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Category Archives: RE News

Listings in limbo: What’s to come for Town agents’ millions in exclusives?

Around midday on Friday, a van branded “Town Residential” pulled up to 26 Astor Place. The driver got out, unloaded bubble wrap and cardboard boxes from Home Depot, and went into the building. It was time for agents to clear out. After a tumultuous few months, Town abruptly shuttered its resale and leasing business, as The Real Deal first reported Thursday. Less than 24 hours later, shell-shocked agents were informed that boxes would be available […]

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HFZ lists penthouse at Chelsea megaproject for $25M

Ziel Feldman’s HFZ Capital Group is preparing to launch sales soon at its two-building Chelsea megaproject, where a half-floor penthouse is asking $25 million. Sales are set to begin on May 7 with the opening of a sales gallery, according to the New York Times. Starting prices will range from $2.8 million for a one-bedroom to $25 million for a half-floor penthouse. Two-bedrooms will start at $3.9 million; three-bedrooms will start at $6.5 million; and […]

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Developer files plans for 29-story hotel near Bryant Park

A 29-story hotel is coming to the Bryant Park area. Developer Wei Hong Hu filed plans for a 41,469-square-foot structure at 58 West 39th Street on Friday. The Great Neck-based developer, who could not immediately be reached for comment, bought the site, currently a five-story building, for $25.2 million in January 2016, property records show. The hotel will include 65 rooms. Peter Poon is the architect of record.

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FBE Limited picks up Inwood development site for $26M

Abraham Fruchthandler’s FBE Limited paid $26 million for an Inwood development site where two years ago the City Council had quashed a rezoning. Acadia Realty Trust sold the property at 4650 Broadway, according to property records. The company, in partnership with Washington Square partners, had previously planned a 15-story building with 175 units of affordable housing for the site. It would have been the first project built under the city’s mandatory inclusionary housing program, but the […]

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Early bird tickets still available for The Real Deal’s New York Showcase and Forum

Early bird tickets remain on sale for The Real Deal’s 11th annual New York Real Estate Showcase and Forum on May 14 at the Metropolitan Pavilion in Chelsea. Please visit our event website for the full agenda, including information on TRD‘s  roster of speakers and sponsors. We look forward to seeing you there! For sponsorship opportunities, please contact us at or at 212.260.1332.

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Resi firms descend on remnants of Town

Within hours of the demise of Town Residential‘s sales and leasing divisions on Thursday, the text messages and emails started flying. With several hundred brokers suddenly free agents, Town’s rivals wasted no time swooping in to lay claim on remnants of the carcass. One senior brokerage executive compared the phenomenon to locusts descending. “I’ve never seen anything like this,” the source said. “This has happened in the past to tiny companies. This was not a […]

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Solow files plans for 57th Street mixed-use tower

After several years of assembling sites and wrangling with tenants in court, Solow Realty and Development has filed plans for a 52-story mixed-use skyscraper on West 57th Street. The tower, which will rise at 10-12 West 57th Street, is expected to feature 80 residential units and 180,396 square feet for commercial use, New York YIMBY reports. The property is one of several that Solow has purchased on 57th Street since 2011. Solow paid $120 million […]

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Mansion that was former Catholic school hits market for $23.5M

A mansion that used to be part of Martin Scorsese’s old school is up for sale for $23.5 million. The house is located in Nolita and used to be part of the St. Patrick’s Old Cathedral School, according to the Wall Street Journal. In addition to attending the school, Scorsese was an altar boy at the church and later filmed a scene from “Mean Streets” at the church’s graveyard. Time Equities and Hamlin Ventures paid […]

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Wells Fargo to pay $1B to settle claims of mortgage lending abuses

Wells Fargo will pay a $1 billion to settle several allegations, including that it improperly charged mortgage customers fees to lock-in interest rates. The Consumer Financial Protection Bureau and the Office of the Comptroller of the Currency announced the settlement on Friday, following several reports that the agreement was looming, CNBC reported. Back in December, President Trump tweeted that the bank wouldn’t escape penalties linked to the alleged mortgage lending abuse and would perhaps face […]

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Preservationists seek to stop changes to landmarking process

Preservationists aren’t happy with a proposed rule change that would allow more applications to go through the Landmarks Preservation Commission without a public hearing. Nine of the city’s largest preservation organizations filed a joint letter criticizing the proposal, saying it doesn’t allow for enough transparency in the landmarking process, Curbed reported. “Like environmentalists or dance enthusiasts, preservationists are not a monolithic mass. We agree on certain core principles but our individual focus is often nuanced […]

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