The Real Deal New York

  • Most popular stories on The Real Deal

    August 23, 2016 06:30AM

    Current reader favorites:
    1. Learning and earning: Hasidic Brooklyn’s real estate machers
    2. Introducing the billion dollar home
    3. Paydirt: Cuomo wakes from 421a slumber, Blackstone’s multifamily mania, the Hasidic empire … & more
    4. Park Avenue braces for 2M sf of empty office space
    5. Bankrupt Gawker founder Nick Denton begs judge to approve tenant at 76 Crosby

  • Activist REIT investor Litt leaves Mack-Cali board

    Hedge fund manager joined NJ-based company in 2014
    August 22, 2016 06:00PM By Konrad Putzier
    From left: Jonathan Litt and Mitchell Rudin

    From left: Jonathan Litt and Mitchell Rudin

    Activist investor Jonathan Litt has resigned from Mack-Cali Realty’s board, the New Jersey-based real estate investment trust announced Monday.

    In the statement, the company said Litt’s departure “is not related to any disagreement with the company’s operations, policies, or practices.” Litt, who heads the hedge fund Land and Buildings, joined Mack-Cali’s board in March 2014, having bought a 0.5 percent stake in the company. Shortly after, CEO Mitchell Hersh resigned. It wasn’t clear whether Litt had any role in the dismissal. [more]

  • From the August’s issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate:

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    To read other smart and/or funny sayings, click here for the full feature.

  • GID Development wants $220M in tax-exempt bonds for Riverside South project

    Developer turns to NYS housing agency to finance construction of three buildings
    August 22, 2016 04:50PM By Rich Bockmann
    Rendering of 30 Riverside Boulevard (credit: Goldstein Hill & West Architects) and James Linsley

    Rendering of 30 Riverside Boulevard (credit: Goldstein Hill & West Architects) and James Linsley

    GID Development Group is turning to the state’s housing agency for $220 million in construction financing for its three planned buildings at Riverside Center, which would include 263 affordable units. [more]

  • Inside TheRealDeal
  • Edward Minskoff on why big bet on LA’s Playa Vista will pay off

    NYC developer said he sees expiration of Fox lease as his biggest asset
    August 22, 2016 04:20PM By Katherine Clarke
    Edward Minskoff and the Bluffs at Playa Vista

    Edward Minskoff and the Bluffs at Playa Vista

    From the Los Angeles website: New York developer Edward Minskoff recently went into contract to buy the Bluffs at Playa Vista creative office campus from JPMorgan for an undisclosed price rumored to be in the ballpark of $400 million. The deal for the buildings, at 12121 and 12181 Bluff Creek Drive, is expected to close in October.

    Local industry insiders have described the deal as somewhat risky, since the 500,000-square foot complex is occupied by a single tenant, Fox Interactive Media, whose lease expires in 2021. The departure of the company could leave Minskoff with a lot of empty space to fill. The property is not far from the the “Spruce Goose” hangar, where tech giant Google recently leased space for its Los Angeles offices.

    The Real Deal sat down with the developer, whose firm owns and manages almost 6 million square feet of office, retail and residential space nationwide, to talk about the risk associated with the property and whether he plans to court Google as a prospective tenant. [more]

  • Normandy, partners look to flip Bushwick warehouse for $60M

    Developers had planned to turn 333 Johnson Ave into office complex
    August 22, 2016 03:55PM

    33 Johnson Avenue and the renderings of 333 Johnson Avenue (credit: HTZ) (inset: Paul Teti)

    Normandy Real Estate Partners, Royalton Capital, Princeton Holdings and Sciame Development are backing off plans to develop a tech-friendly office complex in Bushwick as the L train shutdown looms. [more]

  • Mayflower plans 170-key hotel in Garment District

    Building at 317 West 35th Street will span 59K sf
    August 22, 2016 03:28PM By Kathryn Brenzel
    317 and 319 West 35th Street in Midtown (credit: Google)

    317 and 319 West 35th Street in Midtown (credit: Google)

    Weihong Hu’s Mayflower Business Group plans to build a 24-story hotel in the Garment District.

    The developer on Monday filed plans for a 170-key hotel at 317 West 35th Street, according to a permit application filed with the city’s Department of Buildings. The hotel, designed by Peter Poon Architects, will span 58,754 square feet and reach 250 feet tall. The architecture firm has designed several hotels, including the nearby Archer Hotel at 45 West 38th Street, as well as the Wingate Inn by Wyndham at 235 West 35th Street. [more]

  • Two more insurers take combined 70K sf at 4 WTC

    The 2.6M sf office tower is now 80% occupied
    August 22, 2016 03:10PM
    Larry Silverstein with 3 and 4 World Trade Center

    Larry Silverstein with 3 and 4 World Trade Center

    A pair of insurance firms inked deals for nearly 70,000 square feet at Silverstein Properties’ 4 World Trade Center, bringing the 2.3 million-square-foot office tower to 80 percent occupancy. [more]

  • Moishe Mana buys Biscayne Building in Miami for $25M

    Sale marks developer's 39th deal on Flagler and surrounding area
    August 22, 2016 02:45PM By Katherine Kallergis
    Moishe Mana, Mika Mattingly and 19 West Flagler Street

    Moishe Mana, Mika Mattingly and 19 West Flagler Street

    From the South Florida websiteMoishe Mana is still assembling his downtown Miami Monopoly board. The Miami and New Jersey developer paid $24.5 million to acquire the Biscayne Building. 

    Mana bought the 14-story, roughly 154,000-square-foot building at 19 West Flagler Street, Colliers International South Florida broker Mika Mattingly told The Real Deal. It marks his 39th deal and more than $300 million spent along Flagler Street and the surrounding area over the past few years. Mana has led new investment in the area in terms of volume, where the majority of buyers over the past two years are from New York. [more]

  • Here’s what the $10M-$20M NYC investment sales market looked like last week

    American Development Group sells three buildings in Flatbush; Jay Wartski sells Chelsea rental
    August 22, 2016 02:15PM By Kyna Doles
    209 West 20th Street, Perry Finkleman and 4202 Church Avenue

    209 West 20th Street in Chelsea, Perry Finkleman and 4202 Church Avenue in Flatbush

    Last week in the world of mid-market New York City investment sales, American Development Group sold three Flatbush multifamily buildings for $12.1 million, and a 12-unit rental building in Chelsea traded hands for $11.6 million. Click here for the story and more.

  • Blackstone, SL Green lend $240M on RPW’s 275 Madison buy

    Westchester landlord bought 44-story office tower from Aby Rosen for $270M
    August 22, 2016 01:51PM By Mark Maurer
    From left: Robert Weisz, 275 Madison Avenue and Marc Holliday

    From left: Robert Weisz, 275 Madison Avenue and Marc Holliday

    Robert Weisz’s RPW Group locked in a $240 million loan from Blackstone Group and SL Green Realty to purchase the 44-story office tower at 275 Madison Avenue in Midtown, sources told The Real Deal. [more]

  • Uncle Sam wants to crack down on estate taxes

    IRS, Treasury Department seeks to cut down on "valuation discounts"
    August 22, 2016 01:15PM

    The IRS Building on Constitution Avenue in Washington D.C. and Uncle Sam

    The Treasury Department and the Internal Revenue Service are seeking to crack down on tactics that allow the wealthy to sidestep estate and gift taxes. [more]

  • St. Patrick’s Old Cathedral is selling a family vault for $7M

    For that price, you and your loved ones can spend eternity in Soho
    August 22, 2016 12:45PM
    cemetary

    The cemetery at St. Patrick’s Old Cathedral (photo credit: Yelp)

    From Luxury Listings NYC: The Basilica of St. Patrick’s Old Cathedral on Mulberry Street is offering a real estate deal to die for. For the first time in its 200-year-old history, the cathedral is selling a six-person family vault in its catacombs to members of the public for $7 million — a relative bargain when you consider how much it would cost to house six (living) people in Soho. [more]

  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    August 22, 2016 12:00PM

    Screen Shot 2016-08-22 at 11.27.14 AM

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • A new homeowner “marriage penalty” in the tax code?

    It’s limited to people who have mortgage debt in excess of $1.1M
    August 22, 2016 11:30AM By Kenneth Harney
    (credit: TaxPoint.com)

    (credit: TaxPoint.com)

    Does the federal tax code now favor unmarried partners when it comes to deducting mortgage interest on jointly owned houses with super-sized mortgages? Can certain co-owners save big money on taxes by staying single, rather than getting married?

    In the wake of a little-publicized move by the IRS earlier this month, the answer appears to be yes for potentially significant numbers of co-owners of houses with jumbo loans. [more]

  • Park Avenue braces for 2M sf of empty office space

    Citibank, Major League Baseball plan to move in next few years
    August 22, 2016 11:00AM
    From left: 277 Park Avenue, 270 Park Avenue, 299 Park Avenue and 425 Park Avenue

    From left: 277 Park Avenue, 270 Park Avenue, 299 Park Avenue and 425 Park Avenue

    It may get a whole lot easier to find office space on Park Avenue pretty soon, as a series of upcoming departures is set to leave landlords with roughly 2 million square feet to fill.

    The vacancies — courtesy of tenants like Citibank, Major League Baseball and others — could impact 10 percent of the office submarket, which stretches from East 45th to East 59th streets, Crain’s reported. [more]

  • WATCH: How one client sped away with Ari Harkov’s most challenging listing

    The Halstead Property broker discusses one of the most frustrating deals of his career
    August 22, 2016 10:30AM By Alistair Gardiner
    Halstead Property broker Ari Harkov

    Halstead Property broker Ari Harkov

    Years of auditions while working as a professional opera singer in New York City taught Ari Harkov how to handle rejection — but it was a particular mantra of Barbara Corcoran’s that prepared the Halstead Property broker for the ups and downs of the real estate business.

    “You know, Barbara Corcoran always says ‘the difference between a good agent and a great agent is how quickly you bounce back from rejection,'” Harkov told The Real Deal.

    Click here to watch Harkov discuss an overly-customized listing on the Upper East — and how that particular deal didn’t quite go as planned.

  • Looking back at Trump Mortgage: the Donald’s short-lived, ill-conceived brokerage

    Presidential candidate's mortgage company sputtered by 2008 along with nation's housing market
    August 22, 2016 10:03AM
    Donald Trump (Illustration by Lexi Pilgrim for The Real Deal)

    Donald Trump (Illustration by Lexi Pilgrim for The Real Deal)

    Out of all of Donald Trump’s business blunders, Trump Mortgage LLC was among the shortest-lived and most ill-conceived. [more]

  • Israel Englander’s daughter unloads Park Ave. pad at a loss

    Co-op unit at 960 Park was asking $13.5M — $2M less than the 2014 sale price
    August 22, 2016 09:31AM By E.B. Solomont
    960 Park Avenue

    960 Park Avenue

    UPDATD: Aug. 23, 4:49 p.m.: Laura Englander Levin, daughter of billionaire hedge fund manager Israel Englander, has found a buyer for her tony Park Avenue co-op — after asking $2 million less than she paid in 2014.

    Levin, a dermatologist in Manhattan who is married to author Daniel Levin, listed Unit 10E at 960 Park Avenue for $13.5 million in April, a steep discount from the $15.5 million she paid in 2014. The unit went into contract last week, according to Olshan Realty[more]

  • Paydirt: Cuomo wakes from 421a slumber, Blackstone’s multifamily mania, the Hasidic empire … & more

    The industry news you need to know to start your week, and what's ahead
    August 22, 2016 09:00AM By Hiten Samtani
    From clockwise: Andrew Cuomo, Kips Bay Court and Jonathan Gray, Wendy Maitland and the Hasidic investors and developers of Brooklyn

    From clockwise: Andrew Cuomo, Kips Bay Court and Jonathan Gray, Wendy Maitland and the Hasidic investors and developers of Brooklyn

    (Paydirt is a new weekly column that riffs on the biggest NYC real estate news of the moment, providing analysis and historical context on the deals and players that make this town tick.)

    Hindu mythology tells of a demon giant, Kumbhakarna, who’d sleep for six months at a stretch. When he’d awaken, he’d devour everything in sight. Since 421a expired in January, Gov. Andrew Cuomo, save for the occasional statement on unions, has been asleep. But the Prince of Darkness is now up, and roaring. [more]

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