The Real Deal New York

  • WeWork now valued at $5B

    Shared office space provider raised $355 million from multiple investors in latest funding round
    December 16, 2014 09:15AM
    From left: Miguel McKelvey and Adam Neumann

    From left: Miguel McKelvey and Adam Neumann

    WeWork, the four-year-old shared office and coworking space provider, is now valued at $5 billion, after securing $355 million in its latest funding round. The valuation puts the company in the same league as one of Silicon Valley’s greatest successes, Pinterest, and values it at $1.5 billion more than Trulia. [more]

  • Clockwise from top left: Nicole Oge, Robert Gladstone, Dottie Herman, a spy cam, Neil Binder, Joseph Sitt and Andrew Heiberger

    Clockwise from top left: Nicole Oge, Robert Gladstone, Dottie Herman, a spy cam, Neil Binder, Joseph Sitt and Andrew Heiberger

    The old industry mantra “location, location, location” should come affixed with a corollary: “lawsuit, lawsuit, lawsuit.” From Jack Sitt going toe-to-toe with his brethren, to a battle for control of Town Residential, to a disturbing case of a landlord allegedly spying on a young female resident, the real estate industry saw it all this year. The Real Deal was there every step of the way, and we’ve rounded up some of the year’s most high-profile cases. Read about these suits and more after the jump.

  • Stone Street sells its last five NYC properties for $61M

    Soho deal follows $132M trade to Jared Kushner last week
    December 16, 2014 08:00AM By Claire Moses
    Clockwise from left: 268 Elizabeth Street, Steven Vegh and Robert Morgenstern

    Clockwise from left: 268 Elizabeth Street, Steven Vegh and Robert Morgenstern

    Stone Street Properties sold its last five New York City holdings — five connected buildings on Soho’s Elizabeth Street — to an unidentified buyer for $61 million, The Real Deal has learned. [more]

  • Most popular stories on The Real Deal

    December 16, 2014 07:27AM

    Current reader favorites:
    1. Rat plague worsens at 1 WTC
    2. Inside a secretive billionaire’s Manhattan penthouse
    3. Developers and retailers flocking to Harlem’s 125th Street
    4. NYC’s 5 most unusual buildings
    5. Ryan Serhant snags boutique EV project from Urban Compass

  • Inside TheRealDeal
  • Youngwoo reveals plans for Bronx Post Office space

    Landmarked building could transform into mixed-use space with rooftop restaurant
    December 15, 2014 06:40PM
    bronx-post-office

    Young Woo and 558 Grand Concourse in the Bronx

    Youngwoo & Associates has filed permits to convert the recently purchased Bronx General Post Office to a mixed-use building, including space for retail, dining and offices. [more]

  • Rendering of the South Street Seaport

    Rendering of the South Street Seaport

    More details available on South Street Seaport redevelopment. The 10 worst landlords of New York. Citi Habitats moves into 130 East 59th Street. Read these stories and more after the jump.

  • Like The Real Deal on Facebook

    Join a community of 46,000+ fans
    December 15, 2014 05:40PM

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    Like what TRD has to say? Want to share our stuff with your inner circle? Then like The Real Deal magazine’s Facebook page for an hourly dose of the city’s most exciting real estate headlines, links to quirkier pieces and lively conversation about important properties in New York and around the world. [TRD's Facebook Page]

  • JoeTahl

    Joseph Tahl

    From the December issue: In this month’s Meet the Landlord feature, The Real Deal sat down with Joseph Tahl, president and co-founder of Tahl Propp Equities. The 52-year-old Harlem resident talked about affordable housing, Mayor Bill de Blasio and his future plans. His firm owns, manages and is developing a total of 3,200 units in East and West Harlem. 

    “As we’ve been in Harlem for many years now and have been very supportive of community, tenant and housing organizations, we realized that affordable housing is not only what New York City needs, but what Harlem needs,” Tahl said. [more]

  • TF Cornerstone gets $250M financing for DoBro resi development

    Project at 33 Bond Street to contain 714 units, 20 percent of them affordable
    December 15, 2014 04:25PM By Tess Hofmann
    33-bond

    From left: 33 Bond Street in Downtown Brooklyn and Thomas and Fred Elghanayan

    Thomas and Fred Elghanayan’s TF Cornerstone secured a $250 million mortgage from the New York State Housing Finance Agency for its planned 714-unit residential building at 33 Bond Street, according to property records filed with the city today. [more]

  • Tenants’ “free” legal reps could cost NYC up to $256M

    Cost of proposed housing court program might be twice what City Council estimates: report
    December 15, 2014 04:04PM
    ibo

    Mark Levine and IBO’s Ronnie Lowenstein (credit: Jeffrey Holmes)

    The city could rack up an annual bill of up to $256 million to provide free legal representation to low-income tenants in Housing Court – more than double the amount estimated by City Council, according to a new report from the Independent Budget Office.

    A group of more than 30 lawmakers signed onto a bill that would assign a lawyer to some renters facing eviction. [more]

  • Touro College may take nearly 300K sf at Chetrit’s 500 Seventh

    Jewish-sponsored school signs for 57K sf, in talks for massive expansion
    December 15, 2014 03:20PM By Mark Maurer
    500-seventh

    From left: Joseph Chetrit, 500 Seventh Avenue in Garment District and Touro’s Alan Kadish

    Touro College has signed a lease for a two-floor, 57,000-square-foot space at the Chetrit Group’s 17-story Garment District office building at 500 Seventh Avenue, and is in advanced talks for an extra 230,000 square feet, The Real Deal has learned. [more]

  • Long-languishing Blue Moon Hotel ups ask — this time to $21M

    Property first listed in 2005 has seen a slew of price chops and spikes over the years
    December 15, 2014 02:45PM
    blue-moon-hotel-nyc

    Blue Moon Hotel, Lower East Side

    UPDATED, 3:44 p.m., Dec. 16: After nearly a decade on and off the market, the Blue Moon Hotel at 100 Orchard Street is once again up for sale. [more]

  • Ryan Serhant snags boutique EV project from Urban Compass

    MDLNY star will re-launch 277 East 7th St. in January
    December 15, 2014 02:00PM By Tess Hofmann
    serhant-1

    Ryan Serhant and 277 East 7th Street in East Village

    Ryan Serhant, a Nest Seekers International broker and star of “Million Dollar Listing New York,” is taking over sales at 277 East 7th Street, a six-unit condo building that has been on the market for approximately two months with no units sold. [more]

  • NYC multifamily sales surpass $1B for second-straight month

    Putnam Portfolio among big October trades amid drop in number of deals
    December 15, 2014 01:40PM By Mark Maurer
    oct-2014

    Ariel Property Advisors multifamily report in October

    New York City multifamily sales went over the $1 billion mark in October for the second-straight month. [more]

  • Toby Moskovits lands loan for spec Brooklyn office building

    Office development first to be constructed in borough without a tenant in hand since 1920s
    December 15, 2014 12:57PM
    Clockwise from left: 25 Kent Avenue in Brooklyn, Toby Moskovits and Josh Zegen

    Clockwise from left: 25 Kent Avenue in Brooklyn, Toby Moskovits and Josh Zegen

    Toby Moskovits’ Heritage Equity Partners lined up a $70 million loan to finance construction of a boutique office building in Brooklyn — the borough’s first speculative office building since the 1920s. [more]

  • What’s hot on TRD Social right now

    The most buzzworthy posts on The Real Deal's Facebook page
    December 15, 2014 12:33PM

    1. Inside a secretive billionaire’s Manhattan penthouse
    2. Cooper Hewitt reopens after $91M renovation
    3. Why the world’s royals are flocking to NYC

    Like The Real Deal on Facebook for breaking industry stories, links to quirkier pieces and lively conversation about important properties in New York and around the world. [TRD's Facebook Page]

  • Euro Properties makes NYC debut with $210M tower on 59th St.

    Asian investment firm paid $49M last year for site
    December 15, 2014 12:07PM By E.B. Solomont
    From left: Neo Yau Que, 118 East 59th Street and a floor plan of the penthouse

    From left: Neo Yau Que, 118 East 59th Street and a floor plan of the penthouse

    Asian investment firm Euro Properties wants to top off its luxury mixed-use tower on East 59th Street with a $30 million penthouse. The 38-story tower at 118 East 59th Street will have 29 full-floor residences starting on the eighth floor, according to a condo offering plan filed with the Attorney General’s office. The total offering is for $210.6 million. [more]

  • Tal Kerret named president of Silverstein Properties

    Larry Silverstein's son-in-law was most recently firm's chief investment officer
    December 15, 2014 11:30AM
    From left: Larry Silverstein and Tal Kerret

    From left: Larry Silverstein and Tal Kerret

    Larry Silverstein named Tal Kerret the new president of Silverstein Properties, the developer said in a statement today. Kerret joined the company in 2011 as an executive vice president and has served as the firm’s chief investment officer since January 2013.

    Kerret will be responsible for managing the company’s portfolio, devising new growth strategies and acting as a liaison to investors, according to the developer. [more]

  • Amid scandal, Schorsch steps down as CEO of American Realty Capital

    Accounting troubles at firm lead to management shake-up
    December 15, 2014 11:00AM By Hiten Samtani
    Nicholas Schorsch

    Nicholas Schorsch

    Nicholas Schorsch, whose spectacular Manhattan real estate acquisition spree came to an abrupt halt in October after an accounting scandal, has resigned as executive chairman of American Realty Capital Properties, the firm announced today.

    ARCP’s chief executive David Kay also resigned, along with Lisa Benson, the firm’s president and chief operating officer. [more]

  • Acro-rate-o-phobia is pushing buyers into the market

    Some worry they will be priced out of purchases once rates start to rise;
    savvy sellers also looking to pounce while rates remain low
    December 15, 2014 10:40AM By E.B. Solomont
    Corlie Ohl

    Corlie Ohl

    From the December issue: A fear of rising interest rates in the months ahead is prompting some homebuyers to jump into the sales market — putting pressure on brokers to turn deals around quickly while low rates are locked in.

    Although it’s anyone’s guess when — and if — rates will increase (see story on page 50), many buyers don’t want to chance it, agents said. [more] 

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