The Real Deal New York

  • Rose Associates sues firm for naming building “Rose Modern”

    Sky Management attached moniker to new 82-unit rental on the UES
    May 02, 2016 04:30PM By Rich Bockmann
    rose-551x416

    Rendering of Rose Modern (inset: Ben Ohebshalom and Adam Rose)

    England had its War of the Roses, and now New York City is having a war over the Roses.

    Rose Associates, the nearly century-old family firm now in its third generation, is suing landlord Sky Management in federal court for naming its Upper East Side rental building Rose Modern, claiming the moniker infringes on the company’s trademark. [more]

  • NY REIT reportedly in merger talks with JBG Cos.

    NYRT shares halted trading Monday after news broke of discussions
    May 02, 2016 04:01PM
    From left: Managing Partner of JBG Brian Coulter and CEO of NYRT Michael Happel

    From left: JBG managing partner Brian Coulter and NYRT CEO Michael Happel

    City-focused real estate investment trust New York REIT is reportedly in talks to merge with Maryland-based real estate firm the JBG Companies.

    While there is “no certainty” that the discussions will result in a deal with JBG, according to Reuters, a merger would offer a lifeline to the struggling New York REIT and provide the latest instance of a privately held real estate player buying out a publicly traded REIT. [more]

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

    A Slate resi project in Ridgewood sells for $19M; Two Trees buys Williamsburg dev site for $16M
    May 02, 2016 03:45PM By Kyna Doles
    Rendering of 873 Starr Street, David Schwartz and 350 East 88th Street

    From left: Rendering of 873 Starr Street in Ridgewood, David Schwartz of Slate Property Group and 350 East 88th Street on the Upper East Side

    Last week in mid-market New York City investment sales, brothers Ralph and David Sitt bought a Nolita multifamily for $13.8 million and the Children’s Aid Society sold a four-story mansion on the Upper East Side for $15 million. Click here for the story and more.

  • Stuart-Elliot-The-Real-Deal-200x2031

    Stuart Elliott

    From the May issue: Talk about an embarrassment of riches.

    Blackstone Group CEO Stephen Schwarzman raked in nearly $800 million last year —from his salary and his massive ownership stake in the private equity giant.

    That’s more than the GDP of some small countries. But perhaps it’s not surprising given that Blackstone just recently passed the $100 billion mark in real estate assets under management and has been the largest acquirer of Manhattan real estate over the past five years. [more]

  • Inside TheRealDeal
  • Cindat finances hotel portfolio buy with $335M in loans

    Chinese firm acquired majority stake in seven Manhattan hotels from Hersha Hospitality Trust
    May 02, 2016 02:38PM
    Hampton Inn Times Square (inset: Greg Peng)

    Hampton Inn Times Square (inset: Greg Peng)

    Chinese investment firm Cindat Capital Management financed its $571 million purchase of a majority stake in seven Manhattan hotels with $335 million in loans from Natixis Real Estate Capital and Oaktree Capital Management. [more]

  • REBNY, LaBarbera clash over 421a and union wages

    Building Trades boss says developers are profiting off the backs of underpaid workers
    May 02, 2016 01:49PM By Katherine Clarke and Kathryn Brenzel
    From left: John Banks and Gary LaBarbera

    From left: John Banks and Gary LaBarbera (credit: buildupnyc.org)

    The boss of the trade group representing New York City’s major unions berated developers Monday for what he said was their unwillingness to make small sacrifices on profits in order to fairly compensate construction workers. [more]

  • The May issue is live!

    TRD examines Manhattan's top resi brokerages, the highest-paid CEOs and more
    May 02, 2016 01:15PM

    WebPost_May-2016Sure, the Manhattan luxury condominium market may have softened a bit. But that doesn’t mean the city’s top residential brokerages aren’t still growing and prospering. [more]

  • IFC Center could leave Sixth Ave. theater if expansion blocked

    Popular indie movie theater needs BSA zoning varince for $10M project in Greenwich Village
    May 02, 2016 12:45PM
    From left: Rendering of IFC's expansion and its current condition

    From left: Rendering of IFC’s expansion and its current condition

    The show could be over for the IFC Center movie theater in Greenwich Village, should the city’s Board of Standards and Appeals block a $10 million-plus theatre expansion project.

    IFC needs a zoning variance that would enable the popular art-house theater to nearly double its footprint at 323 Sixth Avenue, the 160-year-old building it has leased from landlord Friedland Properties since 2005. [more]

  • Carhart Mansion’s PH back on market for $27M

    Jimmy Choo co-founder Tamara Mellon bought the Parisian-inspired condo for $21M
    May 02, 2016 12:15PM By E.B. Solomont
    3 East 95th Street (inset: Tamara Mellon)

    3 East 95th Street in Carnegie Hill (inset: Tamara Mellon)

    Shoe designer Tamara Mellon’s penthouse at the 1913 Carhart Mansion is back on the market and asking $27 million – a $7 million discount from its initial price tag. [more]

  • Check out TRD’s new and improved mobile app

    Latest update includes cleaner design and easier navigation
    May 02, 2016 11:45AM

    iPhone-app

    The Real Deal is bringing a cleaner design and more seamless navigation to our latest mobile update, which is now available for download in Apple’s App store.

    The latest version of our app includes a separate feed for our new Los Angeles website, which joined The Real Deal‘s family of news websites in January. An updated navigation bar allows readers to access each of the three markets with ease, and a new ‘National’ tab aggregates our New York, South Florida and Los Angeles websites into one stream. [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)
    May 02, 2016 11:15AM

    CityRealty May 2

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

  • Thor in contract to sell 693 Fifth Avenue for $525M

    Sitt acquired 105K sf property, which houses Valentino store, for $142M in 2010
    May 02, 2016 10:45AM
    693 Fifth Avenue in Central Midtown (inset: Joe Sitt)

    693 Fifth Avenue in Central Midtown (inset: Joe Sitt)

    Joe Sitt’s Thor Equities is in contract to sell an office-and-retail building at 693 Fifth Avenue for $525 million.

    The deal would be a sizable return on the $142 million that the retail landlord paid six years ago for the 105,422-square-foot property, located between East 54th and East 55th streets in Midtown. [more]

  • Curbcut, Platinium Realty partner on new Queens office project

    Nine-story, 146K sf development targeting medical, nonprofit and community service tenants
    May 02, 2016 10:10AM
    38-01 Queens Boulevard

    Rendering of 38-01 Queens Boulevard (credit: SBLM Architects) (inset: Aaron Malinsky)

    Developers Curbcut Urban Partners and Platinum Realty Associates are partnering on a new nine-story, mixed-use building on the border of Long Island City and Sunnyside in Queens. [more]

  • This is why the real estate industry is throwing financial weight behind Scott Stringer

    NYC comptroller has raised more 2017 campaign donations than Bill de Blasio
    May 02, 2016 09:30AM By Konrad Putzier
    From left: Janno Lieber, Scott Stringer, Aby Rosen, and Arthur Zeckendorf

    From left: Janno Lieber, Scott Stringer, Aby Rosen, and Arthur Zeckendorf

    Bill de Blasio’s fundraising may be all over the news, but another New York City politician has quietly raised more cash than the mayor in the 2017 campaign cycle: Scott Stringer. [more]

  • 28 contracts signed at $4M and above: Olshan

    Top contract was $15M duplex penthouse at 247 West 12th Street
    May 02, 2016 09:22AM
    Olshan Luxury Market Report

    From left: 247 West 12th Street, rendering of 160 Leroy Street and 211 Central Park West

    There were 28 Manhattan luxury residential contracts signed at $4 million and above last week, according to Olshan Realty’s weekly market report – down from 34 contracts signed in the same period last year. [more]

  • New generation learning the perks of being a landlord

    Younger people getting into the property management game to buy homes, make friends
    May 02, 2016 08:30AM
    Bushwick row houses

    Row houses on Weirfield Street in Bushwick (credit: Roberta Sutton via Wikipedia)

    There’s a new, increasingly prevalent type of landlord in New York City – the kind that views the task as an opportunity to own a property of their own, and maybe make some friends along the way.

    These often-younger landlords are occupying their apartments with friends-turned-tenants — or tenants who become friends — and are learning how to manage their properties, such as how to go about home repairs, on the job. [more]

  • City Planning approves Water Street retail proposal

    Plan would turn privately owned public arcades "into an active, lively corridor," Weisbrod says
    May 02, 2016 08:14AM
    Water Street City Planning NYC

    32 Old Slip Plaza in the Financial District (credit: Alliance for Downtown New York) (inset: Carl Weisbrod)

    Landlords of 17 properties on Water Street in the Financial District are jumping for joy. A plan that would allow them to turn 380,000 square feet of publicly-owned arcades into income-generating retail space has passed the City Planning Commission, and now heads to the City Council for final approval.
    [more]

  • Spotlight on EB-5, the “crack cocaine” of real estate financing

    How developers and middlemen use the popular visa program to get rich
    May 02, 2016 07:30AM By Katherine Clarke and E.B. Solomont
    (Click to enlarge)

    (Click to enlarge)

    From the April issue: Howard Michaels, the tough-talking finance broker, shot off an email in 2014 to his client Michael Shvo.

    Michaels, who heads the Carlton Group, had just gotten off a long phone call with Nicholas Mastroianni II, the head of the U.S. Immigration Fund, New York’s biggest EB-5 regional center, and was convinced that EB-5 money from Chinese investors was the perfect financing solution for Shvo’s planned 275-unit condo at 125 Greenwich Street in Lower Manhattan. “[It] sounds like legalized crack cocaine,” he raved to Shvo, according to an email later revealed in a lawsuit between the two. “You guys would be crazy not to jump on this.” [more]

  • The rise of the Brooklyn real estate brand, in charts

    Internet search trends illustrate the wide-ranging interest in the borough
    May 02, 2016 07:00AM By Ariel Stulberg and Will Parker

    Is Brooklyn still the new Manhattan, or is that just Manhattan now?

    New Yorkers endlessly debate the relative merits of our two most famous boroughs, and no amount of data can ever settle which is “better.” But there’s no denying that Brooklyn’s place in the city’s – and the world’s – imagination has grown mightily in recent decades.

    That growth is, of course, embodied in the value of its real estate. Everyone’s heard about the borough’s rising prices, but there’s a metric that shows Brooklyn real estate’s rise even more directly: interest, embodied in the web search trends measured by Google.

    The Real Deal dug into the search giant’s data portal to try to quantify Brooklyn’s rise. [more]

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