The Real Deal New York

  • Port Authority unveils possible designs for bus terminal project

    Pelli Clarke Pelli and four other architects submitted proposals
    September 23, 2016 07:30AM
    One of the proposed designs for the Port Authority's West Side bus terminal (credit: Archilier Architecture)

    One of the proposed designs for the Port Authority Bus Terminal (credit: Archilier Architecture)

    The Port Authority of New York and New Jersey released designs Thursday from the architecture competition for the West Side bus terminal. [more]

  • WATCH: What to expect from Long Island City’s office market

    Tishman Speyer's 1.1 million-square-foot project is just the tip of the iceberg
    September 23, 2016 07:00AM By Alistair Gardiner

    LIC office

    Over the past decade, roughly 11,000 rental and condo units have sprouted up in Long Island City, with another 22,000 apartments on the way. As a result of this residential boom, the demand for office space is on the rise — and developers want in on the action.

    Click here to see what’s in store for the area’s office market.

  • Most popular stories on The Real Deal

    September 23, 2016 06:30AM

    Current reader favorites:
    1. The Bronx feeding frenzy
    2. NYC’s 10 biggest office leases signed in August
    3. Elliman in, Corcoran Sunshine out at Eichner’s 45 East 22nd St.
    4. H3 Hollywood halts construction and sales at 60% presold
    5. NYC’s most expensive listing just got a huge price chop

  • REBNY wants to upsize Midtown East rezoning

    Officials, public sound off on proposal
    September 22, 2016 06:52PM By Kathryn Brenzel
    From left Midtown East rezoning area, Dan Garodnick and John Banks

    From left Midtown East rezoning area, Dan Garodnick and John Banks

    The Real Estate Board of New York has a few issues with the proposal to rezone Midtown East. Namely, the organization thinks the buildings should be bigger, the residential restrictions are unnecessary and the city should take as small a cut as possible from air right sales. [more]

  • Inside TheRealDeal
  • Port Authority approves up to $150M for Moynihan Station

    The agency previously rescinded a 40K sf lease at the transit hall
    September 22, 2016 06:00PM By Chava Gourarie
    Rendering of Moynihan Station

    Rendering of Moynihan Station

    The Port Authority of New York and New Jersey will provide up to $150 million in funds for the development of Moynihan Station, the proposed transit hall at the site of the Farley post office near Penn Station. On Thursday, the bi-state agency’s board approved the capital contribution, which will come from the Port Authority’s capital budget for transportation projects. [more]

  • Ciao! Fendi in talks for new Soho flagship at 99 Greene

    Italian luxury brand has had multiple pop-up shops on the street
    September 22, 2016 05:30PM By Mark Maurer
    93-99 Greene Street, Karl Lagerfeld and Fendi's flagship store at 598 Madison Avenue (credit: Jenel)

    From left: 93-99 Greene Street, Karl Lagerfeld and Fendi’s Midtown store at 598 Madison Avenue (credit: Jenel Management)

    Fendi is negotiating a long-term lease for its new Soho flagship on Greene Street after a period of jumping from pop-up to pop-up, sources told The Real Deal.

    The Karl Lagerfeld-helmed Italian luxury fashion brand would occupy 6,000 square feet at the base of a six-story condominium building 99 Greene Street, between Prince and Spring streets. [more]

  • Is rent on the rise? There’s an interactive map for that

    Interactive identifies 25K buildings where tenants may be displaced or harassed
    September 22, 2016 05:08PM
    The Displacement Alert Project Map (credit: Association for Neighborhood and Housing Development)

    The Displacement Alert Project Map (credit: Association for Neighborhood and Housing Development)

    A once-affordable neighborhood where rents suddenly soar is a familiar story, particularly in New York City.

    A new interactive, called the Displacement Alert Project Map, identifies neighborhoods where affordable housing could be under threat. [more]

  • Celebrity restaurant backers snap up prime LA real estate

    Famous investors debut eateries in their own backyard
    September 22, 2016 04:40PM By C. J. Hughes
    Louis Tikaram, the executive chef of E.P. & L.P., at left, with sous chef Richard Gregory.

    Louis Tikaram, the executive chef of E.P. & L.P., at left, with sous chef Richard Gregory.

    From the Southern California market report:  Los Angeles is serving up a new role for celebrities and their quasi-celebrity counterparts: restaurateur.

    Expanding on a trend sparked by the tremendous success over the years of the Hard Rock Cafe — which counts Tom Cruise and Steven Spielberg among its L.A. outpost investors — actors, producers and musicians are increasingly putting their dough into L.A. eateries. Now these A-listers are helping to drive demand for storefronts from Silver Lake to West Hollywood, real estate experts say. [more]

  • Spotify looking for 350K sf HQ ahead of IPO next year

    $8B startup considering moving Swedish offices to NYC
    September 22, 2016 04:05PM By Rich Bockmann
    From left: Daniel Ek, 620 Sixth Avenue, Kenneth Siegel and Jim Wenk

    From left: Daniel Ek, 620 Sixth Avenue, Kenneth Siegel and Jim Wenk

    This playlist is on shuffle. Spotify will soon be looking for New York City digs as large as 350,000 square feet.

    The Swedish-based music-streaming app, which currently has an office in Chelsea at RXR Realty’s 620 Sixth Avenue, hired brokers at JLL to start the search for a new headquarters, sources told The Real Deal. [more]

  • Hawaiian poke spot Sweetcatch in at ESRT’s 501 Seventh

    Eatery inked 2K sf lease at Times Square South building
    September 22, 2016 03:41PM By Katherine Clarke
    501 Seventh Avenue anda rendering of Sweetcatch Poke’s planned flagship on 37th Street

    501 Seventh Avenue and a rendering of Sweetcatch’s flagship on 37th Street (credit: Sweetcatch)

    Empire State Realty Trust inked a deal with Hawaiian eatery Sweetcatch Poke Bar at 501 Seventh Avenue, according to a spokesperson for the real estate investment trust.

    Sweetcatch has inked a 10-year lease for approximately 2,000 square feet at the Times Square South building. Asking rents for the space were around $85 per square foot. [more]

  • Westfield sues yet another WTC mall tenant for not moving in

    Landlord demands $2.5M from boutique eyeshop Edward Beiner
    September 22, 2016 03:00PM By Chava Gourarie

    Westfield’s shopping complex at the World Trade Center

    Westfield is suing a fifth retail tenant for not taking space at the shopping complex at the World Trade Center. The Australian real estate firm claims Edward Beiner owes $2.5 million for “defaulting” on its seven-year lease.

    The luxury Miami-based eyewear retailer informed Westfield in June that it would not be taking possession of the 658-square-foot space it had leased. The retailer said it would not be ready in time for the August opening date due to delays on Westfield’s part and other construction issues, according to court documents filed in New York State Supreme Court Wednesday.

    Westfield declined to comment on the litigation. Neither Edward Beiner nor its counsel were immediately available for comment. [more]

  • Abby Leigh’s UES townhouse under contract at steep discount

    Home first listed for $38M was last priced at $26.5M
    September 22, 2016 02:30PM By Katherine Clarke
    49 East 68th Street in Lenox Hill

    49 East 68th Street in Lenox Hill

    An Upper East Side townhouse once home to the late composer Mitch Leigh and his wife, visual artist Abby Leigh, has gone into contract after 18 months on the market. It was last priced at $26.5 million, down from $38 million in 2015. [more]

  • Andrew Ross Sorkin buys UWS co-op for $4.3M

    "Too Big to Fail" author and "Billions" co-creator bunkers down at 161 W. 86th St.
    September 22, 2016 02:02PM By Hiten Samtani

    From left: Bobby Axelrod, 1610 Meadow Lane in Southampton (credit: Showtime), 161 West 86th Street on the Upper West Side and Andrew Ross Sorkin

    It’s not quite Bobby Axelrod’s spread in “Billions,” but it’ll have to do.

    Andrew Ross Sorkin, co-creator of the hit Showtime series and author of “Too Big to Fail,” plunked down $4.25 million for a co-op on the Upper West Side, property records filed with the city Thursday show. [more]

  • Heritage Realty to face suit over alleged rent overcharges

    Tenants claim Hudson Heights building has lost 40% of its rent-stabilized units in a decade
    September 22, 2016 01:45PM
    854 West 180th Street in Hudson Heights

    854 West 180th Street in Hudson Heights

    UPDATED, 2:48 p.m., Sept. 22: A group of tenants is planning to sue the landlord, Heritage Realty, at their Hudson Heights building for overcharging on rent and deregulating apartments.

    Twelve tenants are seeking to recover rent overcharges from the owner of a six-story, 49-unit rental building at 854 West 180th Street. The lawsuit is expected to be filed Thursday in New York State Supreme Court.

    The tenants first became concerned when they noticed a large number of the building’s rent-stabilized apartments had been deregulated, DNAinfo reported. Many new tenants have also been asked to sign waivers acknowledging protections under rent-stabilized law does not apply to them. [more]

  • North 6th in W’burg sees biggest jump in retail rents: REBNY

    Bedford is still king with asks of $373 psf
    September 22, 2016 01:15PM

    61-69 North 6th Street (credit: Google Maps) and John Banks

    New retail spaces in under-construction buildings on Williamsburg’s North 6th Street are sending asking rents soaring. [more]

  • Large LIC warehouse hits market for first time in 40 years

    Matsil Bros. continued to own 256K sf building after clothing business shuttered in 1980s
    September 22, 2016 12:49PM By Mark Maurer
    48-49 35th Street in Long Island City

    48-49 35th Street in Long Island City

    A former Queens-based clothing manufacturer is putting a 256,000-square-foot Long Island City warehouse it used to occupy on the market for the first time in nearly 40 years, sources told The Real Deal.

    The three-story property at 48-49 35th Street is owned by Matsil Bros. It largely serves as a distribution facility to several office and manufacturing tenants. The largest tenant is AirSea Packing, an international shipping company which occupies about 100,000 square feet. [more]

  • Elliman in, Corcoran Sunshine out at Eichner’s 45 East 22nd St.

    Sales have slowed dramatically at building over past year
    September 22, 2016 12:21PM By Katherine Clarke
    Bruce Eichner, 45 East 22nd Street and Fredrik Eklund

    Bruce Eichner, 45 East 22nd Street and Fredrik Eklund

    If Heidi Klum were in the industry, she might say: “In new development, one day you’re in, and the next, you’re out.”

    In a bid to spur sales at his Flatiron condominium project at 45 East 22nd Street, Ian Bruce Eichner is replacing Corcoran Sunshine with Douglas Elliman Development Marketing, The Real Deal has learned. [more]

  • Chain stores are the best kind of tenants — for lenders

    Landlords benefit from higher property values, credit ratings with national retailers
    September 22, 2016 11:52AM
    Vacant lot in Soho and Starbucks on 96th Street

    Vacant lot in Soho and Starbucks on 96th Street

    Starbucks is the harbinger of gentrification, and once the Whole Foods appears, gentrification is a foregone fact. [more]

  • The secret to Jehovah’s Witnesses’ RE success? Maintenance and patience

    Religious organization moved to Warwick after having made $1.3B on over 20 buildings
    September 22, 2016 10:50AM
    Jehovah's Witnesses Brooklyn

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

    The Jehovah’s Witnesses are packing their bibles and are in the process of leaving Brooklyn for upstate New York.

    The religious group been criticized for not allocating any profits toward community uses and for benefiting from upzonings designed to help nonprofits, but many real estate players credit them as being a positive force in Brooklyn over the last 107 years. [more]

  • Norway’s biggest bank leaves MetLife for 30 Hudson Yards

    DBN ASA inks deal for 44K sf on tower’s 68th floor
    September 22, 2016 10:29AM
    The MetLife Building, L. Jay Cross and 30 Hudson Yards

    The MetLife Building, L. Jay Cross and 30 Hudson Yards

    Norway’s largest bank is moving from Midtown to the Related Companies’ 30 Hudson Yards, where the lender has signed a lease for 44,000 square feet on one of the building’s tower floors. [more]