The Real Deal New York

  • Nonunion group brings race into construction safety debate

    NYCA opposes City Council bill that mandates training programs
    January 20, 2017 06:30PM By Konrad Putzier

    A construction worker (credit: Vonderauvisuals)

    UPDATED, Jan. 20, 7:47 p.m.: Nonunion contractors opened a new playing field in their fight against a proposed City Council bill that would mandate apprenticeship programs for construction workers: race. [more]

  • Wells Fargo moves to foreclose on RFR’s Lever House

    Aby Rosen’s firm defaulted on $98M mortgage in 2015
    January 20, 2017 06:12PM

    Lever House at 390 Park Avenue and Aby Rosen (Credit: RFR)

    Wells Fargo filed to foreclose on RFR Realty’s Lever House. Aby Rosen and Michael Fuchs’ company has until Jan. 27 to respond to the complaint. [more]

  • Meyer Equities sues Harry Macklowe over Midtown deal

    Developer accused of interfering with $28M offer on Children’s Aid Society HQ
    January 20, 2017 05:30PM By Rich Bockmann

    150 East 45th Street and Harry Macklowe (Credit: Getty Images)

    Meyer Equities is suing Harry Macklowe over claims the mogul is meddling with the company’s $28 million offer to buy the Children’s Aid Society’s Midtown headquarters near Grand Central Terminal.

    An affiliate of Meyer, led by the father-and-son team of Marty and Eric Meyer, made an offer in November to buy the nonprofit’s headquarters at 150 East 45th Street for $28 million, knowing full well that the owner of the neighboring property had a right-of-first-refusal agreement allowing them to match the offer within 30 days, according to a lawsuit filed Friday in New York State Supreme Court. [more]

  • Gov. Cuomo provides design-build expansion — but not in NYC

    Streamlined bidding could benefit NY projects seeking federal dollars
    January 20, 2017 05:00PM

    Andrew Cuomo, Bill de Blasio and the Brooklyn- Queens Expressway (Credit: Getty Images)

    Gov. Andrew Cuomo’s budget proposal could give New York a leg up when competing for federal infrastructure dollars, thanks to a proposal to streamline the bidding process for big projects. So long as the project isn’t in New York City, that is. [more]

  • Inside TheRealDeal
  • Trump scraps FHA fee reduction for poor homebuyers

    New HUD Secretary Ben Carson had criticized Obama's move
    January 20, 2017 04:30PM

    Ben Carson and Donald Trump (Credit: Getty Images)

    Shortly after being sworn into office, Donald Trump’s administration overturned the Obama administration’s decision to lower the cost of buying a home for low-income Americans. [more]

  • Cushman & Wakefield could close IPO as early as Q3: report

    But sources say an IPO would also mean layoffs in the lower echelons of the company
    January 20, 2017 04:00PM

    From left: Brett White and John Cushman III

    From the Los Angeles website: Looks like the stars are finally aligning for Cushman & Wakefield. The commercial brokerage has taken the first steps in seeking its long-rumored IPO after months of bulking up its teams in Los Angeles and New York with high-profile poaches.

    The brokerage, under parent company TPG, has begun meeting with banks about a potential IPO to list as early as the third quarter of this year, sources told Bloomberg. Insiders — including Cushman’s own execs — have long speculated the probability of a public offering. [more]

  • America gets its first developer-in-chief

    New York real estate players have a lot to keep an eye on
    January 20, 2017 03:40PM By Kathryn Brenzel and Will Parker

    Donald Trump (Credit: Getty Images)

    Surrounded by family and a few pals from the real estate industry, Donald J. Trump on Friday became the 45th President of the United States — and the first developer-in-chief. [more]

  • What they’re reading now

    RE pros share picks for books on the pursuit of courage, 19th-century BK and time management
    January 20, 2017 03:06PM By Marynia Kruk

    From inside the January issue: Town Residential’s Ryan Fitzpatrick, Bestreich Realty Group’s Derek Bestreich, Mdrn. Residential’s Zach Ehrlich all sat down with The Real Deal to talk about what they’re reading. Click here to read 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]

  • WATCH: NYC real estate’s week in numbers

    A 14% drop in sales at Tiffany & Co.'s Fifth Ave. store, a $153M loan for Silverstein and more
    January 20, 2017 01:25PM By Alistair Gardiner

    A 17 percent drop in Brooklyn investment sales, a $1.16 trillion market value for the city’s properties and 50 contracts signed for luxury homes.

    To see the most important stats and facts from this past week, watch the video here.

  • Sutton refis Times Sq. retail building with $60M loan

    Two-story building at 661 Eighth Ave is valued at more than $100M: report
    January 20, 2017 12:55PM

    661 Eighth Avenue and Jeff Sutton

    A group of investors led by Jeff Sutton refinanced a Times Square retail property occupied by Duane Reade with a $60 million loan from Bank of China. [more]

  • Cheskie Weisz files plans for 96-unit Williamsburg rental

    CW Realty went into contract to buy 187 Kent for $45M in August
    January 20, 2017 12:30PM By E.B. Solomont

    Current site at 187 Kent Avenue

    Prolific Brooklyn developer Cheskie Weisz filed plans for a 96-unit mixed-use development at the site of a Williamsburg warehouse that he put into contract last year.

    Weisz’s CW Realty wants to build a seven-story, 90,000-square-foot building at 187 Kent Avenue, according to permits filed Friday with the city’s Department of Buildings. The residential portion will span nearly 61,000 square feet, with an additional 22,100 square feet of ground-floor retail, a 170-car parking garage and a rooftop garden. [more]

  • Wharton Equity snaps up LIC office building for $24M

    Deal includes 34K sf of air rights
    January 20, 2017 12:05PM By Katherine Clarke

    35-01 36th Street (inset from top: David Schechtman and David Junik)

    Larry Cerullo and Steve Tallides, owners of the popular sports bar and event space Studio Square in Long Island City, sold a nearby office property at 35-01 36th Street for $24 million, or $538 a square foot, sources told The Real Deal. [more]

  • President, with an asterisk

    Laurent Morali is the new head of Kushner Cos. But how much power does he really wield?
    January 20, 2017 11:30AM By Konrad Putzier

    From left: Laurent Morali, Charlie and Jared Kushner

    “Am I the leader of the company?”

    Laurent Morali, the new president of Kushner Companies, repeated the question, then answered without a moment’s hesitation. “I am.”

    To many New York real estate insiders, that statement may not carry much weight. Kushner Cos. is a family firm with a storied legacy. It was started in 1985 by Joseph Kushner, a refugee from Poland who became one of New Jersey’s famed “Holocaust builders,” and his son Charlie. Charismatic and hypercompetitive, Charlie ran the firm until 2005, when he went to prison for tax fraud and witness tampering. His son, Jared, has been the CEO and public face of the firm for over a decade, and was expected to continue leading it for decades more. Then, Donald Trump launched his presidential bid. To the surprise of many, Jared joined the campaign as an adviser. To the surprise of many more, Trump won, and Jared declared he’d be leaving the firm to take a job in the White House. So here we are.

    Morali is now the official head of the company. But he’s not a Kushner. What does that really make him? [more]

  • Premium reduction is good news — but might be fleeting

    It will lower FHA monthly mortgage payments when the rest of the market is trending costlier
    January 20, 2017 11:00AM By Kenneth Harney

    Here’s some potentially good news for anyone seeking a low down payment mortgage without high credit scores: The Federal Housing Administration is cutting its mortgage insurance premium charges, making its loans a little more affordable. [more]

  • Meet the landlord attorney with a lead foot and a divisive style

    Bradley Silverbush's motto is, "Don't break until you see God"
    January 20, 2017 10:30AM

    Bradley Silverbush (Credit: Jennifer Graylock)

    Landlords looking to boot unwelcome tenants have an ace in their pockets, and his name is Bradley Silverbush.

    The 60-year-old senior litigation member at Rosenberg & Estes has a reputation as a brash but effective landlord attorney, whose job it is to convince judges to evict tenants. With a passion for fast cars, his motto is, “Don’t break until you see God.”

    The son of a Holocaust survivor, Silverbush put himself through community college, the University of Buffalo and Pace University’s law school before cutting his teeth as a landlord lawyer in the Bronx in the 1980s. Of the “rough times,” he told the New York Times. “I loved it.” [more]

  • The most unaffordable real estate isn’t in NY — it’s in Asia

    Returns from rents in Asian cities is "remarkably low," report says
    January 20, 2017 10:02AM

    Hong Kong (Credit: Exploringlife via Wikipedia)

    Think New York City real estate is expensive? In Hong Kong, Mumbai, Beijing and Shanghai, homebuyers may be saving for three decades to buy a modest home. [more]

  • The bidding wars on the Hudson

    River towns in hot demand — for the right price
    January 20, 2017 09:30AM By Miriam Kreinin Souccar

    Irvington and other towns just up the Hudson River often see 10 competitive bids on homes that hit the market.

    From the Westchester market report:  This summer, a nondescript, 1,268-square-foot, three-bedroom house in Tarrytown received 17 offers before closing for $620,000 — $70,000 above the asking price.

    A five-bedroom home in Hastings-on-Hudson in September had five offers in 18 days. It sold for $1.4 million, $150,000 over the asking price. [more]

  • Santigold lists Bed-Stuy home for $1.95M

    Singer-songwriter paid $775k in 2010
    January 20, 2017 09:05AM

    786 Putnam Avenue in Bedford-Stuyvesant and Santi White (Credit: Getty Images)

    Pop singer Santi “Santigold” White has had enough of her Bedford-Stuyesant brownstone. The songwriter — whose hit video “Can’t Get Enough of Myself” features a host of A-listers — put the home on the market for $1.95 million. [more]

  • Nonprofit overseeing Bronx apartment where toddlers died racked up hundreds of violations

    BEDCO had 185 open violations at nearby 1055 University Ave. in the Bronx
    January 20, 2017 08:44AM

    1055 University Avenue in the Bronx (Credit: Property Shark)

    The nonprofit group that operated a Bronx apartment where two babies died from lethal steam burns had as many as 185 open violations at a separate site it supposedly managed.

    Following the deaths of Ibanez and Scylee Ambrose, investigators discovered that the Bushwick Economic Development Corp. (BEDCO) had unresolved violations at 1055 University Avenue in the Bronx, a “cluster site” the the city leases for homeless families. The girls were scalded by a faulty radiator at an apartment on Hunts Point Avenue. [more]