The Real Deal New York

  • Trinity, Norges deal values buildings at $3.6B

    Binding contract signed Nov. 20; sale to close by year’s end
    November 25, 2015 12:04PM By E.B. Solomont

    From left: Trinity’s Jason Pizer, 1 Hudson Square and Norges’ Yngve Slyngstad

    Trinity Real Estate and Norway’s sovereign wealth fund quietly signed a binding contract late last week to partner on the church’s 11-building Hudson Square portfolio, in a massive deal that values the real estate at $3.55 billion.

    Norges Bank Investment Management entered into contract Nov. 20 to pay $1.56 billion for a 44 percent share in a 75-year ownership of Trinity’s portfolio, the fund said. The deal is expected to close by the end of the year. [more]

  • Miami’s new development sales center showdown

    The high-stakes battle for buyers plays out in multimillion-dollar tricked-out galleries
    November 25, 2015 11:30AM By Katherine Kallergis
    Ramon Corona, Daniel de la Vega and Jon Paul Perez explored Paramount’s new sales center

    Ramon Corona, Daniel de la Vega and Jon Paul Perez explored Paramount’s new sales center

    From the South Florida Market Report: Ever been at the mercy of a bouncer while trying to gain admittance to a sales gallery?

    At the VIP launch party last spring for Paramount Miami Worldcenter, more than 1,100 attendees made the attempt, with varying degrees of success, to do just that. The party, replete with what developer Daniel Kodsi claimed was the largest disco ball in the world, included a roped-off entrance and a line of eager guests on a red carpet rivaling the queue for LIV at the Fontainebleau on a Friday night. [more]

  • Douglas Shorenstein, developer and landlord, dies at 60

    Family firm controls NYC office buildings including 1407 Broadway
    November 25, 2015 11:00AM
    Douglas Shorenstein

    Douglas Shorenstein

    Douglas Shorenstein, whose San Francisco-based real estate development firm controls major properties in New York City, died Tuesday after a battle with cancer. He was 60.

    Shorenstein oversaw a nationwide portfolio of more than 24.8 million square feet, with office holdings in New York such as 1407 Broadway, 477 Madison Avenue and 850 Third Avenue.

    “As many of you know, Doug had been ill for some time, and he fought a courageous battle with his illness,” his family said in a statement. “Through it all, he maintained a positive and hopeful outlook, and he remained steadfastly focused on serving his family, his colleagues and his community. We miss him dearly already.” [more]

  • Hometeam subleases Flatiron space from SoundCloud

    Senior services firm will take 22K sf at Two Trees' building
    November 25, 2015 10:33AM
    50 West 23rd Street in the Flatiron District (inset: Two Trees’ Jed Walentas)

    50 West 23rd Street in the Flatiron District (inset: Two Trees’ Jed Walentas)

    Hometeam, a provider of caregivers and nurses for senior citizens, is quadrupling the size of its offices, signing a one-year sublease for a 22,000-square-foot space in the Flatiron District from online audio platform SoundCloud. [more]

  • Inside TheRealDeal
  • NoMad rents down, everywhere else up in Q3: MAP

    But hey, you can still find a great deal in East Flatbush!
    November 25, 2015 10:07AM
    Median rents for one-bedroom apartments (credit: Zumper)

    Median rents for one-bedroom apartments (credit: Zumper)

    Apartment listing service Zumper has a new map laying out median rents for one-bedrooms in the city by neighborhood. And guess what? They’re really, really high. [more]

  • We Heard: The robot takeover has begun

    This attorney rolls around the office on wheels, sits in his charging dock on breaks
    November 25, 2015 09:30AM By Adam Warner
    “Felix2,” the robot double attorney Felix Tschanz uses to work remotely at First Nationwide Title Agency’s Long Island office

    “Felix2,” the robot double attorney Felix Tschanz uses to work remotely at First Nationwide Title Agency’s Long Island office

    From the November issue: The vendor visiting First Nationwide Title Agency was taken aback when Felix2 came up from behind.

    “I just quietly rolled up on him, like a bee honing in,” Felix Tschanz recalled. “He just kind of froze up.”

    The surprise was that this version of the firm’s senior attorney was a five-foot-tall Segway with an iPad for a head. [more]

  • Singapore wealth fund is “underinvested” in global RE: exec

    GIC, partial owners in the Time Warner Center, looking to move billions into gateway cities
    November 25, 2015 09:00AM
    Goh Kok Huat Time Warner Center

    From left: Goh Kok Huat and the Time Warner Center in Columbus Circle

    Singaporean investors have already poured substantial cash into the New York real estate market, and more might be on the way.

    Goh Kok Huat, president of real estate at GIC Pte, the city-state’s sovereign wealth fund, whose total holdings Morgan Stanley estimates at $343 billion, said his firm was “underinvested” in the global property market and is seeking to make major purchases. [more]

  • Pining for wood: Will New York embrace the wooden tower movement?

    Despite fire hazard connotations, material is safe, efficient and pretty: experts
    November 25, 2015 08:40AM By Kathryn Brenzel
    Rendering of 478 West 18th Street (inset from left: renderings of LEVER Architecture's Framework, of Rüdiger Lainer and Partner's HoHo project, C.F. Moller 's HSB 2023 and MGA's Baobab)

    Rendering of 475 West 18th Street (inset from left: renderings of LEVER Architecture’s Framework, of Rüdiger Lainer and Partner’s HoHo project, C.F. Moller ‘s HSB 2023 and MGA’s Baobab)

    In some ways, a wooden condominium tower planned for Chelsea has roots in an 18th-century barn.

    Chris Sharples, a principal at SHoP Architects, remembers the barn as one of his first encounters with architecture, at his childhood home in Pennsylvania’s Chester County. He recalls marveling at its beautiful, exposed wooden beams, and it’s this intimate quality of bringing the “tectonic outside” inside that he hopes to replicate at 475 West 18th Street.

    “It’s just amazing that we could actually think about building mid-rise, high-rise buildings out of this very traditional material,” he said. “We’ve come full circle.” [more]

  • Blackstone sells London NYC to Abu Dhabi fund for $382M

    The ADIA also bought the debt and the ground least at the 563-key Midtown hotel
    November 25, 2015 08:08AM
    London Hotel New York

    The London NYC Hotel at 151 West 54th Street in Midtown (inset: The ADIA’s Sheikh Khalifa bin Zayed Al Nahyan and Blackstone’s Jonathan Gray)

    The Abu Dhabi Investment Authority, the nation’s sovereign wealth fund, has added to its portfolio of Manhattan hotels. [more]

  • Most popular stories on The Real Deal

    November 25, 2015 07:30AM

    Current reader favorites:
    1. Meet 421a’s real beneficiaries: Landowners
    2. Timeline: The massive BK projects that beat the 421a clock
    3. Toby Moskovits’ 75K sf “Bushwick Generator” project underway
    4. Aby Rosen’s RFR challenges muddled rent control rule
    5. R-amen! Wagamama to open first NYC restaurant

  • Law firm taking 38K sf at SL Green’s 711 Third Avenue

    REIT lauds "extremely active" year with nearly 76K sf in new leases at Midtown office building
    November 24, 2015 06:03PM
    711 Third Avenue

    711 Third Avenue in Midtown East (inset: Steven Durels)

    SL Green Realty bagged its latest tenant at its office tower at 711 Third Avenue in Midtown East. Law firm Golenbock, Eiseman, Assor, Bell & Peskoe LLP is taking 38,000 square feet across two floors. [more]

  • Developer buys iconic Slave Theater site in Bed-Stuy 

    Eli Hemway picks up three-parcel assemblage with 160K buildable sf 
    November 24, 2015 05:20PM By Rich Bockmann
    1215 Fulton Street in Bedford Stuyvesant

    1215 Fulton Street in Bedford-Stuyvesant

    Developer Eli Hemway bought Bedford-Stuyvesant’s historic Slave Theater for $18.5 million as part of an assemblage offering more than 160,000 buildable square feet. [more]

  • Stonehenge to buy large UWS rental for $135M

    The Bradford at 210 West 70th St. was marketed for condo conversion, but likely to stay a rental
    November 24, 2015 04:50PM By Mark Maurer
    210 West 70th

    210 West 70th Street on the Upper West Side (inset: Ofer Yardeni, courtesy of STUDIO SCRIVO)

    Ofer Yardeni’s Stonehenge Partners is in contract to buy a large Upper West Side rental building known at the Bradford for $135 million, according to insiders. [more]

  • New mortgage rules come at a price

    Changes aimed at transparency mean higher fees for homebuyers
    November 24, 2015 04:26PM By Kenneth Harney
    Richard Cordray

    The Consumer Financial Protection Bureau’s Richard Cordray

    From the November issue: It’s been just a few weeks since the nationwide changeover in mortgage and settlement procedures took effect, but the early results are trickling in: Lenders and brokers say just about everything is taking longer and the costs to home buyers are moving up.

    On Oct. 3, under a directive from the federal Consumer Financial Protection Bureau, lenders, title insurers and settlement agents were required to comply with a nearly 1,900-page new rule book designed to improve transparency and accuracy in real estate and mortgage transactions for home buyers and refinancers. [more]

  • What’s trending on LLNYC: Priciest rentals, traveling back in time … & more

    The most buzzworthy posts on TRD's sister publication
    November 24, 2015 04:00PM

    Nancy Novogrod and her Park Avenue co-op

    1 ) We mapped out the most expensive rental listings in the city right now and the results might surprise you.

    2 ) The former editor-in-chief of Travel & Leisure magazine, Nancy Novogrod, is selling her apartment and it’s full of beautiful things (obviously).

    3 ) How useful is a travel guide to the city from 1835? One writer investigates.


  • Not dead yet: Willets Point mall gets another chance

    Despite de Blasio's snub, the state's high court agreed to hear Related and Sterling's appeal
    November 24, 2015 03:30PM
    From left: Fred Wilpon, rendering of Willets West in Queens and Stephen Ross

    From left: Fred Wilpon, rendering of Willets West in Queens and Stephen Ross

    The Related Cos.’ and Sterling Equities’ plans to redevelop a Willets Point parking lot may not be doomed after all. [more]

  • Court upholds $55M settlement between Malkins, ESB investors

    Appeals court ruling a victory for Malkin family after contested 2013 IPO
    November 24, 2015 03:00PM By Rey Mashayekhi
    Empire State Realty Trust

    The Empire State Building and Tony Malkin (credit: Max Dworkin)

    An appeals court panel on Tuesday upheld a $55 million settlement struck between Anthony Malkin’s Malkin Holdings and former investors in the Empire State Building — a victory for the Malkin family and the highly-contested REIT conversion of King Kong’s favorite skyscraper. [more]

  • Taming the crowd: What does Fundrise’s new REIT mean for crowdfunding?

    Startup’s new venture applies JOBS act rules to traditional finance
    November 24, 2015 02:20PM By Konrad Putzier
    Ben Miller

    Ben Miller

    What does it mean for the health of real estate crowdfunding if one of its pioneers is switching things up?

    This month, Fundrise announced it is seeking up to $50 million to form a real estate investment trust. By tapping into eased-up regulations under the JOBS Act, the new venture is being billed as a cheaper and more accessible alternative to traditional REITs. But it also raises questions over the viability of traditional crowdfunding. [more]

  • Flatbush nursing home-to-resi project now 6 times larger

    20-story building at 123 Linden Blvd would hold 384 units across 261K sf
    November 24, 2015 01:50PM
    123 Linden Boulevard

    123 Linden Boulevard in Flatbush (credit: Google Maps via New York YIMBY)

    The planned residential conversion of a former Flatbush nursing home may far exceed its original scale after developer Solomon Feder filed another round of building applications with the city.

    The latest filings for the site, at 123 Linden Boulevard between Bedford and Rogers avenues, call for a 20-story residential building holding 384 apartments across more than 261,000 square feet of residential space. [more]

  • The Broward County boomlet bangs on

    Condo development continues to sweep up the coast to Fort Lauderdale and beyond
    November 24, 2015 01:20PM By Mike Seemuth
    A Blackstone fund loaned a Related-led partnership $102 million for Hyde Resort & Residences.

    Hyde Resort & Residences

    From the South Florida Market Report: Broward County has attracted its own steady flock of cranes for residential construction after a slower recovery from the real estate crash than its Miami-Dade neighbor to the south.

    Miami-based Related Group has led the charge into Broward. Related is now developing two-tower condominium Auberge Beach Residences & Spa Fort Lauderdale; preconstruction prices for units start at $1.5 million. Sales for the north tower’s 56 units began earlier this year and nearly all of them had been reserved by August. One buyer is former Miami Dolphins quarterback Dan Marino. [more]