The Real Deal New York

  • 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]

  • Inside TheRealDeal
  • 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]

  • Is Empire State Realty Trust ready to become a buyer?

    REIT sits on a pile of cash, but faces difficult market conditions
    February 23, 2017 12:50PM By Konrad Putzier

    Anthony Malkin, the Empire State Building and an asteroid (Credit: Max Dworkin and Getty Images)

    Empire State Realty Trust hasn’t bought a single building since May 2014. Is that about to change? [more]

  • “100 Worst Landlords” list will stay: judge

    Kamran Hakim will remain on list published by Public Advocate Letitia James
    February 23, 2017 12:30PM

    NYC Public Advocate Letitia James (Creedit:Getty Images)

    The city’s list of “100 Worst Landlords” will stay — for now.

    Manhattan Supreme Court Justice Carol Edmead ruled against New York City landlord Kamran Hakim, who filed a lawsuit in December to have himself removed from the list. Hakim — who owns more than 100 properties citywide — was seeking $15 million in damages. [more]

  • Brokerage TripleMint raises $4.5M in Series A

    Startup, formerly known as Suitey, will invest in data and tech products
    February 23, 2017 12:10PM By Katherine Clarke

    From left: TripleMint’s David Walker and Philip Lang

    TripleMint, a residential real estate brokerage formerly known as Suitey, has raised $4.5 million in a Series A round, its co-founder David Walker told The Real Deal. [more]

  • Brooklyn Heights’ oldest home gets price-chopped

    Wood-frame house at 24 Middagh Street now asking $6.65M
    February 23, 2017 11:50AM

    24 Middagh Street

    The oldest home in Brooklyn Heights is looking to knock off some its dust.

    The Federal-style wood-frame house at 24 Middagh Street is asking $6.65 million, down from the $7 million when it hit the market in September for the first time in nearly 60 years, according to [more]

  • Residents at BK Mitchell-Lama building weigh privatization

    Vote will be held today on fate of St. James Towers
    February 23, 2017 11:30AM

    St. James Towers at 21 St. James Place in Clinton Hill

    The shareholders at a Mitchell-Lama building in Clinton Hill will today vote on a plan that would allow them to sell off their publicly-subsidized units — potentially for great profit. [more]

  • Office landlords may struggle to push rents in coming years

    Cities like NY with new supply, slowing job growth will be hit hardest: Green Street Advisors
    February 23, 2017 11:00AM

    Office buildings in Midtown Manhattan (Credit: Getty Images)

    Office landlords are going to have a harder time pushing rents as new supply comes online and job growth slows, especially in East Coast cities like New York, a new report claims. [more]

  • Resi brokers share their secrets to turning listings into sales

    Neutral spaces, pricing tricks ... & more
    February 23, 2017 10:30AM

    1060 Fifth Avenue #2B

    Why do some apartments linger while others breed bidding wars? Is the address of a building important, and what about the paint?

    In today’s market — with plenty of options out there, and more inventory on its way — closing a deal sometimes depends on brokers playing psychologist. [more]

  • Scorecard: December investment sales were too little too late

    A round-up of news and reports on the commercial market
    February 23, 2017 10:00AM By Adam Pincus

    Manhattan investment sales picked up in December 2016 to $4.2 billion , a 125 percent increase over the prior month, but still down more than 60 percent from December 2015. [more]