The Real Deal New York

  • Cuomo looks to sell CUNY property to fill budget gap

    170K sf building at 450 West 41st St. houses Hunter’s fine arts program
    January 19, 2017 09:00AM

    Gov. Andrew Cuomo and 450 West 41st Street (Credit: Getty Images)

    Governor Andrew Cuomo wants to sell a 170,000-square-foot building used by the City University of New York in Hell’s Kitchen to help “offset” a reduction in CUNY funding in his proposed budget.

    The six-story building at 450 West 41st Street, between Ninth and 10th avenues, is used to house Hunter College’s Master of Fine Arts program, Politico reported. [more]

  • Unions, nonunions fight over construction safety legislation

    An apprenticeship bill is particularly contentious
    January 19, 2017 08:30AM By Kathryn Brenzel

    Nonunion and union protestors both outside of City Hall (credit: Associated Builders & Contractors and Building & Construction Trades Council)

    The battle between union and nonunion contractors is again flaring up over a new set of construction safety bills being proposed before the City Council. [more]

  • Xi Jinping and Donald Trump (Credit: Getty Images)

    What a difference a year can make. Last January, New York real estate’s top brass were losing their hair over a looming crisis in China. At a memorable ULI New York panel, developers bemoaned the disappearance of big-ticket Chinese investors. [more]

  • Alan Greenspan thinks it will be “nearly impossible” to repeal Dodd-Frank

    Ex-Fed chair believes the law has been bad for the US economy
    January 19, 2017 07:30AM

    Alan Greenspan (Credit: Getty Images)

    Alan Greenspan, the 90 year-old former Federal Reserve chair, doesn’t think Donald Trump would be able to completely dismantle and repeal Dodd-Frank even if he tried. [more]

  • Inside TheRealDeal
  • Berkshire Hathaway is betting big on New York — will it work?

    The company’s RE arm acquired Westchester brokerage Houlihan Lawrence -- what's next?
    January 19, 2017 07:00AM By Miriam Hall

    From left: Warren Buffett, Stephen Meyers, Nancy Seaman and Chris Meyers (Credit: Twitter)

    A little more than a week after establishing its first New York City office, Berkshire Hathaway HomeServices of America continued its expansion by snapping up Westchester’s top residential brokerage, Houlihan Lawrence. And its quest to establish itself as a top player in New York City looks far from over.

    The acquisition of Houlihan Lawrence this week gives HomeServices 1,300 agents across 30 offices in Westchester, Putnam, Dutchess counties in New York and Fairfield in Connecticut. [more]

  • Most popular stories on The Real Deal

    January 19, 2017 06:30AM

    Current reader favorites:
    1. Soho House’s soul-searching
    2. Obama pardons Ian Schrager
    3. Meet the Goldman alum who’ll be leading the EDC
    4. 212 Fifth developers sue Town over termination notice
    5. One Worldwide Plaza hitting the market

  • Jason Schommer at 34 Jermain Avenue; Beth DeWoody at 9 Briar Lane

    Hedgie says he was defrauded by Corcoran broker and his beau

    Couples that (allegedly) steal together, stay together. But this one will be tested by a $3 million fraud lawsuit.  Manhattan hedge fund exec Matthew Smith alleges in a lawsuit that Corcoran broker Jason Schommer and his contractor lover Michael Nobiletti swindled $2.5 million out of him for renovations on his Sag Harbor house by redirecting labor and building materials to their own properties on the East End. Smith bought a four-bedroom fixer-upper at 34 Jermain Avenue in 2013, according to the lawsuit, and was assured by Schommer that renovations would cost $700,000. [more]

  • New School pays $153M for 180K sf Village building

    Samson Associates owned 34-42 West 14th Street since 1985
    January 18, 2017 06:00PM By E.B. Solomont

    Tokumbo Shobowale and 34-42 West 14th Street in Greenwich Village

    Call it an academic arms race. Even as Columbia and New York universities pursue billion-dollar expansion plans, the New School quietly picked up a 180,000-square-foot building in the heart of Greenwich Village, according to property records filed with the city Wednesday.  [more]

  • Five more years! Darcy Stacom, Bill Shanahan renew contracts

    Amid industry's poaching frenzy, CBRE's top I-sales duo stays put
    January 18, 2017 05:45PM By Mark Maurer

    Darcy Stacom and William Shanahan

    In a season where a hefty chunk of the city’s investment sales elite have jumped ship to other firms, CBRE’s top duo is staying put.

    Darcy Stacom and Bill Shanahan, who run CBRE’s investment sales division in New York, opted to renew their contracts with the brokerage for another five years, The Real Deal has learned. Their contracts are now set to expire in 2022, sources said. [more]

  • DTH refis 20 Exchange Place with $269M loan

    The Berkadia mortgage replaces a previous Natixis financing
    January 18, 2017 05:25PM By Chava Gourarie

    20 Exchange Place (Credit: Twenty Exchange)

    DTH Capital secured a $268.7 million loan from Berkadia to refinance their 57-story rental tower at 20 Exchange Place in the Financial District. [more]

  • LES developers bet on history to draw future residents

    Panelists say Equinox, Ludlow House signal the neighborhood's evolution
    January 18, 2017 05:05PM By E.B. Solomont

    From left: Leonard Steinberg, Nikolai Fedak, Arthur Stern, Ben Shaoul, Charles Bendit, Andres Hogg and José Antonio Grabowsky

    For decades, Katz’s Delicatessen and Russ & Daughters have drawn hungry New Yorkers to the Lower East Side. Now a group of developers is betting big that they’ll gobble up hundreds of new apartments in the neighborhood. [more]

  • Colliers’ Yoron Cohen says he is suing JLL for defamation

    I-sales broker hires Hulk Hogan's lawyer in dispute over his departure from firm
    January 18, 2017 04:45PM By Mark Maurer

    From left: Yoron Cohen and Charles Harder

    Yoron Cohen, formerly a top investment sales broker at JLL who moved over to Colliers International in December, is planning to sue his former employer for defamation, he told The Real Deal.

    The dispute stems from a TRD Jan. 6 article titled “Inside the exodus of JLL’s I-sales quartet,” in which a high-level JLL executive said that Cohen, along with his colleagues Richard Baxter, Scott Latham, and Jon Caplan, were told in early 2016 that they were underperforming. The executive added that Cohen and his colleagues were given an ultimatum in September. [more]

  • NYC investment sales fell 25% in 2016: report

    2017 kicks off with little momentum
    January 18, 2017 04:20PM By Rich Bockmann

    New York City investment-sales dollar volumes (credit: Cushman & Wakefield, click to enlarge)

    New York City’s investment sales market fell off 25 percent in 2016 to roughly $58 billion worth of property sales, according to Cushman & Wakefield. [more]

  • $250M LA spec house is America’s priciest listing

    Home was designed and built by handbag mogul Bruce Makowsky
    January 18, 2017 03:50PM

    The spec house in Bel Air and Bruce Makowsky (Credit: Makowsky via LA Times, Getty)

    From the Los Angeles website: Another year, another Los Angeles mega-listing.

    A Bel Air spec home by developer Bruce Makowsky is slated to hit the market in the coming days with an asking price of $250 million, making it the country’s priciest listing. It will unseat the $200 million Spelling Mansion in Holmby Hills, which was listed last year by British heiress Petra Stunt. [more]

  • US builder confidence dips amid fears over rising interest rates

    National Association of Home Builders’ market index fell slightly from a record-breaking December
    January 18, 2017 03:24PM

    (Credit: Maurice Mayfield)

    U.S. builder confidence in newly-built single-family homes dropped in January, following the 11-year high it reached last month. [more]

  • 42 Mooreland Road

    From the Westchester market report: Greenwich, Connecticut, has long been known for its sprawling estates, well-heeled populace and high concentration of hedge funds. Now, it also has the unwanted reputation of a housing market that is showing fissures. [more]

  • Century Development plans 250-key Westin Hotel in Flushing

    Starwood-operated building will also hold 50 apartments
    January 18, 2017 01:55PM By Chava Gourarie

    Rendering of 137-61 Northern Boulevard in Flushing (Credit: Raymond Chan Architect)

    UPDATED, Jan. 18, 3:04 p.m.: George Xu’s Century Development Group is moving ahead with plans to bring a 250-key Westin hotel to Downtown Flushing, the developer told The Real Deal. [more]

  • JDS, PMG countersue AmBase over 111 West 57th

    Stern, Maloney's firms say their partner withheld funding for the tower
    January 18, 2017 01:20PM By Konrad Putzier

    From left: Kevin Maloney, a rendering of 111 West 57th Street and Michael Stern

    Nine months after AmBase Corp. sued JDS Development and Property Markets Group for allegedly trying to dilute its stake in the supertall condo project 111 West 57th Street, JDS and PMG have returned the favor. [more]

  • One Worldwide Plaza hitting the market

    NY REIT taps Eastdil's March to sell either stake or full tower, which insiders say could fetch $1.8B
    January 18, 2017 01:00PM By Mark Maurer

    From left: Roy March, One Worldwide Plaza and Wendy Silverstein

    New York REIT’s One Worldwide Plaza, a 1.8 million-square-foot skyscraper in Midtown that was valued at $1.45 billion in 2013, is coming back to the market with Eastdil Secured.
    [more]

  • Novak Djokovic buys two Soho pads without tennis courts

    The units are located at Renzo Piano’s 565 Broome Street
    January 18, 2017 12:25PM

    565 Broome Street and Novak Djokovic (credit: Christian Mesiano via Wikipedia)

    From Luxury Listings NYCTennis champion Novak Djokovic is playing doubles. The Serbian 12-time Grand Slam winner has bought himself two two-bedroom apartments at the Renzo Piano-designed 565 Broome Street. [more]

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