The Real Deal New York

  • Civil rights group to ditch longtime Tribeca digs for larger office

    The group isn't yet sure where it's moving
    February 21, 2017 08:00AM

    99 Hudson Street in Tribeca

    A civil rights organization, LatinoJustice PRLDEF, is ditching its longtime home in Tribeca for a bigger space.

    The organization, formerly known as the Puerto Rican Legal Defense and Education Fund, is leaving 99 Hudson Street, the New York Post reported. LatinoJustice owns the 14th floor of the building, where it’s been for 25 years. CBRE Group is consulting on the sale of the 12,328-square-foot space. [more]

  • Suddenly less liquid, Chinese buyers shift strategies in NYC

    New capital controls aim to curtail overseas spending
    February 21, 2017 07:30AM By E.B. Solomont

    Grand at Sky View Parc in Flushing and Chinese Buyers (Credit: Onex and Getty Images)

    When real estate agent Geovanna Lim’s client went into contract on a $3 million new development condominium in Midtown Manhattan more than two years ago, the pad was an easy get for the Chinese national. He agreed to put $300,000 down and even decided against a mortgage contingency.

    But late last year, when the developer obtained a temporary certificate of occupancy and began closings, Lim’s client entered crisis mode. Faced with China’s strict new capital controls — which took effect Jan. 1 — the buyer scrambled to find a way to move $2.7 million out of mainland China and into the U.S. in order to pay for the apartment in full. After successfully stalling for a few weeks, the period around Chinese New Year was spent doing everything possible to line up a hard-money loan, according to Lim, a broker and founder of Park Avenue International Partners. “He didn’t have time to get his money out,” she lamented. “We signed a no-mortgage contingency contract. We didn’t know we’d need financing two years later.” [more]

  • Disregarding a down market, developers build on

    Some developers are banking on a more favorable climate in the future
    February 21, 2017 07:00AM By Adam Pincus

    (Click to enlarge)

    From the February issue:  Despite an uncertain political climate and a challenging real estate market — in which office leasing has slowed and condominium sales turned sluggish — scores of New York developers are plowing ahead with tens of millions of square feet of new developments, including tens of thousands of residential units.

    The Real Deal analyzed thousands of projects to determine how many were active but not yet completed, as defined by receiving their temporary certificate of occupancy or declared effective by the New York State Attorney General’s office. [more]

  • Most popular stories on The Real Deal

    February 21, 2017 06:30AM

    Current reader favorites:
    1. What’s up with the names of Bronx neighborhoods?
    2. A real estate investors guide to NYC’s most expansive and diverse borough
    3. Boxed in: NYC landlords struggling to deal with residents’ online shopping addiction
    4. At Mar-a-Lago, Trump asks LeFrak to build the wall
    5. EB-5 is a big, beautiful door for Trump corruption: State Dems

  • Inside TheRealDeal
  • Citadel grabs short-term space at 520 Madison ahead of move to 425 Park

    Ken Griffin's hedge fund may be in the market for an additional 100K sf
    February 20, 2017 05:15PM By Rich Bockmann

    520 Madison Avenue and Ken Griffin

    Ken Griffin’s Citadel hedge fund will move into one of the city’s most buzzed-about offices when L&L Holding finishes 425 Park Avenue in 2019. But in the meantime, traders gotta trade. [more]

  • Louise Sunshine, Shahab Karmely and more confirmed for TRD’s Broward event

    Tim Elmes, Peggy Fucci and Gonzalo Navarro will also speak at the showcase and forum
    February 20, 2017 04:30PM

    From left: Louise Sunshine, Shahab Karmely, Tim Elmes, Peggy Fucci and Gonzalo Navarro

    The countdown is on for The Real Deal South Florida’s third annual Broward Real Estate Showcase & Forum on April 20.

    Our speaker confirmations are rolling in, and we’re pleased to announce industry veteran Louise Sunshine, New York developer Shahab Karmely and some of the region’s top real estate movers and shakers are among the notable speakers.

  • Residents of 415 CPW use building’s windows to protest Trump

    Tenants display "RESIST" on property over Presidents' Day weekend
    February 20, 2017 04:10PM

    415 Central Park West and Trump protester (Credit: Getty Images)

    Some of the residents at a Central Park West co-op are using their windows to protest President Trump, but the building management is not impressed. [more]

  • Brooklyn developers aren’t keeping up with the condo demand

    Q4 unit filings were well below the number of apartments sold during any quarter in past year
    February 20, 2017 03:20PM By Chava Gourarie

    1587 19th Street in Midwood (Credit: Google Maps)

    Homebuyers in Brooklyn are snapping up condominiums faster than developers are filing for new ones. In 2016, the number of new residential condo units planned for the borough fell to 1,848, a 34 percent decrease relative to 2015, while the number of condo sales increased each quarter.

    In January, keeping with the trend, there were 13 condo offerings with a total of 171 residential units filed with the New York State Attorney General’s Office. That’s above the average of 160 new units per month in 2016, but well below the number of closed sales. [more]

  • Landlord Hank Freid hit with $15K more in fines under new Airbnb law

    He was one of the first owners in the city to be penalized
    February 20, 2017 02:30PM By Kathryn Brenzel

    258 West 97th Street and Hank Freid (Credit: Getty Images)

    Landlord Hank Freid faces a string of new violations for allegedly listing illegal short-term rentals in another Upper West Side building. [more]

  • 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.

  • Japanese firm snags 20 percent stake in CIM

    Mitsui will contribute $450-500M to funds managed by firm
    February 20, 2017 01:20PM By Katherine Clarke

    From left: Tatsuo Yasunaga and Avi Shemesh

    UPDATED, Feb. 20, 5:13 p.m.: Japanese trading conglomerate Mitsui & Co. will acquire a 20 percent stake in Los Angeles-based real estate investment firm CIM Group, it announced Monday.

    Mitsui (Note: Correction appended) will also contribute between $450 and $550 million toward funds managed by CIM, it said. The two firms have established a dedicated investment vehicle to manage those funds, known as Sabre Investments LLC. [more]

  • Renderings unveiled for Union Square Tech Hub

    RAL Development Services planning 258K sf building on East 14th Street
    February 20, 2017 12:55PM

    Renderings of Union Square Tech Hub (Credit: Mayor’s Office of New York City via DNAinfo

    RAL Development Services revealed renderings for its 258,000-square foot project on the site of the P.C. Richard & Son store in Union Square. [more]

  • Massey pushing for probe into de Blasio’s legal representation

    Republican mayoral candidate has written to Manhattan DA and US attorney
    February 20, 2017 12:30PM

    From top: Paul Massey (Credit: Larry Ford) and Bill de Blasio

    Real estate executive and mayoral candidate Paul Massey is turning up the heat on his opponent Bill de Blasio, claiming the mayor’s arrangement with a law firm could be in violation of criminal and state laws. [more]

  • Robert Durst says it was “stupid” to agree to “The Jinx”

    Court plays real estate scion’s recorded jailhouse phone calls
    February 20, 2017 11:10AM

    Robert Durst (Credit: HBO)

    The D stands for “duh.”

    Embattled real estate scion Robert Durst has come to the conclusion that it was “stupid” of him to participate in the HBO documentary series in which he appeared to cop to the 2000 murder of his friend. [more]

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

    Hear top data execs, network and attend launch of The Real Deal's new research site and data division
    February 20, 2017 10:20AM

    To get an edge on 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.

    The Real Deal is bringing together some of New York City’s most knowledgeable Big Data and technology executives to discuss where they find cutting-edge information and how they process and deliver it to their employees, agents and clients.

    The morning event, which will also formally launch The Real Deal‘s research site TRData, begins with a networking breakfast followed by the first panel, “Big Data 2020: Exploring the next wave of real estate technology and information.” That is followed by a short coffee break, then the second panel, “Uncovering and navigating today’s flood of real estate data.”

    Confirmed speakers include Doug Curry, CEO of Xceligent; Michael Mandel, CEO of CompStak; Yale Fox, CEO of Rentlogic; Caren Maio, CEO of Nestio; Harley Courts, CEO of Nooklyn; Richard Sarkis, CEO of Reonomy; David Eisenberg, SVP of CBRE; Nick Romito, CEO of VTS; and Jonathan Greenspan, President of On-Line Residential. Stay tuned for updates on additional speakers.

    The location of the event is Kramer Levin Naftalis & Frankel’s offices at 1177 Sixth Avenue. Click here to purchase your tickets and find out more about the event.

  • Neighbors angry about ex-Trump campaign manager’s brownstone “dump”

    They say Paul Manafort’s place on Union Street is an eyesore and ruining the street
    February 20, 2017 09:55AM

    377 Union Street in Carroll Gardens and Paul Manafort (Credit: Getty Images)

    Paul Manafort, President Trump’s former campaign manager who resigned amid his alleged links to Russia, is facing a controversy of an entirely different nature. His neighbors are complaining his ill-kempt Caroll Gardens brownstone is making the rest of the street look bad. [more]

  • Last week’s priciest home sold in two weeks: Olshan

    Average days on market stands at 415 so far this year, a 32% increase
    February 20, 2017 09:03AM

    From top: Penthouse at 4 East 72nd Street and 30 Park Place, unit 73A

    At a time when the average residential listing takes more than a year to sell, the city’s priciest listing to go into contract last week did so in just two weeks. [more]

  • London housing prices took a dive in February 

    Pricing fell .4%, the biggest drop in six years
    February 20, 2017 08:30AM

    Homes on North Audley Street in London (credit: Wikimedia)

    London’s housing market saw its largest annual drop in prices in almost six years in February as the capital city continues to underperform the national average. [more]

  • Schumer urges Trump to put NYC security costs in Fed budget

    City estimates it could cost as much as $183M each year to protect Trump Tower
    February 20, 2017 08:00AM

    Senator Chuck Schumer and President Donald Trump with Trump Tower on Fifth Avenue

    New York senior Senator Chuck Schumer wants President Donald Trump to include in his Federal budget as much as $183 million per year to cover security costs for the president and the First Family in New York City. [more]

  • (Click to enlarge)

    From the February issue:  The former industrial hub-turned-development mecca of Long Island City continues to be ground zero for real estate projects in Queens. Like its neighbor Long Island City, Astoria has been a magnet for investors, with some 3.5 million square feet of development projects in its pipeline, including 4,132 residential units.

    The low-rise neighborhoods of Sunnyside and Woodside are less than six miles from Midtown Manhattan, with the latter being a roughly 10-minute train ride to Penn Station on the Long Island Rail Road. Serviced by several subway lines and relative bargains compared to LIC and Astoria, Elm​hurst and its neighbor to the north, Jackson Heights, are being touted as the next frontier of rental neighborhoods in Queens.[more]