The Real Deal New York

  • Hager shopping W’burg site of planned Trader Joe’s: sources

    Sale would mark the second time the property has traded since the chain inked a lease agreement in 2015
    February 24, 2017 06:44PM By Will Parker

    206 Kent Avenue

    Isaac Hager’s Cornell Realty Management filed plans Friday for a new, six-story building in Williamsburg, but would prefer to sell the site, sources told The Real Deal.

    The long-stalled waterfront site at 200-206 Kent Avenue is supposed to become the home of a new Trader Joe’s, which signed an 18,000-square-foot lease with the previous owner, Mike Kohn’s Alliance Private Capital Group, in 2015. [more]

  • Copperline raises $75M on the Israeli bond market

    Developer raised $85M in a 2015 offering
    February 24, 2017 06:42PM

    The Schlesinger family’s Copperline Partners raised $75 million on the Israeli bond market this week. [more]

  • Airbnb revenue in black neighborhoods mostly goes to white hosts: study

    Startup says it's benefiting minorities in 72 communities, but Inside Airbnb claims few actually reap the rewards
    February 24, 2017 05:45PM By Rich Bockmann

    Airbnb Founders Joe Gebbia, Nathan Blecharczyk and Brian Chesky (Credit: Getty Images)

    As it waged an ultimately unsuccessful fight last year against legislation aimed at curtailing illegal short-term rentals, Airbnb orchestrated a public relations campaign painting the tech startup as a champion of middle class New Yorkers who rent out their homes to help make the ends meet. [more]

  • Another Brazilian model lists her apartment in Tribeca for $3.5M

    Jeisa Chiminazzo paid $1.65M for the pad in 2009
    February 24, 2017 05:20PM By Isabel Schwab

    Summer Friday’s 😈

    A post shared by Jeisa Chiminazzo (@jeisachiminazzo) on

    From Luxury Listings NYCWe guess the New York winters are just too much for these Brazilian models. Just three weeks ago, Brazilian supermodel Caroline Trentini listed her East Village apartment for $3 million, and now, her fellow model Jeisa Chiminazzo is doing the same thing. She just listed her apartment at 53 Warren Street in Tribeca for $3.5 million. [more]

  • Inside TheRealDeal
  • 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.

  • Madison Capital gets $51M Mesa West loan to buy Flatiron ground lease

    11-story office-and-retail building at 71 Fifth Avenue is fully occupied
    February 24, 2017 04:20PM By Mark Maurer

    71 Fifth Avenue in the Flatiron District and Richard Wagman

    Madison Capital scored a $51.4 million loan from Mesa West Capital for its purchase of the ground lease at 71 Fifth Avenue, property records filed with the city Friday show. [more]

  • Developer files plans for 43-unit South Bronx building

    The 31K sf apartment building will fill previously vacant land
    February 24, 2017 04:00PM By Ben St. Clair

    1181 Sherman Avenue (Cedit: Google Maps)

    Private developer Paul Gjonaj filed plans to build a 43-unit apartment building in the South Bronx, according to property records filed with the city Friday.

    The proposed six-story, 30,749-square-foot building at 1181 Sherman Avenue lies on a vacant lot just east of the Grand Concourse and south of 167th Street. Plans show the building would feature eight apartments on each of the top five floors and a recreation room on the first floor. Badaly Architects will design the project. [more]

  • JDS, Chetrit land $135M loan for Brooklyn’s tallest tower

    Bank of the Ozarks, Melody provided fresh debt
    February 24, 2017 03:35PM By Katherine Clarke

    From left: Joseph Chetrit, a rendering of 9 Dekalb Avenue and Michael Stern

    JDS Development and the Chetrit Group are one step closer to making their Downtown Brooklyn mega-tower a reality. [more]

  • Deadwood: Plans for SHoP’s Chelsea wooden tower scrapped

    Ownership team dissolves partnership at 475 West 18th Street
    February 24, 2017 03:15PM By Kathryn Brenzel

    475 West 18th Street (Credit: SHoP Architects)

    Talk about logging off.

    After much fanfare about the potential future of wooden high-rises, developers have scrapped plans to build the city’s tallest wooden condominium tower in Chelsea, The Real Deal has learned. [more]

  • Roku streams into new Big Apple office

    Streaming TV player signs 16K sf lease at Equity Office’s 114 West 41st St
    February 24, 2017 03:00PM

    114 West 41st Street (Credit: Equity Office)

    Television streaming service Roku is turning up the dial on its office in New York City.

    The company signed a lease for 15,931 square feet at Equity Office’s 114 West 41st Street, the Commercial Observer reported. The asking rent was not provided. [more]

  • Stung by losses, Realogy vows to become “recruiting machine”

    Corcoran and Sotheby’s sales volume dipped 7 percent in 2016
    February 24, 2017 02:30PM By E.B. Solomont

    From left: Richard Smith, Pam Liebman and Peter Sobeck

    After hemorrhaging agents in recent years, real estate behemoth Realogy vowed last year to regain its edge by aggressively hiring back top brokers. On Friday, CEO Richard Smith took it up a notch and pledged the company would become a “recruiting machine.”

    “Don’t think there’s a start and finish to our recruitment efforts, we’re going to continue,” Smith said during an earnings call. “We’re turning this company into a recruiting machine and that’s not going to stop.” [more]

  • Bar Works scrubs mystery CEO’s name from docs, continues to raise money

    Co-working company has ties to alleged Ponzi schemer Renwick Haddow
    February 24, 2017 02:00PM By Konrad Putzier

    From left: Franklin Kinard, Bar Works spaces and Renwick Haddow (Credit: Bar Works)

    Just weeks after The Real Deal published an investigation revealing ties between Bar Works and a British investor accused of running a Ponzi scheme, the co-working company continues to solicit money and open new locations. But the company has now scrubbed the name of its CEO from company documents after TRD raised questions about his identity. [more]

  • Tobacco-busting law firm takes 38K sf at 399 Park

    Robins Kaplan signs a sublease near its present digs at 601 Lexington
    February 24, 2017 01:35PM By Rich Bockmann

    601 Lexington Avenue and 399 Park Avenue (Credit: Boston Properties)

    Robins Kaplan, a Minnesota-based law firm that opened its New York City office in 2010, is relocating from its home on Lexington Avenue and expanding to 38,000 square feet just a short walk away on Park Avenue. [more]

  • Olnick secures $85M to refi Soho office building

    First Republic Bank is the lender for 63-67 Prince Street
    February 24, 2017 01:15PM By Miriam Hall

    63-67 Prince Street

    Olnick Organization locked down $85 million to refinance its office-and-retail building on Prince Street in Soho.

    First Republic Bank provided the financing, according to records filed with the city Friday. The loan includes a new $29.2 million mortgage, and replaces a $62 million loan from AXA Equitable Life Insurance, issued in 2008.

    The building at 63-67 Prince Street has an alternative address at 256-268 Lafayette Street, and spans 169,960 square feet across 15 stories. [more]

  • Tommy Hilfiger lists SoFla mansion for $27.5M

    Hilfiger and his wife are considering buying a home in Palm Beach or Los Angeles
    February 24, 2017 12:40PM

    605 Ocean Boulevard. Inset: Tommy Hilfiger

    From the South Florida website: Another major fashion designer has listed his Miami home.

    Tommy Hilfiger put his colorful Golden Beach mansion on the market for $27.5 million with Coldwell Banker’s the Jills, just one day after Calvin Klein sold his Miami Beach home for $13.15 million. [more]

  • Israeli investors go condo at 1790 Third Avenue

    Developers want to bring 52 units to East Harlem
    February 24, 2017 12:10PM By Will Parker

    1790 Third Avenue (Credit: CityRealty)

    Israeli investors Udi Gilboa and Yoram Avner are the sponsors of a 52-unit condominium at 1790-1792 Third Avenue in East Harlem, according to filings this week with the New York state Attorney General’s office. The target sellout for condos is $48 million and the developers have given the project the El Barrio-appropriate name “Cereza,” Spanish for cherry. [more]

  • Hilton launches $1B share buyback program

    Company has also changed its name to Hilton Inc.
    February 24, 2017 11:40AM
    The Hilton Midtown at 1335 Sixith Avenue

    The Hilton Midtown at 1335 Sixth Avenue

    Hilton Worldwide Holdings announced it will buy back $1 billion in shares, as it moves forward with a reorganization of the business. [more]

  • Get your copy of The Real Deal’s 2017 Data Book

    This year's comprehensive guide to NYC's real estate industry is our biggest yet
    February 24, 2017 11:10AM

    Today, consumers of data have never had such a rich assortment from which to pick, nor a harder time distinguishing fact from fabrication.

    The 12th-anniversary edition of The Real Deal‘s Data Book is our effort to bring readers the salient facts of the New York City real estate market at a time when the industry is at a critical juncture. [more]

  • Don’t let closing costs surprise you

    New study shows 50% of US homebuyers were "surprised" by the amounts they were charged
    February 24, 2017 10:40AM By Kenneth Harney

    Everyone knows that financing and closing on a home purchase can be complicated. Which is why more than a year ago the Consumer Financial Protection Bureau issued a set of new disclosures and rules designed to bring greater clarity — and certainty — to transactions.

    So how’s that going? Maybe not so well from a consumer perspective, if a new survey of 1,000 first-time and repeat purchasers is any guide. Sponsored by ClosingCorp, an industry technology firm, and conducted by Wilson Perkins Allen Opinion Research, the study found that more than 50 percent of buyers were “surprised” by the amounts they were charged at closing, despite the new federal disclosures aimed at eliminating or sharply limiting surprises. [more]

  • Flush with cash, Brooklyn Bridge Park tussles over development plans

    High property values already cover the cost of maintaining the park, critics say
    February 24, 2017 10:10AM

    Pierhouse at Brooklyn Bridge Park (Credit: Toll Brothers City Living)

    Is Brooklyn Bridge Park suffering from too much of a good thing? With the park poised to see a windfall of revenue from private development, locals are coming out against future building along the East River. [more]