The Real Deal New York

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

    Bluestone sells FiDi rentals, Ved Parkash buys a Bronx building
    February 21, 2017 06:00PM By Chava Gourarie

    From left: 165-167 William Street, Eli Tabak and renderings of 1516 Park Avenue (Credit: Ariel Property Advisors and Karl Fischer Architect)

    Last week in mid-market sales, the Tabaks sold a multifamily building in the Financial District at a loss, Coltown bought a gas station in Washington Heights, and controversial landlord Ved Parkash picked up rental apartments in the Bronx. [more]

  • EPIC scores $65M loan for four Manhattan properties

    Deal counts two commercial condos and two full buildings
    February 21, 2017 05:30PM By Will Parker

    17 West 14th Street (inset: Steven Elghanayan) (credit: Google Maps)

    EPIC, the investment vehicle of Steven and Michael Elghanayan, obtained a $65 million loan to refinance four of its lower Manhattan properties, according to documents filed with the city Tuesday. Two commercial condos in Soho at 73 Wooster and 388 West Broadway, and two commercial buildings at 17 West 14th Street and 40 Thompson Street, are financed in the loan from TD Bank. [more]

  • Caerus files for 95 resi units in Washington Heights

    89K sf property on former church site was initially slated for dorms
    February 21, 2017 05:05PM By Miriam Hall

    206 Wadsworth Avenue

    Leo Tsimmer’s Caerus Group is planning to build a nine-story, 95-unit building at the site of a former church in Washington Heights, according to a permit application filed with the city’s Department of Buildings Tuesday.

    The building at 206 Wadsworth Avenue would span 89,000 square feet, and would include 74,360 square feet of residential space and 14,644 square feet for community facility. The lower levels will hold parking, a house of worship and classrooms, the plans show. [more]

  • Ashford Hospitality offers $1.3B to acquire FelCor

    Merger could create one of country’s largest hotel REITs
    February 21, 2017 04:40PM

    The Knickerbocker and Royalton Hotel (Credit: Knickerbocker Hotel via Twitter and Wikipedia)

    Ashford Hospitality Trust is bidding $1.27 billion for FelCor Lodging Trust, which owns the Knickerbocker and Royalton hotels in New York. [more]

  • Inside TheRealDeal
  • From the February issue: Bruce Ratner allegedly boots his estranged wife, Pamela Lipkin, from the office where she practices plastic surgery. Design enforcer Bjarke Ingels files his long-awaited plans for a new $50M police precinct in the South Bronx. Check out those and more in this month’s visual roundup of real estate-related happenings. [more]

  • Jeff Sutton raises $233M on Tel Aviv bond market

    Investor demand for retail mogul's bonds hits $500M
    February 21, 2017 03:30PM By Chava Gourarie

    Jeff Sutton

    Jeff Sutton completed an institutional tender on the Tel Aviv Stock Exchange, raising $233 million at an interest rate of 3.9 percent.

    The retail mogul began with a $100 million bond offering, and then more than doubled that to $243 million after demand from investors reached almost $500 million. In the public tender, which is slated to occur in the next week, Sutton can raise an additional $30 million.

    The interest rate is the lowest for an American company on the Tel Aviv market, coming in below the similarly rated Moinian Group, which raised $361 million at 4.2 percent in March 2015. Sutton’s firm was rated AA- by the Israeli rating agencies. [more]

  • Massey pledges no city business with campaign donors

    City Hall hopeful hits de Blasio over "sweetheart deals" and scandals
    February 21, 2017 03:00PM By Rich Bockmann

    Paul Massey (Credit: Rich Bockmann for The Real Deal)

    Paul Massey says the city won’t do any business with donors to his campaign if he’s elected mayor. But given his deep connections to the industry and how entwined it is with city government, it might be a difficult pledge to keep. [more]

  • Compass expands Fifth Avenue headquarters by 25K sf

    Brokerage takes two extra floors at Aby Rosen's 90 Fifth in Union Sq.
    February 21, 2017 02:40PM

    90 Fifth Avenue and Robert Reffkin

    Compass is expanding its global headquarters, signing a lease for an extra 25,000 square feet in Union Square. [more]

  • Save the date: TRD’s NYC Real Estate Forum & Showcase

    The 10th annual event will go down on May 15 at the Metropolitan Pavilion
    February 21, 2017 02:00PM

    Clockwise from left: The Real Deal’s May 15 event, Eliot Spitzer, Dolly Lenz and Richard Steinberg

    The Real Deal is heading back to Chelsea for our 10th annual New York City Real Estate Showcase and Forum!

    On May 15, the city’s industry professionals will flock to the Metropolitan Pavilion for a day of networking, learning and previewing the hottest new developments around town. Former New York governor and developer Eliot Spitzer (Spitzer Enterprises), Dolly Lenz (Dolly Lenz Real Estate) and Richard Steinberg (Douglas Elliman) are among the real estate heavyweights that will participate on three informative panels:

    — The impact the Trump administration will have on the real estate industry: How protectionism, bank deregulation and changes to the tax structure will affect the NYC market
    — Looking at the post-peak luxury new development market: Selling in an increasingly competitive landscape
    — Gauging the commercial slowdown: Amid a shift in activity and broker reshuffling, what’s next for the market?

    To buy your tickets to the event, which will take place from noon to 6 p.m. at 125 West 18th Street, click here. For more information about sponsorship opportunities, contact Ross Fox at forum@TheRealDeal.com.

  • Community board rejects UES resi project as “grotesque”

    A. Ruth & Sons wants to add two stories to landmarked rental building
    February 21, 2017 01:30PM

    The existing property at 50 East 96th Street

    Community Board 8 rejected A. Ruth & Sons’ plans to add two stories to a landmarked Upper East Side rental building, calling the proposed design “grotesque.” [more]

  • Trust for Governors Island sues Turner Construction, subcontractor for $5M

    Contractors allegedly made key design errors on seawall, lift bridges
    February 21, 2017 01:00PM

    Lawn on Governors Island looking out at the Manhattan skyline (Credit: Getty Images)

    The Trust for Governors Island is suing Turner Construction and its subcontractor for more than $5 million, alleging the construction firms made several critical errors when designing the island’s seawall and lift bridges. [more]

  • Contender for NJ gov. says he’ll fight Cuomo over bus terminal

    Phil Murphy says $3.5B isn't enough for the project
    February 21, 2017 12:30PM

    Port Authority and Phil Murphy

    The top Democratic contender for New Jersey governor has vowed to go toe-to-toe with New York’s Gov. Andrew Cuomo over funding for the new Port Authority Bus Terminal in Midtown. [more]

  • The Real Deal is headed back to Long Island!

    The area's second market report is coming in March
    February 21, 2017 12:00PM

    Which firms made the list of top residential brokerages in Nassau and Suffolk counties? What new developments can we expect? What are Long Island’s priciest listings?

    The Real Deal is excited to head back to the Island and will soon release our second Long Island Market Report, a roundup of real estate news and information about Nassau and Suffolk counties’ residential and commercial markets. [more]

  • Jack Resnick & Sons secures $85M to refi 315 Hudson Street

    JPMorgan Chase is the lender for the 10-story office building
    February 21, 2017 11:30AM By Miriam Hall

    315 Hudson Street and Jonathan Resnick

    Jack Resnick & Sons locked down $85 million to refinance its office building at 315 Hudson Street. [more]

  • Paydirt: WeWork hits puberty, StreetEasy becomes the enemy … & more

    The industry news you need to start your week, and what’s ahead
    February 21, 2017 10:50AM By Hiten Samtani

    From left: Ofer Yardeni, Miguel McKelvey, Adam Neumann and Spencer Rascoff

    WeWork grows up: WeWork brought in some adults to help manage the $16.9 billion playground. James Woods, the head of the Brooklyn Bowl, came on board, as did Richard Gomel, a former executive at Starwood Capital and Junius Real Estate Partners. [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 21, 2017 10:20AM

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

  • Banks backing away from apartment projects

    Supply is outpacing demand
    February 21, 2017 09:50AM

    A construction laborer working on the site of a new residential building in Hudson Yards (Credit: Getty Images)

    Banks are shying away from financing new apartment projects as supply starts to outpace demand. [more]

  • New bill seeks to reform how AMI is calculated for 421a projects

    Affordability would be calculated based on individual zip codes
    February 21, 2017 09:15AM By Kathryn Brenzel

    Senator Michael Gianaris and Assemblymember Brian Barnwell

    A new bill seeks to change how affordability in housing projects is calculated, a measure that could dramatically reshape the makeup of projects built under a new 421a. [more]

  • Brokerages blast StreetEasy’s new “premier agent” feature

    Firm chiefs mull boycott of listings platform over advertising initiative
    February 21, 2017 09:00AM By Katherine Clarke

    Susan Daimler and the StreetEasy site

    StreetEasy is planning to roll out a new feature that would connect prospective homebuyers with agents who buy advertising on the platform’s for-sale listing pages. The initiative, sources told The Real Deal, is invoking the wrath of major New York brokerages, with the heads of some firms suggesting a boycott of the platform.

    Brokers are concerned that buyers will be directed to third-party agents who have no connection to the property, rather than to the listing agent with the exclusive. That could cost listing agents commissions, forcing them to split with brokers who get leads simply by paying StreetEasy to be designated a “premier agent.” [more]

  • Civil rights group to ditch longtime Tribeca digs for larger office

    The group isn't yet sure where it's moving
    February 21, 2017 08:00AM

    99 Hudson Street in Tribeca

    A civil rights organization, LatinoJustice PRLDEF, is ditching its longtime home in Tribeca for a bigger space.

    The organization, formerly known as the Puerto Rican Legal Defense and Education Fund, is leaving 99 Hudson Street, the New York Post reported. LatinoJustice owns the 14th floor of the building, where it’s been for 25 years. CBRE Group is consulting on the sale of the 12,328-square-foot space. [more]

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