The Real Deal New York

  • GIC closes on 95% stake in 60 Wall in $1.1B deal

    Singaporean fund scored $575M loan to buy majority of Deutsche's HQ
    January 24, 2017 03:50PM By Mark Maurer and Gabrielle Paluch

    60 Wall Street and GIC’s Lim Chow Kiat (Credit: Paramount Group)

    Singaporean sovereign wealth fund GIC closed Tuesday on the purchase of a 95 percent stake in the 50-story office tower at 60 Wall Street from Paramount Group and Morgan Stanley, sources told The Real Deal. [more]

  • Blau: Trump presidency will be boon for real estate industry

    Related CEO touts bank deregulation, infrastructure investment
    January 24, 2017 03:10PM

    Jeff Blau

    Just a few days after Donald Trump was sworn in as the 45th President of the United States, another developer has joined the chorus of real estate professionals who are optimistic at the prospect of one of their own being in the nation’s highest office. Click here to watch the video and read more.

  • Brokers sue SMI USA over purchase of Thor’s 520 Fifth Avenue

    Ajaypal Saran and Ayesha Khan claim they were cut out of $4M in fees
    January 24, 2017 02:40PM By Kathryn Brenzel

    Rendering of 520 fifth Avenue

    Two brokers claim they were cut out of nearly $4 million in commissions when SMI USA purchased Thor Equities’ 520 Fifth Avenue alongside Ceruzzi Properties two years ago.

    Ajaypal Saran and Ayesha Khan, both brokers registered in New York, are suing SMI for allegedly tricking them into providing information on the property without signing a broker agreement, according to a lawsuit filed in state Supreme Court on Monday. The brokers claim they introduced the property to SMI, then known as Shanghai Chengtau USA, as a development opportunity on Fifth Avenue with roughly 300,000 buildable square feet. The brokers said the property was worth an estimated $345 million. [more]

  • Premier pays $26M for walkups, adding to UES assemblage

    Development site can accommodate north of 108K sf
    January 24, 2017 02:10PM By E.B. Solomont

    From left: 1291-1299 Third Avenue and 204 East 75th Street

    Real estate investment firm Premier Equities has expanded its footprint on the Upper East Side. [more]

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  • Glory Capital to sell 29-story former BK Heights dorm for $30M

    Investor group planning conversion to luxury condos
    January 24, 2017 01:50PM By Mark Maurer

    67 Livingston Street (center), David Schechtman and Mark Neuman (Credit: Google Maps)

    A group of Great Neck-based investors is in contract to buy a 29-story former student dormitory in Brooklyn Heights for $30 million, with plans for a conversion to luxury condominiums, sources told The Real Deal. [more]

  • De Blasio fundraiser met with city officials seeking rezoning in Queens: report

    Sm-Ali “Alex” Amanollahi reportedly wanted to build a hotel in East Elmhurst
    January 24, 2017 01:25PM

    23-04 94th Street in East Elmhurst

    A beauty supplies business owner who donated to Mayor Bill de Blasio’s campaign met with city officials about rezoning his Queens property to make way for a hotel, DNAinfo reported, citing sources.

    Sm-Ali “Alex” Amanollahi met with the officials in 2015 and 2016, according to the website, asking for help with rezoning the site at 23-04 94th Street in East Elmhurst. His plan was to build a hotel for travelers arriving at LaGuardia Airport. The talks included a meeting with deputy mayor Alicia Glen’s then-chief of staff James Patchett and one of her senior advisers, Steven Caputo, the sources said. [more]

  • Trump claims he resigned from 400 businesses

    Critics say step is not enough to avoid conflicts of interest
    January 24, 2017 12:55PM

    Donald Trump (Credit: Getty Images)

    President Donald Trump claims he has resigned from the Trump Organization and 400 Trump-controlled entities and handed control to his two eldest sons, Donald Jr. and Eric. A spokesperson provided a copy of a resignation letter dated Jan. 19 as evidence. [more]

  • The looming problem with the $90B wave of maturing CMBS

    13 percent of loans could default, S&P analyst says
    January 24, 2017 12:00PM

    5 Times Square and Scott Rechler (Credit: RXR and Getty Images)

    Roughly half of the $90 billion worth of commercial mortgages left over from the 2007 lending boom won’t be easy to refinance when they mature, exposing the winners and losers of the real estate recovery. [more]

  • Ben Carson confirmed as HUD secretary

    Retired neurosurgeon will head top housing agency
    January 24, 2017 11:30AM

    Ben Carson (Credit: Getty Images)

    It’s official: Retired neurosurgeon and one-time presidential candidate Ben Carson is the new head of the U.S. Department of Housing and Urban Development. [more]

  • Ricky Martin slashes price of Yorkville condo by $1.3M

    The pop star’s apartment is now asking $7.1M
    January 24, 2017 11:10AM

    Ricky Martin and 170 East End Avenue, 7AB (Credit: Getty Images)

    “Adios” is what he would like to say to this condominium.

    Singer Ricky Martin has reduced the asking price of his apartment at 170 East End Avenue by $1.3 million, or 15 percent. [more]

  • The Real Deal is completely redesigning its Data Book, now in its 12th edition. The industry’s most comprehensive collection of information on the New York-area real estate market will sport more pictures and a new look, bringing more of the style and energy TRD‘s flagship magazine is well known for. [more]

  • City on the hunt for a developer to build a mixed-use complex over LIC rail yard

    The project would be built over the tracks on Jackson Avenue
    January 24, 2017 09:40AM

    11-24 Jackson Avenue (Credit: Google Maps)

    The city wants to build housing, retail and open air space over a rail yard in Long Island City, and it’s searching for a developer to do the job.

    A request for proposals for the 58,000-square-foot site was published Monday, DNAInfo reported. The development at 11-24 Jackson Avenue would feature similarities to Hudson Yards in that it would be built over a rail yard, and the developer would work with the Economic Development Corporation and the MTA. [more]

  • Benenson, Mack say they should be allowed to build taller in EV due to “extraordinary construction costs”

    Developers say soft soil is a burden, and they need four extra floors at 432 E. 14th
    January 24, 2017 09:18AM

    From left: 432 East 14th Street, Bill Benenson and Richard Mack (Credit: Google Maps)

    Benenson Capital Partners and Mack Real Estate Group are seeking to get around zoning rules in the East Village to put up a taller building. [more]

  • David Geffen claims contractors caused more than $1M in damage to $54M penthouse

    Dreamworks CEO has been renovating the apartment at 785 Fifth since 2013
    January 24, 2017 08:46AM

    785 Fifth Avenue and David Geffen (Credit: Getty Images)

    That’s not a good sound. Music mogul and Dreamworks co-founder David Geffen claims two construction companies caused more than $1 million in damages to his co-op penthouse at 785 Fifth Avenue. [more]

  • Trump’s DC hotel lost more than $1.1M in first two months

    Democrats are concerned that Trump violated his lease with the GSA
    January 24, 2017 08:04AM

    Donald Trump and the Trump International Hotel Washington D.C.

    In its first two months in business, Donald Trump’s controversial Washington, D.C., hotel losses were yuge. [more]

  • Owner of Bon Jovi’s ex-pad is not holding on to what he’s got

    The Soho penthouse is back on the market for $38M
    January 24, 2017 07:30AM By Liz Lucking

    Jon Bon Jovi (credit: Wikimedia) and his former penthouse (credit: StreetEasy)

    From Luxury Listings NYC: You could be sleeping on a “Bed of Roses” at Jon Bon Jovi’s former Soho pad. The spread is now back up for grabs and asking $38 million. 

    The penthouse, at 158 Mercer Street, is no stranger to the market. The “Slippery When Wet” rocker bought the six bedroom pad in 2007 for $24 million, but by 2013 was trying to part with it to the tune of $42 million. [more]

  • Commercial market report: The great (office) debate

    Some brokers hear renewed optimism, while others see too much space on market
    January 24, 2017 07:00AM By Adam Pincus

    From the January issue: A handful of office tenants with leases likely to be signed in 2017 are hunting for space with more optimism in the new year, some brokers say.

    Several banks and other financial services firms are spurred on by an anticipation of looser regulatory standards during Donald Trump’s presidential term, while a growing crop of tech firms continue to expand their New York City footprints. Yet other tenant representatives say ongoing industry dynamics will keep leasing activity muted. [more]

  • Most popular stories on The Real Deal

    January 24, 2017 06:30AM

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    2. Rudin, Boston Properties land $250M loan at Navy Yard
    3. President, with an asterisk
    4. Wells Fargo moves to foreclose on RFR’s Lever House
    5. Trump’s New York real estate buddies descend on DC

  • Buyer of $46M pad at 432 Park sues over “catastrophic flood”

    Mystery owner wants $12M deposit back from Macklowe, CIM Group
    January 23, 2017 07:46PM By Konrad Putzier

    432 Park Avenue

    An indoor waterfall can be a neat penthouse amenity — less so if it’s caused by a burst pipe.

    The mystery buyer of a $46.25 million apartment at CIM Group and Macklowe Properties’ condominium tower 432 Park Avenue is suing to get her or his $11.56 million deposit back, alleging that a water leak damaged the unit. [more]

  • Here’s what the $10M-$20M investment sales market looked like last week

    Albert Malekan picks up LES office building for $17M, Luthien buys EV rental for $13M
    January 23, 2017 06:15PM By Chava Gourarie

    460 Broome Street in Soho and 114 East 7th Street in the East Village

    In the world of mid-market New York City investment sales last week, Albert Malekan purchased a five-story Soho office building for $17 million, and the Luthien Group bought a rental building in the East Village for $13.8 million. [more]