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The Real Deal

The Real Deal

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NYC’s top construction permits: Week ending July 17, 2026

NYC’s top construction permits: Week ending July 17, 2026

New Building: The largest new building application filed last week was on the border of Crown Heights and Prospect-Lefferts Gardens. Rafael Rabinowitz of HSD Construction plans to build a 112,279-square-foot, eight-story development at 103 Empire Boulevard. The mixed-use project is slated to have 50 apartments. Kao Hwa Lee is the architect. Job Filing Number: B01408304-I1 New Building: Borough Developers filed plans to construct an 82,731-square-foot mixed-use project at 45-51 and 45-49 Vernon Boulevard in Queens. The building will stand 10 stories tall and have 86 apartments. Kao Hwa Lee is the architect. Job Filing Numbers: Q01425664-I1, Q01425663-I1 []This article originally appeared on The Real Deal. Click here to read the full story.

4 hours ago
NY Dirt: Zohran Mamdani wants to talk to your tenants

NY Dirt: Zohran Mamdani wants to talk to your tenants

Mayor Zohran Mamdani wants landlords to talk to their tenants. He’s going to talk to them first. That’s the push behind the administration’s newest campaign from its Office of Mass Engagement, which the mayor launched just days into his term. The campaign title is straightforward: Talk to Tenants. OME will be going building-to-building in the five boroughs to “knock on doors to inform tenants of their right to organize and connect residents with resources and organizing trainings,” according to a release. Volunteers will be targeting renters in properties with “chronic housing violations” to “advocate for safer, healthier homes.” The takeaway []This article originally appeared on The Real Deal. Click here to read the full story.

5 hours ago
NYC’s top deals: Noho apartment building trades for $17M

NYC’s top deals: Noho apartment building trades for $17M

There were 227 transactions totaling 385 million filed in New York City records in the 24 hours before 4 p.m. on Tuesday, July 21. Commercial: Aston of Bowry LLC bought the apartment building at 312 Bowery in NoHo for 16.7 million, representing the priciest commercial sale to hit records. Bremen House Inc. was the seller. The four-story building has 22 units covering nearly 22,500 square feet. Residential: The most expensive recorded home sale was on the Upper West Side, where a sponsor unit at Naftali Group’s The Henry at 211 West 84th Street sold for 14.8 million. RYA Holdings LLC []This article originally appeared on The Real Deal. Click here to read the full story.

5 hours ago•
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Citywide ballot measures pitch faster permitting, procurement

Citywide ballot measures pitch faster permitting, procurement

The Mamdani administration’s independent charter review panel, dubbed the Commission on Government Efficiency, plans to propose ballot measures aimed at overhauling how the city handles permitting and procurement processes. COGE will propose that voters decide whether the city should establish a central hub to obtain permits for construction projects, along with measures to streamline how the city awards contracts, repurposes city-owned lots and leases office space. Past charter amendments have seismically shifted what gets built where in New York City, including last year’s vote for an Expedited Land Use Review Procedure and a housing measure that fast-tracked affordable housing zoning []This article originally appeared on The Real Deal. Click here to read the full story.

21 hours ago•
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295 Fifth Ave owners push for revival with refinancing

295 Fifth Ave owners push for revival with refinancing

A landlord trio secured more than 200 million in fresh debt following the renovation of their 19-story Midtown South office building. PGIM, Tribeca Investment Group and Meadow Partners landed a 228.9 million loan to refinance 295 Fifth Avenue, otherwise known as the Textile Building, the Commercial Observer reported. Rialto Capital Management and Hines issued the floating-rate, interest-only bridge debt. The sponsorship group last secured 150 million in debt from Deutsche Pfandbriefbank in November 2022. That followed the start of a 350 million capital improvements project, featuring the addition of a ground-floor courtyard, several terraces, hospitality amenities and a two-story penthouse. []This article originally appeared on The Real Deal. Click here to read the full story.

21 hours ago•
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Turret takes over debt on troubled Upper East Side condo buildings

Turret takes over debt on troubled Upper East Side condo buildings

David E. Dweck’s Turret Equities has acquired distressed debt tied to two Upper East Side condo buildings with a checkered ownership history. The buildings, 184 East 64th Street and 227 East 67th Street, have been owned by multiple people accused or convicted of fraud over the past decade. Their current owner, Continuum Analytics, defaulted on its loans and is facing foreclosure by its lender, Preferred Bank. Now, Turret Equities has purchased a 19.9 million note from Preferred, secured by the pair of buildings. The purchase expands Turret’s portfolio of Upper East Side debt, having acquired a 15.5 million note in []This article originally appeared on The Real Deal. Click here to read the full story.

21 hours ago
BXP putting 7 Times Square ground lease on the market

BXP putting 7 Times Square ground lease on the market

BXP is trying its hand at a nine-figure deal in the heart of Manhattan. Owen Thomas’ firm is seeking to sell the ground lease tied to 7 Times Square, the Commercial Observer reported. BXP is reportedly expected to ask between 700 million and 750 million for the 1.2 million-square-foot property. What’s unclear is whether or not that asking price pertains to the entire ground lease, or the majority stake BXP possesses. Eastdil Secured’s Will Silverman, who is marketing the ground lease with Gary Phillips, did not respond to a request for comment from The Real Deal and declined to comment []This article originally appeared on The Real Deal. Click here to read the full story.

1 day ago
Park Slope fixer-upper tops Brooklyn’s luxury contracts after 34% price cut

Park Slope fixer-upper tops Brooklyn’s luxury contracts after 34% price cut

A Park Slope townhouse with a private driveway and a two-car garage topped Brooklyn’s luxury market last week. The home was one of 18 — nine condos, one co-op and eight single-family homes — asking at least 2 million to find a buyer, according to Compass’ weekly contracts report from July 13 to July 19. The total contract volume was 58 million. The previous week saw 30 contracts signed for 137 million. The priciest contract was for the townhouse at 683 10th Street in Park Slope asking 5.8 million. Spanning 4,700 square feet, the four-story home sits on a double-wide []This article originally appeared on The Real Deal. Click here to read the full story.

1 day ago
Former Mets ace strikes neighborhood peak with $26M Soho flip

Former Mets ace strikes neighborhood peak with $26M Soho flip

Zack Wheeler hasn’t played for the New York Mets in seven years, but he’s still pitching flamethrowers in the Big Apple housing market. The Philadelphia Phillies ace and his wife, Dominique, sold the penthouse at 73 Wooster Street in Soho for 26 million, the New York Post reported. The deal breaks down to 5,400 per square foot, the highest average price per square foot in the neighborhood in the last five years, according to the publication. The buyer’s identity was shielded by an LLC. The flip at the six-unit building was a two-year project for the Wheelers, who purchased Penthouse []This article originally appeared on The Real Deal. Click here to read the full story.

1 day ago•
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Is Mamdani’s “tenant equity” program oxymoronic? Or just moronic?

Is Mamdani’s “tenant equity” program oxymoronic? Or just moronic?

It seemed like a far-left fantasy — not a serious idea but something to titillate the base: on page 38 of Zohran Mamdani’s housing plan, a program to give tenants part-ownership of their buildings. But last week his housing commissioner, Dina Levy, said the administration is having “really interesting conversations” with for-profit real estate firms about making it happen. “So if a building is performing well and rents are being paid and the building is appreciating,” Levy said at a conference, “could tenants in some way basically share in that appreciated value through some type of equity stake in the []This article originally appeared on The Real Deal. Click here to read the full story.

1 day ago