First phase of Moynihan Train Hall project opens on Eighth Ave.

First phase of Moynihan Train Hall project opens on Eighth Ave.

The first phase of the Moynihan Train Hall quietly opened on Thursday morning, unveiling an Eighth Avenue entrance to tracks below the James A. Farley Post Office. The expansion of the West End Concourse is intended to create additional access to the Long Island Rail Road and Amtrak tracks and will eventually connect Penn Station to the new Moynihan Train Hall along 33rd Street. The new concourses were supposed to open in the fall, but […] Read More >> https://therealdeal.com/2017/06/15/first-phase-of-moynihan-train-hall-project-opens-on-eighth-ave/

The Long View: Cadre and the dilemma of the secondary market

The Long View: Cadre and the dilemma of the secondary market

Most Americans know Cadre as Jared Kushner’s startup, the investment he infamously failed to mention on his White House ethics disclosure form. But the political hullabaloo makes it easy to overlook that its actual business model is also a big deal. Last week, the online real estate investment platform raised $65 million in a round led by Andreessen Horowitz, reportedly at a $800 million valuation.  Part of Cadre’s appeal, according to sources familiar with the […] Read More >> https://therealdeal.com/2017/06/15/the-long-view-cadre-and-the-dilemma-of-the-secondary-market/

Chinese banks ordered to stop business deals with Anbang

Chinese banks ordered to stop business deals with Anbang

Chinese authorities have told banks to stop various business dealings with Anbang Insurance Group amid reports its chairman Wu Xiaohui is being investigated for economic crimes. A source told Bloomberg that some lenders are already distancing themselves from the company without notice from government. At least six major banks have stopped selling Anbang policies at their branch networks, the publication reported. According to Bloomberg, Anbang’s life insurance unit distributes nearly 90 percent of its products through […] Read More >> https://therealdeal.com/2017/06/15/chinese-banks-ordered-to-stop-dealing-with-anbang/

Fed says it will shrink its balance sheet, which is good and bad news for real estate

Fed says it will shrink its balance sheet, which is good and bad news for real estate

The Federal Reserve on Tuesday announced it would raise short-term interest rates again, but the real news was its decision to start selling off assets. The Fed bought up $4.5 trillion in bonds and other securities in the wake of the 2008 financial crisis in a bid to stabilize financial markets and push down long-term interest rates. But as the economy improves, there is less of a need for the program, dubbed quantitative easing. “The […] Read More >> https://therealdeal.com/2017/06/15/fed-says-it-will-shrink-its-balance-sheet-which-is-good-and-bad-news-for-real-estate/

Port Authority incapable of finding a CEO

Port Authority incapable of finding a CEO

The Port Authority failed to find a CEO despite a two-year search. “We have had a two-year search and we haven’t been able to come up with a candidate willing to take the job who is acceptable to the governors,” the bi-state agency’s chair John Degnan said at a panel Wednesday. “That’s regrettable because I think it’s a component of reform for the Port Authority.” In 2014, a panel charged with reforming the troubled bi-state […] Read More >> https://therealdeal.com/2017/06/15/port-authority-incapable-of-finding-a-ceo/

Architect sues SOM for allegedly ripping off 1 WTC design

Architect sues SOM for allegedly ripping off 1 WTC design

  A Georgia architect is suing the designers of One World Trade Center for allegedly stealing his work. In a complaint filed in New York State Supreme Court on Wednesday, Jeehoon Park claims architecture firm Skidmore & Owings Merrill shouldn’t take credit for designing One World Trade Center because it ripped of a design he came up with as a graduate student. He seeks unspecified damages, the New York Post reported. Park, who runs Qube […] Read More >> https://therealdeal.com/2017/06/15/architect-sues-som-for-allegedly-ripping-off-1-wtc-design/

Top TRD stories: Rybak buys Chaim Miller’s Brighton Beach site, popular 1031 exchange may be wiped out … & more

Top TRD stories: Rybak buys Chaim Miller’s Brighton Beach site, popular 1031 exchange may be wiped out … & more

Current reader favorites: 1. Rybak buys Chaim Miller’s Brighton Beach site, plans 22-story tower 2. Popular RE tax break 1031 exchange may be wiped out 3. Bridgewater buying 1.5-acre Greenpoint site for $61M 4. Vornado post Roth? 5. Paramount in pole position to take control of 2 Herald Square: sources Read More >> https://therealdeal.com/2017/06/15/top-trdem-stories-rybak-buys-chaim-millers-brighton-beach-site-popular-1031-exchange-may-be-wiped-out-more/

WATCH: Witkoff talks about the problematic Park Lane Hotel

WATCH: Witkoff talks about the problematic Park Lane Hotel

In 2013, Witkoff led a partnership in the purchase of the Park Lane Hotel with the intent of building a condo tower in its place. The project fell into disarray, however, when a major equity provider, Malaysian businessman Jho Low, was accused of being involved a money-laundering scheme. The Real Deal‘s Hiten Samtani sat down with Steve Witkoff to talk about his career, his reputation and to pick his brain on a number of his projects, including […] Read More >> https://therealdeal.com/2017/06/15/watch-witkoff-talks-about-the-problematic-park-lane-hotel/

SHoP’s (expanding) house

SHoP’s (expanding) house

From the June issue: In 2009, Forest City Ratner stunned the city and fired starchitect Frank Gehry, whose vision for the Barclays Center in Brooklyn had ballooned to $1 billion. The developer, looking to cut costs at its controversial Atlantic Yards project, tapped Ellerbe Becket, an architecture firm known more for its cookie-cutter venues than its creative vision. But the move blew up in the developer’s face when the new design was widely panned as […] Read More >> https://therealdeal.com/issues_articles/shops-expanding-house/

The top 10 biggest real estate projects coming to NYC

The top 10 biggest real estate projects coming to NYC

A manufacturing building on Staten Island was the biggest real estate project filed with the city last month. New Jersey-based developer Matrix Development Group wants to build a two-story building on Gulf Avenue, which would be part of its 200-acre industrial park. At 2.3 million square feet, it is May’s largest new project, according to The Real Deal’s analysis of Department of Buildings filings. There were no condominium projects filed with the DOB, and three […] Read More >> https://therealdeal.com/2017/06/15/the-top-10-biggest-real-estate-projects-coming-to-nyc-2/

Bob from “Bob’s Burgers” lists Village co-op for $1.8M

Bob from “Bob’s Burgers” lists Village co-op for $1.8M

From LLNYC: H. Jon Benjamin, the actor and comedian who voices Bob Belcher on FX’s “Bob’s Burgers” and Sterling Archer on Fox’s “Archer,” has just listed his apartment at 126 West 11th Street for $1.795 million, per city records. Read More >> http://www.llnyc.com/154240-bob-from-bobs-burgers-and-archer-from-archer-lists-greenwich-village-co-op-for-1-8m#new_tab

Hamptons Cheat Sheet: Trump’s sister sells in Westhampton Beach, sleepy Bellport gets buyer buzz … & more

Hamptons Cheat Sheet: Trump’s sister sells in Westhampton Beach, sleepy Bellport gets buyer buzz … & more

Trump’s sister sells Westhampton Beach home for $3.7M  It’s all in the family — especially when it comes to pricey real estate. Elizabeth Trump Grau, one of President Trump’s four siblings, recently sold her 4,123-square-foot oceanfront home in Westhampton Beach for $3.7 million, 27East reported. Buyer Kenneth Eckstein, a bankruptcy attorney in Manhattan, purchased the 0.7-acre spread, which contains five bedrooms, six bathrooms, and a pool. Grau sold the home with her husband, TV producer […] Read More >> https://therealdeal.com/2017/06/14/hamptons-cheat-sheet-trumps-sister-sells-in-westhampton-beach-sleepy-bellport-gets-buyer-buzz-more/

Scorecard: Closed Manhattan condo resales are on a three month slide

Scorecard: Closed Manhattan condo resales are on a three month slide

From the June issue: The number of closed Manhattan condo resales fell for the third straight month in April, with only 65 recorded transactions, an analysis by The Real Deal found. The median price was $1.55 million, up from $1.4 million in March. New development prices in the borough hit their highest point in the last 12 months, reaching just over $4 million. In Brooklyn and Queens, condo resale prices slipped to a median of $758,500 […] Read More >> https://therealdeal.com/2017/06/14/scorecard-closed-manhattan-condo-resales-are-on-a-three-month-slide/

William Kaufman Organization gets $145 refi for 437 Madison

William Kaufman Organization gets $145 refi for 437 Madison

William Kaufman Organization refinanced its 850,00-square-foot office tower at 437 Madison Avenue with a $145 million loan from Bank of America, documents filed with the city Wednesday show. The financing comes in the form of a new $40.5 million mortgage, consolidated with $105 million in existing debt that was held by Apple Bank. The landlord announced three new leases at the 38-story office property in May, the largest of which went to Munich American Reassurance […] Read More >> https://therealdeal.com/2017/06/14/william-kaufman-organization-gets-145-refi-for-437-madison/

The Real Deal is heading to the Hamptons!

The Real Deal is heading to the Hamptons!

The Real Deal is shipping out to the East End for the third installment of our Hamptons Market Report! Click here to check out last year’s issue The market report picks up where The Real Deal leaves off, with in-depth coverage of the residential and commercial real estate scenes on Long Island’s East End. Once again, the supplement will include a ranking of the area’s top residential brokers and brokerages, a comprehensive overview of Southampton’s revamped retail scene, a […] Read More >> https://therealdeal.com/2017/06/14/the-real-deal-is-headed-back-to-the-hamptons/

Jamestown looks to refi Tribeca apartment building to the tune of $145M

Jamestown looks to refi Tribeca apartment building to the tune of $145M

Jamestown Properties is working to secure $145 million to refinance a Tribeca apartment building developed with tax-exempt funds as a way to revitalize Lower Manhattan in the wake of the 9/11 terror attacks. In exchange for the bond-backed funding, the Midtown-based landlord is agreeing to extend the affordable-housing component at 88 Leonard Street for another eight years, an application with the state department of Homes and Community Renewal shows. A representative for the company did […] Read More >> https://therealdeal.com/2017/06/14/jamestown-looks-to-refi-tribeca-apartment-building-to-the-tune-of-145m/

Sarah Jessica Parker taps Morris Adjmi for townhouse mega-mansion project

Sarah Jessica Parker taps Morris Adjmi for townhouse mega-mansion project

From LLNYC: Building permits reveal that LLNYC cover star Sarah Jessica Parker and husband Matthew Broderick tapped Morris Adjmi Architects for their townhouse combination project. Adjmi, a West Village resident, is known for the Samsung building in the Meatpacking District, the Austin Nichols House, 465 Pacific Street in Brooklyn and his work with Kushner Companies. The documents were filed by Frank Selvaggi, Parker’s friend and business manager. Read More >> http://www.llnyc.com/154016-sarah-jessica-parker-taps-morris-adjmi-for-townhouse-mega-mansion-project#new_tab

Meg Ryan scoops up $9M pad at 443 Greenwich

Meg Ryan scoops up $9M pad at 443 Greenwich

It looks like Meg Ryan will be getting mail at a new address. The “Sleepless in Seattle” and “When Harry Met Sally” actress nabbed a $9.39 million apartment at Tribeca’s most celeb-studded building 443 Greenwich Street, according to public records filed with the city Wednesday. She bought the 3,155-square-foot, three-bathroom unit through her trust, Third World Dog. Ryan is just the latest big name Hollywood star to check into the MetroLoft Management condo conversion. Other […] Read More >> https://therealdeal.com/2017/06/14/meg-ryan-scoops-up-9m-pad-at-443-greenwich/

Tenants sue Silvershore over alleged harassment

Tenants sue Silvershore over alleged harassment

Tenants at several Silvershore Properties-owned Brooklyn rental buildings are suing their landlord for alleged harassment. The buildings are part of a 57-property portfolio Silvershore is trying to sell. According to the complaint, the real estate investment firm left some rent-stabilized tenants without heat, gas or hot water and in some cases failed to renovate damaged units or deal with vermin infestation. DNAinfo reported that the suit claims residents at 196 Kingsland Avenue in Greenpoint who […] Read More >> https://therealdeal.com/2017/06/14/tenants-sue-silvershore-over-alleged-harassment/

Alicia Glen talks Trump, being a woman in real estate

Alicia Glen talks Trump, being a woman in real estate

Deputy Mayor Alicia Glen’s advice for coping with the Trump administration’s policies is to not to sit around and “mope.” “You can’t just have that extra glass of wine and not get out of bed in the morning because it’s all so horrible,” she said. “You have to come up with ways in which you can advance the agenda of women.” Glen was the keynote speaker at the New York Women’s Forum on Wednesday, a […] Read More >> https://therealdeal.com/2017/06/14/alicia-glen-talks-trump-being-a-woman-in-real-estate/