HSB 2023 and MGA's Baobab)

    Rendering of 475 West 18th Street (inset from left: renderings of LEVER Architecture’s Framework, of Rüdiger Lainer and Partner’s HoHo project, C.F. Moller ‘s HSB 2023 and MGA’s Baobab)

    In some ways, a wooden condominium tower planned for Chelsea has roots in an 18th-century barn.

    Chris Sharples, a principal at SHoP Architects, remembers the barn as one of his first encounters with architecture, at his childhood home in Pennsylvania’s Chester County. He recalls marveling at its beautiful, exposed wooden beams, and it’s this intimate quality of bringing the “tectonic outside” inside that he hopes to replicate at 475 West 18th Street.

    “It’s just amazing that we could actually think about building mid-rise, high-rise buildings out of this very traditional material,” he said. “We’ve come full circle.” [more]

  • Empire State Realty Trust

    The Empire State Building and Tony Malkin (credit: Max Dworkin)

    An appeals court panel on Tuesday upheld a $55 million settlement struck between Anthony Malkin’s Malkin Holdings and former investors in the Empire State Building — a victory for the Malkin family and the highly-contested REIT conversion of King Kong’s favorite skyscraper. [more]

  • Ben Miller

    Ben Miller

    What does it mean for the health of real estate crowdfunding if one of its pioneers is switching things up?

    This month, Fundrise announced it is seeking up to $50 million to form a real estate investment trust. By tapping into eased-up regulations under the JOBS Act, the new venture is being billed as a cheaper and more accessible alternative to traditional REITs. But it also raises questions over the viability of traditional crowdfunding. [more]

  • 210 Fifth Avenue Wagamama

    210 Fifth Avenue in Nomad and a Wagamama restaurant in London

    These aren’t the ramen noodles you lived on in college.

    Wagamama, the pan-Asian ramen restaurant chain, signed a 7,000-square-foot lease at 210 Fifth Avenue in Nomad. [more]

  • Bushwick Generator

    Bushwick Generator at 215 Moore Street in Bushwick (inset: Toby Moskovits)

    Toby Moskovits’ Heritage Equity Partners and Lichtenstein Group are redeveloping five vacant Bushwick warehouses into office space that caters to “the job-generating tech and creative firms that are repowering Brooklyn‘s economy.” [more]

  • SouthgateAbyRosen

    From left: 424 East 52nd Street, Aby Rosen and 400 East 52nd Street

    Like many New Yorkers of a certain age, the five-building Southgate complex in Midtown East needed a serious facelift in 1994, roughly 70 years after being built. In order to fund renovations, the cooperative owner applied for and received $88,200 in J-51 tax benefits, which expired in 2005.

    A decade later, those funds are at the center of a dispute over whether developer Aby Rosen’s RFR Holding, which bought unsold co-op shares at Southgate in 1996, can deregulate rent-controlled units in the complex. [more]

  • 421 collage

    Clockwise from top left: 416-420 Kent Avenue in Williamsburg, 10 Montieth Street in Bushwick, B2 at 461 Dean Street in Fort Greene, and 77-87 Commercial Street in Greenpoint

    UPDATED, 5:36 p.m., NOV 23: In May, the Department of Buildings began issuing an unusually high number of construction permits, stamping hundreds of plans that could potentially qualify for 421a tax abatements, then set to expire on June 15. New building approvals for Brooklyn skyrocketed more than any other borough, accounting for around half of the city’s total approved residential units for the month of June.

    Now, a TRD analysis of public DOB data reveals which developers pushed through the biggest projects at the 11th hour.  [more]

  • David Lichtenstein Larry Silverstein

    From left: David Lichtenstein and Larry Silverstein

    UPDATED: 12:50, Nov. 23: Brokerage Kassin Sabbagh filed suit against Lightstone Group and CEO David Lichtenstein Thursday, accusing the developer of accepting a $3 million breakup fee to back out of its $127 million deal to buy Beekman Tower from Silverstein Properties, scuttling the deal “intentionally and in bad faith,” and depriving the broker of what it says is its rightful 0.5 percent commission. [more]

  • Seesaw

    421a’s biggest beneficiaries may be landowners (credit: Noah Patrick Pfarr for The Real Deal)

    When state lawmakers in June agreed to an overhaul of the 421a tax abatement program, Gov. Andrew Cuomo called the revisions the “best rent reform package in history.” Mayor Bill de Blasio even called them a “game-changer.” But the overhaul could also be, according to several studies, a giant boon to landowners. [more]

  • 22MICRO-WEB-articleLarge

    A rendering of Carmel Place (credit: Mir) 

    The micro-units are finally here. Tomorrow, leasing kicks off at Carmel Place (formerly known as My Micro NY) – the city’s first micro-unit development. [more]

  • Halstead: “Let the eagle soar”

    November 21, 2015 12:00PM
    Brian Lewis

    Brian Lewis

    Halstead Property broker Brian Lewis wanted to get some attention for his listing at 45 Christopher Street. But instead of the usual video tour and open house party, Lewis made a three-minute video that perfectly spoofs the typical self-important promotional real estate cheese. [more]

  • Robert Durst in New Orleans

    Robert Durst in New Orleans

    Alleged serial murderer Robert Durst could get off easy in the wrongful-death case involving the “disappearance” of his wife over three decades ago thanks to a disagreement in the family. [more]

  • Leonard Steinberg, Cathy Taub and Dolly Lenz

    From left: Leonard Steinberg, Cathy Taub and Dolly Lenz

    Forget about aspirational pricing. Sellers serious about offloading their luxury apartments will need to slash prices to find buyers who have plenty of new development alternatives to choose from, top brokers said.

    After a slow start to the typically busy fall, agents said they’re just beginning to move product – and only when their sellers get real about asking prices. [more]

  • The science of brokerspeak

    November 20, 2015 12:00PM
    Clockwise from top: One57, the penthouse at San Remo and a duplex at the Ritz Carlton (Illustration credit: Chris Manfre)

    Clockwise from top: One57, the penthouse at San Remo and a duplex at the Ritz Carlton (Illustration credit: Chris Manfre)

    TRD Friday Feature:If there’s any real estate cliché greater than describing a cramped apartment as “cozy,” it may be pointing out how overused and inaccurate the term is.

    Adjectives like “extraordinary,” “impeccable” and “majestic” are so ubiquitous that instead of conveying the qualities they intend to, they come across as empty industry lingo. Brokers have finally wised up and have phased them out of their listings, according to The Real Deal’s review of more than 9,000 Manhattan listings asking $2 million and up. [more]

  • StreetEasy debuts (yet another) ad program

    November 20, 2015 08:30AM
    Susan Daimler

    Susan Daimler

    StreetEasy is making it easier than ever for New York City agents to become “experts” on all sorts of things. Despite broker backlash earlier this year to its “Building Experts” advertising platform, the listings service is launching another similar initiative.

    On Thursday, the Zillow-owned company announced plans to allow any agent who’s brokered at least two deals in one New York neighborhood over the last 36 months to become a “Neighborhood Expert,” allowing that broker to advertise on building pages. [more]

  • Michael Shvo 683 Fifth Avenue

    Michael Shvo and 685 Fifth Avenue in Midtown

    Michael Shvo is set to acquire the office portion of General Growth Properties and Thor Equities’ 685 Fifth Avenue office and retail building in Midtown, The Real Deal has learned.

    Shvo is in contract to buy the non-retail portion of the 20-story, roughly 115,000-square-foot building, which is located on the corner of 54th Street in the heart of the Upper Fifth Avenue retail corridor. [more]

  • Miki Naftali, Gary Barnett and Michael Stern in front of a rendering of Billionaires' Row

    Miki Naftali, Gary Barnett and Michael Stern in front of a rendering of Billionaires’ Row

    New York City’s top developers are becoming all too aware of a slowdown on the top end of the real estate market.

    Though there are no forecasts projecting an imminent crash, some high-profile builders say they’re seeing the velocity of sales in high-end buildings start to wane amid increased competition in the luxury segment of the market. [more]

  • Does no one have a spare $2B these days?

    November 19, 2015 02:45PM
    2wtc burger

    Marty Burger and a rendering of the completed World Trade Center development

    With debt markets booming and interest rates at record lows, you would think developers have an easy time raising funds. But industry leaders still lament that securing financing is a challenge – at least for giant projects like Hudson Yards or the World Trade Center. [more]