last updated today at 08:40AM
Greenwich Village High School finds home in Soho
Nov 21, 2008 08:40 AM

The Greenwich Village High School, a new private school, has found a home in Soho at 30 Vandam Street, between Sixth Avenue and Varick Street. The school has rented 12,000 square feet, two-and-a-half floors, in the six-story building for two years, with the option of adding two more floors to their lease as enrollment expands and space becomes available. The school hired Eric Liftin of MESH Architects to build out the first two floors.


LaGuardia Airport terminal to get makeover
Nov 21, 2008 08:00 AM

The Port Authority of New York & New Jersey is moving ahead with plans to replace the central terminal at LaGuardia Airport. The PA authorized a $40 million study yesterday that will result in a new design for the 45-year-old terminal. The study is scheduled to be completed in 2010, and construction is expected to begin in 2011.


Garbage truck garage coming to Spring Street, job cuts at JP Morgan ... and more
Nov 21, 2008 07:30 AM
  • 1. City council approves garbage truck garage on Spring Street [Curbed]
    2. Job cuts planned at JP Morgan [Crain's]
    3. Knitting Factory moving to Williamsburg's former Luna Lounge [Eater]
    4. 240 Atlantic Avenue rising [Brownstoner]

Developer wants to build beyond zoning in Greenpoint
Nov 20, 2008 05:31 PM
Developer Dean Palin wants to build a 40-story condo in Greenpoint, Brooklyn, 10 stories higher than zoning permits. His planned 422-unit building is part of a 620-unit development he has planned for the waterfront site at 155 West Street, between Huron and India streets. Palin says he needs the 10 extra floors because he cannot build within 50 feet of a sewage pipe that runs through the lot or a 25-foot section of wetlands also on the property.

Larry Silverstein says WTC delays are "not the end of the world," Queens park will have waterfront festival site ... and more
Nov 20, 2008 04:29 PM
  • 1. Larry Silverstein says World Trade Center site delays "not the end of the world" [NYO]
  • 2. New Flushing-Meadows Park will have a waterfront festival site [Curbed]
  • 3. Forest City Enterprises stock price SHOULD THIS BE PRICES? falls [NLG]
  • 4. Who controls the Atlantic Yards timetable? [AY Report]
  • 5. Silbert Realty picks up new retail construction projects in NJ [GlobeSt]
  • 6. New York unemployment fell 5.7 percent in October [NYT]
  • 7. Mortgage rates fall nationwide for third week in a row [MSNBC]
  • 8. Housing crisis will continue [Seeking Alpha]

Controversial Brooklyn jail project hit with restraining order
Nov 20, 2008 04:18 PM
Bk_jailhouse_frontbox Brooklyn House of Detention A judge has issued a temporary restraining order to stop the controversial reopening of the Brooklyn House of Detention. State Senator-elect Daniel Squadron said, "I hope it is a sign that a new day of community input has dawned, and that we can make progress together toward replacing the jail with affordable housing and [a] middle school."

Would-be condo builder abandons Brooklyn project
Nov 20, 2008 03:39 PM
185_ocean_ave_frontbox 185 Ocean Avenue, before demolition The developer who bought 185 Ocean Avenue last year for $1.2 million, 33 percent over the asking price, has now put the property up for sale for $1.3 million more than he paid for it. The buyer tore down the three-story brick house on the property, in the Prospect-Lefferts Gardens neighborhood in Brooklyn, and was planning to build an eight-story, 20-unit apartment building, before putting the property on the market.

New Manhattan housing data provides window into bleak fourth quarter
Nov 20, 2008 02:59 PM
The real estate industry is waiting with baited breath for the next round of quarterly market reports, when Manhattan will see the real effects of the mortgage crisis on home sales. But a new analysis by real estate appraiser Mitchell, Maxwell & Jackson offers a glimpse at the bleak picture that the reports will likely show. Manhattan data compiled by the appraisal firm and released yesterday showed that the volume of signed contracts in September and October plummeted roughly 75 percent from the same period last year. more
By Candace Taylor

Miraval Living: third time's the charm?
Nov 20, 2008 02:35 PM
Miraaval_frontbox Miraval Living Corcoran Sunshine Marketing Group has been brought on as the exclusive sales and listing agent for Miraval Living, a condo conversion at 515 East 72nd Street, between York Avenue and the FDR Drive. This is the third sales firm to try to sell units in C&K Properties and Zamir Equities' condo conversion. Prudential Douglas Elliman took the project over from the Marketing Directors in September 2007. The 39-story building has 365 apartments, and according to Streeteasy.com, 107 units have been sold. Listing prices range from $750,000 to $5.5 million, Streeteasy.com says. Sales started in October 2006, and the building has 4,000 square feet of amenities, including a swimming pool, spa, art studio and health club. Corcoran Sunshine, Prudential Douglas Elliman and the developers were not available for comment. TRD

Trust releases Pier 57 proposals
Nov 20, 2008 01:54 PM
Pier_57_frontbox Pier 57 The Hudson River Park Trust today officially released three development proposals, one each by the Durst Organization, Related Companies and Youngwoo & Associates, for the park's 880-foot Pier 57, at the end of West 15th Street in Chelsea. The Durst plan calls for the Children's Museum of Manhattan to move to Pier 57 and also includes additional park space. The Related Companies plan includes a food marketplace, film theaters and what the company is calling "a public room," that could function as an art gallery or community center. The Youngwoo & Associates proposal maps out a marketplace, a public auction house, a film center and a rooftop amphitheater. Revenue from the project will be used to maintain Hudson River Park. TRD

Current Issue
Cover

From The November Issue

The downward plunge

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This month, in a series of stories, The Real Deal examines the next chapter in New York City real estate. Wall Street's wild volatility last month froze the city's residential market. Brokers said the economic seesawing is paralyzing buyers and sellers. Mortgage lenders have also clamped down further on buyers, though more buyers are heading to all-cash deals. Many are wondering: Could the dark days of the late 1980s and early 1990s return? More

Ominous signs for new condos

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Despite buyers' desire to purchase, banks are increasingly unwilling to write mortgages for some new buildings, especially those that have sold only a small percentage of their units. More

High-end U.S. markets show cracks in the foundation

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This month, The Real Deal looks at the nation's most exclusive zip codes to see how high-end markets besides Manhattan are faring. While these areas are more insulated than their less affluent counterparts, many markets are beginning to see big cracks in their foundations with prices and sales volume declining. More

Will Tishman Speyer buckle?

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Few companies have looked down from as lofty a perch as Tishman Speyer, the venerable blue-chip firm that holds stakes in several New York landmarks such as Rockefeller Center and the Chrysler Building. Tishman expanded its empire even wider during the boom, but now it appears that even this company is paying a price for success. More

Fourth Avenue on slippery Slope

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Park Slope's Fourth Avenue has been billed as the next frontier of gentrification in Brooklyn. However, because of the credit crunch, a number of buildings that were initially planned as condos will now come to market as rentals. The frenzied pace of construction of new projects should also slow. More

Holding up funds for construction

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A growing number of developers with projects under way in Manhattan are being confronted by lenders who are either unwilling or unable to continue funding. The Lehman Brothers bankruptcy, which was filed in mid-September, has -- not surprisingly -- put several construction projects in the city on hold. But other lenders are also putting pressure on developers to provide more equity in projects as a way to improve the financial profile of their struggling banks, real estate attorneys said. More

Residential market halts in its tracks

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Wall Street's recent wild volatility has caused the New York City real estate market to freeze in its tracks, with sales volume screeching to a halt and deals falling apart as potential buyers have watched their net worth evaporate. More

Chelsea Enclave makes a deal with soul

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The Chelsea Enclave, a luxury apartment building under construction on the edge of property owned by the General Theological Seminary of the Episcopal Church in West Chelsea negotiated long and hard to make sure the new construction on their land would be something it could live with. More

City coffers shrink as deals slow

The slump in commercial building sales is threatening to take a sizable bite out of New York City tax revenues this year, which could force Mayor Michael Bloomberg to make even more drastic choices than he already has to keep the city budget balanced. More

Crisis may spawn building sales rise

Real estate analysts believe developer Harry Macklowe won't be the last to lose a Manhattan trophy tower purchased in the heady days of 2006 and 2007. More

Brokers advise tenants to sit tight as rents drop

Lease valuations were unpredictable and deals were few last month while brokers cautioned tenants to hold off on signing any unnecessary rental contracts as prices continued to drop, real estate experts said.
More


Special Reports

Who got crunched -- and who didn't
A look at where players landed one year after the credit market debacle
Hailing other holiday spots
While Hamptons hurting, other locales draw interest
The biggest problems in New York City real estate
Experts weigh in on how to fix industry crises
Developers falling into a Catch-22
Residential developers in bind with slow sales
In Hamptons, it's no vacation
Building permits drop, spec homes sit and restaurateurs grow wary amid slowdown
Condos on the chopping block
Prices come down to help move new projects
Adding it all up
A tally of numbers that matter: construction costs, the high-end market, and foreign buyer migration
Manhattan's biggest firms
Our annual survey of the top Manhattan firms



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