Lack of 421a leads to bonafide changes at Essex Crossing

There are changes afoot at the Lower East Side megadevelopment Essex Crossing, in large part because of the dormant 421a program. Site 8, which currently houses part of the Essex Street Market, was originally envisioned as a condo project with 80 percent of the units priced at market rates. But the developers are unable to […]

In unusual move, Magnum renames the Luminaire nearly one year into sales

What’s in a name? When it comes to hawking condominiums, the right moniker can be a powerful selling tool. But the wrong one can also be a deadweight. In a rare move in new development marketing, Magnum Real Estate Group changed the name of its 385 First Avenue condo conversion project from the Luminaire to […]

Data center REIT takes 22K sf at Durst’s 1133 Sixth

Equinix, a real estate investment trust focused on data centers, is taking a full floor at the Durst Organization’s 45-story Midtown office tower at 1133 Sixth Avenue, the landlord told The Real Deal. The California-based REIT is set to occupy 22,111 square feet on the sixth floor of the 1.1 million-square-foot property, between West 43rd […]

Leviev wins $209M judgment in corporate split

Africa Israel Investments chair Lev Leviev won a $209 million judgment in an ugly split with his former business partners. The back-and-forth got so messy that it led to death threats and a smear campaign to the arbitrator initially assigned to the case. A Manhattan federal judge Tuesday ordered Leviev’s former business partners to cough […]

Three garages at UWS luxury buildings hit market asking $65M

Three Riverside Boulevard parking garages encompassing more than 228,000 square feet are on the market, asking $65 million, or $65,300 per space. The garages belong to a foreign-based trust, the Commercial Observer reported, and include 995 parking spaces. They are at the base of five condominium buildings at 80, 100-120 and 220-240 Riverside Boulevard. The […]

Corcoran lands city’s priciest rental — and its listing agent

Andres Perea-Garzon — who holds the distinction of brokering the city’s priciest rental deal at $500,000 a month — jumped to the Corcoran Group after a year at Compass. Perea-Garzon rented out a suite on the 39th floor of the Pierre for half-a-million dollars back in 2014. The full-floor, 4,800-square-foot pad was re-listed for the […]

Gwyneth Paltrow consciously uncouples from Corcoran, slashes price on Tribeca pad

From Luxury Listings NYC: Pity Gwyneth Paltrow. The Goop-founder and Academy Award winner has been trying to sell her Tribeca apartment at 416 Washington Street for almost a year now, and it’s just been re-listed with a new broker, a new price of $9.995 million and lots and lots of glorious photos. [more] … [more] Source: Real Estate

Empire State Realty Trust exec pays for giant inflatable cat to counter union’s protest rat

Unions, meet the corporate fat cat. An Empire State Realty Trust executive paid to place a giant inflatable feline outside a Midtown construction site to counter a union protest with a large inflatable rat. The idea of the stunt, apparently, was to use the cat to bully away an inflatable rat installed by unions outside […]

Citadel grabs short-term space at 520 Madison ahead of move to 425 Park

Ken Griffin’s Citadel hedge fund will move into one of the city’s most buzzed-about offices when L&L Holding finishes 425 Park Avenue in 2019. But in the meantime, traders gotta trade. Citadel signed a short-term sublease for about 24,000 square feet with the investment bank Jefferies at 520 Madison Avenue, and may be in the […]