The Real Deal - New York Real Estate News

Tale of two West New Yorks

May 16, 2008 04:01 PM

Riverbend, a development at Port Imperial From the May issue: Development that's remaking pockets of New Jersey's Hudson County has taken hold in West New York. But the revamping of the mostly immigrant, working-class community is following two tracks: higher-end projects for the waterfront area, which has been revitalized by the Port Imperial project, and smaller projects along interior streets that still retain a blue-collar feel. But both these high-end and more modest visions are getting clouded by the national economic slowdown. Sales of new construction have trailed off throughout the town of 46,000, and brokers report declining prices at smaller projects. more By John Celock

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Tiny apartments … and more

May 16, 2008 04:00 PM

1. The Web site ApartmentTherapy.com held a contest to find the smallest, coolest homes [NYDN]
2. Long Island mansions hit the market [Newsday]
3. Governor mulling who should oversee Moynihan Station [Newsday]

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Courvoisier pops up in LES

May 16, 2008 03:21 PM

Manhattan pop-up shops are back. The cognac company Courvoisier has teamed up with COMPLEX Media and Jonas Bevacqua, co-founder of the LRG clothing brand, from May 15th to the 17th at the Reed Space in the Lower East Side. Bevacqua's designs will be showcased, as well as Courvoisier's newest marque, Exclusif. Past pop-ups include a Nike shop, open for only four days, and Wired magazine's month long store, both in SoHo. In March 2006, The Real Deal discussed the influx of pop-up shops in the city, which are most popular for retailers during the holidays. TRD

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Columbia buying failed Riverdale development

May 16, 2008 02:01 PM

The Arbor The down real estate market has dealt a major blow to one developer in the Bronx neighborhood of Riverdale. L&M Equity Partners and its affiliate Hudson Arlington Associates, the firm behind The Arbor, a 127-unit condo at 3260 Henry Hudson Parkway, has taken that property off the market and is selling it to Columbia University. "Columbia has agreed in principle to purchase the residential building now under construction at 3260 Henry Hudson Parkway for housing faculty members, graduate students and their families. After a period of due diligence, the university hopes to finalize the purchase soon," said Robert Hornsby, Columbia's director of media relations, who offered no further details on the sale. Hudson Arlington Associates declined to comment on the impending sale, which has Riverdale's real estate community buzzing. more By John DeSio

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Thor launches Coney Island's "Summer of Hope"

May 16, 2008 12:23 PM

Coney Island ad Thor Equities is bringing rides to some of the Coney Island land it cleared in expectation that the city would quickly rezone it for development, in what calls its "Summer of Hope." The property, cleared in the winter of 2006-2007, was once home to two go-kart tracks, a batting cage, a bumper boat ride and miniature golf. Developer Joe Sitt is still negotiating about his plans with the city, which recently reduced the size of a proposed amusement district from 15 acres to nine acres. That would let Sitt develop more of his property. [Gowanus Lounge]

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Deals arise on once-famed Sutton Place

May 16, 2008 11:35 AM

Sutton Place The waning prestige of Sutton Place, the Midtown East street where Henry Kissinger and Marilyn Monroe once lived, has made it an enticing place for developers to flip townhouses. In multifamily buildings there, co-op boards remain strict, requiring as much as 50 percent financing for units, which some observers say decreases sales activity and lowers values. Two-bedrooms on the street, east of First Avenue between 53rd and 59th Streets, cost upwards of $1.6 million, but are down from their peak five years ago. One-bedrooms start at $575,000. [NYDN]

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NYC gets Dutch treat with new condo tower

May 16, 2008 10:34 AM

Five Franklin Place From the May issue: Next April will mark 400 years since the Dutch, a people obsessed with architecture, set sail from Amsterdam, a city lined with single-family homes, to seek a place to build luxury high-rise condominiums. So it seems fitting that the first major American building by acclaimed visionary Dutch architect Ben van Berkel and the first residential high-rise for an important Dutch designer will be opening in 2009, the quadricentennial of the original Dutch settlement of Manhattan. Van Berkel's new building, Five Franklin Place, is a stunningly articulated, 20-story glass-and-aluminum-banded condominium nestled on a one-block cobbled side street on the outskirts of Tribeca, a large-scale urbanized revision of the design he created a decade ago in his famous Mobius House, a private residence in Amsterdam. more By Steve Cutler

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Trump sues over flip in Israel

May 16, 2008 09:45 AM

Donald Trump Donald Trump has sued a Miami-based developer over its sale of what was planned as a 70-story Trump Plaza residential and commercial tower in Ramat Gan, Israel, near Tel Aviv. As The Real Deal reported in December, a group led by Brooklyn-based developer Shaya Boymelgreen bought the site for $80.2 million from Crescent Heights Diamond, which paid only $44 million for it in April 2007. Trump claims he promoted the project, which will be Israel's tallest building, and was supposed to get a 25 percent share on each unit, plus other royalties on what. Crescent's lawyer said Trump "is not entitled to any compensation" and the suit "is without merit." Azorim Investment Development and Construction, controlled by Boymelgreen, plans a similar 70-story high-rise. It will include 40 floors of commercial space and another 30 floors of luxury housing. [Post]

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Landlord charged with trying to kill Brooklyn tenant

May 16, 2008 09:01 AM

6508 Sixth Avenue, Bay Ridge A landlord has been charged with attempted murder for allegedly trying to kill a Brooklyn commercial tenant with a bomb. Prosecutors charge that Yung Tang tried to kill Israel Halberstam in 2002 because he owed $100,000 in rent on a showroom for his electronics business at 6508 Sixth Avenue in Bay Ridge. Tang allegedly placed the bomb in a bag next to Halberstam's minivan, parked by Halberstam's Borough Park home on 42nd Street, between 16th and 17th Avenues. Halberstam survived the blast but lost a leg. [AP via AMNY]

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Port Authority negotiating with Silverstein over late fees

May 16, 2008 08:10 AM

Larry Silverstein The Port Authority is in talks with World Trade Center developer Larry Silverstein over $14 million in late fees that it racked up by missing a deadline by 48 days to hand over the site of Towers 3 and 4. The authority will likely miss its next deadline, June 30, to turn over another parcel. It's reportedly negotiating to get the late fees waived in exchange for concessions, which could include altering the floor plates of Tower 3, which would make it more attractive to financial firms that need large trading floors. Silverstein is said to be wooing Merrill Lynch to be an anchor tenant. Towers 3 and 4 are slated to be built out by 2010 and Tower 2 is supposed to be built out by 2011. Together they will create 7.6 million square feet of office space. [Sun]