Workers injured at Hudson Yards scaffolding collapse, a peek at Disney’s new HQ

A daily roundup of New York real estate news for November 11, 2019

TRD New York /
Nov.November 11, 2019 04:10 PM

Every weekday The Real Deal rounds up New York’s biggest real estate happenings. We update this page throughout the day, starting at 9 a.m. Please send any tips or deals to [email protected].

 

This page was updated at 4:10 p.m.

 

The 9/11 Tribute Museum is on its way out. Thor Equities, which owns the building that houses the 40,000-square-foot museum, has put the property on the market, seeking around $30 million, according to Crain’s New York Business. The museum, which was founded in 2006 and moved to its current location two years ago, has been eclipsed in popularity by the 9/11 Memorial Museum. [Crain’s]

 
The construction site of 50 Hudson Yards (Credit: Google Maps)

The construction site of 50 Hudson Yards (Credit: Google Maps)

Four construction workers were injured in a scaffolding collapse at 50 Hudson Yards on Monday. Three suffered minor injuries, and the fourth suffered serious but not life-threatening injuries. The cause of the scaffolding collapse was not immediately clear. Related Companies and Oxford Properties Group are developing the project. [NYP]

 
From left: Heather Domi, Jeremy Stein, Toni Haber, Leonard Steinberg and Cathy Taub (Credit: NYRAC)

From left: Heather Domi, Jeremy Stein, Toni Haber, Leonard Steinberg and Cathy Taub (Credit: NYRAC)

Here’s how a residential agent advocacy group is faring one year in. The New York Residential Agent Continuum launched last November and has since grown to count almost 260 agents as members. It has hired lobbyists, a public relations firm and staffers, and it is having meetings with lawmakers and executives at StreetEasy. [TRD]

 

Renderings are out for Disney’s future Hudson Square headquarters. Skidmore Owings & Merrill will design the pair of 19-story buildings at 137 Varick Street, and the renderings indicate that one of the buildings will have a façade of floor-to-ceiling windows, landscaped outdoor terraces and a flat roof parapet. [YIMBY]

 

The merger between JLL and HFF is still working through some issues. Several of JLL’s top agents have left the firm, and the newly created massive brokerage is still trying to settle on a clear direction. [TRD]

 

The SEC questioned WeWork’s financial metrics before the startup canceled its IPO. The agency sent WeWork a list of 13 unresolved issues on Sept. 11, according to correspondence seen by the Wall Street Journal. The agency was particularly concerned about how the company used a profitability metric called “contribution margin” to frame its losses. [WSJ]

 

Michael Shah

Michael Shah is claiming that his ex-girlfriend assaulted him three times. The developer filed a complaint with the police on Thursday accusing Bhavana Chamoli of slapping him in the face at least three times and stomping on his left foot while she was wearing stiletto heels, according to the New York Post. Chamoli had called the police on Shah in late September saying he shoved her into a wall, giving her a split lip. [NYP]

 

WeWork is planning to get rid of all of its non-core businesses. The company plans to ditch side ventures including Conductor, the Wing, Managed by Q, Meetup, SpaceIQ, Teem and Wave Garden. It will see job cuts across several divisions as well. [CNBC]

 
Joy Construction's Eli Weiss and Maddd Equities' Jorge Madruga

Joy Construction’s Eli Weiss and Maddd Equities’ Jorge Madruga

The city has sold NYCHA air rights in Brooklyn to developers who are de Blasio donors. Maddd Equities and Joy Construction have purchased air rights at Brooklyn’s Ingersoll Houses for $25 million. Maddd Equities’ Jorge Madruga donated $10,000 to de Blasio’s Campaign for One New York and $5,850 to his mayoral runs, and Joy Construction employees donated $3,700 to his mayoral runs. Madison Realty Capital and Real Estate Equities Corporation had also spent money lobbying to buy air rights from NYCHA. [NYDN]

 

A fancy Italian restaurant is coming to SL Green’s and Vornado’s 280 Park Avenue. The Brazilian company Fasano Hotel and Restaurant Group has signed a lease with the landlords to open the restaurant during the first six months of 2020. The building was home to the revival of the Four Seasons restaurant, which lasted nine months before shutting down. [NYP]

 

NYCHA residents will see at least four more winters without new boilers. The boilers from the state won’t start coming online until at least 2023, and completion dates have not been set for most of them yet. Funding for the boilers was budgeted as long ago as 2016. [The City]

 

A state lawmaker wants to establish a state-run title insurance program. The proposal comes from Manhattan Sen. Brad Hoylman, who says it could reduce costs for homebuyers and rein in the industry. Executive vice president of the New York State Land Title Association Robert Treuber said a state-run agency would increase consumer costs with legal and other types of fees. [NYDN]

 

A NYCHA apartment in Chelsea ended up on Airbnb for $90 per night. Guest Rachel Valerio and her mom realized they were staying in public housing shortly after arriving to the apartment from Boston and felt obligated to report the listing to Airbnb. By Oct. 29 it was no longer listed on the platform. [NYT]

 

A San Remo apartment is on the market for $25 million. Money manager Peter May and his wife Leni May are selling the 15th-floor unit in the landmark building at 145-146 Central Park West. The four-bedroom apartment spans about 5,725 square feet. The Mays bought real estate developer William Zeckendorf’s apartment at 740 Park Avenue for $29.5 million in July. [NYT]

 

A quartet of burglars ransacked the Riverdale mansion of a shopping mall magnate. The group broke into the home of Don Ghermezian’s home around 5:15 p.m. Saturday and stole more than $100,000 worth of jewelry and other things, according to the Daily News. Ghermezian is president of the Canadian company Triple 5, which operates New Jersey’s American Dream mall and Minnesota’s Mall of America. [NYDN]

 

Manhattan saw 20 luxury contracts signed for about $134 million last week. Both figures were up from the previous week, when 14 contracts were signed for about $90 million. The properties spent an average of 465 days on the market and had an average discount of 15 percent from the original asking price. [Olshan]


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