A screenshot of the show finale, set in a Harlem brownstone

HGTV’s “Design Stars,” the television series which features 12 interior designers battling it out for the ultimate design crown, showcased some trendy Manhattan brownstones in its season finale last night (click here to see the video), Harlem + Bespoke reported. Viewers saw finalists Meg Caswell and Karl Sponholtz tasked with each redesigning a room in a Harlem brownstone for real-life homeowners, then turning each of their projects into five-minute pilot presentations.

Reality shows seem to be eager to shoot in Harlem these days, the Harlem website noted, judging by this recent HGTV cameo and its recent spot on “Project Runway” a few weeks ago. Harlem has been experiencing a real estate renaissance in recent years. [more]

Carver Federal Savings, the nation’s largest bank founded and run by African Americans, has avoided collapse by raising $55 million in new capital, Crain’s reported. The bank had recently moved into large commercial real estate lending, veering away from its tested strategy of lending to one- to four-family homes — the move backfired. Earlier this year, faltering under a load of delinquent real estate loans, the bank was ordered by regulators to raise additional cash.
The new investors include Goldman Sachs and Morgan Stanley, which have agreed to invest $15 million each, while Citigroup and Prudential Financial have agreed to put in $10 million, according to an announcement from Carver’s parent, Carver Bancorp. [more]

Halstead Property Development Marketing has sold half the units at Harlem development 88 Morningside in the last year, the company announced yesterday. Sales launched at the 12-story, 73-unit condo by BOS Development, Horsford & Poteat Realty and the Bluestone Organization last June, and the building is now 50 percent in contract or closed. The remaining 32 units range in size from approximately 735 to 1,270 square feet and in price from $415,000 to $880,000. “[Buyers] are seeing the long-term value in buying a luxury residence located right in between Morningside Heights and the ‘gold coast’ of Fredrick Douglass Boulevard — two areas that are booming,” said Stephen Kliegerman, president of Halstead Property development Marketing and of recently announced Terra Development Marketing. — Katherine Clarke [more]

From left: Lenox Avenue and 125th Street, the second section of the High Line and 3 Columbus Circle

From the January issue: Home and office markets in New York improved in the last year, even if the signs of progress were measured in baby steps. Rental buildings scaled back incentives, distressed-debt investors sank their money into stalled condo projects, and office vacancies appeared to inch down in prime areas. Those trends should continue through the New Year, according to brokers, developers and urban policy experts, even if things won’t look like the heyday of the mid-2000s before Lehman Brothers collapsed. To gauge the rebound’s staying power, keep an eye on these 10 projects and deals over the next 12 months. [more]

Financing woes may loom for Cowboys legend-turned-possible-hotelier Emmitt Smith, whose proposed Harlem hotel will cost $81 million to develop, according to the Wall Street Journal. The football great has a Dec. 31 deadline to get going on construction, before a federal financing package will expire. The hotel, which is slated for a lot on the corner of 125th Street and Lenox Avenue, is expected to created around 81 permanent jobs and 129 construction jobs, if the project comes to fruition. The proposed hotel would include retail and community establishments, according to Smith’s firm, ESmith Legacy — a supermarket and YMCA are among the tenants expected for the development. [WSJ]

[more]

A large hotel and retail development project in Harlem received
approval for federal tax-exempt financing, according to Crain’s. The
project, at 100 West 125th Street, is spearheaded by former Dallas
Cowboys star Emmitt Smith, CEO and founder of
real estate development firm, ESmith Legacy Harlem. Smith’s firm was
approved for $19.7 million in Recovery Zone Facility Bonds,
which it received through a city program to stimulate economic
activity in struggling neighborhoods. Although concerns have been voiced over whether local
residents would be hired for jobs at the development, many local officials have shown support for the proposed hotel. Once complete, the development would potentially
bring a Whole Foods to Harlem, as well as a Hyatt hotel. [Crain's]

[more]

A large hotel and retail development project in Harlem received
approval for federal tax-exempt financing, according to Crain’s. The
project, at 100 West 125th Street, is spearheaded by former Dallas
Cowboys star Emmitt Smith, CEO and founder of
real estate development firm, ESmith Legacy Harlem. Smith’s firm was
approved for $19.7 million in Recovery Zone Facility Bonds,
which it received through a city program to stimulate economic
activity in struggling neighborhoods. Although concerns have been voiced over whether local
residents would be hired for jobs at the development, many local officials have shown support for the proposed hotel. Once complete, the development would potentially
bring a Whole Foods to Harlem, as well as a Hyatt hotel. [Crain's]

[more]

A large hotel and retail development project in Harlem received
approval for federal tax-exempt financing, according to Crain’s. The
project, at 100 West 125th Street, is spearheaded by former Dallas
Cowboys star Emmitt Smith, CEO and founder of
real estate development firm, ESmith Legacy Harlem. Smith’s firm was
approved for $19.7 million in Recovery Zone Facility Bonds,
which it received through a city program to stimulate economic
activity in struggling neighborhoods. Although concerns have been voiced over whether local
residents would be hired for jobs at the development, many local officials have shown support for the proposed hotel. Once complete, the development would potentially
bring a Whole Foods to Harlem, as well as a Hyatt hotel. [Crain's]

[more]

Football star Emmitt Smith, the Hall of Famer best known for playing with the Dallas Cowboys and winning the television competition Dancing with the Stars, has announced plans to build a new, 200-room hotel in Harlem on the corner of 125th Street and Lenox Avenue, which is currently an empty lot, according to the Wall Street Journal. The $80 million project will include a Whole Foods on the ground floor, according to current plans, while a YMCA and an unnamed cultural center will occupy the third and fourth floors. [more]

From left: Jonathan Rose, head of Jonathan Rose Companies, a rendering of the Tapestry at 245 East 124th Street, and two images from the building’s model units

The leasing office at Tapestry, a 185-unit green residential building in East Harlem, is opening April 1, one of several new rental buildings hoping to take advantage of the traditionally stronger rental season. Residents at the 12-story building, located at 245 East 124th Street at Second Avenue, will be able to move into the building in May. For the 92 market-rate units, rents start at $1,850 for studios, $2,050 for one-bedrooms, $2,800 for two-bedrooms and $3,900 for three-bedrooms. All of the units are currently being offered with one-month free and a broker OP, or owner pays (the broker fee), according to Seth Rosner, managing director at Nancy Packes, the real estate company handling the leasing. The building, which will be complete by the move-in date, was developed by Jonathan Rose, the president of Jonathan Rose Companies, along with Lettire Construction. [more]