The Real Deal New York

  • Selldorf tapped to design Frick Collection renovation

    Architect says her design will not alter the museum's garden
    October 21, 2016 08:35AM
    Annabelle Selldorf (credit: Selldorf Architects)

    Annabelle Selldorf (credit: Selldorf Architects)

    More than a year after plans for a six-story addition to the museum were scrapped, the Frick Collection board has selected Annabelle Selldorf’s architecture firm to renovate the building. [more]

  • SoFla brokers analyze the future of Miami’s resi market: TRD panel

    Firms are focusing on domestic buyers as South Amercians play a waiting game
    October 21, 2016 08:00AM By Francisco Alvarado
    Moderator Ina Cordle, Mark Zilbert, Craig Studnicky, Mayi de la Vega, Andres Asion and Jay Parker

    Moderator Ina Cordle, Mark Zilbert, Craig Studnicky, Mayi de la Vega, Andres Asion and Jay Parker

    From the South Florida website: A panel of prominent real estate brokers tamped down concern about the depth of the slowdown in Miami’s residential market and keyed in on their current strategies, offering hope for realtors.

    “With the exception of high-end condos, Miami is on fire,” said Craig Studnicky, co-founder and principal of ISG. “Don’t turn your back on Miami. She won’t let you down. She always comes back.” [more]

  • City admits mismanagement, cost overruns of “Build it Back” program

    Sandy recovery effort is $500M over budget
    October 21, 2016 07:30AM
    Mayor Bill de Blasio and a destroyed Rockaway home

    Mayor Bill de Blasio and a destroyed Rockaway home

    The Superstorm Sandy recovery program to rebuild homes destroyed in the superstorm is a half-a-billion dollars over budget, and has helped fewer than a third of the homes initially in the program.

    The federal program, known as “Build it Back,” was the topic of a City Council hearing Thursday where city officials acknowledged that they had mishandled the recovery effort. The de Blasio administration hid massive cost overruns from city lawmakers, and won’t meet the December deadline to repair homes, the officials testified, according to the Wall Street Journal. [more]

  • Sentinel to sell Washington Heights portfolio for $102M

    The five elevator buildings offer 289 units and 199K sf in air rights
    October 21, 2016 07:00AM By Mark Maurer

    838 and 884 Riverside Drive in Washington Heights (inset: Sentinel Real Estate Corporation chair John Streicker)

    A group of real estate investors led by Joshua Sternhell and Mike Spira is in contract to pick up five Washington Heights rental buildings known as the Fort Riverside portfolio from Sentinel Real Estate Corporation for $101.5 million, or about $300 per square foot, sources told The Real Deal. [more]

  • Inside TheRealDeal
  • Most popular stories on The Real Deal

    October 21, 2016 06:30AM

    Current reader favorites:
    1. SL Green sells 49% stake in Stonehenge 57 to BlackRock
    2. United American Land buys Soho site for $28M
    3. NYC’s 10 biggest office leases signed in September
    4. Savanna nears deal to buy Falchi Building for $255M
    5. Qatar’s new NYC strategy

  • South Florida developers cautious but confident on condo market: TRD panel

    Shahab Karmely: "Real estate doesn't die, it sleeps."
    October 20, 2016 06:00PM By Katherine Kallergis

    Inigo Ardid,

    From the South Florida website: Some of Miami’s biggest developers boasted about the success of their condo projects, but cautioned brokers – and buyers – of the potential risks of projects that have not yet launched or started construction at The Real Deal’s Third Annual South Florida Showcase & Forum on Thursday.

    “We’re not looking to start anything new today,” Gil Dezer, president of Dezer Development, said on the developers’ outlook panel titled “The prognosis for new construction amid global market uncertainty.” [more]

  • Growth in NYC office supply is “a good thing”: Marc Holliday

    SL Green CEO dismisses glut fears
    October 20, 2016 05:30PM By Konrad Putzier
    Marc Holliday and One Vanderbilt

    Marc Holliday and One Vanderbilt

    With millions of square feet in new office space being built at Hudson Yards and the World Trade Center complex, some market observers are warning of a supply glut. But Manhattan’s largest office landlord, SL Green Realty, is having none of that.

    “The addition of new supply to Manhattan is a good thing,” the company’s CEO Marc Holliday said during an earnings call Thursday. He argued that office construction is a reflection of growing demand, rather than a precursor of falling rents. [more]

  • Tighe, Gilmartin talk success in “shark tank,” “testosterone”-dominated NYC CRE

    The powerful pair spoke at a convention for women in CRE
    October 20, 2016 05:02PM By Kathryn Brenzel
    Maryanne Gilmartin, Mary Anne Tighe and Ric Campo, of Camden Property Trust, who was also a panelist

    MaryAnne Gilmartin, Mary Ann Tighe and Ric Campo, of Camden Property Trust, who was also a panelist

    Tucked away in an album at Mary Ann Tighe’s Southampton house is a 19-year-old paper napkin.

    The napkin is from a lunch she had with her former boss in January 1997, when she asked what it would take to become vice chair of her then-company, Insignia ESG. According to Tighe, her boss took out a pen and drew on a napkin to demonstrate to her — in a fashion resembling how a football coach draws out the next play — the hierarchy of the company. [more]

  • Jason Halpern’s JMH plans 289-key LIC hotel

    Five-story property on Steinway Street would hold 18K sf commercial component
    October 20, 2016 04:37PM By Chava Gourarie
    36-20 Steinway (inset: Jason Halpern)

    36-20 Steinway (inset: Jason Halpern)

    Jason Halpern’s JMH Development filed plans for a 289-key hotel in Long Island City, according to a permit application filed with the city’s Department of Buildings on Thursday. [more]

  • City plans to extend the South Village Historic District

    Landmarks hearing slated for next month
    October 20, 2016 04:08PM
    rendering of st. john’s terminal

    Rendering of St. John’s Terminal

    The Landmarks Preservation Commission intends to introduce next month a new extension for the South Village Historic District, appeasing preservationists and possibly paving the way for a planned mixed-use complex nearby at 550 Washington Street. [more]

  • Architecture review: The Shed’s faux-humble facade fails to elevate culture

    Blue collar affectation in a billionaire’s realm
    October 20, 2016 03:31PM By James Gardner
    A rendering of the Shed

    A rendering of the Shed

    From the October issue: Our cultural centers, which began as palaces, have been reduced to sheds. Specifically, the Shed, an artistic zone now rising in Hudson Yards, near the northern edge of the High Line park at West 30th Street.

    An entire cultural and political revolution is implicit in that shift — in aspiration if not in reality.

    Consider palaces of a century past like the Paris Opera House, designed by Charles Garnier, or the Metropolitan Museum, which was largely the work of Richard Morris Hunt and McKim, Mead & White. In both cases, an essentially middle-class, newly bourgeois society created, for its own use, a structure that took on the airs of ancient aristocracy. The Shed in Hudson Yards, by contrast, though conceptualized during the administration of a billionaire mayor, has proudly adopted a proletarian bearing. [more]

  • The late Carroll O’Connor’s Dakota pad sells for $2.8M

    Actor played Archie Bunker in the iconic show "All in the Family"
    October 20, 2016 02:53PM By Liz Lucking
    Carrol O’Connor (credit: CBS Television via Wikimedia) and 1 West 72nd Street #28AB (credit: Corcoran)

    Carroll O’Connor (credit: CBS Television via Wikimedia) and 1 West 72nd Street #28AB (credit: The Corcoran Group)

    From Luxury Listings NYC: The Dakota home of the late actor and producer Carroll O’Connor, who starred as Archie Bunker in the 70s television show “All In The Family,” just sold for $2.8 million city records show.

    The apartment, at the landmark co-op building where John Lennon was shot in 1980, is on the second floor and comes with two bedrooms and two bathrooms. [more]

  • Pebblebrook, Denihan split portfolio of 6 Manhattan hotels

    Deal values the properties at a combined $820M
    October 20, 2016 02:19PM

    Jon Bortz and Brooke Barret

    Pebblebrook Hotel Trust and Denihan Hospitality Group have split up their portfolio of six Manhattan hotels in an agreement that values the properties at a combined $820 million.

    Pebblebrook, the Bethesda, MD-based real estate investment trust, walked away with the 618-room Manhattan NYC hotel near Madison Square Garden and the 252-key Dumont NYC in Kips Bay, according to a press release issued Thursday. [more]

  • Sam Chang files plans for yet another Garment District hotel

    The 24-story project at 523-529 Eighth Avenue calls for 252 rooms
    October 20, 2016 01:54PM By Miriam Hall
    523-529 8th Avenue and Sam Chang

    523-529 8th Avenue and Sam Chang

    UPDATED: Oct 21. at 5:09 p.m. Hotel developer Sam Chang is expanding his reach in the Garment District — this time with plans for a hotel on the corner of West 36th Street and Eighth Avenue. [more]

  • Barone Management files plans for 40-story Chelsea hotel

    Developer bought site for $60 million this month
    October 20, 2016 01:16PM By Konrad Putzier
    Gene Kaufman and 144 West 28th Street

    Gene Kaufman and 144 West 28th Street

    UPDATED, Oct. 20, 5:43 p.m.: A new, 40-story hotel is coming to Chelsea. And naturally, Gene Kauffman is the architect.

    Barone Management filed plans Thursday for a 528-room hotel at 144 West 28th Street, according to a permit application. The 146,000-square-foot building will include a restaurant and bar on the ground floor and exercise and meeting rooms in the basement. [more]

  • From the October issue’s “In their words” feature, a roundup of the funniest and most insightful comments on real estate:

    Stephen Ross funny qt

    To read the other wisdom nuggets, click here.

  • Airbnb, REBNY spending big on opposing candidates in NY State Senate races

    PACs are arming opposing Hudson Valley-area candidates
    October 20, 2016 12:12PM
    Sue Serino and Terry Gipson

    Sue Serino and Terry Gipson

    Of the $5.42 million spent on the New York State Senate races by independent groups thus far, close to $800,000 has come from real estate-connected political action committees.

    The Real Estate Board of New York’s Jobs for New York PAC has shelled out $571,705 aiding Republicans. The PAC Stronger Neighborhoods, which has received $11 million from short-term rental company Airbnb, spent a total of $215,645, all of which went to Democrat Terry Gipson of the Hudson Valley-area Senate District 41, Politico reported. [more]

  • TRDForum

    Our third annual South Florida Real Estate Showcase and Forum is starting now! We’ll be posting live updates on our social sites throughout the day.

    Can’t make it to the event? We’ll be live streaming our panels on Facebook all day long. Click here to watch.

    You can also follow along or add your two cents to the conversation by using #TRDForum on Twitter and Instagram. We’ll be providing coverage throughout the day, so keep an eye on @trdmiami on Twitter and @trdsofla on Instagram, as well as The Real Deal South Florida‘s Facebook page.

    Enjoy the show!

  • Brexit was “black eye” for NYC real estate: Barbara Corcoran

    Corcoran says English buyers have left the market, but Chinese are ramping up investment
    October 20, 2016 11:00AM
    Barbara Corcoran

    Barbara Corcoran

    British investors may have disappeared from the New York City real estate market, but Chinese buyers are stepping in to fill the gap, according to real estate heavyweight Barbara Corcoran.

    Corcoran said there is huge interest from Chinese buyers across the United States.

    “We’ve totally lost all of our buyers from England,” Corcoran told Bloomberg Radio. “We don’t see any more buyers at all. It was a real black eye for us in the New York City market.” [more]

  • Savanna nears deal to buy Falchi Building for $255M

    Jamestown set to enter contract to sell 658K sf LIC property by week's end: sources
    October 20, 2016 10:45AM By Mark Maurer
    From left: Chris Schlan, the Falchi Building and Michael Phillips

    From left: Savanna’s Chris Schlank, the Falchi Building in Long Island City and Jamestown Properties’ Michael Phillips

    Savanna is finalizing a deal to purchase the historic, 658,000-square-foot Falchi Building in Long Island City from Jamestown Properties for north of $255 million, or nearly $400 per square foot, sources told The Real Deal. [more]