The Real Deal New York

Far West Side neighborhood news

  • From left, HUD Secretary Sean Donovan, damage done to the Jersey Shore by Hurricane Sandy

    From left, HUD Secretary Shaun Donovan, damage done to the Jersey Shore by Hurricane Sandy

    In its competition to help rebuild areas hit hardest by Superstorm Sandy and to protect them from future storms, the U.S. Department of Housing and Urban Development has narrowed the finalists down to 10 architectural teams, Crain’s reported. [more]

  • Buying a memorable staycation

    July 28, 2013 12:00PM
    South Down Lakes Region, N.H.

    South Down Lakes Region, N.H.

    From Luxury Listings NYC: If you ask Dan Dicarlo where to find value, the 42-year-old retired Wall Street trader will tell you the Sandy-ravaged Jersey Shore. That’s where he found his second home. [more]

  • Christy Romero

    Christy Romero

    A report released by the Treasury Department’s Troubled Asset Relief Program reveals that its mortgage modification program appears to have been helping servicers more than homeowners, the New York Times reported.

    The report, by Christy Romero, the special inspector for TARP, reveals that although more than a third of homeowners who received loan modifications under TARP’s mortgage modification program have since stopped paying, banks and other mortgage servicers kept the money they received for modifying those loans. [more]

  • Guy Geier

    Guy Geier

    The largest construction and architecture firms are seeing healthy growth in their employment figures, suggesting a rebound in building activity, Crain’s reported.

    Full-time employment at the top construction companies was up 1.6 percent in 2012, while the number of architects at the largest firms was up 8 percent from a year earlier. Though the job gains at many architecture firms were less than those seen in the first years of the millennium, there are those who insist that ultimately, that is a good thing. [more]

  • From left: Dan Neiditch, president of River 2 River Realty, and the Atelier building

    A block of nine apartments at the Atelier condominium tower in Hell’s Kitchen hit the market today with an asking price of $85 million. If combined as advertised, the units would become a 10,000-square-foot apartment spanning the entire 45th floor at 635 West 42nd Street.

    The price includes a $2 million construction credit, according to Curbed, which first spotted the listing. [more]

  • From left: Tiger Wood, the Isleworth development home and Bubba Watson

    From the South Florida site: After that pesky sex scandal, Tiger Woods listed one of his Windermere homes in the Isleworth development. The mansion sat on the  market for sometime before eventually being picked up by a mystery buyer last summer. Now that buyer has not only revealed himself, but also unveiled plans for a massive renovation, AOL reported. [more]

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    Stephen Ross
    Related Companies Chairman Stephen Ross thanked god that he decided to move to New York, a city whose prospects he was very high on, in an appearance on Bloomberg Television’s “Market Makers.” The developer also discussed his firm’s Hudson Yards development at length (see video after the jump). … [more]

  • Rendering of Hudson Yards

    The Related Companies has won wage-cutting agreements with some four dozen construction unions in its efforts to save money at the $15 billion development of Hudson Yards, Crain’s reported.

    The developer, one of the most outspoken for the need to cut construction costs during contract negotiations with unions last year, got the groups to agree to cut wages and benefit packages by 10 percent to ensure they would be commissioned to work the massive construction project expected to carry on for the next decade. The deal is not yet final. [more]

  • From left: Joseph Chetrit (credit: DNAinfo) and Baruch Singer

    For the third time in two days, major property news is emerging from the Far West Side near the Jacob Javits Center. A day after The Real Deal reported Rockrose Development closed on its purchase of a West 39th Street development parcel and the Imperatore family reportedly began exploring a sale of a 1 million-square-foot development site across 11th Avenue from the Javits Center, Crain’s reported that Joseph Chetrit has entered contract to buy property in the area for $26 million. [more]

  • From left: Justin and Henry Elghanayan and the site on 39th Street

    Rockrose Development has purchased a 19,475-square-foot commercial development site near Hudson Yards, bringing to completion a decade-long plan to acquire an entire block on the Far West Side.

    The acquisition of the site, at 528-534 West 39th Street, paves the way for a residential development totaling 528 units as well as an additional 1 million square feet of commercial development, Rockrose President Justin Elghanayan told The Real Deal following the closing today. [more]

  • Darcy Stacom (top), Edward Imperatore (bottom) and the development site

    The owners of a large development site across the street from the Jacob K. Javits Center have hired CBRE Group Vice Chairman Darcy Stacom to explore a possible sale, Crain’s reported.

    The L-shaped lot is owned by the Imperatore family and fronts 11th Avenue and spans the entire block between West 36th and West 37th streets. Crain’s said a development of 800,000- to 1 million square feet could be built on the site. [more]

  • Glenwood's Gary Jacob and 743-763 Eighth Avenue

    Hospitality firm Riu Hotels & Resorts has paid residential owner and operator Glenwood Management $111 million for a large development site on the West Side. The five parcels on the west side of Eighth Avenue, between 46th and 47th streets, including addresses 743-763 Eighth Avenue, would allow a building between 260,000 square feet and 320,000 square feet, according to published reports. [more]

  • Durst Fetner's West 57th Street pyramid

    More than a year after unveiling plans for a pyramid-shaped building on West 57th Street near the West Side Highway, Durst Fetner Residential will begin carrying the plans through the land-use review process. According to the Wall Street Journal, the developer will start the seven-month effort, which includes votes by the City Planning Commission and City Council today. [more]

  • From left: TF Cornerstone Chairman Thomas Elghanayan, President Fred Elghanayan and 602 West 57th Street

    Updated: Residential developer TF Cornerstone signed a long-term lease to take control of four parcels on the West Side where AvalonBay once considered building a luxury rental tower.

    Thomas and Fred Elghanayan’s TF Cornerstone closed on the 99-year lease for 602 West 57th Street with property owner Four Plus, a real estate investment company based in Montgomery, Ala., on May 29, documents filed with the city show. [more]

  • Related Chairman Stephen Ross, Hudson Yards and Willets Point renderings

    Thanks to its expertise in negotiating complex agreements with the city and its long-term thought process, Related Companies has become the most prominent developer in the city, according to Crain’s, boasting forthcoming mega-developments at Hudson Yards and Willets Point, among others.

    Because Chairman Stephen Ross got his start developing affordable housing, he became adept at striking deals with the city that ensure favorable terms for both sides, Crain’s said. [more]

  • Gary Barnett and a KPF rendering of the World Product Center

    Though Hudson Yards development is typically associated with the Related Companies, it’s Gary Barnett’s Extell Development that is moving forward on a building dubbed “One Hudson Yards.” The New York Post reported that Extell has taken the first step towards developing its long-planned 56-story, 1.7 million-square-foot office tower on 11th Avenue between West 33rd and West 34th streets by commissioning Jones Lang LaSalle to find tenants for the building. [more]

  • CBRE's Bob Alexander and Hudson Yards rendering

    Luxury retailer coach has expanded its presence at Hudson Yards, the New York Post reported, and agreed to purchase an additional 150,000 square feet on top of the 600,000 for which it already signed. Under the terms of its agreement with developer Related Companies, which is down to “paper details,” Coach can add another 100,000 feet to bring its total to 850,000, or one-half of the forthcoming 46-story building’s 1.7 million square feet. [more]

  • Jacob Javits Center

    Trade show producers have joined together to voice support for the Jacob Javits Center that Governor Andrew Cuomo wants to tear down, and even threatened to boycott his proposed replacement at the Aqueduct in Queens. Crain’s reported the group of 21 large trade-show companies, called Friends of Javits, sent a letter to Cuomo late last month to express their opposition to the demolition of the existing facility. [more]

  • Brookfield's Phil Wharton and a rendering of Manhattan West

    The Far West Side earned the latest confirmation of its potential as a residential neighborhood when office developer Brookfield Office Properties recently said it was considering adding 900 apartments to its Manhattan West project, according to the New York Post. The area already has thousands of new rental units from developers such as TF Cornerstone, Glenwood Management and the Related Companies, and has thousands more on the way from those developers, the Gotham Organization and Iliad Development. [more]

  • Brookfield President Dennis Friedrich, Phil Wharton, new director of development, and Manhattan West

    Long considered only for its office and retail potential, Brookfield Office Properties’ massive Manhattan West development site could include residential, too. Citing information from an investor call, Bloomberg News reported that the developer may include up to 900 residential units in its 5.4 million-square-foot plan.

    “We’ve always highlighted the office density because we’re an office landlord,” said Brookfield Office President Dennis Friedrich said. “But we have the ability to build 900 units on that site. That market has really taken off, and may drive greater value for us, so we took a little bit of time to study that.” [more]

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