The Real Deal New York

  • Sales at Forest City-Greenland’s 550 Vanderbilt slow down

    Cleveland-based REIT had a turbulent 2016
    February 27, 2017 06:07PM By Konrad Putzier

    550 Vanderbilt and David LaRue

    Sales at Forest City Ratner and Greenland Group’s Prospect Heights condominium development 550 Vanderbilt have slowed considerably in recent months, which developers attributed to a weakening condo market.

    The joint-venture partners have sold 167 units as of late January, Forest City executives said during an earnings call Monday morning — meaning they sold 27 units in the seven months between June and January. They had sold 140 units during the first 12 months of sales, between June 2015 and June 2016. [more]

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

    Applegrad buys Bronx rental, Icon sells Hell’s Kitchen walk-up
    February 27, 2017 05:25PM By Chava Gourarie

    454 West 58th Street and 1229 Franklin Avenue in the Bronx

    In the world of mid-market New York City investment sales this week, Bronx landlord Sam Applegrad picked up a 62-unit building for $12 million, restaurateur Robert Malta bought a Midtown walk-up for $12.5 million and Eli Tabak’s Bluestone Group sold a Bronx homeless shelter for $16 million. [more]

  • Trevor Noah nabs $10M duplex in Stella Tower

    The comedian has already been renting in the building
    February 27, 2017 04:50PM

    Trevor Noah and his new penthouse (Credit : The Daily Show with Trevor Noah via Youtube and Sotheby’s International Realty)

    From Luxury Listings NYC: LLNYC cover star and “The Daily Show” host Trevor Noah has just reportedly bagged himself a $10 million duplex penthouse at Stella Tower in Hell’s Kitchen.

    The three bedroom spread on the 17th and 18th floors of the restored building was initially seeking almost $13 million, but was most recently asking a little under $11.5 million. It comes with 14-foot-high ceilings, oversized windows, an eat-in kitchen, large closets, solid oak flooring, and a 934-square-foot wraparound terrace. [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.

  • Inside TheRealDeal
  • Three garages at UWS luxury buildings hit market asking $65M

    The portfolio is at the base of five residential towers on Riverside Boulevard
    February 27, 2017 03:50PM

    From left: 80, 120 and 220 Riverside Boulevard

    Three Riverside Boulevard parking garages encompassing more than 228,000 square feet are on the market, asking $65 million, or $65,300 per space.

    The garages belong to a foreign-based trust, the Commercial Observer reported, and include 995 parking spaces. They are at the base of five condominium buildings at 80, 100-120 and 220-240 Riverside Boulevard. [more]

  • Corcoran lands city’s priciest rental — and its listing agent

    Andres Perea-Garzon left Compass after a year
    February 27, 2017 03:20PM By E.B. Solomont

    The Pierre and Andres Perea-Garzon

    Andres Perea-Garzon — who holds the distinction of brokering the city’s priciest rental deal at $500,000 a month — jumped to the Corcoran Group after a year at Compass. [more]

  • Gwyneth Paltrow consciously uncouples from Corcoran, slashes price on Tribeca pad

    Goop founder re-lists apartment at 416 Washington for $9.95M with Compass' Jay Glazer
    February 27, 2017 03:00PM By Isabel Schwab

    Gwyneth and the apartment at 416 Washington Street (credit: Andrea Raffin)

    From Luxury Listings NYCPity Gwyneth Paltrow. The Goop-founder and Academy Award winner has been trying to sell her Tribeca apartment at 416 Washington Street for almost a year now, and it’s just been re-listed with a new broker, a new price of $9.995 million and lots and lots of glorious photos. [more]

  • Empire State Realty Trust exec pays for giant inflatable cat to counter union’s protest rat

    Local 1 was snubbed for 1 Grand Central Place facade job
    February 27, 2017 02:30PM

    Inflatable rat, One Grand Central Place and a caricature of a fat cat

    Unions, meet the corporate fat cat. An Empire State Realty Trust executive paid to place a giant inflatable feline outside a Midtown construction site to counter a union protest with a large inflatable rat. [more]

  • The week in luxury: A map of NYC’s priciest apartment sales

    An interactive look at where the biggest deals were struck, plus total overall sales and average prices for the week (click on numbers to see data)
    February 27, 2017 02:00PM

    Each week, The Real Deal and CityRealty look back at Manhattan’s priciest apartment sales. Click here to see this week’s version.

  • Greenland-Forest City to take over P.C. Richard site

    JV may build a massive office project on property
    February 27, 2017 01:30PM

    MaryAnne Gilmartin and 590 Atlantic Avenue in Downtown Brooklyn

    UPDATED, Feb. 27, 2017, 2:44 p.m.: The joint-venture between Greenland Group and Forest City Ratner looks poised to take over a site across from the Barclays Center where it’s considering building a 1.5-million-square-foot complex. [more]

  • Madison Realty Capital beds down in Queens with $78M deal

    3.5-acre site in Hollis caters to industrial and manufacturing tenants
    February 27, 2017 01:00PM By Hiten Samtani

    Madison Realty Capital’s Joshua Zegen and 184-10 Jamaica Avenue (Credit: Chance Yeh and Pinnacle Realty)

    Madison Realty Capital is in contract to purchase a 3.5-acre property in Queens’ Hollis neighborhood for $78 million, sources familiar with the transaction told The Real Deal. The transaction would give them control of roughly 615,000 square feet of rentable office and industrial space, with tenants such as French Connection and Gotham Greens. [more]

  • Victor, Lendlease land $369M in new debt, equity for 281 Fifth

    Singaporean bank consortium provided debt, while Chinese firm injected equity
    February 27, 2017 12:30PM By Katherine Clarke

    From left: rendering of 281 Fifth Avenue, Melissa Burch and Ran Korolik (Credit: Victor Group and Max Dworkin)

    Victor Group and Lendlease can forge ahead with their condominium project at 281 Fifth Avenue following a new $369 million debt and equity injection. [more]

  • De Blasio wants monitors to oversee 1,200 distressed co-ops

    HDFC owners are pushing back
    February 27, 2017 12:00PM

    Mayor Bill de Blasio (Credit: Getty Images)

    Mayor Bill de Blasio is rolling out a plan two years in the making to impose strict new regulations on some 1,200 privately owned co-ops, a move critics say is a brazen effort to give a bogus boost to his affordable-housing numbers.

    The co-ops are part of the city’s Housing Development Fund Corporation, which the city established in the 1980s to sell off derelict buildings in places like Harlem, Washington Heights and the Lower East Side for as little as $250 per unit, the New York Post reported. [more]

  • Moonlighting architects: Designers tackle unusual projects outside the studio

    Some become part-time opera producers and beekeepers
    February 27, 2017 11:30AM By Kathryn Brenzel

    Eugene Kohn’s watercolor painting of Hudson Yards

    Within his watercolor landscapes, Eugene Kohn can briefly slip away from his surroundings. He can also escape his clients.

    “As an architect you have a client, a budget and a time schedule,” he said. “When I paint on the weekends, I don’t have a client, I don’t have anyone telling me what to do.” [more]

  • City fires official who lifted deed restriction at Rivington House

    Administration axes head of DCAS hours after de Blasio met with federal investigators
    February 27, 2017 10:30AM

    From left: Bill de Blasio, Rivington House and Ricardo Morales

    Hours after Mayor Bill de Blasio met Friday with federal investigators probing the Rivington House scandal, his administration fired the city official who approved lifting the deed restriction on the property in 2015. [more]

  • The (purebred show-dog) ate their homework

    Luxury condo owners explain why they owe hundreds of thousands in back taxes
    February 27, 2017 10:00AM

    From left: Trump International Hotel & Tower, 15 Central Park West and the Plaza

    Luxury condominium owners have some real rich excuses why they haven’t paid their property taxes. [more]

  • Luxury market has second-best February on record: Olshan

    Month saw 108 contracts signed at $4M and above, second only to 2015
    February 27, 2017 09:30AM

    From top: 252 West 12th Street and 252 East 57th Street, 63B

    The luxury residential market had its second-best February on record with 108 contracts signed at $4 million and above.

    With 21 contracts signed during the week of Feb. 20 through Feb. 26, the month ended on high note topped only by February 2015’s 116 contracts at $4 million and above, according to Olshan Realty. [more]

  • Paydirt: The frightened herd of domestic banks has created a very strange condo market

    The industry news you need to start your week, and what’s ahead
    February 27, 2017 09:00AM By Hiten Samtani

    By herding together and refusing to finance most condo projects, U.S. banks are doing the condo market – and themselves – a disservice

    Silly sheep: Overcompensation is a dangerous thing – in driving, dating and the lending business.

    It’d be one thing if U.S. banks were merely done with the likes of ultra-pricey projects dotting Billionaires’ Row. In 2013 and 2014, developers fell over themselves trying to cater to the captains of the universe, and banks were only too happy to enable them. [more]

  • SoftBank considering multi-billion dollar WeWork investment

    Japanese firm would shell out $2B in first round, second investment could be $2B or more
    February 27, 2017 08:30AM

    Adam Neumann and Masayoshi Son

    Japanese telecom giant SoftBank is getting ready to invest more than $3 billion in WeWork, a deal that could value the shared-workspace provider at more than $20 billion. [more]

  • Scorecard: BK and Queens leasing volume lagged through second half of 2016

    A round-up of data and reports on the commercial market
    February 27, 2017 08:00AM By Adam Pincus


    From the February issue: Office leasing in Brooklyn and Queens slowed dramatically in the second half of the year, down more than 40 percent to 1.4 million square feet between July and December, compared with 2.4 million square feet between January and June. [more]