The Real Deal New York

Category: Popular

  • Airbnb Founders Joe Gebbia, Nathan Blecharczyk and Brian Chesky (Credit: Getty Images)

    As it waged an ultimately unsuccessful fight last year against legislation aimed at curtailing illegal short-term rentals, Airbnb orchestrated a public relations campaign painting the tech startup as a champion of middle class New Yorkers who rent out their homes to help make the ends meet. [more]

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  • From left: Joseph Chetrit, a rendering of 9 Dekalb Avenue and Michael Stern

    JDS Development and the Chetrit Group are one step closer to making their Downtown Brooklyn mega-tower a reality. [more]

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  • 475 West 18th Street (Credit: SHoP Architects)

    Talk about logging off.

    After much fanfare about the potential future of wooden high-rises, developers have scrapped plans to build the city’s tallest wooden condominium tower in Chelsea, The Real Deal has learned. [more]

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  • From left: Franklin Kinard, Bar Works spaces and Renwick Haddow (Credit: Bar Works)

    Just weeks after The Real Deal published an investigation revealing ties between Bar Works and a British investor accused of running a Ponzi scheme, the co-working company continues to solicit money and open new locations. But the company has now scrubbed the name of its CEO from company documents after TRD raised questions about his identity. [more]

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  • 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]

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  • (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.

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  • Waldorf Astoria Hotel

    UPDATED, Feb. 25, 3.45 p.m.: 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]

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  • 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]

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  • 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]

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  • 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]

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  • 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]

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  • 3 and 5 Sutton Street in Greenpoint (inset from top: Sylvester Smolarczyk and Josh Zegen)

    The owner of nine Greenpoint rental buildings narrowly escaped foreclosure Wednesday after closing on the $27 million sale of eight of the properties to Black Spruce Management, sources told The Real Deal. [more]

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  • From left: 3 Hudson Boulevard, One Vanderbilt and 28-10 Queens Plaza South

    The value of new construction projects in New York City hit $32.2 billion in 2016, a 22 percent drop from the prior year, according to a new report. [more]

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  • TRD’s Hiten Samtani and Katherine Clarke

    On Monday, The Real Deal broke the news that StreetEasy’s latest initiative will connect prospective homebuyers with agents who buy advertising on the platform’s listing pages — and brokers aren’t happy about it.

    To watch TRD’s managing web editor Hiten Samtani discuss the story with senior national reporter Katherine Clarke click here.

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  • Clockwise from bottom left: 427 East 85th Street, 208 East 18th Street, 107 East 61st Street and 19 West 12th Street

    Something old, something new. Something borrowed, something … price-reduced?

    A townhouse in Lenox Hill belonging to wedding dress designer Demetrios James Elias had its asking price shaved by 22 percent, dropping from $24.9 million to $19.5 million.

    It was one of five townhouses that had their price dropped by more than 5 percent in the period from Feb. 13 through Feb. 20, according to data supplied by StreetEasy. [more]

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  • 121 East 22nd Street and Doug Yearley

    With New York City’s luxury market going sideways, national homebuilder Toll Brothers is playing an increasingly aggressive game of defense.

    The company — which slashed prices last year at 400 Park Avenue South and 1110 Park Avenue — is reducing its equity stake in new projects through joint-venture partnerships and offering to pay transfer and mansion taxes for buyers who sign contracts by Feb. 26. [more]

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  • From left: 312 East 30th Street, Jonathan Gray, Stephen Siegel, and Adam and Aaron Daniels

    Blackstone Group and Fairstead Capital quietly sold an 18-story Kips Bay rental building to Adam and Aaron Daniels’ A.D. Real Estate Investors for $52 million, sources told The Real Deal. [more]

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  • Jeffrey Dvorett and Shang Dai

    Jeff Dvorett, who joined Kuafu Properties as head of development in 2014, is leaving the firm, the latest executive shake-up at the Chinese private equity-backed developer.

    Dvorett is taking on a new role at Midwood, a New York-baded real estate development and investment firm led by John Usdan.

    A spokesperson for Midwood said Dvorett, formerly a vice president of development at Extell Development, was one of several executive hires the company had made in a bid to prepare for larger scale projects. [more]

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  • 1765 Townsend Avenue in the Bronx

    Black Spruce Management, led by Josh Gotlib, snapped up a 99-unit multifamily building in the Bronx for $26 million.

    The company purchased 1765 Townsend Avenue, an 11-story, 88,227-square-foot building between 175th and 176th streets, according to documents filed with the city on Wednesday. The previous owner, Gigi Porcelli, purchased the building in 1991, though public records don’t indicate how much Porcelli paid. [more]

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  • Shermichael Singleton (Credit: Twitter)

    “Politics has been my life since I was in middle school,” said Shermichael Singleton, the 26-year old conservative political consultant, who up until his ouster last week was likely the youngest “senior adviser” to ever serve the Department of Housing and Urban Development.

    Singleton’s life in Republican politics started early, but he didn’t get into it to be popular. “Republican just wasn’t a favorable thing,” said Singleton, who grew up in Dallas, Texas. “But I’ve stuck with the party ever since.”

    He began to stand out in right-wing politics as a student at the nation’s only historic all-male black college, Morehouse College in Georgia, where he was among few Republicans. [more]

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