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Category Archives: RE News

432 Park’s billionaire Saudi buyer among detainees in kingdom’s crackdown

Saudi retail magnate Fawaz Al Hokair — the owner of 432 Park Avenue’s top penthouse — was among those detained in Riyadh last fall during the country’s anti-corruption crackdown, according to a new report. Hokair, who paid $87.7 million for the sprawling condominium in 2016, was one of the 200 prominent businessmen and members of the royal family held in the capital’s Ritz-Carlton Hotel as part of a campaign led by Crown Prince Mohammed bin […]

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Trucking exec sues for missing breakfast bar and private elevator at 56 Leonard

A New Jersey trucking mogul has sued the developers of 56 Leonard, alleging he did not get the private elevator access and breakfast bar he was promised in his $29 million penthouse. Ronald Dana — founder of the Dana Companies — said Alexico Group and Hines failed to deliver on specific features that sold him on the Tribeca condominium, including soaring 14-foot ceilings, a private elevator, a breakfast bar and an integrated curtain system for […]

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Orbach Group sells another UWS property

The Orbach Group, fresh off the sale of a $116 million Upper West Side multifamily portfolio, just sold another rental building in the neighborhood. The multifamily investment firm headed by Meyer Orbach sold the Canterbury at 204 West 108th Street to Gili Haberberg’s Arkar Inc. for $32.5 million, the broker who negotiated the sale told The Real Deal. The purchase price is an 18 percent premium over the $27.5 million Orbach paid when the company […]

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Going up: Elevator technology is reaching new heights in skyscrapers across the globe

 During the next two years alone, 187 skyscrapers are expected to pop up across the globe — each of which will rise 820 feet in the air. As developers look to build taller and taller, some elevator companies are exploring ways to revolutionize vertical travel. A recent report by Bloomberg examined new technologies addressing speed, capacity and, in some cases, direction in skyscrapers of the future. In this video, The Real Deal looks at the go-to technology that’s being […]

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Designing NYC’s skyline: These are the city’s most prolific architecture shops

From the March issue: The battle for designing One Vanderbilt came down to three distinguished architecture firms, all with impressive international portfolios — and chops building complex office towers. The developer, SL Green Realty, considered designs by Kohn Pedersen Fox Associates, Pei Cobb Freed & Partners, and Skidmore, Owings and Merrill for the $3.2 billion tower. Ultimately, the real estate investment trust went with KPF, whose glassy, tapering design is reminiscent of Chicago’s famed Willis Tower. The […]

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Completion of “Vessel” at Hudson Yards is a year out and Stephen Ross is in love

The legacy of Stephen Ross and designer Thomas Heatherwick’s “loving” collaboration hangs on the future of a skeletal “365-day Christmas tree,” as Ross told journalists when he unveiled the design in 2016. The monumental project, named “Vessel,” is costing Ross’ Related Companies an estimated $200 million to build, but it’s an expense the billionaire chairman is willing to incur in order to build New York the 150-foot Eiffel Tower-like landmark (in his own estimation) it […]

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Where the millennial workforce gathers

The research is in: millennials are settling in some unexpected places to build their careers. The top 10 metro areas where college-educated millennials gather is supposed to point to strong real estate markets — demarcated by high median house prices — and strong economies, but there are some surprising results in the new geographical rankings, complied by the Brookings Institute. In response, CityLab ran a correlation analysis to compare the Brookings’ data to generally accepted […]

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Balkrishna Doshi receives architecture’s top annual honor

The 45th winner of the Pritzker Architecture Prize was announced this week to be Indian architect Balkrishna Doshi. You may not recognize his name because Doshi is not world famous for designing the kinds of global landmarks that traditionally come to mind when you hear the names of architects like Zaha Hadid, Richard Meier, Renzo Piano, Jean Nouvel or Frank Gehry — all of whom have won the Pritzker previously. Doshi designs buildings in his […]

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Nun dies in courtroom during hearing over her convent’s disputed sale to Katy Perry

From TRD Los Angeles: The death of Sister Catherine Rose Holzman in a courtroom Friday marked a tragic development in the nun’s ongoing legal dispute with Katy Perry and the Archdiocese of L.A. over her former Los Feliz convent. Ahead of the hearing, Holzman spoke to a Fox 11 reporter saying “To Katy Perry, please stop. It’s not doing anyone any good except hurting a lot of people.” Holzman collapsed and died later in the […]

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Rockefeller property sells for 50% more than asking price

The selling of the late David Rockefeller’s properties continues with his storied property in Westchester County, recently sold for $11 million over its asking price for total of $33 million. Owned by Rockefeller, the former chairman and CEO of Chase Manhattan Corporation, the 11,343-square-foot home and its accompanying grounds went on the market last fall for a price of $22 million, months after Rockefeller’s death last March at the age of 101, according to the […]

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