The Real Deal New York

  • Brooklyn North Capital plans new Red Lion hotel in LIC

    Property records indicate the hotel will have 198 rooms
    April 27, 2016 01:10PM By Kathryn Brenzel
    LIC hotel

    38-15 9th Street in Long Island City (inset: Guy Hochman, founder of BNC, and Greg Mont, CEO of Red Lion)

    The city-wide hotel boom is at the tail end of the cycle, but developers continue to push projects in Queens. According to records filed with the city today, real estate investment firm Brooklyn North Capital plans to build a new Red Lion hotel in Long Island City. [more]

  • Broker claims meat purveyors cut her out of prime $31M West Village sale

    Lawsuit alleges Gia Wang found buyer but didn't get commission
    April 27, 2016 12:55PM By Kathryn Brenzel
    From left: 601 Washington Street in the West Village and a pile of money (credit: Wikimedia Commons)

    From left: 601 Washington Street in the West Village and a pile of money being butchered (credit: Wikimedia Commons)

    New York City brokers often must fight tooth and nail for a sale, but one agent claims her meat purveying clients quietly cut her out of the $31 million of their West Village warehouse. [more]

  • Tishman seeks tax incentives for $700M LIC office project

    Developer looking for $65M worth of benefits for 1.1M sf development
    April 27, 2016 12:00PM
    Tishman Speyer 28-10 Jackson Avenue

    A rendering of 28-10 Jackson Avenue and Rob Speyer

    Tishman Speyer is pursuing $65 million worth of tax benefits for its 1.1 million-square-foot office development in Long Island City, which will cost more than $700 million.

    The developer applied for $56.6 million worth of benefits under the city’s Industrial and Commercial Abatement Program, which exempts commercial projects in certain parts of the city from increased taxes resulting from renovating or building new projects, the Commercial Observer reported. [more]

  • Here’s why NYC’s housing price growth is falling behind the West Coast

    Blame the job market (and the cycle)
    April 27, 2016 11:41AM By Konrad Putzier


    UPDATED: April 27, 2:16 p.m.: Housing in the U.S. has become a two-speed market – and New York is stuck in the slow lane.

    The S&P/Case-Shiller Home Price Index for New York City grew a mere 2.2 percent year-over-year in February. But it’s not just the Big Apple that saw its prices plateau: Boston’s index grew by a modest 3.7 percent, Chicago’s by 1.8 percent and Washington D.C.’s by a mere 1.4 percent. [more]

  • Inside TheRealDeal
  • Robert Durst sentenced in Louisiana gun possession case

    Real estate heir is also charged with murder in California
    April 27, 2016 11:00AM
    Robert Durst

    Robert Durst

    A Louisiana judge approved Robert Durst’s plea agreement on gun charges in the state Wednesday, paving the way for him to proceed to Los Angeles to face arraignment for murder.

    Judge Kurt Engelhardt sentenced the Durst family scion to seven years and one month in prison, plus three years of supervised release.

    The maximum sentence on the charge – Durst, then a felony convict, was caught with a .38-caliber revolver – was 10 years in prison and a $250,000 fine, the Associated Press reported. [more]

  • The Saudis in the shadows: A look at the Olayan Group, the soon-to-be owners of the Sony Building

    Global firm is a quiet force in New York's property market
    April 27, 2016 10:31AM By Hiten Samtani

    From left: Suliman Olayan, the Sony Building and Hutham Olayan

    It’s a classic rags-to-riches story. An orphan from a small town mortgages his house to buy a handful of trucks, which allow him to pull off his first major deal. He hustles hard, becomes the go-to guy for the world’s biggest conglomerates, and in time, comes to build one himself.

    What makes the tale of Suliman Olayan remarkable is that it begins in Saudi Arabia, where wealth is a function of royal family connections — and Suliman had none. Today, the company he founded, the Olayan Group, is a blue-chip investor with significant stakes in firms such as Credit Suisse, the U.K.’s National Grid and Coca-Cola. It is also a major player in real estate, with a stake in the Related Companies, a seat on the board of Blackstone Group’s real estate funds and a property portfolio spanning Europe and the U.S. Come May, it will own a new trophy: the Sony Building at 550 Madison Avenue.

    Why then, does nearly no one in the industry know its name? [more]

  • Outer-borough bonanza: Bronx and Staten Island home sales spike 35%

    Manhattan sales slip 2%, Brooklyn sales drop 4%, according to REBNY
    April 27, 2016 09:48AM

    35 Cannon Avenue in Staten Island and 335 East 239th Street in the Bronx

    Stung by high prices in Manhattan and Brooklyn, buyers are flocking to the Bronx and Staten Island – resulting in a 35 percent spike in sales activity in those boroughs during the first quarter, according to a new report. [more]

  • De Blasio’s law firm also represents controversial UWS developer he backed

    Kramer Levin is working on both the mayor’s corruption probe and Jewish Home Lifecare’s nursing home project
    April 27, 2016 09:26AM
    A rendering of nursing home on West 97th Street on the Upper West Side (credit: Jewish Home Lifecare) (inset: Barry Berke and Bill de Blasio)

    A rendering of nursing home on West 97th Street on the Upper West Side (credit: Jewish Home Lifecare) (inset: Barry Berke and Bill de Blasio)

    The law firm aiding Mayor Bill de Blasio in his fight against a federal campaign finance investigation is also working with Jewish Home Lifecare, the developer of a controversial 20-story nursing home on the Upper West Side, which de Blasio has supported. [more]

  • D.E. Shaw renews 195K sf lease at Minskoff’s 1166 Sixth

    Asking rents there range from the high-$70s to the mid-$80s psf
    April 27, 2016 08:39AM
    From left: Edward Minskoff, 1166 Sixth Avenue in Midtown and David Shaw

    From left: Edward Minskoff, 1166 Sixth Avenue in Midtown and David Shaw

    Global investment firm D.E. Shaw Group will stay in its four-floor Sixth Avenue space. [more]

  • The judges who rule over real estate: Judge Shirley Kornreich

    Part III in TRD's overview of the New York property law bench
    April 27, 2016 08:05AM By Will Parker
    Judge Shirley Kornreich

    Judge Shirley Kornreich (Illustration by Dominic Bugatto)

    From the April issue: This month, The Real Deal profiled six of the nine judges on the Supreme Court’s Commercial Division bench — focusing on those who have overseen some of the city’s biggest real estate cases in the last few years. [more]

  • The Port Authority is sitting on all this prime real estate — but what can it really do with it?

    WTC sale unlikely, but Red Hook site is ripe for disposition: sources
    April 27, 2016 07:39AM By Rich Bockmann
    1 World Trade Center and the Port Authority bus terminal

    1 World Trade Center and the Port Authority bus terminal

    When the chairman of the Port Authority of New York and New Jersey said last month that the agency should sell off its non-core real estate assets to fund projects such as the $20 billion Gateway Tunnel and a new $10 billion Midtown bus terminal, he once again stirred up the idea that some prime real estate – maybe even including the World Trade Center – could hit the market. [more]

  • Most popular stories on The Real Deal

    April 27, 2016 06:40AM

    Current reader favorites:
    1. Chetrit to sell Sony Building to Olayan Group, abandoning condo plans
    2. The little-known CMBS bill that could have a major impact on NYC real estate
    3. Brooklyn-Queens streetcar could raise values of adjacent properties by 3.5%: study
    4. Department stores must close 800 mall locations: Green Street
    5. Here’s what the economist who decoded financial crashes had to say about Trump’s real estate skills

  • Supply glut forces UDR to revise NYC growth expectations

    Denver-based resi REIT "beginning to feel the impact" of new Manhattan units
    April 26, 2016 06:25PM By Rey Mashayekhi
    808 Columbus Avenue UDR

    808 Columbus Avenue on the Upper West Side (inset: Jerry Davis)

    Real estate investment trust UDR is starting to feel the supply squeeze in the Manhattan residential market. On a first-quarter earnings call Tuesday, COO Jerry Davis noted that an expected influx of new apartments through 2017 forced the company to revise revenue growth projections. [more]

  • Left behind: 5 NYC condo projects that were thrown overboard

    Joe Chetrit joins Ross, Milstein, Leviev & others in abandoning major condominium plans
    April 26, 2016 05:50PM By Ariel Stulberg and Will Parker
    Abandoned Plans

    From left: Joe Chetrit, Lev Leviev and the condo plans they left behind

    The best-laid schemes of mice and developers oft go awry.

    Yesterday, The Real Deal exclusively reported the Chetrit Group sold the Sony Building – the site of a planned ultra-luxury condominium – for more than $1.4 billion. The company’s boss, Joseph Chetrit, had proposed a 96-unit office-to-condo conversion, topped with a penthouse that would list for as much as $150 million. The new owners, Saudi-based Olayan Group, are expected to scrap that plan entirely and maintain the tower as offices.

    The news followed months of reporting on softening in the city’s ultra-luxury condo market, due in part to an overabundance of supply on “Billionaires’ Row” in Manhattan.

    TRD decided to fire up the office time machine and look back at five major Manhattan condo projects that developers ultimately abandoned. [more]

  • New 500K sf block at Industry City to serve TAMI tenants

    Seven floors at office megacomplex's Building 19 located below Brooklyn Nets practice facility
    April 26, 2016 05:32PM
    Building 19 Industry City

    Rendering of Building 19 at Industry City (inset: Andrew Kimball)

    The developers behind the Industry City office megaproject in Sunset Park are transforming one building at the complex into a 500,000-square-foot space devoted to technology, media and creative sector tenants. [more]

  • Versace-TRD

    Versace’s grand bathroom at 5 East 64th Street

    From Luxury Listings NYC: From the outside, 5 East 64th Street may look like an elegant, classic Upper East Side townhouse. But inside, it offers wild and opulent interiors befitting its former owner, fashion designer Gianni Versace. Swedish hedge fund manager, Thomas Sandell, purchased the home in 2005 for $30 million, and now he’s just listed it on the rental market for an incredible $120,000-a-month, available in August. [more]

  • Faith Hope Consolo to make off-Broadway debut

    The Douglas Elliman broker set to star in “My Big Gay Italian Midlife Crisis”
    April 26, 2016 04:53PM By Katherine Clarke
    Faith Hope Consolo of Douglas Elliman at the Las Vegas Convention Center

    Faith Hope Consolo of Douglas Elliman

    From the April issue: Faith Hope Consolo, the outspoken retail maven, has always been viewed as a bit of a drama queen.

    Now, the 66-year-old Douglas Elliman broker, who’s represented the likes of Cartier and Fendi, is taking her personal brand of theatrics to a real stage. She will appear for one night only as “Luscious Lucille” in the off-Broadway show “My Big Gay Italian Midlife Crisis” on April 28. [more]

  • Spinola took home nearly $1M during last full year leading REBNY

    Lobbying group charged $1M “consulting fee” to pro-biz affiliate: tax filings
    April 26, 2016 04:20PM By Rich Bockmann
    Steven Spinola REBNY

    Former REBNY president Steven Spinola

    Former Real Estate Board of New York President Steven Spinola took home nearly a million dollars during his last full year at the helm of the trade group, tax filings show.

    Spinola, who stepped down last year after a nearly three-decade tenure, earned a total compensation of $956,781 in 2014, according REBNY’s most recently available tax forms.

    That includes a base salary of nearly $752,000 and a bonus of about $113,000, plus other benefits. His 2014 compensation package was 11.5 percent greater than the previous year’s, and likely the most he ever received as head of REBNY. [more]

  • Hedge funder Edmond Safra pays $20M for landmarked UES townhouse

    Late billionaire's likenamed nephew buys Ogden Codman Jr. House
    April 26, 2016 03:55PM By Rey Mashayekhi
    Ogden Codman House

    7 East 96th Street on the Upper East Side (credit: Beyond My Ken via Wikipedia)

    UPDATED, 7:55 p.m., April 26: Hedge funder Edmond Safra is the new owner of the Ogden Codman Jr. House on the Upper East Side, having acquired the mansion for $20 million from Manhattan Country School, according to property records filed with the city Tuesday.

    Safra — who runs Midtown-based hedge fund EMS Capital and shares the name of his late uncle, the Brazilian banker Edmond Safra – closed on the purchase of the 17,000-square-foot property at 7 East 96th Street on April 7.

    The landmarked, five-story townhouse, located between Fifth and Madison avenues, features eight bedrooms and seven bathrooms and nearly 3,200 square feet of outdoor space, according to a Sotheby’s International Realty listing. [more]

  • Corcoran’s Andrea Lucas ping pongs back to Elliman

    Sources say agent will market 215 Chrystie Street for DE
    April 26, 2016 03:27PM By E.B. Solomont
    From left: Dottie Herman, Andrea Lucas and Pam Liebman

    From left: Dottie Herman, Andrea Lucas and Pam Liebman

    Corcoran Group’s Andrea Wohl Lucas – who had a cameo at Douglas Elliman last year but ultimately returned to Corcoran – has apparently had a change of heart. Again. [more]