The Real Deal New York

  • US builder confidence dips amid concerns 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]

  • Inside TheRealDeal
  • 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.
    [more]

  • 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

    borough-value

    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]

  • Meet the Goldman alum who’ll be leading the EDC

    James Patchett served as Alicia Glen's chief of staff
    January 18, 2017 08:30AM By Kathryn Brenzel

    James Patchett (credit: Mayor’s Office)

    When the city brokered a $201 million deal to sell the Riverton in 2015, officials touted it as a major victory. A&E Real Estate Holdings pledged to keep nearly 1,000 units in the Harlem housing complex affordable for 30 years, in exchange for hefty tax breaks. One of the officials at the center of the deal, James Patchett, said he spent a lot of time with tenants before approaching the developers.

    “I really felt like I was representing them as their agent, the person who was standing on the public side with the strength and the tools to ensure that they were protected,” he said. [more]

  • Soho House’s soul-searching

    The members-only club is betting that the global-property-buying spree that’s hurting its books now will pay dividends later
    January 18, 2017 08:00AM By Katherine Clarke and Gabrielle Paluch

    Nick Jones, the founder of Soho House, in the club’s new Barcelona location

    From the January issue:  It was 1996, shortly after he’d sold his shares in Virgin Entertainment, when Robert Devereux sat down to lunch with an old friend at 192, a famed celebrity haunt in London’s Notting Hill. [more]

  • Brooklyn investment sales fell 17% in 2016: report

    Brokerage has reserved expectations for 2017
    January 18, 2017 07:30AM By Rich Bockmann

    The six-year run-up in Brooklyn’s investment sales market has come to an end, as the borough saw a 17 percent decrease in investment sales in 2016 from the previous year, according to a new report from TerraCRG. [more]

  • The biggest price cuts on luxury pads this week

    A co-op in Lenox Hill got the biggest price reduction
    January 18, 2017 07:00AM By Miriam Hall

    Clockwise, from left: 435 East 52nd Street Apt. 16C, 7 Bond Street PHAB, 470 West 24th Street PHAB, 795 Fifth Avenue Apt 2204

    Which asking price will get whacked this week?

    Two adjacent co-ops belonging to “The Sopranos” creator David Chase received one of the biggest price reductions in the city’s over-$10 million market during the past week. The penthouses at London Terrace were listed last year for $16.5 million, but are now asking a more subdued $14.9 million. [more]

  • Most popular stories on The Real Deal

    January 18, 2017 06:30AM

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    4. Corcoran broker swindled hedge funder out of $2.5M to benefit himself and lover, lawsuit claims
    5. T.J. Maxx parent signs massive retail lease at Shaoul’s 140 West

  • Tucker Reed joins Rabsky on DoBro project

    Former head of DoBro Partnership comes in on 36-story office tower planned at 625 Fulton
    January 17, 2017 06:40PM

    From left: 625 Fulton Street and Tucker Reed

    Tucker Reed’s new real estate consulting venture Totem is partnering with The Rabsky Group on its downtown Brooklyn office development at 625 Fulton Street. [more]

  • Russian bank seeks guarantor’s properties in $37M judgment

    Lender claims Igor Mavlyanov transferred assets to family members to shield them from creditors
    January 17, 2017 05:35PM By Rich Bockmann

    Igor Mavlyanov

    A Russian bank is suing to enforce a Moscow court’s $37 million judgment against Igor Mavlyanov, who a New York judge suggested may be a “young Donald Trump” for allegedly transferring New York and California properties to family members in an attempt to shield the assets from the bank’s reach.

    St. Petersburg-based VTB Bank, of which the Russian government is a majority shareholder, filed a motion in New York State Supreme Court on Friday seeking to enforce a Moscow court’s decision from April that ordered Mavlyanov to pay the bank $37 million in damages. [more]

  • American Eagle finds new nest on Lex

    Retailer to fully occupy adjacent Midtown East buildings
    January 17, 2017 04:49PM By Mark Maurer

    716-718 and 720 Lexington Avenue in Midtown East and American Eagle at 40 West 34th Street (Credit: Google Maps)

    American Eagle Outfitters inked leases for two adjacent Midtown East stores along Lexington Avenue, sources told The Real Deal. [more]

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