The Real Deal New York

  • 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

    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.

    The argument is the latest skirmish in the long-running dispute over development at the park. At issue now are higher property valuations for the four existing developments at the park, which help pay for the park’s maintenance, the Wall Street Journal reported. [more]

  • There’s a new sales record in Prospect-Lefferts Gardens

    68 Rutland sold for $2.63M, or $648 psf
    February 24, 2017 09:35AM

    68 Rutland Road

    A brownstone in Prospect-Lefferts Gardens just set a price record for the neighborhood, signaling its gentrification a la Bushwick and Bedford-Stuyvesant. [more]

  • Rising home prices spawn new crop of landlords

    Mom-and-pop investors are replacing funds that swooped in during recession
    February 24, 2017 09:01AM

    With home prices rising and the rate of homeownership plummeting, there’s a new crop of landlords in town.

    Small investors — mom-and-pop landlords, if you will — are increasingly scooping up property and treating them as rental investments, Bloomberg reported. [more]

  • Feds to question de Blasio on his relationship with BK landlord

    Campaign finance investigation is said to be winding down
    February 24, 2017 08:33AM

    From left: Bill de Blasio and Moishe Indig (credit: NY1)

    Federal prosecutors and FBI agents plan to grill Mayor Bill de Blasio today, as they wind down a year-long investigation into the mayor’s campaign fundraising practices.

    The inquiry into whether the administration traded political favors for donations to de Blasio’s 2013 campaign has recently has honed in on the mayor’s relationship with Brooklyn landlord Moishe Indig, who held a fundraiser for de Blasio in 2013. [more]

  • Inside TheRealDeal
  • Wall Street in the age of Trump

    The new president’s deregulation plans could unleash Wall Street growth and have big NYC real estate ramifications, but will he self-sabotage?

    (Illustration: Tavis Coburn)

    From the February issue:  In the weeks since Donald Trump’s unlikely presidential victory, Wall Street has surged and added a lot of zeros to bank account balances.

    The controversial president swept into the White House vowing to deregulate the banking industry and promising a slew of other pro-business policies, including corporate tax cuts. [more]

  • To LEED or not to LEED? Vornado, Forest City riff on environmental standards

    Fees for WELL program are "outrageous"
    February 24, 2017 07:30AM By Kathryn Brenzel

    From left: Joyce Mihalik, Dana Robbins Schneider and Daniel Egan 

    It may not be enough to be LEED certified these days.

    Other building standards, like WELL certification, seem to be on the rise. WELL monitors building conditions like air, water and light quality, as well as access to exercise opportunities and healthy foods. During a panel discussion held by New York University’s Schack Institute of Real Estate, industry leaders talked about how tenants are increasingly looking for these and other certifications when deciding where to lease. [more]

  • Brokerages see new business tank as condo market struggles

    Both Corcoran and Elliman see fresh catch of new development dip by billions
    February 24, 2017 07:00AM By Miriam Hall

    (Illustration by Lexi Pilgrim)

    In 2015, Corcoran Sunshine, Manhattan’s top new development marketing firm, was awash in new business. That year, its brokers picked up an unprecedented $10 billion-plus in new condominium product, including some of New York’s glitziest projects. Its closest rival, Douglas Elliman, also scored big, picking up about $6 billion of exclusive listings.

    But as the luxury condo market took a beating and banks said “No mas!” to financing new projects, new product, both in terms of number of units and dollar volume, plummeted. As a result, a new analysis by The Real Deal shows, firms are finding themselves with a lot, lot less to look forward to.

    It’s a natural consequence of a market that has settled into a lull after two years of record-breaking deals, a period of exuberance that developers and brokers had hoped would become the new normal. The data, however, clearly show that it didn’t. Click here to read more.

  • Most popular stories on The Real Deal

    February 24, 2017 06:30AM

    Current reader favorites:
    1. Sitt revealed as mystery buyer behind BK’s priciest home sale of 2016
    2. Elementary, my dear Watson: IBM searching for massive new NYC office
    3. Toll Brothers plays defense as NYC’s luxury market falters
    4. Blackstone, Fairstead sell 18-story Kips Bay rental for $52M
    5. Thor lists Allen House and 840 West End for a combined $90M

  • The flagging Manhattan hotel market may have turned a corner: Jay Shah

    The supply pipeline has finally thinned, says Hersha Hospitality CEO
    February 23, 2017 06:00PM By Katherine Clarke

    Jay Shah and the Waldorf Astoria

    The tide may be finally beginning to turn for Manhattan hotel investors, thanks to a dip in the supply pipeline.

    Hersha Hospitality Trust, an owner of 12 New York City hotels, posted 1.2 percent growth in RevPAR — or the revenue pulled in from each available room — in the fourth quarter, driven by a 1.7 percent increase in daily room rates and 94 percent occupancy. The uptick is a welcome relief for the company, which had reported dips in both rates and occupancy levels over the past several years.  [more]

  • Fannie-Freddie case puts spotlight on Mnuchin’s housing finance plans

    Housing groups think mortgage market overhaul isn't a high priority for the Treasury Secretary
    February 23, 2017 05:37PM

    Treasury Secretary Steve Mnuchin (Credit: Getty Images)

    Steven Mnuchin may soon be forced to clarify his plans for housing finance reform, following this week’s federal appeal court decision that investors in Fannie Mae and Freddie Mack aren’t entitled to billions in profits. [more]

  • Gansevoort Meatpacking scores $115M refi

    Lone Star Funds affiliate lends on trendy 186-key property
    February 23, 2017 05:05PM By Hiten Samtani

    The Gansevoort Hotel in Meatpacking (Credit: Gansevoort Hotel Group)

    The owner of the Gansevoort Meatpacking NYC hotel secured a $115 million refinancing from L Star Capital, an affiliate of Lone Star Funds, sources involved in the transaction told The Real Deal. [more]

  • From the February issue:  Commercial real estate broker and mayoral hopeful Paul Massey raised $1.6 million in campaign donations over the last six months, outraising Mayor Bill de Blasio by $600K and becoming the most well-financed Republican challenger in the 2017 race, according to DNAInfo and Politico. Commercial property owners are facing a heavier tax burden under Mayor Bill de Blasio, the Wall Street Journal reported. City Council members last month introduced a package of 18 bills to ramp up security measures on construction sites, Crain’s New York Business reported. Amid concerns of classroom overcrowding, a group of parent advocates in Manhattan’s largest school district is calling on Mayor de Blasio to make developers pitch in funding for school construction, DNAinfo reported. [more]

  • Alma Realty secures $55M to refi Astoria office building

    Deutsche Bank is the lender for City View Plaza
    February 23, 2017 04:00PM By Miriam Hall

    36-46 33rd Street in Astoria

    Alma Realty locked down $55 million to refinance its office building on 33rd Street in Astoria.

    Deutsche Bank provided the mortgage, according to records filed with the city Thursday. The financing consolidates new $13 million mortgage and replaces a previous $42 million loan from UBS Real Estate Securities issues in 2007. [more]

  • Office wars: Normandy, Ares considering 200K sf project in Greenwich Village

    Developers would build property poised to rival Minskoff's "Death Star" at 51 Astor
    February 23, 2017 03:30PM By Rich Bockmann and Mark Maurer
    797 Broadway

    797-799 Broadway in Greenwich Village and Normandy (inset: Normandy Real Estate Partners’ David Welsh)

    The “Star Wars” franchise has two Death Stars, and one day Midtown South – on a pair of blocks not far, far away – may be able to boast the same.

    Normandy Real Estate Partners and Ares Management are weighing plans to develop a boutique office building on Broadway in Greenwich Village, not far from the commercial property at 51 Astor Place that locals have dubbed the Death Star, sources told The Real Deal. [more]

  • Soo K. Chan lists apartment at 25 CPW for $4M

    Starchitect purchased it in 2010 for $3.1M
    February 23, 2017 03:10PM By Isabel Schwab

    Soo K. Chan and his apartment at 25 Central Park West (credit: SCDA via Wikipedia)

    From Luxury Listings NYCSoo K. Chan’s firm SCDA Architecture may be responsible for designing some of the most futuristic-looking buildings in the city, but the starchitect’s own apartment, at 25 Central Park West, is surprisingly traditional.

    Chan, whose firm is based in Singapore, has just listed his condo at the Century building for $4 million. [more]

  • Fort Worth billionaire nabs $28M pad at 212 Fifth

    Ed Bass paid just under $4K psf for two combined units
    February 23, 2017 02:40PM By Katherine Clarke

    From left: Robert Gladstone (credit: Getty Images), 212 Fifth Avenue, and Ed Bass

    A Texas bigwig worth a reported $3 billion has scored himself a $28 million New York City pad.

    Ed Bass, the Fort Worth billionaire best known for bankrolling a “Biosphere” experiment that sought to recreate the earth in space, shelled out for two adjacent apartments at the condo conversion at 212 Fifth Avenue, according to a source close to the deal. [more]

  • Treasury extends LLC disclosure rule, but to what effect?

    Brokers and lawyers report little impact on deals
    February 23, 2017 02:21PM By E.B. Solomont

    Uncle Sam and an aerial view of New York City (Credit: Getty Images)

    Nearly a year after launching a pilot program designed to unmask hidden buyers of luxury real estate, the Treasury Department extended the regulation on Thursday in a continued effort to crack down on money laundering. [more]

  • Bronx landlord charged in slaying of tenant over unpaid rent

    The tenant formerly ran his own brokerage
    February 23, 2017 02:00PM

    Zakir Khan

    A Bronx landlord was charged Wednesday with fatally stabbing his tenant Zakir Khan following an ugly dispute over unpaid rent.

    Taha Mahran allegedly repeatedly stabbed Khan outside his home on Logan Avenue in Throggs Neck, the New York Daily News reported. Mahran walked into the 45th Precinct station house covered in blood and was charged with murder, manslaughter and criminal possession of a weapon. [more]

  • Alchemy, Carlyle push forward $226M condo plan on UWS

    The firm bought the site for $51M last year
    February 23, 2017 01:30PM By Will Parker

    From left: 250 West 81st Street, Alchemy’s Kenneth Horn (credit: STUDIO SCRIVO) and Carlyle’s Robert Stuckey

    Alchemy Properties and Carlyle Group submitted a $226 million offering plan for their 31-unit condominium project at 250 West 81st Street, filings with the New York state Attorney General’s office last week show.

    If approved, the target sellout would make for an average unit price just shy of $7.3 million, or five times the average condo price on Manhattan’s west side, according to a Citi Habitats market report for the fourth quarter of 2016. [more]

  • New full-floor listing at One57 asks $52M

    Owner bought the unit in April 2015 for $47.8 million
    February 23, 2017 01:10PM By Liz Lucking

    157 West 57th Street 77 (credit: Douglas Elliman)

    From Luxury Listings NYC: A full-floor spread on the 77th floor of the towering One57 has hit the market asking a cool $52 million.

    It’s being sold almost two years after it was first nabbed by its anonymous owner Unit 58a Acquisition Corp. for $47.8 million. Reports at the time suggested that the buyer was from Europe, was drawn to the 90-story building because of its views and planned to use the apartment as a pied-à-terre. [more]

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