The Real Deal New York

  • DOB ramps up construction violations following high number of on-site deaths: report

    The agency pledged to increase enforcement
    January 17, 2017 07:45AM By Kathryn Brenzel

    Worth Street following the Feb. 5 crane accident

    The city ramped up enforcement against construction violations following a large number of accidents and deaths on worksites in the past two years.

    In February, the Department of Buildings pledged to increase oversight on construction job sites, and a new study shows the agency has acted on that pledge. The month after the announcement, construction violations soared 46.8 percent year-over-year, jumping to 4,004 in March 2016 from 2,727 in March 2015, according to a report by real estate compliance company SiteCompli. Violations continued to grow through June, which saw 3,762 violations that month — a 21-percent increase from June 2015. [more]

  • The Closing: Andrew Heiberger

    The Town Residential founder on his lack of corporate training, his multimillion sale of Citi Habitats, and his upcoming nuptials
    January 17, 2017 07:00AM By Katherine Clarke

    Andrew Heiberger (credit: Marc Scrivo)

    From the January issue:  Andrew Heiberger is the founder and CEO of the Manhattan-based residential brokerage Town Residential, which he launched in 2010. He sold his previous company, Citi Habitats, to competitor NRT Incorporated for $49.6 million in 2004. Before starting Town, Heiberger was a developer with the boutique firm Buttonwood Real Estate and converted such buildings as 88 Greenwich Street, a 37-story office tower in the Financial District, and One Rector Park, a 174-unit rental property in Battery Park City, into condominiums.

    Heiberger recently bought his former partner, Joseph Sitt of Thor Equities, out of his stake in Town for an undisclosed sum, making Heiberger the sole owner of the approximately 500-agent company. The two had a long, contentious relationship marked by dueling lawsuits over the company’s finances. [more]

  • Most popular stories on The Real Deal

    January 17, 2017 06:30AM

    Current reader favorites:
    1. Nets shooting guard picks up DoBro condo for $2M
    2. Alleged Ponzi scheme mastermind looks to be driving force behind NYC co-working startup Bar Works
    3. 421a’s got a new name: “Affordable New York”
    4. This under the radar town in Florida has become a playground for the richest of the rich
    5. Corcoran broker swindled hedge funder out of $2.5M to benefit himself and lover, lawsuit claims

  • By the Numbers: Surviving White House North

    With Trump Tower under lockdown as the president-elect’s headquarters, the luxury real estate corridor is feeling the pain
    January 16, 2017 06:00PM By Gabrielle Paluch

    Trump Tower

    From the January issue: Trump Tower is no stranger to controversy. Completed in 1983, the 664-foot-tall, 58-story building was initially scorned by some for replacing a landmark Art Deco building that was the former home of department store Bonwit Teller.

    Things only got worse during the demolition process, when exterior sculptures that had been promised to the Metropolitan Museum of Art were destroyed. [more]

  • Inside TheRealDeal
  • Two top economists doubt Trump’s policies will spur growth

    Gordon, Eichengreen argue fiscal stimulus will lead to higher interest rates, stronger dollar
    January 16, 2017 05:30PM

    Donald Trump and Janet Yellen (Credit: Getty Images)

    Financial markets — and some real estate executives — have been cheering the potential for stronger economic growth under a Trump administration, but two leading economists have their doubts it will come to that. [more]

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

    Somerset snags $17M Mott Haven warehouse, Rybak buys Williamsburg lot for $12M
    January 16, 2017 04:50PM By Chava Gourarie

    From left: Sergey Rybak, 4201 and 4213 Third Avenue in Mott Haven and Keith Rubenstein (credit: STUDIO SCRIVO)

    In the world of mid-market New York City investment sales last week, Somerset Partners added to its Mott Haven megaproject with a $17 million warehouse purchase and Rybak Development picked up a vacant Williamsburg lot for $11.5 million. [more]

  • LeFrak, Roth to head up Trump’s new infrastructure council

    Developers will help oversee up to $1 trillion in spending and private investment
    January 16, 2017 04:02PM

    From left: Donald Trump, Richard LeFrak Steven Roth and the Port Newark container terminal

    President-elect Donald Trump tapped longtime friends and fellow developers Steven Roth and Richard LeFrak to head up a council that will monitor national infrastructure spending.

    “They’re pros,” Trump told the Wall Street Journal Friday. “That’s what they do. All their lives, they build. They build under-budget, ahead of schedule.” [more]

  • Joseph Moinian pays $12.5M for Faena House condo in SoFla

    Leon Black had paid $16.5M for the 4,730 sf unit in 2015
    January 16, 2017 03:20PM By Ina Cordle

    Faena House unit 9-A and Joseph Moinian

    From the South Florida website: New York real estate developer Joseph Moinian and his wife Nazee just bought billionaire Leon Black’s condo at Faena House for $12.5 million. [more]

  • From the January 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.

  • London homeowners avoid selling amid Brexit jitters

    For prospective buyers, resi inventory in the city is growing scarce
    January 16, 2017 02:05PM
    London homes (Credit: Fin Fahey via Flikr)

    London homes (Credit: Fin Fahey via Flikr)

    The number of London residential properties hitting the market dropped significantly in January, as sellers remain wary of the imminent Brexit process and a tax increase.

    In January, new listings fell 14 percent from a year earlier, according to property website operator Rightmove. The average asking price of a property in the city jumped 1.4 percent in January to 624,935 pounds ($759,000), Bloomberg reported. [more]

  • The New New Hollywood: Wave of high-tech firms, millennials spurring a revival of LA neighborhood

    Developers are creating the first real Class A office space and thousands of new rental units
    January 16, 2017 01:10PM By Katherine Clarke

    Old Hollywood prepares for the Oscars at the Hollywood & Highland Shopping Center.

    From the Los Angeles winter issue:  Call it the new Golden Age of Hollywood. After decades of decline in the late-20th century, when the iconic Los Angeles neighborhood sank into a morass of crime and decay, an infusion of capital is spurring a local revival. Initially, the City of Los Angeles invested more than $100 million in redevelopment in the early aughts, paving the way for private investment. Now developers are creating the area’s first real Class A office space and thousands of new rental apartments. Even Old Hollywood is stepping in — Paramount Pictures recently won approval for a 1.4 million-square-foot studio expansion. [more]

  • Billionaire Ken Griffin pays $85M for SoFla estate

    He bought oceanfront property next to his own to build a house longer than a football field
    January 16, 2017 12:20PM

    Ken Griffin and sketches of plans for his new home in Palm Beach, plus an aerial view of what he owns on Blossom Way (in yellow) and the property at 1290 South Ocean Boulevard that he just bought (in red).

    From the South Florida website: Hedge fund billionaire Ken Griffin paid $85 million for oceanfront property in Palm Beach next to his own, with plans to build a massive new home there.

    It was the second-highest price in a single real estate transaction in Palm Beach history, behind only Russian billionaire Dmitry Rybolovlev’s $95 million purchase of President-elect Donald Trump’s mansion at 515 North County Road in 2008, the Palm Beach Daily News reported. [more]

  • Real Estate Equities buys ground lease for sites near High Line

    Developer paid $21M for the 99-year lease
    January 16, 2017 11:38AM By Miriam Hall

    118 10th Avenue

    Michael Miller’s Real Estate Equities Corporation scooped up a 99-year ground lease for two adjacent properties on 10th Avenue near the High Line for $21 million, according to a memorandum of lease filed with the city.

    The one-story building at 118 10th Avenue spans 13,760 square feet, and the building next door at 124 10th Avenue has 4,485 square feet across two stories. Together, the two properties have 63,000 square feet of residential development rights, or 48,000 square feet of commercial development rights. [more]

  • Corcoran broker swindled hedge funder out of $2.5M to benefit himself and lover, lawsuit claims

    Jason Schommer accused of “duping” financier into overpaying for renovations on property
    January 16, 2017 11:00AM

    Jason Schommer and 34 Jermain Avenue in Sag Harbor

    Build, baby, build.

    A Manhattan hedge funder claims a Corcoran Group broker bilked him into paying $2.5 million for renovations on his new Hamptons pad, and then redirected some of the building materials to homes the broker and his lover owned on the East End. [more]

  • 2017 luxury market is off to a busy start: Olshan

    50 resi contracts signed during the first two weeks of the year, tied with 2014
    January 16, 2017 10:15AM

    10 Sullivan Street and 132 East 71st Street

    The city’s luxury market is humming like it’s 2014, at least through the first two weeks of the year. [more]

  • (Ultra-luxury) home is where the heart is

    High-end buyers are driven more by emotion than reason: brokers
    January 16, 2017 09:30AM

    From left: Dottie Herman, Ryan Serhant and 433 East 74th Street on the Upper East Side

    If you’re buying a $20 million luxury crash pad, it’s safe to say you’ve got the basic needs of food, clothing and shelter covered.

    “No one needs a $20 million home — they want it,” said Nest Seekers International’s Ryan Serhant, “so, the emotions are much, much different.” [more]

  • Self-storage refuses to be boxed out of manufacturing zones

    Locker landlords pushing back against de Blasio’s IBZ proposal
    January 16, 2017 08:45AM

    Bill de Blasio and a CubeSmart warehouse

    The city’s self-storage industry is knocking off the dust as it prepares for a battle with City Hall over the mayor’s proposal to regulate industrial business zones.

    Owners of storage businesses are preparing to push back against a bill Mayor Bill de Blasio’s administration is working on that would limit the number of hotels and self-storage facilities allowed in IBZs, Crain’s reported. [more]

  • T.J. Maxx parent signs massive retail lease at Shaoul’s 140 West

    Retailer to take 66K sf for Marshalls
    January 16, 2017 08:03AM

    from left: 140 West Street, Ben Shaoul and Marshalls

    Marshalls will join Downtown retailers like Century 21, Zara and Urban Outfitters after its parent company signed a lease for 66,000 square feet at 140 West Street. [more]

  • Westchester retail is having a restaurant revolution

    Developers are increasingly seeing food as the hot new commodity
    January 16, 2017 07:30AM By Bill Cary

    Shake Shack

    From the Westchester market report: restaurants have emerged as some of the most important players in the building boom. [more]

  • From the January issue: Barring any unforeseen catastrophe, the Upper East Side should have a new subway line in 2017. As of late last month, the $4.4 billion project — which has been nearly a century in the making — was set to open on New Year’s Day. [more]

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