The Real Deal New York

Lower Manhattan neighborhood news

  • Knakal-Beekman-101

    From left: Robert Knakal, 25-27 Beekman Street and 205 West 101st Street (Building photos: Google)

    Real estate insiders say a package of eight family-owned parking garages in prime Manhattan and Brooklyn that recently hit the market could net as much as $250 million because of their redevelopment potential. [more]

  • One World Trade Center under construction in 2011 (Credit: Eric Bowers via Flickr)

    One World Trade Center under construction in 2011 (Credit: Eric Bowers via Flickr)

    As the nation pauses today to remember Sept. 11, 2001, the neighborhood surrounding a new World Trade Center is undergoing a whirlwind of change on the real estate front. Big deals, a residential boom and new office tenants streaming (or, in some cases, trickling) into gleaming new towers atop the original World Trade Center site are but the tip of the iceberg for the area’s most recent happenings. [more]

  • From left: Josh Zegen, Sharif El-Gamal and Jean Nouvel

    From left: Josh Zegen, Sharif El-Gamal (Credit: Williams New York) and Jean Nouvel

    Sharif El-Gamal secured $33 million in financing for his Park Place condominium and Islamic museum project, The Real Deal has learned. Madison Realty Capital provided the loan, which El-Gamal will use to finalize the $10.7 million fee interest acquisition of 49-51 Park Place and fund predevelopment costs for the 120,000-square-foot residential condo project at 45 Park Place. [more]

  • From left: Michael Shvo and Howard Lorber

    From left: Michael Shvo and Howard Lorber

    Developer Michael Shvo partnered with an array of local and global investors to arrange $240 million of equity and debt for the acquisition and development of a site at 125 Greenwich Street where he plans to build a soaring condominium tower. The complex deal closed today.

    Shvo brought on David Bizzi’s firm Bizzi & Partners as co-developer, and obtained additional equity from Howard Lorber’s investment company New Valley as well as an unidentified Chinese public company. The total equity investment for the Lower Manhattan project is approximately $70 million. [more]

  • From left: Cushman & Wakefield's Sherry Cushman, 4 Brookfield Place and a rendering of Manhattan West

    From left: Cushman & Wakefield’s Sherry Cushman, 4 Brookfield Place and a rendering of Manhattan West

    Gotham law firms are increasingly going the way of big banks, shrinking the amount of space per attorney and relocating from pricey Midtown locales in an attempt to reduce office space overall. [more]

  • [caption id="attachment_416135" align="aligncenter" width="562"]The Woolworth Building at 233 Broadway and some of the floor plans for the Woolworth Tower Residences The Woolworth Building at 233 Broadway and some of the floor plans for the Woolworth Tower Residences[/caption]

    The Real Deal revealed the floor plans for the record-setting $110 million “Pinnacle” penthouse at Alchemy Properties’ Woolworth Tower Residences yesterday. Now, here’s a look at some of the other units at the condo conversion project, from the cheapest $3.9 million pad to the priciest non-penthouse unit, after the jump.

  • [caption id="attachment_415547" align="aligncenter" width="570"]The Woolworth Building at 233 Broadway and floor plans of the $110 million penthouse The Woolworth Building at 233 Broadway and floor plans of the $110 million penthouse[/caption]

    Alchemy Properties’ offering plan for the condominiums at the Woolworth Building just got approved by the New York Attorney General’s office, and The Real Deal headed over to the AG’s real estate finance bureau to take a peek at it. See floor plans and details of the $110 million “Pinnacle” penthouse, as well as complete pricing and details for the rest of the units after the jump.

  • 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]

  • From left: a rendering of 40 Rector Street and MCNY's building at 431 Canal Street

    From left: a rendering of 40 Rector Street and MCNY’s building at 431 Canal Street

    The Metropolitan College of New York, on the search to relocate its Hudson Square campus, is eyeing a 110,000-plus-square-foot office condo at 40 Rector Street. Such a deal would mark the largest buy at the building since owner Phillips International began converting the property three years ago. [more]

  • The Woolworth Building at 233 Broadway and JP Forbes

    The Woolworth Building at 233 Broadway and JP Forbes

    To sell the condominiums at the Woolworth Building, Alchemy Properties isn’t opting for high-profile new development firms such as Douglas Elliman Development Group or Corcoran Sunshine Marketing Group. Instead, the developer recruited Corcoran Sunshine veteran JP Forbes as its new managing director of sales and will keep the sales process at the iconic tower in-house. [more]

  • From left: Steven Spinola and Margaret Chin

    From left: Steven Spinola and Margaret Chin

    The Real Estate Board of New York has flagged nine pieces of legislation introduced by the City Council that the industry group claims are counterproductive to Mayor Bill de Blasio’s much-publicized affordable housing plan.

    Among the nine pieces of legislation are proposals to limit after-hours construction, prohibit owners of buildings with multiple violations from receiving permits and requiring all hotel development plans – even those that are as of right – to go before the local community board for review. [more]

  • Regus-v-Brookfield-AmEx

    From left: Dennis Friedrich, Kenneth Chenault (Photo: Shutterstock), 200 Vesey Street (Photo: Google) and Mark Dixon

    The global executive office behemoth Regus Group filed a lawsuit seeking $10 million from landlords Brookfield Office Properties and financial services giant American Express over what it calls “oppressive” security measures at 200 Vesey Street, across from the World Trade Center. [more]

  • Joseph Sitt, 88 Greenwich Street and Andrew Heiberger

    Joseph Sitt, 88 Greenwich Street and Andrew Heiberger

    Joseph Sitt’s Thor Equities now has full control of a $25 million commercial condominium at 88 Greenwich Street, after purchasing the remaining 50 percent stake in the property from Andrew Heiberger’s Buttonwood Development for about $12.5 million. Heiberger and Sitt are partners in Town Residential. [more]

  • From left: Sharif El-Gamal, 51 Park Place (center) and Jean Nouvel

    From left: Sharif El-Gamal, 51 Park Place (center) and Jean Nouvel

    Sharif El-Gamal now has full control over the site of his upcoming Islamic museum at 49-51 Park Place, The Real Deal has learned. El-Gamal’s Soho Properties, which had a long-term ground lease with Consolidated Edison for the Lower Manhattan site, just closed on the fee interest for $10.7 million. [more]

  • William Rudin and 110 Wall Street

    From left: William Rudin and 110 Wall Street

    Rudin Management, which was reportedly eyeing a residential conversion for its Superstorm Sandy-damaged office building at 110 Wall Street, purchased nearly 36,000 square feet of development rights from a neighboring FiDi hotel earlier this month.

    William Rudin’s firm paid $7.76 million – or about $217 per square foot – to acquire 35,815 square feet of development rights from the Eurostar Hotel at 129 Front Street, property records show. [more]

  • Jared Kushner and 2 Rector Street

    Jared Kushner and 2 Rector Street

    Barely a year after paying $140 million for a Lower Manhattan office tower at 2 Rector Street, Kushner Companies and CIM Group were recently entertaining offers for up to $200 million for the property, The Real Deal has learned. [more]

  • From left: 225 Liberty Street and 1 Wall Street

    From left: 225 Liberty Street and 1 Wall Street

    It’s official: The Bank of New York Mellon is relocating its headquarters to Brookfield Place in Lower Manhattan.

    The bank inked a deal for about 350,000 square feet at 225 Liberty Street, the former 2 World Financial Center, the New York Post reported. The decision marks the end of questions over where BNY Mellon would land after putting its landmarked 1 Wall Street home base up for sale for between $500 million and $600 million earlier this year in a venture led by Harry Macklowe. [more]

  • Larry Silverstein and 3 World Trade Center renderings

    Larry Silverstein and 3 World Trade Center renderings

    UPDATED, 3:42 p.m., June 25: The Port Authority of New York and New Jersey voted today to release roughly $159 million of insurance money that was paid by insurers following the destruction of the original World Trade Center complex and is currently held in a reserve fund. The move will help Larry Silverstein to finance the construction of 3 World Trade Center. [more]

  • Fulton Street Transit Center rendering

    Fulton Street Transit Center rendering

    The opening of Lower Manhattan’s soaring Fulton Street Transit Center, scheduled for this Thursday, has been pushed back an additional 60 to 90 days. [more]

  • From left: Metin Negrin,

    From left: Lexin Capital’s Metin Negrin, 75 and 79 Nassau Street and Massey Knakal’s Bob Knakal

    The development firm Lexin Capital, which earlier this year snapped up a Chelsea office building and is constructing a hotel in the neighborhood, bought a pair of Financial District buildings from the Century 21 department store company for $46 million, according to public filings recorded today. [more]

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