The Real Deal New York

  • Zillow buys the MLS of the Hamptons

    HREO will be the yin to StreetEasy's yang, says Susan Daimler
    January 13, 2017 02:50PM

    HREO interface

    New York City isn’t enough for Zillow — it’s taking on the Hamptons too. Under its StreetEasy subsidiary, the real estate database company acquired prominent Long Island real estate portal Hamptons Real Estate Online, or HREO.

    Terms of the deal were not disclosed, according to Investopedia.

    As part of the acquisition, Zillow will also own software that HREO offers to real estate professionals for listing management and distribution, called RealNet and Open RealNet Exchange. [more]

  • Ian Reisner flips another co-op at 230 CPS for $11M

    The apartment is one of many the hotelier owns
    January 13, 2017 02:31PM By Kathryn Brenzel

    Ian Reisner and a rendering of the penthouse at 230 Central Park South

    Hotelier Ian Reisner flipped yet another penthouse at 230 Central Park South, selling the triplex for $10.8 million. [more]

  • The Big Open House: Touring the long-delayed 53W53

    The building’s most expensive unit (so far) is a $50M whopper
    January 13, 2017 01:05PM By Liz Lucking

    The kitchen in the $50.75 million unit 62 (credit: Three Marks)

    From Luxury Listings NYC: For over a decade, we’ve been eagerly anticipating an angular, glass-wrapped tower at 53 West 53rd Street next door to the Museum of Modern Art. Now construction is on track and the tower dubbed 53W53 is finally joining the city’s skyline.

    Construction on the building recently reached the 28th floor and to get a taste of what’s to come, LLNYC was treated to a tour of the building’s nearby sales office and to some brand new renderings for the latest installment of our Big Open House series. [more]

  • The average commission rate paid on American home sale transactions continues to decline and could dip below 5 percent within the next few years. [more]

  • Inside TheRealDeal
  • Paul Massey campaign announces $1.6M fundraising haul

    Figure doesn’t include funds the Cushman executive donated personally
    January 13, 2017 12:07PM By Rich Bockmann

    Paul Massey (Credit: Larry Ford)

    Paul Massey’s mayoral campaign announced Friday that it had raised an impressive haul during its first filing period, the details of which will be published by the New York City Campaign Finance Board next week.

    The campaign said that when the Finance Board publishes the fundraising totals Tuesday, it will show Massey raised $1.6 million, a figure that doesn’t include funds that Massey personally donated to his war chest. [more]

  • Chris Xu asking $60M for Jamaica development site

    Developer paid $22M for two adjacent parcels in 2014
    January 13, 2017 11:29AM

    163-05 Archer Avenue and Chris Jiashu Xu

    Chris Jiashu Xu is looking to sell his nearly 90,000-square-foot Archer Towers development site for $60 million, nearly triple the amount he paid for the parcels in 2014.

    The adjacent lots at 163-05 and 163-25 Archer Avenue can accommodate 719,700 square feet of buildable space, 700 residential units and additional inclusionary housing, the Commercial Observer reported. [more]

  • Historic Ellis Island ferry asks $1.25M

    Artists Richard and Victoria MacKenzie-Childs renovated boat into 11-bed home in 2002
    January 13, 2017 11:03AM

    MacKenzie-Childs Yankee Ferry (Credit: Franklin Ruttan)

    All you need is $1.25 million to acquire one of New York’s most historic (and buoyant) properties. A storied Ellis Island ferry that served in World Wars I and II, did a stint as a tour boat and is now the 11-bedroom home of artists Richard and Victoria MacKenzie-Childs is currently for sale. [more]

  • Tappan Zee Bridge replacement could be boon to real estate markets on both sides of the Hudson

    The $3.98B New NY Bridge could spur job creation in Westchester and Rockland
    January 13, 2017 10:10AM By Elaine Pofeldt

    New York Gov. Andrew Cuomo

    From the Westchester market report: Westchester commuters, rejoice! After years of delays, the process of replacing the Tappan Zee Bridge — long a serious bottleneck between Westchester and Rockland counties— is moving along at a steady clip toward its debut in 2018. Decking on one side of the 3.1-mile conduit is virtually complete, and the last of the bridge’s eight 419-foot main span towers topped off in December.

    New York Gov. Andrew Cuomo commemorated the completion of that stage with a press conference held on the new Hudson River crossing, called the New NY Bridge, during which he said the project “sends a powerful message to the world that nothing is too big or too difficult for the Empire State.” The other message is one of relief for drivers who long ago stopped questioning whether there was a traffic jam on the 61-year-old bridge, but only how bad it was. With narrow lanes and no emergency shoulders, the bridge has an accident rate twice as high as the rest of New York State’s 574-mile Thruway system. [more]

  • Historic UES townhouse owned by famed graphic designer Elaine Lustig Cohen hits the market

    The late artist lived in the townhouse -- complete with rare book store -- for over 50 years
    January 13, 2017 09:45AM

    160 East 70th Street

    The Upper East Side townhouse belonging to the estate of famed graphic artist Elaine Lustig Cohen hit the market asking $10.9 million. [more]

  • Chinese foreign investment to drop: report

    Gov't think tank estimates that direct investments will drop to $118B
    January 13, 2017 09:05AM

    From top: Shanghai and New York City

    Chinese overseas investment — a boon to New York real estate in recent years — is poised to drop for the first time in about 15 years, according to a new report by a government think tank. [more]

  • Commercial property tax bills have soared 30% since 2014

    Assessments rose 6.5% a year under De Blasio administration
    January 13, 2017 08:30AM

    Commercial property tax bills have skyrocketed under the De Blasio administration — with the average bill jumping 29.3 percent since 2014. [more]

  • Brooklyn landlord GRJ faces civil, housing-rights lawsuits

    New York Times profiled Jones brothers' value-add investment strategy in 2015
    January 13, 2017 08:00AM

    Gregory and Graham Jones and 946 Bushwick Avenue

    UPDATED, Jan. 13, 9:13 a.m.: A multifamily landlord whose value-add investment strategy was profiled in the New York Times is facing several lawsuits from Brooklyn tenants who claim the firm violated their civil and housing rights. [more]

  • Inside the covert poaching operations of NYC’s resi market

    Secret meetings and big payouts are what it takes to poach big brokers
    January 13, 2017 07:30AM By E.B. Solomont

    (Illustration by Thomas Pitilli)

    From the January issue: Richard Steinberg, a longtime Warburg agent who recently defected to Douglas Elliman, was on vacation in Jamaica when he finally decided it was time to make a professional move. [more]

  • Alleged Ponzi scheme mastermind looks to be driving force behind NYC co-working startup Bar Works

    Renwick Haddow appears to be married to Zoe Miller, who is billed as co-founder
    January 13, 2017 07:00AM By Konrad Putzier

    Clockwise from bottom left: Zoia Kyselova, Bar Works spaces and Renwick Haddow (Credit: Bar Works)

    An investor who allegedly ran a global multimillion-dollar Ponzi scheme and is being sued by U.K. authorities for misleading investors is a key figure behind the New York co-working startup Bar Works, The Real Deal has learned. The investor, Renwick Haddow, looks to have gone to great lengths to hide his involvement in the company, whose listed co-founder appears to be his Eastern European wife working under an assumed name. [more]

  • Most popular stories on The Real Deal

    January 13, 2017 06:30AM

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    5. Mystery buyer pays $66M for 432 Park penthouse

  • Michael Bloomberg throws shade on Trump at CGCC gala

    Anbang chair Wu Xiaohui gives rare public speech
    January 13, 2017 12:04AM By Konrad Putzier

    From left: Michael Bloomberg, Wu Xiaohui and Henry Kissinger

    Donald Trump was the elephant in the Waldorf Astoria hotel’s ballroom Thursday night, as Chinese and U.S. business leaders gathered for a gala dinner and pondered the future relationship between the superpowers.

    [more]

  • New bill seeks to ramp up penalties against construction firms for safety violations

    Companies would need to pay as much as $50K per incident
    January 12, 2017 06:00PM

    Francisco Moya

    A new state bill aims to make it easier for the state to go after construction companies that violate safety rules.

    State Assembly member Francisco Moya said on Thursday that he’s planning to introduce a bill that would change the state penal code to include a specific set of violations for the construction industry, Crain’s reported. The bill would dramatically increase the maximum fines for companies convicted of felonies from $10,000 to as much as $50,000 per incident.

    “It is time for our courts to have the tools they need to prosecute effectively and bring justice to the workers who unnecessarily lost their lives,” Moya said in a statement. [more]

  • China’s move to curb offshore investment will fail: OPINION

    Bloomberg columnist says there are plenty of ways to dodge the laws
    January 12, 2017 05:36PM

    The Yuan bill and the New York City skyline

    The Chinese government is ramping up its efforts to stop locals from buying real estate abroad, but some are questioning if the new laws will do anything to slow capital outflows.

    As of Jan. 1, citizens are required to pledge to banks they will not use funds to buy property overseas. In November, the government put a ban on state-owned enterprises buying property worth more than $1 billion. The $50,000 that each individual is permitted to convert every year can now only be used for travel or medical services. [more]

  • Obama administration’s new EB-5 bill could cool use of program by developers

    Under new proposal, investment thresholds would rise
    January 12, 2017 05:05PM By Katherine Clarke

    Barack Obama

    A new proposal from the Obama administration may derail the real estate industry’s EB-5 gravy train.

    On Thursday, the administration proposed amending the EB-5 program to clamp down on reported abuses. If enacted, the suggested changes would likely have a cooling effect on developers’ ability to leverage the program to fund projects in wealthy areas of Manhattan, sources said. [more]

  • Day in the Life of: David Picket

    Gotham Organization’s president on playing guitar and recovering from a skiing accident in Utah
    January 12, 2017 04:25PM By Mark Maurer

    David Picket (credit: Larry Ford)

    From the January issue: David Picket is the president of Gotham Organization, one of the oldest development firms in New York City. Founded in 1913, Gotham has built about 35,000 apartments and a combined 40 million square feet of commercial and residential space, largely concentrated in Manhattan. The family-run firm, with about 150 employees, develops a mix of rentals and condos and operates two namesake food halls. Its property management arm manages about 4,000 rental apartments.

    Gotham’s most recently completed project was the Ashland, a 53-story, 586-unit rental tower that opened in Fort Greene in Brooklyn in July. The firm is currently working on a 38-story rental tower in Long Island City with Brause Realty and a 39-story Midtown West rental tower at 515 West 42nd Street with BD Hotels.  [more]

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