The Real Deal New York

  • Downtown Brooklyn’s second act: Q&A, part III

    Marcus & Millichap's John Horowitz and United American Land's Albert Laboz
    May 25, 2016 06:05PM By Farah Halime
    An artists rendering of Downtown Brooklyn’s skyline in 2020 (credit: CityRealty)

    An artists rendering of Downtown Brooklyn’s skyline in 2020 (credit: CityRealty)

    From the May issue: The buzz surrounding Downtown Brooklyn’s skyline has lately reached a fever pitch. Last year, JDS and the Chetrit Group unveiled plans to build Brooklyn’s tallest tower, a 73-story residential skyscraper that would be twice as high as anything surrounding it. The investment represents a stark contrast to where the neighborhood was just over a decade ago. Since a 2004 rezoning, nearly 41 million square feet has been built or is in the works in Downtown Brooklyn. Most of that has been residential, but attention is now expanding to the office market. Read on for the second installment of our Q&A on Downtown Brooklyn with John Horowitz of Marcus & Millichap and Albert Laboz of United American Land. [more]

  • New York REIT, JBG announce merger

    Combined company, JBG Realty Trust, will hold $8.4B in assets
    May 25, 2016 05:34PM By Rey Mashayekhi
    New York REIT JBG

    1440 Broadway in Midtown (inset, from left: Michael Happel and Matt Kelly)

    UPDATED, 6:30 p.m., May 25: New York REIT is merging with the Maryland-based JBG Companies, in a deal that will form a new real estate investment trust with roughly $8.4 billion in assets, both sides announced Wednesday. [more]

  • Hampshire Properties buys adjacent UWS buildings for $38M

    Mixed-use buildings hold a total of 54K buildable sf
    May 25, 2016 05:15PM By Rey Mashayekhi
    2461 Broadway in the Upper West Side

    2461 Broadway on the Upper West Side

    UPDATED, 5:00 p.m., May 26: Hampshire Properties picked up an Upper West Side rental building and an adjacent commercial building for a combined $37.6 million, according to city property records filed Wednesday.

    The Midwood-based family-run real estate investment firm, led by Tomas and Daniel Rosenthal, closed on the properties at the corner of West 91st Street and Broadway on May 10. [more]

  • Solow pays $128M for Billionaires’ Row site he once fought with Barnett over

    Developer could build tower with 213K sf in residential space on assemblage
    May 25, 2016 04:50PM By Konrad Putzier
    16 West 57th Street in Midtown (inset: Sheldon Solow)

    16 West 57th Street in Midtown (inset: Sheldon Solow)

    Back in 2011, Sheldon Solow lost a bidding war over 16 West 57th Street to Gary Barnett’s Extell Development, blocking his plans to build a luxury tower on the site and three adjacent parcels. Five years and one lawsuit later, Solow finally has his prized property. [more]

  • Inside TheRealDeal
  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    May 25, 2016 04:20PM By Kyna Doles

    Click to enlarge. From left: Average retail asking rents from REBNY and Condominium Signed Contracts from CitiHabitiats

    In the latest batch of New York City real estate market reports, New York City multifamily sales picked up in March, rents lowered in most of Manhattan’s major retail corridors and office leasing Downtown slowed last month. Check out more in our roundup of the the week’s market reports. [more]

  • BD Hotels to bring resi units to Times Square “pod” hotel

    Top floors of 400 West 42nd Street will feature 48 apartments
    May 25, 2016 03:50PM By E.B. Solomont
    From left: Richard Born and rendering of 400 West 42nd Street

    From left: Richard Born and rendering of 400 West 42nd Street

    The hoteliers behind the trendy Mercer Hotel, Stanhope Hotel and Hotel Élysée are adding a residential concept to their micro-unit hotel project in Times Square.

    Richard Born and Ira Drukier’s BD Hotels will lease furnished apartments at the forthcoming Pod Times Square, at 400 West 42nd Street, where hotel rooms are around 120 square feet and average $180 a night, director of development Caroline Gleser told The Real Deal. [more]

  • Macmillan Publishers weighs leaving Flatiron Building for a new HQ

    Company occupies the majority of the landmark 180K sf property
    May 25, 2016 03:20PM By Rich Bockmann
    Flatiron Building (credit: The Rise)

    Flatiron Building (credit: The Rise)

    Macmillan Publishers, the sole office tenant in the Flatiron Building, is considering relocating its headquarters when its lease expires in a few years.

    Should that happen, it would give the property’s owners a blank slate to work with for the first time since the building was completed more than 100 years ago. [more]

  • Wendy Maitland accuses Sitt of “starving” Town of financial resources

    Company is "rudderless," she says in new lawsuit against brokerage
    May 25, 2016 02:54PM By Katherine Clarke
    From left: Joe Sitt and Wendy Maitland

    From left: Joe Sitt and Wendy Maitland

    Wendy Maitland, who The Real Deal reported earlier today is leaving Town Residential, is suing the brokerage, accusing co-owner Joseph Sitt of starving the company of funds. [more]

  • Midtown Properties building 133-key LIC extended-stay hotel

    New details and renderings revealed for 10-story development at 38-42 11th Street
    May 25, 2016 02:30PM By Rey Mashayekhi
    Rendering of 38-42 11th Street (credit: think! Architecture and Design and Architectural ID)

    Rendering of 38-42 11th Street in Long Island City (credit: think! Architecture and Design and Architectural ID)

    Few areas have felt the impact of the current outer-borough hotel development boom as significantly as Long Island City, where the neighborhood’s proximity to Midtown Manhattan – and the widely-reported emergence of Queens as a tourist destination – has prompted a wave of new projects.

    Developer Midtown Properties, led by brothers Ian and Robert Cheng, is the latest to get in on the action with a new 10-story, 133-room hotel at 38-42 11th Street in Long Island City. [more]

  • Whole Foods could be Hudson Yards’ first grocery store

    Chain is in talks to open supermarket at Brookfield's 5 Manhattan West
    May 25, 2016 01:58PM
    5 Manhattan West (inset: John Mackey Co-Ceo of Whole Foods)

    5 Manhattan West (inset: John Mackey, co-CEO of Whole Foods)

    Whole Foods is considering opening a store at Brookfield Property Partners’ 5 Manhattan West, a move that would make it Hudson Yards’ first grocery store. [more]

  • Wendy Maitland out at Town: sources

    Brokerage's president of sales has stepped down amid merger talks with the Agency
    May 25, 2016 01:23PM By Katherine Clarke

    From left: Andrew Heiberger, Wendy Maitland and Joe Sitt

    Wendy Maitland, one of the founding members of Town Residential and its president of sales, is leaving the firm, The Real Deal has learned. [more]

  • Analytics startup Datadog taking a bite out of NYT building

    Fresh off $94.5M cash injection, firm signs 31K sf sublease
    May 25, 2016 01:01PM By Rich Bockmann

    The New York Times Building (inset: Olivier Pomel)

    Data-monitoring startup Datadog is ready for some new digs after its recent $94.5 million fundraising round. [more]

  • Kalashnikovs and supercars: How dealmakers handle the stress of ICSC

    Brokers talk to TRD about coping with Vegas
    May 25, 2016 12:25PM By Adam Pincus
    From left: David Firestein of SCG Retail, with his target from AK-47 shots at a gun range and James Wacht of Lee & Associates NYC, climbing rocks

    From left: David Firestein of SCG Retail, with his target from AK-47 shots at a gun range and James Wacht of Lee & Associates NYC, climbing rocks

    The whirlwind of meetings, emails and parties that fertilizes the soil in which deals take root at RECon Las Vegas is also, frankly, exhausting.

    Even for hardy New Yorkers. [more]

  • Chinese firms have spent $9.3B on US real estate in 2016

    They’re the most active foreign contingent by far, more than doubling Canadians
    May 25, 2016 11:56AM
    1285 Sixth Avenue (inset: Yang Mingsheng Chairman of China Life Insurance Group and Scott Rechler)

    1285 Sixth Avenue (inset: Yang Mingsheng of China Life Insurance Group and Scott Rechler)

    The U.S. commercial property market may be showing signs of slowdown, but that’s not stopping Chinese investors. [more]

  • NYCHA to hire outside law firm to deal with federal inquiry

    Justice Department looking into agency’s handling of mold, lead paint at public housing buildings
    May 25, 2016 11:17AM
    From left: NYCHA Chairwoman Shola Olatoye and Manhattan U.S. Attorney Preet Bharara

    From left: Shola Olatoye and Preet Bharara

    The New York City Housing Authority is lawyering up as it faces a Justice Department probe into its practices.

    NYCHA chair Shola Olatoye said this week that the beleaguered public housing agency will seek proposals from a number of outside law firms to represent it during an extensive federal investigation into its handling of toxic mold and lead paint at public housing buildings. [more]

  • Potential Charles St. mansion conversion hits market for $45M

    The property, currently an office building, was first listed back in 2014
    May 25, 2016 10:49AM
    From left: current 134 Charles Street in the West Village and the rendering

    From left: 134 Charles Street in the West Village and the rendering

    A West Village office building with 13,000 square feet of residential development rights just returned to the market after an extended hiatus. [more]

  • Sandeep Mathrani on supposed retail disruption

    General Growth Properties boss spoke to TRD at the ICSC conference in Las Vegas
    May 25, 2016 10:02AM By Katherine Clarke
    Sandeep Mathrani meme

    (credit: Katherine Clarke)

    General Growth Properties head Sandeep Mathrani ribbed retail marketers Tuesday at the ISCS conference in Las Vegas, saying that fitness centers, restaurants, movie theaters are all experiential and have been around forever.

  • Silverstein is building 3 WTC concrete-first

    Iron workers union formerly resisted unusual “composite” design
    May 25, 2016 09:43AM

    3 World Trade Center under construction (credit: WTC Progress / Facebook) and a rendering of the building

    At 3 World Trade Center, Silverstein Properties is employing an uncommon construction method once shunned by union workers. [more]

  • It’s electric: Tesla again in talks for 860 Washington showroom

    Car company was previously outbid by Starbucks, who later opted out
    May 25, 2016 09:01AM
    Rendering of 860 Washington Avenue (inset: Elon Musk)

    Rendering of 860 Washington Street in the Meatpacking District (inset: Elon Musk)

    Elon Musk’s Tesla Motors is again looking to plug itself into 860 Washington in the Meatpacking District. [more]

  • VIDEO: These 5 iconic NYC buildings couldn’t be built today

    40% of Manhattan's buildings don't meet current zoning standards
    May 25, 2016 08:00AM By Alistair Gardiner


    New York City’s zoning code was the first in the country, and it’s changed many times since it was first approved in 1916. This means that there thousands of buildings in the city that no longer comply with the city’s zoning. See five iconic buildings that couldn’t be built today, here.