Toll Brothers’ $150M Flatiron buy trounces price estimates

September 24, 2013, 12:41 pm

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National homebuilder Toll Brothers is in contract to buy a nonprofit’s Flatiron District headquarters — on a lot that allows for a 200,000-square-foot residential development — for $150 million, or more than $750 per buildable square foot, The Real Deal has learned. United Cerebral Palsy listed the property, at 122-130 East 23rd Street between Lexington Avenue and Park Avenue South, in March with Avison Young brokers Jon Epstein, Charles Kingsley, Neil Helman and Vin Carrega…. [more]

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Millennium Partners to sell Battery Park Ritz-Carlton

September 24, 2013, 3:39 pm

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Real estate investment company Millennium Partners, a developer of luxury mixed-use properties, is seeking a buyer for the 335,000-square foot Ritz-Carlton Hotel at 2 West Street on the southern tip of Battery Park City, The Real Deal has learned. The 298-room property, which was built in 2001, is listed by a team from commercial brokerage Eastdil Secured. Neither Eastdil nor Millennium immediately responded to requests for comment. The property’s asking price was not available. Vin… [more]

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Town veteran Matthew Van Damm to take indefinite leave

September 25, 2013, 3:10 pm

≫ Next: Fredrik Eklund snaps up 10 Madison Square pad

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Matthew Van Damm, one of the founding members of residential brokerage Town Residential, has taken an indefinite leave of absence from the company for “personal reasons,” he told The Real Deal. Van Damm, who serves as the company’s director of operations, has no definitive plans for when he will return to work. “Due to personal circumstances … [Matthew] has requested a leave of absence to focus on himself,” Town CEO Andrew Heiberger said in a… [more]

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Fredrik Eklund snaps up 10 Madison Square pad

September 26, 2013, 12:59 pm

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High-kicking “Million Dollar Listing New York” star Fredrik Eklund has snapped up a large two-bedroom apartment at the new condominium conversion by the Witkoff Group at 10 Madison Square West, he told The Real Deal. The Swedish dealmaker, recently married to artist beau Derek Kaplan, snagged the unit just a week after the building came online this spring, marketed by the new development division of his own firm, Douglas Elliman. He declined to provide the… [more]

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Party boy hotelier Vikram Chatwal’s Time Hotel hits foreclosure auction block

September 26, 2013, 2:10 pm

≫ Next: Investors snap up Chinatown corner buildings for $34M

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The ground lease for the Time Hotel, the 192-room boutique Theater District property formerly owned by playboy hotelier Vikram Chatwal, is set to hit the foreclosure auction block, now that discussions between the young billionaire’s Hampshire Hotels and special servicer LNR Partners have collapsed. Hampshire owes nearly $55 million to lenders for the property, at 224 West 49th Street, according to data from PropertyShark. A foreclosure judgment was issued against Hampshire in July. Hampshire will… [more]

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Investors snap up Chinatown corner buildings for $34M

October 31, 2013, 10:57 am

≫ Next: Blackstone seeks $500M for London New York hotel

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A partnership led by the Manhattan-based Oved Group, a family-run firm, paid $33.6 million to acquire two contiguous buildings on a corner lot in Chinatown. President Isaac Oved said the company acquired the properties, at 159-165 Canal Street and 40-42 Elizabeth Street, in a partnership with investors Nathan Accad and Jem Realty’s Alan Jemal. The deal, which closed Oct. 24, according to public records, was brokered by Robert Burton and Joshua Gruber of Massey Knakal… [more]
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Blackstone seeks $500M for London New York hotel

October 31, 2013, 4:12 pm

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The Blackstone Group is looking to sell its leasehold interest in the London New York hotel at 151 West 54th Street, The Real Deal has learned. Blackstone is looking for at least $500 million for the property, sources said. The multi-national private equity giant has tapped the commercial real estate brokerage firm Eastdil Secured to market the 575,241-square-foot, 562-room hotel, which it has owned since 2004. The fee owner of the site is the estate… [more]
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Cutthroat competition drives real estate bigwigs to get crafty

November 1, 2013, 11:27 am

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Stay on your toes: That’s the message from the “titans” of New York City real estate. Major infrastructural changes are afoot, thanks to transformative projects like Hudson Yards, Atlantic Yards and the World Trade Center, and with the lending landscape fundamentally changed since the recession and a spike in interest from international investors fueling competition, it’s all the more important to get creative with project partnerships. The “titans” were assembled at the Pierre Hotel to speak… [more]
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Restaurateur Max Burgio’s brand new hotspot faces eviction

November 4, 2013, 10:13 am

≫ Next: Antares sued for commissions on High Line buy

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Barely a month after opening his high-end Italian eatery in Midtown, noted restaurateur Max Burgio is tangled up in an eviction dispute with landlord Friedland Properties over allegedly unpaid rent. Burgio, a former nightclub owner and host of the private club upstairs at Cipriani in Soho, invested $2 million in renovating the three-story space at 14 East 58th Street into B & Co, which has quickly attracted the city’s fashion crowd, according to a lawsuit… [more]
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Antares sued for commissions on High Line buy

November 4, 2013, 2:58 pm

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Antares’ first foray into New York City property acquisition is already landing the Connecticut-based real estate developer and investor in hot water. A broker who worked on its nearly $24.4 million purchase of a Chelsea development site has accused the firm of stiffing him on commissions. Boutique commercial brokerage Nathanial Christian Group filed suit in New York State Supreme Court on Oct. 31, claiming Antares failed to pay $600,000 in commissions to broker Nathanial Christian…. [more]
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Scheetz snags Chetrit’s Astor Place hotel stake in $97M deal

November 6, 2013, 11:20 am

≫ Next: Stone Street sells W. Village building for $25M

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Boutique hotel brand King & Grove has acquired the remaining 50 percent stake in an Astor Place hotel project from former partner the Chetrit Group in a deal that values the property at almost $96.6 million. The acquisition further solidifies the breakup of a partnership that had planned to launch thousands of hotel rooms in New York City and Miami. Chetrit had planned to convert the 127,064-square-foot building, at 708 Broadway between East 4th Street… [more]
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Stone Street sells W. Village building for $25M

November 7, 2013, 3:12 pm

≫ Next: Macklowe taps Cushman to market 150 East 72nd retail

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Jeffrey Kaye and Robert Morgenstern have sold a multi-family property in the West Village to a Queens-based investor for nearly $24.6 million. The partners disclosed the deal, done through their Stone Street Properties, in an interview today with The Real Deal. Stone Street acquired the 26,480-square-foot property at 7-11 Cornelia Street as part of a package in 2011 for a combined $32.6 million, records show. The package included a 1,849-square-foot building at 100-102 Christopher Street… [more]
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Macklowe taps Cushman to market 150 East 72nd retail

November 12, 2013, 10:12 am

≫ Next: NYC brokerage bosses talk agent screw-ups, lowball commissions

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Macklowe Properties is looking to sell the retail condominium at the base of its new residential condo conversion at 150 East 72nd Street. The company has tapped commercial brokerage Cushman & Wakefield to market the property, the brokerage told The Real Deal exclusively today. The condo, on the southeast corner of Lexington Avenue and East 72nd Street, is currently configured as four individual retail storefronts, totaling 4,000 square feet of ground floor space and 1,300… [more]
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NYC brokerage bosses talk agent screw-ups, lowball commissions

November 15, 2013, 10:42 am

≫ Next: Land prices get “stupid”

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The chiefs of New York City’s top residential brokerages turned out to talk inventory, broker tactics and industry newcomers at a panel event hosted by luxury lifestyle magazine Haute Living yesterday – and boy, did they have a lot to say. Speaking at the Upper East Side’s exclusive Core Club, Douglas Elliman’s Dottie Herman, the Corcoran Group’s Pam Liebman, Dolly Lenz of eponymous firm Dolly Lenz Real Estate, Halstead Property’s Diane Ramirez, Town Residential’s Wendy… [more]
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Land prices get “stupid”

November 15, 2013, 2:42 pm

≫ Next: Pessimistic Walentas sees no end to housing supply crisis

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Developers surveying a recent spate of land sales at sky-high prices are concerned that the market has overheated, and a repeat of the 2008 crash is not far fetched if the market shifts and buyers can’t secure project financing or deliver the promised product, they said. “You can overpay for an apartment building or for an office building because you have cash flow so you can kind of wait it out,” said Scott Alper, a… [more]
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Pessimistic Walentas sees no end to housing supply crisis

November 19, 2013, 10:43 am

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Is New York City’s inventory crisis hopeless? The short answer is yes, barring a complete upheaval of the city’s housing regulatory scheme, according to Jed Walentas, principal of Brooklyn-based developer Two Trees Management. Consider his experience with the Domino Sugar factory conversion in Williamsburg, where the planned 3,000 apartments have been locked in the public approvals process for nearly a decade. If it takes a decade to bring 3,000 units to market, there is little… [more]
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Lightstone taps Toll Bros exec to lead new development push

November 20, 2013, 7:58 am

≫ Next: Related, Corcoran deal signals shift away from in-house sales

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The Lightstone Group’s latest major hire, Scott Avram, wants to put the company on the map as a homebuilder. The former Toll Brothers executive, who left the Brooklyn-based developer in August after nine years to spearhead Lightstone’s move into new development, said the firm has the appetite and the means to become a force in the world of ground-up construction. Working under David Lichtenstein, the founder of Lightstone, and Mitchell Hochberg, the founder of residential… [more]
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Related, Corcoran deal signals shift away from in-house sales

November 20, 2013, 12:43 pm

≫ Next: $5B Related, Corcoran Sunshine deal signals industry shift away from in-house sales

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The Related Companies’ unusual decision to collaborate with outside marketing pros at Corcoran Sunshine to sell the residential units at its mammoth Hudson Yards project will be a boon for the new development marketing sector, industry experts told The Real Deal, since it signals a reversal of a recent trend towards marketing big-ticket projects internally. Related announced the partnership earlier this week, surprising some in the real estate community, since the giant developer has historically… [more]
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$5B Related, Corcoran Sunshine deal signals industry shift away from in-house sales

November 20, 2013, 1:43 pm

≫ Next: Baruch Singer sells 84-building Upper Manhattan portfolio to Rainbow Estates

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The Related Companies’ unusual decision to collaborate with outside marketing pros at Corcoran Sunshine to sell the residential units at its mammoth Hudson Yards project will be a boon for the new development marketing sector, industry experts told The Real Deal, since it signals a reversal of a recent trend towards marketing big-ticket projects internally. Related announced the partnership earlier this week, surprising some in the real estate community, since the giant developer has historically… [more]
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Baruch Singer sells 84-building Upper Manhattan portfolio to Rainbow Estates

November 20, 2013, 4:16 pm

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Rainbow Estates Group, a Brooklyn-based investment company headed by Irving Langer and Leibel Lederman, has purchased a portfolio of multi-family properties in Upper Manhattan owned by landlord Baruch Singer, The Real Deal has learned. Sources with knowledge of the area said the group paid close to $340 million. With this deal, the under-the-radar Rainbow now controls a large amount of property in Northern Manhattan and the Bronx. The company picked up 24 Bronx buildings from… [more]
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