The Real Deal New York

  • Jason Schommer, Beth DeWoody, and 34 Jermain Avenue

    Hedgie says he was defrauded by Corcoran broker and his beau

    Couples that (allegedly) steal together, stay together. But this one will be tested by a $3 million fraud lawsuit.  Manhattan hedge fund exec Matthew Smith alleges in a lawsuit that Corcoran broker Jason Schommer and his contractor lover Michael Nobiletti swindled $2.5 million out of him for renovations on his Sag Harbor house by redirecting labor and building materials to their own properties on the East End. Smith bought a four-bedroom fixer-upper at 34 Jermain Avenue in 2013, according to the lawsuit, and was assured by Schommer that renovations would cost $700,000. The price tag, however, ended up tripling. Smith put two-and-two together when he found out that Nobiletti and Schommer were lovers — “to his shock and horror,” the complaint reads. [TRD] [more]

  • New School pays $153M for 180K sf Village building

    Samson Associates owned 34-42 West 14th Street since 1985
    January 18, 2017 06:00PM By E.B. Solomont

    Tokumbo Shobowale and 34-42 West 14th Street in Greenwich Village

    Call it an academic arms race. Even as Columbia and New York universities pursue billion-dollar expansion plans, the New School quietly picked up a 180,000-square-foot building in the heart of Greenwich Village, according to property records filed with the city Wednesday.  [more]

  • Five more years! Darcy Stacom, Bill Shanahan renew contracts

    Amid industry's poaching frenzy, CBRE's top I-sales duo stays put
    January 18, 2017 05:45PM By Mark Maurer

    Darcy Stacom and William Shanahan

    In a season where a hefty chunk of the city’s investment sales elite have jumped ship to other firms, CBRE’s top duo is staying put.

    Darcy Stacom and Bill Shanahan, who run CBRE’s investment sales division in New York, opted to renew their contracts with the brokerage for another five years, The Real Deal has learned. Their contracts are now set to expire in 2022, sources said. [more]

  • DTH refis 20 Exchange Place with $269M loan

    The Berkadia mortgage replaces a previous Natixis financing
    January 18, 2017 05:25PM By Chava Gourarie

    20 Exchange Place (Credit: Twenty Exchange)

    DTH Capital secured a $268.7 million loan from Berkadia to refinance their 57-story rental tower at 20 Exchange Place in the Financial District. [more]

  • Inside TheRealDeal
  • LES developers bet on history to draw future residents

    Panelists say Equinox, Ludlow House signal the neighborhood's evolution
    January 18, 2017 05:05PM By E.B. Solomont

    From left: Leonard Steinberg, Nikolai Fedak, Arthur Stern, Ben Shaoul, Charles Bendit, Andres Hogg and José Antonio Grabowsky

    For decades, Katz’s Delicatessen and Russ & Daughters have drawn hungry New Yorkers to the Lower East Side. Now a group of developers is betting big that they’ll gobble up hundreds of new apartments in the neighborhood. [more]

  • Colliers’ Yoron Cohen says he is suing JLL for defamation

    I-sales broker hires Hulk Hogan's lawyer in dispute over his departure from firm
    January 18, 2017 04:45PM By Mark Maurer

    From left: Yoron Cohen and Charles Harder

    Yoron Cohen, formerly a top investment sales broker at JLL who moved over to Colliers International in December, is planning to sue his former employer for defamation, he told The Real Deal.

    The dispute stems from a TRD Jan. 6 article titled “Inside the exodus of JLL’s I-sales quartet,” in which a high-level JLL executive said that Cohen, along with his colleagues Richard Baxter, Scott Latham, and Jon Caplan, were told in early 2016 that they were underperforming. The executive added that Cohen and his colleagues were given an ultimatum in September. [more]

  • NYC investment sales fell 25% in 2016: report

    2017 kicks off with little momentum
    January 18, 2017 04:20PM By Rich Bockmann

    New York City investment-sales dollar volumes (credit: Cushman & Wakefield, click to enlarge)

    New York City’s investment sales market fell off 25 percent in 2016 to roughly $58 billion worth of property sales, according to Cushman & Wakefield. [more]

  • $250M LA spec house is America’s priciest listing

    Home was designed and built by handbag mogul Bruce Makowsky
    January 18, 2017 03:50PM

    The spec house in Bel Air and Bruce Makowsky (Credit: Makowsky via LA Times, Getty)

    From the Los Angeles website: Another year, another Los Angeles mega-listing.

    A Bel Air spec home by developer Bruce Makowsky is slated to hit the market in the coming days with an asking price of $250 million, making it the country’s priciest listing. It will unseat the $200 million Spelling Mansion in Holmby Hills, which was listed last year by British heiress Petra Stunt. [more]

  • US builder confidence dips amid fears over rising interest rates

    National Association of Home Builders’ market index fell slightly from a record-breaking December
    January 18, 2017 03:24PM

    (Credit: Maurice Mayfield)

    U.S. builder confidence in newly-built single-family homes dropped in January, following the 11-year high it reached last month. [more]

  • 42 Mooreland Road

    From the Westchester market report: Greenwich, Connecticut, has long been known for its sprawling estates, well-heeled populace and high concentration of hedge funds. Now, it also has the unwanted reputation of a housing market that is showing fissures. [more]

  • Century Development plans 250-key Westin Hotel in Flushing

    Starwood-operated building will also hold 50 apartments
    January 18, 2017 01:55PM By Chava Gourarie

    Rendering of 137-61 Northern Boulevard in Flushing (Credit: Raymond Chan Architect)

    UPDATED, Jan. 18, 3:04 p.m.: George Xu’s Century Development Group is moving ahead with plans to bring a 250-key Westin hotel to Downtown Flushing, the developer told The Real Deal. [more]

  • JDS, PMG countersue AmBase over 111 West 57th

    Stern, Maloney's firms say their partner withheld funding for the tower
    January 18, 2017 01:20PM By Konrad Putzier

    From left: Kevin Maloney, a rendering of 111 West 57th Street and Michael Stern

    Nine months after AmBase Corp. sued JDS Development and Property Markets Group for allegedly trying to dilute its stake in the supertall condo project 111 West 57th Street, JDS and PMG have returned the favor. [more]

  • One Worldwide Plaza hitting the market

    NY REIT taps Eastdil's March to sell either stake or full tower, which insiders say could fetch $1.8B
    January 18, 2017 01:00PM By Mark Maurer

    From left: Roy March, One Worldwide Plaza and Wendy Silverstein

    New York REIT’s One Worldwide Plaza, a 1.8 million-square-foot skyscraper in Midtown that was valued at $1.45 billion in 2013, is coming back to the market with Eastdil Secured.

  • Novak Djokovic buys two Soho pads without tennis courts

    The units are located at Renzo Piano’s 565 Broome Street
    January 18, 2017 12:25PM

    565 Broome Street and Novak Djokovic (credit: Christian Mesiano via Wikipedia)

    From Luxury Listings NYCTennis champion Novak Djokovic is playing doubles. The Serbian 12-time Grand Slam winner has bought himself two two-bedroom apartments at the Renzo Piano-designed 565 Broome Street. [more]

  • JPMorgan settles discrimination suit for $55M

    US Attorney accused bank of overcharging minorities for mortgages
    January 18, 2017 11:37AM

    Preet Bharara and Jamie Dimon (Credit: Getty Images)

    JPMorgan Chase agreed to pay $55 million to settle charges that independent mortgage brokers working with the bank discriminated against minorities.

    In a complaint filed Wednesday, U.S. Attorney for the Southern District of New York Preet Bharara alleged that the brokers charged black and hispanic borrowers higher rates than their white peers between 2006 and 2009. The complaint alleged that the bank “could have, but failed, to better monitor its wholesale brokers to discourage discrimination.” [more]

  • Landmarks again withholds OK of Minskoff’s Jane St. plans

    Developer wants to construct two townhouses and seven apartments on the site
    January 18, 2017 11:00AM

    Edward Minskoff and a rendering of 11-19 Jane Street (Credit: Getty Images and Sir David Chipperfield via YIMBY)

    Edward J. Minskoff Equities’ plans to build two townhouses and seven apartments in the West Village remain on hold, with the Landmarks Preservation Commission failing to approve revised designs for the project on Tuesday. [more]

  • Real estate donors help Massey outpace de Blasio

    Relying on industry support, Cushman executive raised $500K more than mayor since July
    January 18, 2017 10:40AM By Rich Bockmann

    Paul Massey (Credit: Larry Ford)

    Bob Knakal, James Nelson and HFF Boston executive director John Fowler were Paul Massey’s top fundraisers as he outpaced incumbent Mayor Bill de Blasio on his way to a $1.6 million campaign haul over the past six months. [more]

  • Compass taps Priceline alum Maelle Gavet as new COO

    Maelle Gavet will oversee tech, product and marketing at brokerage
    January 18, 2017 09:40AM By Katherine Clarke

    Maelle Gavet and Robert Reffkin

    Compass tapped a tech industry veteran with experience running a public company to be its new COO, another sign that the venture capital-backed brokerage may be gearing up for an IPO.

    Maëlle Gavet, a former executive vice president of global operations at online travel giant Priceline Group, is taking over the job from David Snider, who served as both COO and CFO. Snider will transition into a purely CFO role. [more]

  • Obama pardons Ian Schrager

    Hotelier was convicted of tax fraud in 1980
    January 18, 2017 09:30AM

    Barack Obama and Ian Schrager

    It’s the end of an era in more ways than one. The outgoing president this week pardoned developer Ian Schrager over a 1980s tax evasion conviction. [more]

  • Here’s what the city thinks each NYC borough is worth

    Dept. of Finance estimates show Manhattan property values now total $455.2B
    January 18, 2017 09:00AM By Will Parker


    The city’s Department of Finance estimates that all New York’s real estate put together is now worth $1.16 trillion (go figure). But not all boroughs are created equally. [more]