Weary renters bolstering sales of studios and one-bedrooms
By Al Barbarino With Manhattan rents at historic highs, tenants are moving out of rental markets and into new homes. Much of the new activity … Continued
Category : Featured
Tragedy strikes outside city landmark
REW Staff
by REW Staff663
Two people were killed this morning near the intersections of 34th Street and Fifth Avenue outside the Empire State Building. The Empire State Building was not involved in the incident, Anthony Malkin of Malkin Holdings said in a statement.
Trevi Retail buying spree in full swing
REW Staff
by REW Staff1004
By Al Barbarino Manhattan-based Trevi Retail has laid down more than $30 million for a trio of mixed-use properties on the Upper East and West sides, city records show. The firm purchased two adjacent, five-story buildings with roughly 18,500 s/f at 450-452 Amsterdam Ave., between West 81st and 82nd streets, for $12.4 million; and a six-story, 7,440 s/f property at 785 Madison Ave., between East 67th and 66th streets, for $17.8 million.
Canal Street primed for retail transformation
REW Staff
by REW Staff1320
By Al Barbarino Canal Street has become synonymous with the sale of cheap, knockoff goods. The street bustles with tourists and locals who navigate its maze of open storefronts and street vendors. But some retail experts predict – and hope – that an imminent shift in retail demographics will cause a new kind of bustle on Canal Street, as higher-end retailers move in.
New York City’s secret street
REW Staff
by REW Staff943
Up a short flight of stairs from St. Nicholas Avenue, just steps from where the C subway line stops at 163rd Street, Sylvan Terrace doesn’t look much like New York City. The 20 wooden houses on the car-free, cobblestone street appear to be from not only another place, but another time. But for residents, the Washington Heights enclave is a place to enjoy the satisfaction, and headaches, of having their own house and a place kids play in the streets, all in Manhattan. “It’s almost like not living in the city,” said Felicia de Chabris, a senior vice president at Halstead Property who has lived in her house at 2 Sylvan Terrace since 2003.
El Ad closes on Franklin buy
REW Staff
by REW Staff894
By Al Barbarino Real estate investor El Ad US Holding, Inc. has closed on its purchase of 5 Franklin Place in Tribeca for $44.5 million, city records show. El Ad will take over the stalled condo development site, where earlier plans to build a 20-story, 55-unit residential building have hit repeated hurdles.
Trump tips hat to CRE Ironman
REW Staff
by REW Staff701
By Sarah Trefethen For some people, even New York City real estate isn’t enough competition. The 63-year-old developer Elie Hirschfeld placed 1,600 out of 2,849 entrants in the inaugural 2012 Ironman U.S. Championship last weekend.
Walker Tower wows ’em
REW Staff
by REW Staff726
Several years ago, Michael Stern, managing partner at JDS Development, set out to convert an Art Deco office tower at 212 West 18th Street into condos. Rather than tear down the 82-year-old building, which was owned by Verizon, and replace it with a modern glass-and-steel development, JDS and partner Property Markets Group (PMG) gutted the interior and spruced up the façade with ornamental metalwork inspired by the Art Deco era. “You’d never build something like this today,” said Stern, who founded JDS while in his 20s. “You couldn’t afford to.”
BLDG Management buys 102 Greene Street in Soho
REW Staff
by REW Staff903
By Al Barbarino Lloyd Goldman’s BLDG Management has purchased 102 Greene Street in SoHo for $11.9 million from 102 Greene Street Realty. The three-story, 7,000 s/f building’s 2,000 s/f retail portion is occupied by shoe store Galeria Melissa.
Alchemy names Woolworth investors
REW Staff
by REW Staff1028
Alchemy Properties, the New York-based real estate firm that last week announced its purchase of the condominium interest in the Woolworth Building, disclosed today that two private investors are also part of the deal. Marc Schimmel and Adam Neumann, chief executive officer of WeWork, assumed minority interests in the ownership structure of the transaction. Schimmel has taken an investment stake, while Neumann will also act as a branding and marketing consultant for the planned redevelopment of one of the City’s greatest landmarks. Alchemy said last week it paid $68 million to buy the condo from The Witkoff Group and Cammeby’s International, which will continue to own the lower 28 floors to house office tenants.