The Real Deal New York

  • Emigrant targeted minorities with predatory mortgages: jury

    Bank marketed subprime loans with rates of up to 18 percent
    June 29, 2016 10:50AM
    Howard Milstein

    Howard Milstein

    The subprime mortgage crisis of 2008 came and went, but Emigrant Savings Bank continued to offer predatory loans to minority homeowners, a Brooklyn jury found Monday.

    Ending a month-long trial, the jury concluded that the New York City-based bank headed by Howard Milstein, discriminated against eight minority homeowners by marketing “highly abusive” loans with interest rates of up to 18 percent, according to the New York Times.

    Homeowners, including a home health aide and Rikers Island employee, filed a lawsuit against Emigrant in 2011, claiming the bank targeted minority borrowers with low credit scores. The bank allegedly offered the minority homeowners offered no-income refinancing loans between 2005 and 2009. [more]

  • Lobbying amnesty for architects, engineers ends Thursday

    Under 2013 law, informal meetings with officials can be deemed lobbying
    June 29, 2016 10:20AM
    Michael De Chiara

    Michael De Chiara

    Under a 2013 law, construction and design professionals who have informal discussions with city officials are required to register as lobbyists. Thanks to a temporary amnesty program, architects can avoid filing fees and fines if they register by June 30. The city wants those who register to disclose meetings, income and clients going back to January 1, 2015.

    “If you have an innovative design but it is not precisely defined by the fire code, for instance, all of the meetings [to discuss it] could be deemed lobbying,” Michael De Chiara, an attorney at Zetlin & De Chiara LLP, told the New York Post. [more]

  • Airbnb in talks to raise funds at $30B valuation

    San Francisco-based company recently secured $1B debt facility
    June 29, 2016 09:52AM

    Airbnb homepage

    Vying for an even larger-slice of the short-term rental market, Airbnb is in talks for a new funding round that would value the startup at $30 billion, according to a new report. [more]

  • Giant National Geographic exhibit setting up shop in Kushner’s Times Square retail condo

    Immersive whale exhibit will claim 59K sf at 229 West 43rd St.
    June 29, 2016 09:31AM
    229 West 43rd Street and Jared Kushner

    229 West 43rd Street and Jared Kushner

    A planned miniature world in Times Square is a getting some very large new neighbors. [more]

  • Inside TheRealDeal
  • City’s HRA inquired about fate of Rivington House a year before $116M sale

    De Blasio has insisted he wasn't aware of the building's fate until March
    June 29, 2016 08:34AM
    From left: Mayor Bill de Blasio, HRA chief Steven Banks and 45 Rivington

    From left: Mayor Bill de Blasio, HRA chief Steven Banks and 45 Rivington

    Mayor Bill de Blasio insists he didn’t know about the controversial deed restriction deal that allowed for the $116 million sale of 45 Rivington Street. But a city agency he has empowered made inquiries about the property more than a year before the sale, according to a new report.  [more]

  • A $16.3 million listing in North Haven being marketed by Bespoke

    A $16.3 million listing in North Haven being marketed by Bespoke

    From the June issue: For many New Yorkers — whether they travel by Jitney or private helicopter — summer in the city would be a foreign concept without weekends in the Hamptons. But like Manhattan, the East End cannot be looked at as one giant real estate market.

    “Our submarkets are so specific, and so individual. There are markets like Westhampton Beach and the North Fork, which are busier than they can possibly be, and yet there are areas like Sagaponack that are sleeping a bit,” said Judi Desiderio, the CEO of East End brokerage Town & Country.

    This month, The Real Deal looked at several key Hamptons towns to see what’s driving sales, which towns have seen big-ticket trades or price chops and where this season’s new hot restaurants and stores are opening. [more]

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    2. Brood brawls: RLTNY NYC co-founder says partner’s hard-partying ways are destroying the brokerage
    3. Extell further delays closing $463M in RXR financing
    4. Anbang to close Waldorf Astoria for three years during $1B condo conversion
    5. Brexit! Everyone panic! (except New York)

  • Eyal Ofer’s Global Holdings to buy 1250 Broadway for $565M

    Jamestown and Murray Hill paid $310M for 721K sf tower in 2008
    June 29, 2016 07:36AM
    From left: 250 Broadway, Global Holdings' Eyal Ofer and Jamestown's Michael Phillips

    From left: 250 Broadway, Global Holdings’ Eyal Ofer and Jamestown’s Michael Phillips

    Eyal Ofer’s Global Holdings is in contract to buy 1250 Broadway, a Koreatown office tower owned by Jamestown and Murray Hill Properties, for $565 million.  [more]

  • Pacific Park’s 550 Vanderbilt hits 50 percent sold mark

    140 condos in contract for blended average of $1,500 psf
    June 29, 2016 07:05AM By E.B. Solomont
    550 Vanderbilt Avenue and Forest City's MaryAnne Gilmartin

    550 Vanderbilt Avenue and Forest City Ratner’s MaryAnne Gilmartin

    Nine months after officially launching sales, Pacific Park Brooklyn’s first condominium building is 50 percent sold, the developer said. [more]

  • VIDEO: New renderings reveal supertall tower at 125 Greenwich

    Images show mixed-use tower rising taller than than 977-foot 4 World Trade
    June 28, 2016 06:00PM By Alistair Gardiner

    125 Greenwich

    New renderings have surfaced for a mixed-use supertall at 125 Greenwich Street, which is being developed by Bizzi & Partners, Howard Lorber’s New Valley and Michael Shvo. Click here for a look at the latest images, which depict a tower that rises taller than the nearby 977-foot 4 World Trade Center.

  • Landmarks designates eight new buildings

    Move is part of commission's effort to clear backlog
    June 28, 2016 05:23PM
    Prince’s Bay Lighthouse on Staten Island (credit: Historic Districts Council via Curbed)

    Prince’s Bay Lighthouse on Staten Island (credit: Historic Districts Council via Curbed)

    The Landmarks Preservation Commission on Tuesday named eight new buildings as landmarks in an effort to clear a backlog of sites awaiting designation. [more]

  • The Real Deal is heading to the Hamptons!

    Special supplement will cover residential, commercial real estate on the East End
    June 28, 2016 04:00PM


    The Real Deal is shipping out to the East End for the second installment of our Hamptons Market Report, which will be included in the July issue of the magazine. [more]

  • Rejoice, Android users: TRD’s mobile app is now available in the Google Play store

    Latest update includes cleaner design and easier navigation
    June 28, 2016 03:10PM
    The Real Deal mobile app is now available on Android devices

    The Real Deal mobile app is now available on Android devices

    The Real Deals new mobile app is now available on all Android devices. Visit the Google Play store to download the latest updates for our new and improved app.

    The latest version  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]

  • RPW looks to sell Garment District office building

    Property could become part of 1031 with purchase of 275 Madison
    June 28, 2016 02:40PM By Mark Maurer

    From left: Robert Weisz, 240 West 35th Street and Richard Baxter

    Mere weeks after entering contract to buy Aby Rosen’s 275 Madison Avenue, RPW Group has placed its sole New York City asset on the market. [more]

  • VIDEO: The seedy history of tenants at Trump’s 40 Wall Street

    Report reveals that the Donald's most valuable real estate asset houses some shady firms
    June 28, 2016 02:11PM By Alistair Gardiner

    40 Wall Street

    Presumptive Republican presidential nominee Donald Trump has referred to the 72-story tower at 40 Wall Street as home to “many of the top-notch businesses in the world.” A recent report by Bloomberg, however, shined a light on the less savory firms that have leased space in the building since he took control in 1995.

    Click here for a closer look at the investigation, and some of 40 Wall Street’s criminal tenants.

  • Airbnb ran listings for more than 8,000 virtual hotel rooms in 2015: report

    Housing advocacy groups argue billion-dollar startup chews up 10 percent of the city’s rental supply
    June 28, 2016 01:57PM
    Inside Airbnb map Map of Airbnb listings (credit: Inside Airbnb)

    Inside Airbnb map
    Map of Airbnb listings (credit: Inside Airbnb)

    More than 8,000 units were listed on Airbnb so long last year their operators could buy mints in bulk, according to a new report by a pair of housing advocacy groups.

    A total of 8,058 “impact listings” were rented out as virtual hotels for short stays for more than a third of the year, according to the report commissioned by MFY Legal Services and Housing Conservation Coordinators.

    The report calculated that if those apartments were on the open market, they would increase the city’s stock of rentals by 10 percent, according to the New York Post. [more]

  • Ashkenazy buys Nylo hotel on UWS for $140M-plus

    291-key building is one of several properties Lehman Bros. was trying to unload
    June 28, 2016 12:40PM By Mark Maurer
    nylo 1

    From left: Ben Ashkenazy and the Nylo New York City Hotel at 2178 Broadway on the Upper West Side

    Ashkenazy Acquisition Corp. picked up the Nylo New York City Hotel on the Upper West Side for north of $140 million, or about $500,000 per key, sources told The Real Deal. [more]

  • Extell sells Midtown garage for $37M

    Barnett-led firm appears to have scrapped development plans
    June 28, 2016 12:15PM By Konrad Putzier
    From left: 10 West 48th Street and Gary Barnett

    From left: 10 West 48th Street and Gary Barnett

    Gary Barnett’s Extell Development sold a Midtown parking garage for $37.2 million, according to property records filed with the city Tuesday[more]

  • OSHA never told city about “impalement hazards” at W’burg yeshiva site: report

    Despite hazards, construction continued on BK project
    June 28, 2016 11:58AM
    638 Bedford in Williamsburg

    638 Bedford in Williamsburg

    Construction of a Brooklyn yeshiva with dozens of hazardous safety violations continued for weeks – thanks to poor communication between federal inspectors and the city’s Department of Buildings.

    Inspectors from the U.S. Labor Department’s Occupational Safety & Health Administration randomly inspected Yeshiva Kehilath Yakov, an under-construction school at 638 Bedford Avenue, on June 3, when they identified 21 violations, DNAinfo reported. [more]

  • JD Carlisle, Fosun’s building on stilts rankles neighbors

    Developers are boosting 15 E. 30th by 155 feet by placing mechanicals at building’s base
    June 28, 2016 10:50AM

    Rendering of proposed condo project at 30th Street and Madison Avenue, highlighted by red arrow (credit: CityRealty)

    JD Carlisle and Shanghai-based Fosun Group are going head to head with the neighbors of their NoMad condominium development, which the developers are building on stilts in order to achieve more sweeping views. [more]

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