The Real Deal New York

  • After 7 years, West Village townhouse finally sells for $14.5M

    Interior designers Cortney and Robert Novogratz first put the home on market for $25M
    February 11, 2016 09:03AM

    From left: Cortney and Robert Novogratz, and their 400 West Street townhouse

    It took seven years, a major renovation, and multiple price chops, but interior design duo Cortney and Robert Novogratz finally sold their West Village townhouse for $14.5 million. [more]

  • Landlords beware: Rental market could be set for a slowdown

    Vacancy rates are high, new leases are down and landlords are making many concessions
    February 11, 2016 08:30AM By Kathryn Brenzel
    Clockwise: 132 East 62nd Street, 46 East 82nd Street #TH and 28 East 63rd Street #17AB and

    Clockwise: 132 East 62nd Street, 46 East 82nd Street #TH and 28 East 63rd Street #17AB

    Rents may have inched higher for the 23rd month in a row, but a lack of new deals and a large number of landlord concessions hint at an impending market slowdown. [more]

  • PwC near deal for 250K sf at Vornado’s 90 Park

    Largest of the “Big Four” accounting firms already has 800K sf nearby on Madison Ave
    February 11, 2016 08:00AM By Rich Bockmann
    Vornado CEO Steven Roth and 90 Park Avenue

    Vornado CEO Steven Roth and 90 Park Avenue

    UPDATED, Feb. 11, 12:41 p.m.: PricewaterhouseCoopers, the largest of the “Big Four” auditing firms, is expanding beyond its Madison Avenue headquarters to some 250,000 square feet at Vornado Realty Trust’s 90 Park Avenue, The Real Deal has learned.  [more]

  • Most popular stories on The Real Deal

    February 11, 2016 07:30AM

    Current reader favorites:
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    2. Investment sales ranking: Who crushed it and who got crushed?
    3. The (kosher) power lunch
    4. Donald Trump’s kids take spotlight in presidential campaign – with mixed results
    5. WeWork could be raising even more money

  • Inside TheRealDeal
  • Aurora, Gottlieb’s Gansevoort project hits Landmarks snag

    Commissioners advise architecture firm BKSK to lower building heights
    February 10, 2016 05:55PM
    Rendering of 46-74 Gansevoort Street in the Meatpacking District

    Rendering of 46-74 Gansevoort Street in the Meatpacking District

    Aurora Capital and William Gottlieb Real Estate’s contentious plan to redevelop 46-74 Gansevoort Street into a commercial hub hit a roadblock.

    The Landmarks Preservation Commission rejected BKSK Architects’ design Tuesday, saying it needed to get rid of the upper floors, particularly the penthouses, to lower the heights of the buildings. [more]

  • NYCHA Red Hook Houses to receive $438M in federal aid

    The FEMA funds will go toward power plants, Sandy repairs
    February 10, 2016 05:40PM

    A conceptual design of the power plant (Credit: NYCHA)

    The Federal Emergency Management Agency allocated over $438 million to NYCHA’s Red Hook Houses for Super Storm Sandy repairs and to construct two power plants.

    Architecture firm Kohn Pedersen Fox presented its designs for the new power plants to residents on Monday. The two-story plants will replace temporary boilers that have been in use since the storm. There will also be 12 smaller “utility pods” that will distribute power to the buildings. [more]

  • Resi broker-turned-getaway driver rejects DWI plea deal

    Kinga Tabares allegedly drove off with taxicab while intoxicated after night out in Meatpacking
    February 10, 2016 05:20PM
    Kinga Tabares

    Kinga Tabares

    Residential real estate broker Kinga Tabares, who allegedly drove off with a taxicab while intoxicated after a night out in the Meatpacking District, rejected a plea deal from prosecutors in court Wednesday.

    Manhattan prosecutors offered to let the 27-year-old former Douglas Elliman agent, who now works for the Nassimi Group, plead guilty to felony driving while intoxicated in exchange for six months in jail and five years of probation.

    But Tabares turned down the plea bargain, according to the New York Post, and is due back in court April 11 on charges of grand larceny, DWI and operating a motor vehicle while impaired. [more]

  • Lender Apollo defends economics of 111 West 57th St.

    Analyst asked if JDS and PMG's supertall project should be “mothballed” amid market volatility
    February 10, 2016 05:05PM By Katherine Clarke
    Renderings of 111 West 57th Street

    Renderings of 111 West 57th Street (credit: SHoP Architects)

    Faced with both an uncertain global economy and signs of softening in the city’s ultra-luxury condominium market, should JDS Development Group and Property Markets Group really be soldiering on with plans to build 111 West 57th Street?

    That’s the question an analyst asked of top executives at Apollo Commercial Real Estate Finance, which provided the mezzanine debt for the supertall project on Billionaires’ Row. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    February 10, 2016 04:40PM By Kyna Doles
    Douglas Elliman and CBRE

    (credit: Douglas Elliman and CBRE)

    Manhattan office leasing activity tumbled in January and median townhouse prices reached a 10-year high. [more]

  • Josh Caspi, Daniel Hollander and One Manhattan Square

    From left: Josh Caspi, Daniel Hollander and a rendering of One Manhattan Square

    From the February issue: The Lower East Side is a long gritty neighborhood that’s undergoing a dramatic makeover.  Driving the transformation is the $1.1 billion Essex Crossing mega project, which is set to deliver 1,000 units of housing along with retail, office, and community/cultural uses.

    In our third and final web installment, we bring you TRD‘s interviews with Daniel Hollander, managing principal of DHA Capital, and Joshua Caspi, owner of Caspi Development, who weigh in on the condo and rental market and tell us what they think of Gary Barnett’s decision to market Extell’s One Manhattan Square condo project exclusively to Asian buyers. [more]

  • titanic-1

    Clive Palmer and the Titanic

    1) Thanks to Clive Palmer, the Titanic will ride again (to Dubai).

    2) For $300, this Brooklyn shop will tell you what you should smell like.

    3) Kim Kardashian’s best friend is teaching rich kids how to buy private jets and other important lessons.

  • Quartz signs lease for 26K sf for new Chelsea HQ

    Atlantic Media's business news website relocating to 675 Third Avenue
    February 10, 2016 03:30PM By Dusica Sue Malesevic

    675 Sixth Avenue in Chelsea (inset: Kevin Delaney of Quartz)

    UPDATED, 4:20 p.m., Feb. 10: Global business news website Quartz inked a five-year lease for around 25,644 square feet of office space at 675 Sixth Avenue in Chelsea. [more]

  • Fairstead to buy two Central Park North rentals for $48M

    Adjacent Harlem elevator buildings have 100K-plus buildable sf
    February 10, 2016 03:00PM By Mark Maurer
    Fairstead Capital NYC

    From left: Stephen Siegel, 211-217 Central Park North and Maurice Mann (credit: STUDIO SCRIVO)

    On the heels of acquiring a massive $690 million multifamily portfolio, Fairstead Capital is in contract for two more Manhattan rental buildings.

    The Midtown East-based investment firm led by veteran CBRE broker Stephen Siegel and three partners agreed last month to pay about $48 million for two adjacent six-story elevator properties at 207 and 211-217 Central Park North in Harlem, sources told The Real Deal. Maurice Mann’s Mann Realty Associates has owned the buildings since the mid-1990s. [more]

  • Lutnick bullish on US real estate, says NGKF outpacing rivals

    BGC head cites low interest rates, NGKF's limited exposure to Asia and emerging markets
    February 10, 2016 02:30PM By Rey Mashayekhi
    Howard Lutnick

    Howard Lutnick

    BGC Partners chair and CEO Howard Lutnick said the U.S. economy’s current “low interest rate environment is good for real estate,” and added that Newmark Grubb Knight Frank’s domestic focus and low exposure to volatile global markets gives it an advantage over rival brokerages. [more]

  • Stellar Management sues Raphael Toledano for ditching $130M loan on EV deal

    Entity tied to Larry Gluck claims it was left in the lurch after Toledano turned to Madison instead
    February 10, 2016 02:10PM By Kyna Doles
     Raphael Toledano, 327 East 12th Street, 66 East 7th Street and Larry Gluck

    From left: Raphael Toledano, 327 East 12th Street, 66 East 7th Street and Larry Gluck

    An affiliate of Larry Gluck’s Stellar Management is suing Raphael Toledano, claiming the investor accepted a $130 million mortgage to finance the acquisition of his East Village portfolio, but then backed out of the deal and refused to pay the $1.9 million break-up fee. [more]

  • See the top January permit applications for all boroughs

    TRData shows the most recent project plans, with real developer names and links to more info
    February 10, 2016 01:51PM By Will Parker and Adam Pincus

    See the full construction permit application by clicking in the Type/DOB Link column.

    Did you know you can now see the top construction permit applications for every borough in one place every month? Or that you can get links to the full Department of Buildings applications for every top project too? The Real Deal‘s research site, TRData, has the top 10 permit applications for every borough for the last month and the last year. Get direct links to the full new building applications every month, by clicking on the DOB link.  See the real developers (not just the LLCs) behind the newest announced projects in the city, and use TRDTopics to find more about them. And to see all TRData’s reports and data collections, visit the Data Hub. [more]

  • Bauhouse Group’s Sutton Place supertall faces foreclosure

    The developer's $128.8 million in loans expired last month
    February 10, 2016 01:15PM
    A rendering of 3 Sutton Place on the Upper East Side (inset from left: N. Richard Kalikow and Joseph Beninati)

    A rendering of 3 Sutton Place on the Upper East Side (inset from left: N. Richard Kalikow of Gamma, and Joseph Beninati, of Bauhouse)

    Gamma Real Estate is making moves to foreclose on Bauhouse Group’s troubled supertall planned for Sutton Place. [more]

  • Airbnb purged over 1,000 listings before December data release: report

    Short-term rental behemoth allegedly doctored numbers to present more flattering profile
    February 10, 2016 01:00PM By Ariel Stulberg

    (Credit: Murray Cox and Tom Slee)

    UPDATED: 4:05 p.m., Feb. 10, 2016: In the thick of a bitter battle with the city over regulation of its service, home-sharing giant Airbnb allegedly removed over 1,000 controversial New York City listings from its site just before its much-hyped data release in December, according to a new report based on data scraped from Airbnb’s website. [more]

  • Aby Rosen, Four Seasons Restaurant owners warring over trademark

    Leaving 375 Park in July, the iconic eatery owners registered the Pool Room and Grill Room
    February 10, 2016 12:30PM
    Four Seasons Restaurant

    The Four Seasons Restaurant at 375 Park Avenue (inset: Aby Rosen)

    A trademark tiff is brewing between the Four Seasons Restaurant owners and their soon-to-be former landlord Aby Rosen, owner of the Seagram Building. [more]

  • Ronnie Lowenstein

    IBO Director Ronnie Lowenstein

    The Independent Budget Office says it botched a recent report on affordable housing by drastically underestimating the impact of requiring prevailing wages on projects benefiting from the 421a property tax break.

    Such a union-friendly requirement would cost the city an additional $4.2 billion in financing to keep up with Mayor Bill de Blasio’s stated goal of constructing 80,000 new affordable housing units, according to the IBO. This figure is a correction from a previous report, which estimated that union wages on such projects would cost an extra $2.8 billion. [more]