The Real Deal - New York Real Estate News

White onyx, velvet walls and champagne: 111 West 57th finally launches sales

Posted: 13 Sep 2018 03:30 PM PDT

Seated in a cream-colored club chair with his back to Fifth Avenue, Michael Stern soberly turned to the crowd of reporters. “It’s been a long journey to get here,” he said. Three years after suspending sales at 111 West 57th Street, Stern — along with co-developer Kevin Maloney and Spruce Capital Partners — flung open the doors Thursday to the project’s the long-dormant sales gallery. Waiters passed champagne, bite-sized Japanese omelets and quiche Lorraine. SHoP […]

National Cheat Sheet: Home loan demand hits 4-year low, Freddie Mac CEO retiring … & more

Posted: 13 Sep 2018 03:00 PM PDT

Home loan originations hit a 4-year-low in the second quarter, report says Interest rates are rising, and the demand for home loans has hit a four-year low, according to a new report. Between April and June of this year, mortgage originators completed 1.5 million loans — the lowest level of loans completed since the first quarter of 2014, and a 27 percent drop from the same period of time last year, an Attom Data Solutions report […]

No reservations: Latest condo amenity is resident-only restaurants

Posted: 13 Sep 2018 02:30 PM PDT

Can a delicately prepared five-course meal be enticing enough to get a condo buyer to sign on the dotted line? The latest amenity at high-end condominium towers is the private restaurant for residents, according to the Wall Street Journal. Developers in major U.S. cities hope they can attract customers in competitive and overheated markets by serving up what literally no one but residents can taste. Miami is a hotspot for private dining rooms. Consultatio USA […]

Manhattan’s median price drag, Brooklyn’s negotiability squeeze and more of the biggest trends in resi right now

Posted: 13 Sep 2018 02:00 PM PDT

Tepid new dev market hits Manhattan’s median price Sliding new development prices dragged down the overall median price for Manhattan homes to $1.1 million in the second quarter — a 7.5 percent decrease since last year, per Douglas Elliman. The median price for new development units in the borough fell 19.2 percent year-over- year, to $2.7 million from $3.3 million, and 4.6 percent from $2.8 million, in 2018’s first quarter. Meanwhile, Manhattan’s median resale price increased […]

Supportive housing nonprofit plans 108-unit building in the Bronx

Posted: 13 Sep 2018 01:30 PM PDT

A supportive housing organization is planning a residential building with 108 units in the Bronx. The nonprofit Housing and Services Inc. filed permits with the Department of Buildings on Thursday for a 13-story, 108-unit apartment building with a community facility in the Bronx at 211 East 203rd Street. The building would stand 135 feet tall and span about 70,000 square feet. The site is currently a parking lot. Housing and Services Inc. did not immediately […]

Whistleblower sues NYCHA, alleging retaliation

Posted: 13 Sep 2018 01:00 PM PDT

A former regional asset manager at the New York City Housing Authority is suing the agency and his former supervisor, alleging that he was punished for cooperating with the city’s Inspector General. Nathaniel Parris, who started working at NYCHA in 1978 and left the agency in September 2017, claims he helped the IG’s office investigate allegations of misuse of government funds against a former property maintenance supervisor. The NYCHA maintenance supervisor under investigation was a […]

PR firm forced out of 304 Hudson will take 20K sf at 100 Wall Street

Posted: 13 Sep 2018 12:15 PM PDT

With Walt Disney Corporation taking over Hudson Square, international public relations firm PR Consulting has found a new home in the Seaport. The firm is leaving its office 304 Hudson Street — acquired by Disney/ABC in July — to take about 20,000 square feet at 100 Wall Street, according to sources familiar with the deal. They will occupy an entire upper floor of the building. The lease is for 15 years, and asking rent was […]

Who got a bunch of real estate money right before election day? These candidates.

Posted: 13 Sep 2018 11:45 AM PDT

Thursday is New York’s Democratic primary election and the wallets of the city’s real estate and construction concerns won’t close until the polls do. Candidates for state senate and attorney general have raked in more than $161,000 from property and construction labor groups since Monday, an analysis of Board of Elections campaign contributions by The Real Deal has found. Much of that money has gone to Attorney General candidate and current Democratic congressman Sean Patrick […]

Treasury Secretary Mnuchin just listed his home at 740 Park

Posted: 13 Sep 2018 11:18 AM PDT

The storied building at 740 Park Avenue has been home to some of the country’s most powerful families like the Vanderbilts, the Rockefellers and the Kochs. It has also been in Treasury Secretary Steven Mnuchin’s family since the 1960s. Now, Mnuchin is looking to sell his family’s 6,500-square-foot residence, asking $32.5 million, the Wall Street Journal reported. The luxury building on East 71st Street has a long and distinguished history in New York, and recently […]

Rockrose has filed plans for a Hudson Yards rental tower

Posted: 13 Sep 2018 10:31 AM PDT

Rockrose Development has filed plans to build the first part of its long-imagined, 1.6 million-square-foot development in Hudson Yards. Plans filed with the city on Thursday call for a 600-unit residential tower at 551 West 38th Street, according to Rockrose president Justin Elghanayan. Designed by Rafael Pelli of Pelli Clarke Pelli, the 51-story rental tower is located between 10th and 11th Avenues and will total 400,000 square feet. Phase two of Rockrose’s master plan will […]

RedSky adds 571 Fulton Street to massive DoBro development site

Posted: 13 Sep 2018 10:01 AM PDT

RedSky Capital has officially added another property to its massive Fulton Street development site. The firm has purchased 571 Fulton Street in Downtown Brooklyn from Reliance Trust Company for $14.5 million, according to TerraCRG. The company’s team of Ofer Cohen, Dan Marks, Daniel Lebor and Mike Hernandez marketed the property for the sellers. The site is part of a Downtown Brooklyn assemblage that RedSky, led by Ben Bernstein and Ben Stokes, has spent more than […]

NYCHA’s deal with Fetner Properties for market-rate housing still hasn’t closed — two years later

Posted: 13 Sep 2018 09:30 AM PDT

In 2016, the New York City Housing Authority announced plans for an Upper East Side residential project that would help pay for desperately-needed repairs. But more than two years later, the deal still hasn’t closed. The project, with 50 percent market-rate apartments, would raise millions to fund fixes, the New York Daily News reported. But in the meantime, tenants at Holmes Towers have dealt with a string of problems in the development — and filed […]

This UES art gallery will transform into a mansion

Posted: 13 Sep 2018 09:00 AM PDT

The former National Academy Museum building will be converted to a single-family home. An application was filed to convert the gallery space into a residential building, according to the Department of Buildings. The plans also call for a modest expansion of the building, at 1083 Fifth Avenue, to 15,197 square feet from 15,086 square feet. In June, an LLC linked to merchant bank Raine Group bought the building, which was listed by the Corcoran Group’s […]

Send the date: Share your real estate events with The Real Deal!

Posted: 13 Sep 2018 08:30 AM PDT

Each week, The Real Deal provides a roundup of the top real estate events in New York you need to know for the week ahead. Send conferences, panel events, networking opportunities and more to [email protected]. To search for future industry events or browse past ones, click here.

Construction worker trapped after wall collapses at Brooklyn site

Posted: 13 Sep 2018 08:00 AM PDT

A construction worker is trapped under rubble after a wall collapsed at a Brooklyn site. The fire department is conducting a recovery effort after a retaining wall cracked and collapsed at the 39th Street site near Seventh Avenue in Sunset Park at about 1:30 p.m. Wednesday, the New York Daily News reported. Several workers were at the scene, but one 47-year-old didn’t make it out. Inspectors from the Department of Buildings and structural engineers are […]

NYC pension funds are investing $4B into this initiative

Posted: 13 Sep 2018 07:30 AM PDT

New York City is more than doubling its environmentally-friendly investments. The city will invest $4 billion of its pension funds into climate-change solutions including renewable energy and clean water over the next three years, the Wall Street Journal reported. Mayor Bill de Blasio and Comptroller Scott Stringer oversee the more than $195 billion fund. “We believe the market will respond, leading to greater access and lower cost for green technologies that will help us build […]

Don’t be fooled: The growing amount of new dev is skewing rent figures in BK and Queens

Posted: 13 Sep 2018 07:00 AM PDT

Rents in Queens have continued to go up. The borough’s net effective median rent in August was $2,921, a 5.7 percent year-over-year increase, according to the latest report from Douglas Elliman. Meanwhile, Brooklyn saw an annual drop for the eighth time in nine months, albeit only by 0.1 percent to $2,849. The median rent for new development in both boroughs was much higher: $3,200 in Brooklyn and $3,292 in Queens. Jonathan Miller, CEO of the […]

The city’s cracking down on illegal hotels with three more lawsuits

Posted: 13 Sep 2018 06:30 AM PDT

The city is keeping the pressure on illegal hotel operators. New York City announced three new lawsuits against operators in Manhattan, Brooklyn and Queens, Curbed reported. It’s the first case against operators in multiple boroughs. The operators allegedly used host accounts with false identities to advertise at least 15 apartments. Alexandra Pavlenok, Ekaterina Plotnikova, and Stepan Solovyev are accused of misleading guests and using deceptive explanations regarding the legality of the listings, the report said. […]

Millennials are flocking to these neighborhoods in New York

Posted: 13 Sep 2018 06:00 AM PDT

According to this week’s market reports, retail construction in the US dropped 14.8 percent in the second quarter and two New York City zip codes ranked in the top five in millennial population growth. Residential Top Trending Millennial Zip Codes | RentCafe Battery Park City and Lincoln Square ranked in the top five in the country in terms of zip codes with the highest millennial population growth. Battery Park City placed third in the survey […]

LISTEN: The Real Deal discusses Compass expansion, a potential IPO and more

Posted: 13 Sep 2018 05:30 AM PDT

For the The Real Deal’s latest subscriber conference call, senior content director Jill Noonan sat down with senior reporter E.B. Solomont to discuss residential unicorn Compass, as it shoots for $1 billion in revenue amid rapid expansion and major brokerage acquisitions. Check out the SoundCloud player to listen to the full conversation, and be sure to keep an eye out for more information about our next conference call for subscribers.

Demand for home loans falls sharply amid rising interest rates

Posted: 13 Sep 2018 05:00 AM PDT

Across the U.S., home loan originations fell to a four-year low in the second quarter, as rising interest rates have made mortgages more expensive. Mortgage originators completed 1.5 million loans from April through June, a 27 percent drop compared to the same period a year ago, compared to the same period a year ago, according to a report published Thursday from Attom Data Solutions. Those total number of loans — representing refinances and home purchases — was the lowest […]

Who owns all of New York? A first-ever ranking of the city’s largest property owners

Posted: 13 Sep 2018 04:30 AM PDT

When Silverstein Properties was bidding on the Helmsley Carlton House eight years ago, company executive Marty Burger thought his firm had a pitch that would win the property. “[We had] a very well-known hotel brand that agreed to let us use their name to sell condos,” Burger, who is now Silverstein’s CEO, recalled last month. “We thought that was our edge.” But as it turned out, that edge was not sharp enough. Instead of selling […]

Manhattan’s rental market is stuck in a “slow grind”

Posted: 13 Sep 2018 04:00 AM PDT

Manhattan’s rental market is staying sluggish. The median net effective rent, which accounts for concessions, was down 2 percent year-over-year to $3,310 in August, according to Douglas Elliman’s latest rental report. The luxury segment, in particular, saw a pronounced decline — with median rent sliding 3.8 percent. “It’s a long, slow grind as opposed to something erratic,” said Jonathan Miller, CEO of appraisal firm Miller Samuel and the author of the report. At the same […]