The Real Deal New York

  • The Dick Hyman house at 21 Peconic Avenue and the Amityville Horror house at 108 Ocean Avenue

    A $5.24M listing you can be jazzed for

    Scat a little tune for this one. The Sag Harbor residence that once housed jazz musician Richard “Dick” Hyman recently hit the market for $5.24 million, according to the New York Post. [more]

  • Housing nonprofits form trust to compete with investors

    JOE NYC would launch in the next few months
    February 22, 2017 06:15PM

    19 Maujer Street in Brooklyn is one of the properties in JOE’s portfolio

    A new housing organization is trying to pool thousands of affordable apartments owned by nonprofits into a single trust, in a bid to make them more competitive with for-profit landlords.

    The organization, called Joint Ownership Entity or JOE NYC, plans to launch in the coming months. Nonprofits can contribute their properties to the trust and will get paid out returns from the apartments. [more]

  • Toll Brothers plays defense as NYC’s luxury market falters

    Homebuilder opts for JV, shedding $320M equity requirement at 121 East 22nd Street
    February 22, 2017 05:40PM By E.B. Solomont

    121 East 22nd Street and Doug Yearley

    With New York City’s luxury market going sideways, national homebuilder Toll Brothers is playing an increasingly aggressive game of defense.

    The company — which slashed prices last year at 400 Park Avenue South and 1110 Park Avenue — is reducing its equity stake in new projects through joint-venture partnerships and offering to pay transfer and mansion taxes for buyers who sign contracts by Feb. 26. [more]

  • Thor lists Allen House and 840 West End for a combined $90M

    Joe Sitt's firm looks to unwind resi investments on UES, UWS
    February 22, 2017 05:20PM By Katherine Clarke

    From left: Allen House at 201 East 71st Street, Joe Sitt and 840 West End Avenue

    Joseph Sitt’s Thor Equities is looking to sell two properties it bought during a push into the multifamily space in 2014. [more]

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

    To read other smart and/or funny sayings, click here for the full feature.

  • Buy your tickets for TRData’s Big Data + Real Estate Forum

    March 9 event to celebrate launch of The Real Deal's new research site and data division
    February 22, 2017 04:20PM

    To get an edge in the fiercely competitive world of New York City real estate, insiders are turning more frequently to Big Data and technology.

    In response to the expanding demand for actionable intelligence in one of real estate’s most dynamic fields, The Real Deal is hosting a Big Data + Real Estate Forum on March 9 in Midtown. [more]

  • Aurora, Gottlieb secure $55M loan for Gansevoort project

    The development has faced significant community opposition
    February 22, 2017 04:10PM By Will Parker

    The construction site on Gansevoort Street (Credit: Google Maps)

    A judge ordered them to stop the work. But it won’t stop the money.

    Aurora Capital Associates and William Gottlieb Real Estate, the forces behind the Gansevoort Street redevelopment project in the Meatpacking District, took a $55 million mortgage backed by two buildings at the site, according to documents filed with the city Wednesday. [more]

  • Blackstone, Fairstead sell 18-story Kips Bay rental for $52M

    Property was part of 24-building Caiola portfolio, now known as Array Rentals
    February 22, 2017 03:35PM By Mark Maurer

    From left: 312 East 30th Street, Jonathan Gray, Stephen Siegel, and Adam and Aaron Daniels

    Blackstone Group and Fairstead Capital quietly sold an 18-story Kips Bay rental building to Adam and Aaron Daniels’ A.D. Real Estate Investors for $52 million, sources told The Real Deal. [more]

  • The week in real estate market reports

    A weekly feature bringing you the industry’s latest intel
    February 22, 2017 03:00PM By Chava Gourarie

    (Credit: CommercialCafe)

    According to the most recent market reports, Manhattan co-ops were popular in January, new development deals in the mid-market price range increased in 2016, and rental prices in Manhattan, Brooklyn, and Queens stayed basically flat in January. [more]

  • Kuafu development chief Jeff Dvorett jumps ship to Midwood

    Former Extell exec oversaw projects such as Mima conversion and 151 East 86th St.
    February 22, 2017 02:30PM By Katherine Clarke

    Jeffrey Dvorett and Shang Dai

    Jeff Dvorett, who joined Kuafu Properties as head of development in 2014, is leaving the firm, the latest executive shake-up at the Chinese private equity-backed developer.

    Dvorett is taking on a new role at Midwood, a New York-baded real estate development and investment firm led by John Usdan.

    A spokesperson for Midwood said Dvorett, formerly a vice president of development at Extell Development, was one of several executive hires the company had made in a bid to prepare for larger scale projects. [more]

  • Karim Rashid lists his all-white Hell’s Kitchen home

    Designer is asking $4.7M for the townhouse at the Dillon
    February 22, 2017 02:00PM By Liz Lucking

    Karim Rashid and his home (credit: and Corcoran)

    From Luxury Listings NYC: Interior designer Karim Rashid — whom Time magazine once described as the “most famous industrial designer in all the Americas” — just listed his townhouse at the Dillon on 425 West 53rd Street for $4.7 million. [more]

  • US home sales climb in January to a 10-year high

    Warm weather, lower mortgage rates driving demand
    February 22, 2017 01:40PM

    The number of home sold across the country climbed in January to the highest level since February 2007 despite limited supply and rising prices.

    Deals on previously owned homes, which comprise the overwhelming majority of U.S. sales, hit a seasonally adjusted annual rate of 5.7 million in January, a 3.3 percent increase from December, according to data from the National Association of Realtors cited by the Wall Street Journal. [more]

  • Black Spruce buys Bronx multifamily building for $26M

    Rent-regulated building spans 88K sf
    February 22, 2017 01:10PM By Kathryn Brenzel

    1765 Townsend Avenue in the Bronx

    Black Spruce Management, led by Josh Gotlib, snapped up a 99-unit multifamily building in the Bronx for $26 million.

    The company purchased 1765 Townsend Avenue, an 11-story, 88,227-square-foot building between 175th and 176th streets, according to documents filed with the city on Wednesday. The previous owner, Gigi Porcelli, purchased the building in 1991, though public records don’t indicate how much Porcelli paid. [more]

  • Sam Zell says NYC’s resi supply growth is slowing down

    Equity Residential chair says banks and investors are becoming concerned about excess product
    February 22, 2017 12:55PM

    Sam Zell (Credit: Bloomberg)

    Real estate billionaire Sam Zell said the surge in residential real estate supply in New York city is slowing down, but demand remains high. Click here to watch the video and read more.

  • Elementary, my dear Watson: IBM searching for massive new NYC office

    Tech company on the search for as much as 350K sf
    February 22, 2017 12:30PM By Rich Bockmann

    51 Astor Place, IBM’s Ginni Rometty and 590 Madison (Credit: 51 Astor, Wikipedia and 590 Madison)

    IBM supercomputer Watson is helping people file their taxes, upgrading the city’s 311 system and helping to turn Internet of Things devices into points of sale. But all that high tech still needs some brick-and-mortar office space.

    IBM, which is headquartered about 35 miles north of Manhattan in Armonk, NY, and has offices in the city on Madison Avenue and in the East Village, is looking for as much as 350,000 square feet of additional space in the city as it expands Watson, sources told The Real Deal. [more]

  • Witkoff may sell Park Lane Hotel: judge

    Developer and DOJ wanted to oust Jho Low; now plan calls for selling hotel altogether
    February 22, 2017 11:30AM

    From left: Jho Low, the Park Lane Hotel and Steve Witkoff (Credit: Getty Images and the Park Lane Hotel)

    Developer Steve Witkoff has a federal judge’s blessing to sell the Park Lane Hotel as part of an agreement to oust scandal-plagued Malaysian investor Jho Low. [more]

  • Legislators call for more scrutiny on Chinese investment in US

    Treasury committee can advise the president to block foreign deals based on national security
    February 22, 2017 11:00AM

    From the South Florida website: Following a record year of Chinese investment in the U.S., Republican and Democratic lawmakers are calling for more federal scrutiny of future deals.

    Encouraged by President Donald Trump’s campaign promises to raise import duties on Chinese goods, legislators are pushing to strengthen the Committee on Foreign Investment in the U.S., or CFIUS, according to the Wall Street Journal. The president’s administration is looking to give the committee more authority to reject technology deals, the newspaper reported. [more]

  • Aion Partners shopping 115K sf Tribeca commercial condo

    Office and retail property at 86 Chambers St. was recently refinanced
    February 22, 2017 10:30AM

    86 Chambers Street

    Michael Betancourt and Siraj Dadabhoy’ Aion Partners is shopping a 115,000-square-foot office and retail condo at 86 Chambers Street in Tribeca. [more]

  • Trump’s immigration plans could hit housing market hard

    Deportations and uncertainty reduce demand for homes
    February 22, 2017 10:00AM

    President Donald Trump (Credit: Getty Images)

    The Trump administration’s plans to deport more undocumented immigrants and restrict legal immigration could be bad news for the U.S. housing market.

    “If Trump gets the immigration plan he wants, the housing market will get hit harder than any other,” Alex Nowrasteh of libertarian think tank Cato Institute told Bloomberg. If “millions of people get deported and more people don’t come in to take their place, then you’ll have downward pressure on home prices, especially in urban areas.” [more]

  • WeWork takes 64K sf at 130 West 42nd Street

    Co-working company already operates several Bryant Park locations
    February 22, 2017 09:30AM

    From left: 130 West 42nd Street, Adam Neumann and Wang Shi

    WeWork signed a 64,390-square-foot lease for four floors at 130 West 42nd Street, expanding its already considerable footprint in the Bryant Park area. [more]