David Wine, the former Related Companies vice chairman who left the company in September after more than three decades, sat down with the New York Times this weekend to discuss his new venture, Oliver’s Realty Group. Named after his son, Oliver’s has just two employees (including Wine) right now, but is aggressively seeking opportunities to expand. As such, Wine has already created Trio Partnership with RAL Companies’ Robert Levine, which is currently evaluating 10 distressed deals. [more]

David Wine (left), formerly of Related and Robert Levine of RAL

Recently departed Related Companies vice chairman David Wine has launched a new company, Trio Partners, with Robert Levine of RAL Companies and Pamela Samuels, a former managing director with Extell Development. The company will focus on real estate development and investment, while providing “an extraordinary range of real estate expertise,” Wine said. “Today’s business climate has made the real estate marketplace immensely more challenging,” Wine added, noting that he believes the company’s diverse offerings will make it competitive. While the company has immediate plans to begin condominium development in the Northeast, a statement from Trio says they expect to expand nationally in the next year. TRD

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A three-bedroom condo at the New Yorker

The New Yorker condominium, located at 1474 Third Avenue between East 83rd and East 84th streets, is completely sold out, according to Manhattan-based developer RAL Companies. Designed by the Creative Design Associates architecture firm, the 17-story, 32-unit condo conversion features one- to four-bedroom units and full floor and garden residences, each with a private foyer. The duplex penthouse boasts an expansive 831-square-foot terrace with views of the Manhattan skyline. “Our buyers were enticed by the combination of a luxurious, high-end living experience in a family-oriented neighborhood,” said developer Robert Levine. “Additionally, the building’s proximity to P.S. 6, one of New York’s elite public schools, as well as Carl Schurz and Central Parks helped contribute to its swift sales.” The building’s sales were handled by Stribling & Associates. TRD

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Some developers are offering a portion of their condo units for rent in an attempt to fill apartments during the recession. The New York Times looks at One Brooklyn Bridge Park, where 77 of 438 units have closed and 26 more are in contract. Robert Levine, president of RAL Companies and developer of the project, said many apartments in the project have remained empty because buyers are having trouble selling their current apartments and financing the purchase of new ones. The building has started to accept renters, the first of whom moved in this month. But while renting out apartments can help developers through tough times, buildings with a high proportion of renters can be less attractive to potential buyers, brokers and apartment owners said. Appraiser Jonathan Miller, president and CEO of Miller Samuel, said, though, that there is less long-term impact on apartment values when apartments are rented than when they are left vacant. [more]

Clockwise from left: Joseph Moinian, Sam Chandan, David Von Spreckelsen, Robert Levine, Jeffrey Levine and David Lowenfeld spoke at the New York Real Estate Summit yesterday.

Deep price drops and buyers bent on negotiation are trends in all of New York City’s boroughs, but residential developers say they are seeing distinct variations by neighborhood in the magnitude of price drops and the number of deals that make it to closing. “We have found a difference in neighborhoods in terms of closings,” said Robert Levine, president and CEO of RAL Companies & Affiliates, at a residential market panel at yesterday’s New York Real Estate Summit, hosted by The Real Deal columnist Michael Stoler. The Real Deal was a sponsor of the event. [more]