The Real Deal New York

  • Harlem Whole Foods pushes up apartment rents: brokers

    Grocery store to open on 125th Street this year
    July 28, 2016 10:11AM
    Rendering of 100 West 125th Street

    Rendering of 100 West 125th Street in Harlem

    Kale could be a rent killer for long-term residents of Central Harlem. A Whole Foods grocery store set to open in at 100 West 125th Street later this year could cause apartment rents in the neighborhood to spike. [more]

  • Silicon Valley Bank gobbles up 20K sf at 387 PAS

    Tech-focused California banking firm leaving Stawski Partners' 505 Fifth Avenue
    July 28, 2016 09:32AM
    387 park avenue south

    Rendering of 387 Park Avenue South (credit: TF Cornerstone)

    Silicon Valley Bank is doubling its footprint in Manhattan and setting up shop closer to its technology-based clients.

    The bank signed a lease for 20,000 square feet at TF Cornerstone’s newly-renovated 387 Park Avenue South, where asking rents touch $78 per square foot. [more]

  • The Closing: Robert Verrone

    The lending legend on the fallacy of ‘Large Loan Verrone,’ Barbie dolls and $20B in debt
    July 28, 2016 09:00AM By Mark Maurer
    Robert Verrone (Photo by Studio Scrivo)

    Robert Verrone (credit: STUDIO SCRIVO)

    From the July Issue: Robert Verrone is the founder of commercial mortgage brokerage Iron Hound Management Company, which has arranged and restructured more than $20 billion in debt and equity since launching in 2009. During the last real estate bubble, Verrone gained a reputation as a major risk-taker for providing large, interest-only loans to developers with little equity down. For that he earned the nickname “Large Loan Verrone.”

    Verrone began his career at Bear Stearns, but after being let go in 1994, he joined North Carolina-based First Union (which later acquired Wachovia and took on its name) to lead the bank’s lending and securitization division. As co-head of Wachovia’s real estate group from 2007 to 2008, he oversaw a portfolio that grew to $80 billion in debt and managed as many as 600 employees. [more]

  • Whole Foods leases 44K sf at Macklowe’s 1 Wall Street

    New store to open in 2018
    July 28, 2016 08:44AM
    Rendering of Whole Foods at One Wall Street (credit: DBOX for Macklowe Properties)

    Rendering of Whole Foods at One Wall Street (credit: DBOX for Macklowe Properties)

    Like Williamsburg, One Wall Street is now officially over. Harry Macklowe landed Whole Foods as a retail tenant at his Financial District condo conversion project. The upscale grocery store chain will occupy 44,000 square feet in the building. [more]

  • Inside TheRealDeal
  • Michael Bloomberg thinks Donald Trump is insane

    “I’m a New Yorker and I know a con when I see one”
    July 28, 2016 08:01AM
    From left: Donald Trump and Michael Bloomberg

    From left: Donald Trump and Michael Bloomberg

    Former mayor Michael Bloomberg tore into Donald Trump’s business record Wednesday night, and openly questioned the Republican presidential candidate’s sanity. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    July 28, 2016 07:30AM By Kyna Doles
    Click to enlarge: (credit: TerraCRG, CBRE and Savills Studley)

    Click to enlarge: (credit: TerraCRG, CBRE and Savills Studley)

    According to the latest batch of New York City market reports, builder confidence slipped in the first half of the year and the investment sales market saw fewer transactions in the second quarter. On the office leasing end, landlords continued to lower their asking rents and Downtown saw a major dip in leasing activity compared to 2015. Check out more in our roundup of the week’s real estate market reports. [more]

  • Detective says man accused of killing Menachem Stark wasn’t the “mastermind”

    Kendel Felix claims his cousin planned the robbery
    July 28, 2016 07:00AM
    From left: Menachem Stark and Kendel Felix

    From left: Menachem Stark and Kendel Felix

    A New York City Police Department detective testified on Tuesday that the Brooklyn man accused of killing landlord Menachem Stark likely wasn’t the mastermind behind the grisly kidnapping and murder.

    Kendel Felix, who faces 50 years to life in prison if convicted, claims that his cousin planned the robbery that led to Starks death in January 2014, the New York Daily News reported. NYPD Detective Christopher Scarry testified at a pre-trial hearing on Tuesday that Felix likely didn’t plan out the robbery. [more]

  • Current reader favorites:
    1. Cadre hires former Starwood exec Marcos Alvarado
    2. ABC Carpet & Home shopping Flatiron HQ: sources
    3. Sans prenup, Macklowe divorce is likely to get ugly
    4. Inside the Four Seasons restaurant auction: A Manhattan landmark goes under the hammer
    5. Landlord accused of gutting Harlem building while family still lived there

  • MSD Capital pays $63M for stake in Grand Central Terminal

    The stake was held by Lehman Brothers
    July 27, 2016 06:04PM By Kathryn Brenzel
    Grand Central (inset: Michael Dell)

    Grand Central (inset: Michael Dell)

    Michael Dell’s MSD Capital has purchased a stake in Grand Central Terminal for $63 million amid a bitter battle over the station’s air rights. [more]

  • BlackRock narrows HQ search down to three locations

    Asset manager considering 1 WTC, Hudson Yards and Manhattan West
    July 27, 2016 05:40PM
    One World Trade Center and BlackRock's Larry Fink

    One World Trade Center and BlackRock’s Larry Fink

    Asset manager BlackRock narrowed its list of potential new headquarters locations down to three: The Durst Organization’s One World Trade Center, the Related Companies and Oxford Properties Group’s Hudson Yards and Brookfield Property Partners’ Manhattan West.

    The company currently occupies around 700,000 square feet in two buildings – 55 East 52nd Street and Rudin Management Company’s 40 East 52nd Street – where its lease expires in 2023. The Real Deal reported in February that it tapped a JLL team headed by Peter Riguardi to find a new, larger office space.  According to the Wall Street Journal, BlackRock is looking to lease 850,000 square feet at a possible annual rent of around $60 million. [more]

  • Heiberger buys Sitt out of Town Residential stake

    Deal marks the end of a five-year long partnership
    July 27, 2016 05:20PM By Katherine Clarke

    From left: Andrew Heiberger and Joseph Sitt

    A battle that threatened several times to tear apart Town Residential has finally reached a conclusion. [more]

  • Fed opts not to change interest rates

    Banking system says there are now fewer reasons to be worried about the US economy
    July 27, 2016 05:13PM By Business Insider
    Janet Yellen

    Janet Yellen

    There are now fewer reasons to be worried about the U.S. economy, according to the Federal Reserve.

    “Near-term risks to the economic outlook have diminished,” the Fed’s policy statement said on Wednesday.

    As expected, the Federal Open Market Committee left the benchmark fed funds rate unchanged in a 0.25 percent to 0.50 percent range. [more]

  • Queens i-sales market saw fewer dollars, deals in first half of 2016

    Across the board, borough's numbers are down year-over-year
    July 27, 2016 04:50PM By Kyna Doles
    Ariel Property Advisors

    (credit: Ariel Property Advisors)

    The Queens investment sales market saw fewer buyers and dollars in the first half of 2016 year-over-year, according to the latest mid-year report from Ariel Property Advisors. [more]

  • Adams & Co. just signed a tenant at 1115 Broadway — and you won’t believe who it is

    Landlord inks 48K sf lease with clickbait platform at “Halloween Tower”
    July 27, 2016 04:25PM
    James Buslik 1115 Broadway

    From left: James Buslik and 1115 Broadway in Nomad

    Adams & Co. signed another tech tenant at 1115 Broadway, the NoMad office building known as the “Halloween Tower” for its history of being a haunt for costume-making companies.

    Taboola, a clickbait platform that drives traffic to websites, leased 48,010 square on the seventh and eighth floors of the building, the New York Post reported. [more]

  • Hamptons Roundup Georgica Pond Main

    Georgica Pond residents Steven Spielberg and Harry Macklowe

    Demand for luxury properties drops while mid-tier homes make gains

    Hamptons sellers beware. The East End saw its fourth straight double-digit sales drop in the second quarter as year-over-year sales plummeted 21 percent for a total of 561 transactions, according to a Douglas Elliman report. Jonathan Miller, the report’s author, attributed that decline to softening at the top of the market. Miller noted, however, that this slower stretch followed an extraordinary three-year period marked by a growing global appetite for luxury properties. [more]

  • Blackstone shopping 1065 Sixth Avenue

    Bryant Park office tower could fetch $700M: report
    July 27, 2016 03:45PM

    1065 Sixth Avenue in Midtown

    The Blackstone Group is shopping 665,000-square-foot office tower 1065 Sixth Avenue, which sources say could trade for as much as $700 million.

    The 38-story property, built in 1957, is on the same block as 3 Bryant Park, which the fund manager sold to Canadian investment firm Ivanhoe Cambridge for $2.25 billion last year.

    Real Estate Alert first reported the news. HFF has the listing. [more]

  • Rabsky in talks to sign trampoline park at W’burg complex

    Developer planning a second building on 3-acre site for creative office space
    July 27, 2016 03:25PM By Mark Maurer
    101 Varick Avenue

    Sky Zone trampoline park (credit: Sky Zone) and aerial view of 101 Varick Avenue in East Williamsburg

    Sky Zone, a national chain of indoor trampoline parks, is negotiating to bounce into a new space at an East Williamsburg warehouse now owned by Rabsky Group, sources told The Real Deal. [more]

  • Cracking shells: US Treasury widens LLC disclosure law throughout NYC, LA

    Title companies directed to identify all-cash buyers for three months starting Aug. 28
    July 27, 2016 03:00PM By E.B. Solomont

    FinCEN’s Jamal El-Hindi

    In its effort to root out dirty money flowing into luxury real estate, the Treasury Department said it will expand a pilot program requiring title companies to identify the true buyers behind anonymous, all-cash deals.

    In new geographic targeting orders (GTOs), officials will require the disclosure of buyers in all five boroughs of New York City as well as parts of Florida, California and Texas. Previously, officials targeted all-cash deals by shell companies spending more than $3 million in Manhattan and Miami. That order took effect in March. [more]

  • Edward Minskoff is buying the Bluffs at Playa Vista in LA for $425M

    Developer will pay $850 a square foot for creative office property: sources
    July 27, 2016 02:35PM By Hannah Miet and Katherine Clarke
    Edward Minskoff and the Bluffs at Playa Vista

    Edward Minskoff and the Bluffs at Playa Vista

    From the Los Angeles website: The East Coast is leaning in on L.A.’s Silicon Beach.

    Hot on the heels of Boston Properties’ acquisition of the Colorado Center in Santa Monica, New York developer Edward Minskoff is going into contract to buy the Bluffs at Playa Vista creative office campus from JPMorgan for roughly $425 million, The Real Deal has learned. [more]

  • Peter Marino says accuser in lawsuit is homophobic

    Architect lashes out at former office manager
    July 27, 2016 02:00PM
    Peter Marino

    Peter Marino

    “Leather daddy” designer Peter Marino, who is accused of using racial slurs in his office, is now claiming that the office manager suing him is homophobic. [more]