The Real Deal New York

  • Religious groups’ tax-exempt NY properties skyrocket in value to $26B: report

    RE assets worth nearly double in 2015 what they were in 1999
    October 27, 2016 07:30AM
    Photo of 25-30 Columbia Heights in Brooklyn Heights (credit: Jehovah's Witnesses)

    Photo of 25-30 Columbia Heights in Brooklyn Heights (credit: Jehovah’s Witnesses)

    The value of religious groups’ real estate holdings across New York state has exploded over the past two decades — to a total of $26 billion. [more]

  • Conor Flynn and Sean Coghlan

    From left: Conor Flynn and Sean Coghlan

    From the October issue: This September, investors who bet on the stock market’s broad indexes got a new tool. They can now invest in real estate investment trusts separately from financial stocks and insurance firms — a category that REITs had been lumped into for more than 15 years.

    REITs, which own buildings that range from residential, office, retail and hotel properties to data centers, cell phone towers, prisons and farms, have certainly matured as an asset class. Yet, the same low interest rate environment that has made them so popular with investors has also made it harder for REITs to acquire new properties at valuations that make sense, industry sources told The Real Deal. [more]

  • Most popular stories on The Real Deal

    October 27, 2016 06:30AM

    Current reader favorites:
    1. HFZ in talks for $1.2B construction loan from TCI
    2. Chinese billionaire buys One57 pad at big discount
    3. Empire Capital buys McCarren Hotel & Pool for $22M
    4. The Long View: NYC is yet to tax foreign buyers — but could that soon change?
    5. Extell files offering plan for boutique condo at 1010 Park Ave.

  • Abro buys 47-unit East Village resi building for $28M

    Property split into two condos, but holds rental apartments
    October 26, 2016 06:47PM By Konrad Putzier

    254 East 2nd Street in the East Village

    Abro Management bought a seven-story East Village apartment building at 254 East 2nd Street from Charles Blaichman’s CB Developers for $28 million, property records filed Wednesday show. [more]

  • Inside TheRealDeal
  • Memorial Sloan Kettering buys 52 Roosevelt Island apartments for $23M

    38K sf space is on lower floors of the 21-story building
    October 26, 2016 06:00PM By Chava Gourarie
    480 Main Street on Roosevelt Island

    480 Main Street on Roosevelt Island

    The Memorial Sloan Kettering Cancer Center picked up four floors in a 21-story residential building on Roosevelt Island for $23.3 million, according to property records filed with the city Wednesday.

    The purchase includes floors two through five in the 266-unit Riverwalk Point at 480 Main Street, with a total of 52 apartments across 38,428 square feet. Building amenities include concierge service, an outdoor BBQ area and a fitness center. The building is divided into condos, which house rental apartments.  [more]

  • Oceanside

    Oceanside Beach Resort at 626 Montauk Highway and a deer

    Montauk’s Oceanside Beach Resort just sold for $10M

    The sunny little motel at 626 Montauk Highway is in for a transformation. Developer and restaurateur Jon Krasner acquired the 30-room property for $10 million last week in an off-market deal, the East Hampton Star reported. Jack Botero of BlackBrick brokered the transaction. Krasner told the East Hampton Star that the resort will be renovated during the winter and will reopen in spring. Krasner is the owner of two restaurants in town, the Saltbox and the Shagwong Tavern. Under seller Ken Walles, room rates started at $85 per night in the off-season and rose as high as $475 in peak season. [EHS] [more]

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

    funny qt

    To read the other wisdom nuggets, click here.

  • Saks Off 5th inks 10-year lease for new Bronx store

    This will be the luxury chain's first location in the borough
    October 26, 2016 04:21PM By Kathryn Brenzel
    Saks Fifth Avenue at 611 Fifth Avenue

    Saks Fifth Avenue at 611 Fifth Avenue

    Saks Off 5th inked a 10-year lease for its first-ever Bronx location, documents filed with the city on Tuesday show. [more]

  • Corey Johnson wants to block potential sale of $140M in Pier 40 air rights

    Council member says he'll veto 1.7M sf St. John's development if Hudson River Park Trust sells remaining dev rights in CB2
    October 26, 2016 03:50PM
    Rendering of St. John’s Terminal

    Rendering of St. John’s Terminal

    City Council member Corey Johnson has another condition before he’ll sign off on the proposed 1.7 million-square-foot project across from Pier 40 by developers Westbrook Partners and Atlas Capital. And this one could be a deal-breaker.

    The councilman wants to block the Hudson River Park Trust, the public-benefit corporation that oversees Pier 40, from selling any more development rights within the surrounding neighborhoods, including the West Village, Greenwich Village and Soho. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    October 26, 2016 03:20PM By Kyna Doles
    Market Reports

    Click to enlarge (credit: Halstead Property and Ariel Property Advisors)

    According to the latest batch of market reports, Manhattan’s residential market got a major boost in supply in the third quarter, Brooklyn townhouse sales now average $1 million for the first time and New York City saw fewer multifamily deals from July through September. [more]

  • Fake real estate agent convicted in elaborate Harlem scam

    Dan Stern stole $250K in down payments and opened a phony brokerage
    October 26, 2016 02:50PM
    Cyrus Vance, Jr.

    DA of New York County, Cyrus Vance, Jr.

    A man who posed as a real estate agent — and even opened a brokerage in Harlem — admitted to being a con artist who defrauded potential buyers and walked away with their down payments.

    The 52-year-old Dan Stern pleaded guilty last month to charges brought against him by the Manhattan District Attorney’s Office for his outlandish scam, and was sentenced to three-to-six years in prison on Wednesday.

    Stern opened a brokerage called Harlem Vintage Realty on East 126th Street in October 2014 and advertised run-down properties throughout Harlem, unbeknownst to their owners. [more]

  • Equity Residential offers dour look for 2017

    REIT executives say “high probability” revenue growth will be negative next year
    October 26, 2016 02:20PM By Rich Bockmann
    400 West 37th Street (inset: Sam Zell)

    400 West 37th Street (inset: Sam Zell)

    Equity Residential downgraded its outlook for its New York City rental portfolio, saying revenue growth may actually be negative next year. [more]

  • WATCH: Shahab Karmely on his $100M in SoFla purchases

    He is developing one of the Miami River's most ambitious condo projects
    October 26, 2016 01:52PM By Alistair Gardiner and Sean Stewart-Muniz


    From the South Florida website: Shahab Karmely is developing arguably one of the Miami River’s most ambitious condo projects, a pair of 60-story luxury residential towers connected at the top by a ritzy “Sky Club.” But the New York developer didn’t get here all on his own: He took his cues from Swire Properties. Click here to watch the full interview and more.

  • Brexit fears are driving London home prices down: report

    UK-based Cebr predicts 5.6% plunge next year
    October 26, 2016 01:20PM
    Kyoto Garden in London (credit Alan B. via Foursquare)

    Kyoto Garden in London (credit: Alan B. via Foursquare)

    London home prices are falling down, falling down, falling down.

    Property values in London are forecast to fall next year as the uncertainty surrounding Brexit strangles the market, according to the U.K.-based economics consultancy Centre for Economics and Business Research (Cebr).

    Home prices, especially in London’s priciest areas, are predicted to drop 5.6 percent in 2017, according to Cebr’s research. Property values across the United Kingdom are set grow 2.6 percent next year, down from 6.9 percent in 2016, Bloomberg reported. [more]

  • City wouldn’t let Trump slap name on Columbus Circle globe

    Sculpture would have had 3-foot-high lettering
    October 26, 2016 12:50PM
    The globe outside Trump International Hotel in Columbus Circle

    The globe in Columbus Circle

    For New York City, putting Trump’s name on the globe was a step too far.

    In 1996, the Republican presidential nominee apparently wanted to emblazon the globe sculpture outside Trump International Hotel & Tower with three-foot lettering that would spell out “Trump International.” The city, however, wouldn’t allow it, the New York Times reported.

    According to a 20-year-old Department of City Planning memo, the city viewed the lettering as illegal signage and a possible obstruction to the streetscape. [more]

  • Office supply surge slowing down rent growth: Owen Thomas

    Boston Properties CEO riffs on impact of Hudson Yards and World Trade Center
    October 26, 2016 12:20PM By Konrad Putzier
    Hudson Yards and Owen Thomas

    Hudson Yards and Owen Thomas

    A surge in new supply in Manhattan’s office market is starting to make a dent on rents, Boston Properties CEO Owen Thomas said during an earnings call Wednesday. [more]

  • “RHONY” husband defrauded famed composer by claiming he owned a unit at the Apthorp: suit

    Michael Wainstein allegedly accepted rent on ex's apartment
    October 26, 2016 11:52AM By Katherine Clarke and Kyna Doles

    Great night love u MW @mwainstein

    A photo posted by Julianne Wainstein (@juleswainstein) on

    “Real Housewives of New York” star Julianne Wainstein’s estranged husband allegedly defrauded composer Jonathan Sheffer by renting out the reality star’s apartment at the Apthorp — and keeping all the money for himself, according to a new lawsuit. [more]

  • Telecom mogul to create Greenwich Village megamansion

    Altice head Dexter Goei paid $31M for five-story multifamily building on West 11th Street
    October 26, 2016 11:40AM By Chava Gourarie
    138 West 11th Street

    138 West 11th Street

    Telecom hotshot Dexter Goei has been thinking big of late. In June, the Netherlands-based company he heads bought Cablevision for $17.7 billion. And a month earlier, Goei stealthily bought a five-story multifamily building in Greenwich Village with plans to convert it into a megamansion. [more]

  • Modell’s set to open flagship store at Rudin’s 845 Third Avenue

    The space was formerly home to now-bankrupt retailer Sports Authority
    October 26, 2016 10:47AM
    845 Third Avenue

    845 Third Avenue

    To the victors go the spoils.

    Modell’s Sporting Goods is leasing 21,000 square feet at 845 Third Avenue for its new flagship, filling the space once occupied by its now-bankrupt rival Sports Authority.

    The 21-story  building, which is at the northeast corner of East 51st Street, is owned by Rudin Management. Modell’s new space will span across the ground and second floors, and will also include storage in the basement. Asking rent for the ground floor is $250 per square foot, the New York Post reported. Robert Steinman represented Rudin Management in-house. [more]

  • Fifth Avenue plagued by rise in vacant retail space

    Shopping corridor seeing record availability rate
    October 26, 2016 10:11AM

    Fifth Avenue Retail strip

    One of the city’s best known shopping districts is starting to look a little like a ghost town (relatively speaking).

    Experts point to climbing rents in the district as one of the driving forces behind the glut of open space. Spaces along Fifth Avenue from 49th to 60th streets — one of the priciest retail locations in the world — have an average asking rent of $3,213 a square foot, Bloomberg reported. In 2011, asking rents were $2,075 a square foot on the stretch. [more]