The Real Deal New York - Latest News

Independence Day weekend hiatus

Thu, 02 Jul 2009 18:30:00 -0400

The Real Deal will be on hiatus for July 4th weekend and will resume posting on the Web site Monday.

Where in the world did Shvo go?

Thu, 02 Jul 2009 18:15:00 -0400

From the July issue: No one personified the excesses of mid-2000s New York City quite like Michael Shvo. The slick-haired Israeli émigré burst onto the real estate scene in 1998, an audacious 20-something who quickly climbed the ranks of Manhattan's biggest sales firms before starting his own, self-titled new development marketing company. Famous for his bad-boy antics, celebrity-studded parties and inspired collaborations with the likes of Philippe Starck, Giorgio Armani and Jade Jagger, Shvo became synonymous with the over-the-top condo amenities — and prices — of the era. Much like the New York City condo market, Shvo's rise has been followed by an equally spectacular fall. The credit crisis has turned once sought-after new condos into the black sheep of the real estate industry, and the few buyers who are still looking at new construction seem to care only about getting a good deal. Celebrity connections and glamorous "lifestyle" amenities are now, as it were, out of vogue.

Plans approved for renovations at Javits

Thu, 02 Jul 2009 17:45:00 -0400

The long-delayed renovation plans for the 23-year-old Jacob K. Javits Convention Center received final approval yesterday from the Public Authorities Control Board in Albany for construction to begin on the $463 million project. Plans for the original project were shelved during the Spitzer administration when original calculations put the price at over $3 billion. Hotel Association of New York member hotels added a $1.50 nightly surcharge to all guest bills to raise an additional $150 million for the renovations, which are expected to create 9,000 jobs. Some improvements to the center will include repairs to the leaky roof and a 100,000-square-foot expansion, which will be used for more exhibition and food service areas. The expansion will be built on the block bounded by 39th and 40th streets and 11th and 12th avenues.

Biggest price cut of the day

Thu, 02 Jul 2009 17:15:00 -0400

The home to see the biggest price cut today is a penthouse in the St. Urban building at 285 Central Park West, according to Streeteasy.com. The price of the three-bedroom co-op was cut by $2.65 million dollars, and is now on the market for $7.25 million. The home is listed for 27 percent less than its asking price of $16.5 million when it first hit the market in April 2008. The duplex penthouse has four baths and a two-story greenhouse. Brown Harris Stevens' Lisa Lippman and John McDermott have the listing. TRD

City council votes to demolish PS 133, REIT index rises 28 percent ... and more

Thu, 02 Jul 2009 17:00:00 -0400

1. City Council votes to demolish PS 133 building in Park Slope [Brownstoner ]
2. City proposes alternative Gowanus Canal cleanup plan [NYT ]
3. Madoff's Upper East Side penthouse was seized by US Marshals [NY Post ] and [Bloomberg]
4. Bike lines added to Empire Boulevard in Crown Heights and Flatbush [Streetsblog ]
5. City may use eminent domain to secure Coney Island projects [NY Daily News]
6. Ratner says leaked renderings are not representative of true Atlantic Yards plans [Crain's ]
7. Park Circle plan lauded by community for practicality and safety features [Brooklyn Paper ]
8. New group formed to explore wind farms on Long Island [NY Post ]
9. REIT index rose 28 percent in April to June period [WSJ ]
10. Americans don't want larger homes, study shows [WSJ]
11. Rising unemployment rates hurting Obama's housing recovery plan [WSJ]
12. Trustee wins court approval to reject Madoff's lease for three floors in Midtown's Lipstick Building [Bloomberg]
13. Unemployment nationwide hit 9.5 percent in June [Sun-Sentinel]
14. U.S. foreclosures to peak in late 2010, Barclays Capital says [Bloomberg]
15. Housing market statistics nationwide hint at recovery [Reuters]
16. Shares of iStar Financial fall [Forbes]
17. Has housing market hit bottom? [ABC News]
18. REIT improvements may be sign of commercial market turnaround [CoStar]
19. Columnist says open houses still work [WSJ]

Bronx resident charged in housing scheme

Thu, 02 Jul 2009 16:45:00 -0400

Bronx resident Amadou Lamoudi was indicted today after allegedly directing a fraudulent scheme in which he helped unqualified tenants file false applications for apartments subsidized by the Housing Development Corporation, according to a press release from the Manhattan District Attorney's office. Lamoudi, 39, would allegedly charge ineligible applicants $1,000 or more to help them with their apartment applications. Lamoudi would reportedly tell them to falsify their income information and then, when they were selected by the lottery to continue with the apartment application process, would direct them to others who would create false financial documents. Lamoudi has lived in an HDC apartment since 2003, according to the press release. The number of housing applications with which Lamoudi was involved was not revealed. TRD

High Line boosts traffic at new condos

Thu, 02 Jul 2009 16:15:00 -0400

The first section of the High Line opened last month, and brokers at residential projects in the area say sales traffic has increased as people rush to the West Side to see the elevated park. The Real Deal's Jovana Rizzo toured the High Line last week and talked to the brokers at Chelsea Modern, 520 West Chelsea and 456 West 19th Street about how they are using the new park's hype to market their buildings and why it is a draw for buyers. Click on the video to watch the Webcast.

Priciest, cheapest units to hit the market

Thu, 02 Jul 2009 15:45:00 -0400

817 Fifth Avenue (left) and 161 West 133rd Street

The most expensive home to come on the market this week is a two-bedroom, three-bath condo at 817 Fifth Avenue, according to Streeteasy.com. The 3,500-square-foot unit is listed for $25 million with Sotheby's International Realty. The cheapest home listed this week, according to Streeteasy.com, is a two-room studio at 161 West 133rd Street, marketed by Prudential Douglas Elliman. The asking price is $170,000. TRD

Signs of improvement for office market

Thu, 02 Jul 2009 15:15:00 -0400

According to Colliers ABR report for June, vacancy rates for Class A office space in Manhattan saw a decrease of 10 basis points for the first time in a year. Also, the average asking rent increased for Class A space, jumping a modest $0.14 to $65.57 per square foot. However, the report, released today, also notes that these signs of improvement for the commercial sector could be slowed by the struggling larger economy and housing market. Factors including low consumer spending rates, the still high unemployment rate, and the high risk of commercial mortgage defaults, may all be a drag on the commercial real estate market in coming months, specifically the office space sector, according to the report. Also, big blocks of space in Lower Manhattan may return to the market soon, which will raise vacancy rates even higher, the report says. TRD

Market report king adds rentals to repertoire

Candace Taylor — Thu, 02 Jul 2009 14:45:00 -0400

The most trusted name in New York City residential real estate statistics, Jonathan Miller, is finally releasing his long-awaited quarterly rental report. Prudential Douglas Elliman is slated to publish its first-ever quarterly Manhattan rental market overview next Thursday. The report will be prepared by Miller, who is the president and CEO of Miller Samuel. Miller has authored Elliman's quarterly reports for real estate sales in Manhattan since 1994. Miller also produces Elliman's quarterly reports for Brooklyn, Long Island and Queens and the Hamptons/North Fork, and has emerged as an oft-quoted source for residential market data. The city's other major brokerage firms, including the Corcoran Group, Halstead Property and Brown Harris Stevens, also release quarterly market reports on residential sales. But until now, the rentals market has been a much more secretive business.

Top five sales agents of the week

Thu, 02 Jul 2009 14:15:00 -0400

The Real Deal has ranked the top residential listing agents of the week based on the highest priced residential deals filed with the city.

Footnotes: Data is for closed deals filed with the city this week through Wednesday. The chart only includes sellers' brokers, because buyers' brokers' names are not available in city data or listings. The data does not include deals in contract. To obtain broker information, listing information was compared with sales records filed with the city. Only deals where an individual broker and address can be identified are included. As a result, private sales, listings where an address has not been provided and new development sales by a sales center are not included. Sources: Streeteasy.com and The Real Deal research.

AY arena renderings premature, Ratner says

Thu, 02 Jul 2009 13:45:00 -0400

Forest City Ratner's chief executive, Bruce Ratner, told senior members of the Bloomberg administration that the Atlantic Yards arena renderings leaked to the media last month were premature, Crain's New York Business reported. Architecture firm Ellerbe Becket, brought onto the project to provide a less expensive alternative to Frank Gehry's $1 billion design, proposed a $772 million arena. City Planning Commission chair Amanda Burden expressed disapproval of Becket's design.

This Week in Comments

Thu, 02 Jul 2009 13:15:00 -0400

Williamsburgh Savings Bank building lobby to become catering hall
Atlantic Yards is two or three blocks away from here. Her success will depend on whether or not that stadium gets built allowing for after-parties to be hosted there. As always, good luck finding parking in that area. No one with any sense will travel the No. 2,3,4 or 5 train from the city in expensive attire to this place.

Jury awards Chinese-American woman money in co-op case

Thu, 02 Jul 2009 12:45:00 -0400

A Chinese-American woman who sued the board of her building for discrimination won a $225,000 verdict, but the jury said there was no proof of racism. The jury awarded Lisa Sheen the money because it said her building, the Mainstay Cooperative in Flushing, Queens, criticized her for doing renovations to her apartment. Sheen, who sued the co-op board for $11 million, said the board tried to oust her from the building because she is Chinese. Sheen said this is the second time the co-op board has been sued for racial discrimination against Asians.

Foreclosures down from last year

Candace Taylor — Thu, 02 Jul 2009 12:15:00 -0400

Source: PropertyShark

The number of new foreclosures in New York City decreased slightly during the second quarter of 2009 from the same period of last year, according to a second-quarter report released today by the real estate Web site PropertyShark.com. New York City saw 892 new foreclosures in the second quarter, down 7 percent from 962 in the same quarter of 2008, according to the report, which tracked new foreclosures in four key metro areas. The number of foreclosures, however, rose 3 percent from the first quarter of this year. As in recent quarters, Queens led the city in foreclosures with 610 between April and June, up 9 percent from 492 in the same period last year. The borough also led the city in foreclosures per household, with one in every 1,270 homes scheduled for auction, or 0.079 percent.