City Apartments

Long Island may possibly be the toughest market in the country for apartment development, though there is a lot of opportunity for building there, residential real estate experts told the Wall Street Journal. The housing stock is largely single-family homes, with apartment buildings representing just 17 percent of the inventory, compared with 35 percent in Bergen County, and 38 percent in Westchester County. AvalonBay, the only public developer building apartments in Long Island, charges thousands of dollars a month to renters of all ages, from college students to seniors looking to downsize from larger homes. [more]

Citigroup has agreed to pay $75 million to settle federal claims that it failed to disclose vast holdings of subprime mortgage investments that crippled the bank during the financial crisis, two sources briefed on the deal told the New York Times. The Securities and Exchange Commission has also singled out two Citigroup executives — Gary Crittenden, the former CFO, and Arthur Tildesley, the former head of investor relations — for omitting material information in disclosures to shareholders, according to the sources. Crittenden has agreed to pay a $100,000 fine and Tildesley will pay $80,000. [more]

Bond’s Bruno Ricciotti and 1776 Broadway (building photo source: PropertyShark)

Bond Real Estate New York has signed an eight-year renewal and expansion at its Columbus Circle location at 1776 Broadway and West 57th Street, bringing the company’s total square footage to 10,800 square feet, Crain’s reported. Bond principal Bruno Ricciotti told The Real Deal  in its May issue that the new space was 5,500 square feet. The 10-year-old firm, which currently occupies the entire 19th floor, will also take over the second floor of the 25-story, 110,000-square-foot building come September. [more]

The Miraval at 515 East 72nd Street and Yankees player Curtis Granderson

The Upper East Side’s Miraval Living condominium has launched a charity program tied to one of its most famous residents, Yankees player Curtis Granderson, according to a spokesperson for the 39-story condo conversion at 515 East 72nd Street near York Avenue. For every homerun the slugger hits, starting August 1, the building has pledged to donate $1,000 to the Curtis Granderson Grand Kid Foundation, the ballplayer’s charitable group that promotes education and athletics for inner city kids. [more]

Harlem’s H&M will celebrate its reopening tomorrow morning, after five months of interior and exterior renovations, according to Racked. The grand reopening will be freebie-heavy, with complementary T-shirts for the first 200 shoppers and gift cards with values ranging from $10 to $300. The store, which sits on the corner of 125th Street and Lenox Avenue, now has an entirely new facade, which should defray some of the architectural criticism lodged at the retailer in the past. [Curbed]

228 Surfside Drive

A 13,000-square-foot house at 228 Surfside Drive in Bridgehampton — one of the few spec houses built on the East End of Long Island in 2009 — has gone into contract, according to Curbed. The almost-oceanfront home was originally listed for $15 million when it hit the market in June 2009, before climbing to $16 million by August 2009, and then dropping to its latest listing price of $13 million in April of this year. Although its not immediately clear how much the house went into contract for, the listing, which was marketed by Prudential Douglas Elliman, had been built on land purchased for $4.7 million in 2008. [more]

The mortgage crisis and subsequent housing market turmoil has led some to ask whether homeownership should be synonymous with the “American Dream.” In this CNBC video, Congressman Paul Kanjorski weighs in on whether owning a home should be the ideal for many families. “It doesn’t fit all people, not all people are capable of homeownership at this time,” Kanjorski said. “But in reality, we’ve always found over history [that] homeownership is probably the best equity builder that our system has had… we want to make sure we don’t throw the baby out with the bath water.”

In addition to getting a request from Deloitte for a $20 million subsidy package today, the city’s Industrial Development Agency is slated to present a reworked subsidy package for Reuters, which was given up to $26 million in incentives from the Giuliani administration, the Observer reported. Reuters received the $26 million incentive package — intended to promote job growth — in 1998, but according to the city about $20 million remains unused. In 2008, Reuters merged with Thomson and now, with a larger workforce and more office buildings, Thomson Reuters wants to extend the subsidy to all its buildings, at least in part to help get a break on renovation costs, according to the Observer. [more]

After weeks of retail and restaurant shuttering in Battery Park City’s Embassy Suites Hotel at 102 North End Avenue, owner Goldman Sachs has announced its plan to “upgrade” the hotel, bringing in a luxury hotel operator, and to revitalize its presence in the neighborhood, according to the Broadsheet Daily. The hotel, which will shutter temporarily and reopen in the fourth quarter of 2011 as a Conrad New York, is also looking to attract some higher-end retail tenants to match its new brand name. [more]

The July 25 episode of HGTV’s “Design Star” series challenged two teams of contestants to each design a two-bedroom model apartments at the new Trump Plaza Residences in Jersey City, and incorporate and repurpose some New York City souvenirs into the finished product. Donald Trump Jr. was on hand as a guest judge, as The Real Deal reported last week. In an exclusive interview with The Real Deal, Trump described the building as being consistent with the Trump ideal of “luxury.” The 55-story, 443-unit building, at 88 Morgan Street between Washington and Green streets, is the tallest residential tower in Jersey City. Trump said he was impressed with elegant and soft look of one team’s design, incorporating souvenirs from Times Square and Broadway. The other team disappointed Trump, who said their design resembled a college dorm and that the implementation of the souvenirs was ineffective. At the end of the episode, two contestants were eliminated.

A Manhattan-based think tank has pitched a plan for the development of a mile of empty space under the Metro North tracks in Harlem from 111th to 133rd streets along Park Avenue, in an effort to grow the retail market in the neighborhood. The Center for an Urban Future has entitled the plan, which is targeting the development of small businesses and food retailers in particular, “A High Line for Harlem.” [more]

From left, Gilad Azaria, Daniel Senor, Campbell Brown and the Tribeca condo at 71 Murray Street

Former CNN anchor Campbell Brown has apparently gone apartment-hunting in her newfound free time. Brown and her husband, Daniel Senor, are in contract to buy a three-bedroom apartment at 71 Murray Street in Tribeca, sources told The Real Deal. The 4,000-square-foot condo is listed for $4.495 million with Prudential Douglas Elliman’s Gilad Azaria, head of the Gilad Azaria Group. It went into contract this week, according to Streeteasy.com. Azaria declined to comment. Brown and Senor, the founder of Rosemont Capital and a Bush administration foreign policy adviser, have two young sons. Until last week, Brown anchored the eponymous nightly news show on CNN, which faced off against Fox News’ “The O’Reilly Factor” and “Countdown” on MSNBC. Brown announced in May that she would step down due to disappointing ratings. [more]

Homeowners looking to refinance are increasingly putting down cash at the closing table in order to lower their principal balance and take out a new loan at a lower rate, according to data from Freddie Mac released yesterday. During the second quarter, 22 percent of homeowners who refinanced put down additional money to pay off some of their principal for the third-highest “cash-in” share of refinancing borrowers since Freddie Mac started tracking them in 1985. [more]

Accounting firm Deloitte — one of the largest tenants on the market for office space in New York City — has asked the city for at least $10.65 million in tax credits in exchange for staying on this side of the Hudson River and increasing its employee count, according to the Observer. The firm, which is currently headquartered at 1633 Broadway with offices at 25 Broadway and the World Financial Center, had been considering a move to New Jersey. If the city doesn’t grant tax exemptions Deloitte wants — the total sum requested could rise up to $21 million — the firm is threatening to follow through with that interstate move. [more]

The city’s Bed Bug Advisory Board has released its 39-page bedbug combat plan (see the full document after the jump) and the city has responded with $500,000 in funding to step up its insect-fighting efforts. The major points of the city’s plan include an informational campaign for city dwellers, including an educational online portal, and new staffers whose job it will be to help property owners who have infestations. [more]

1. Victory for proposed Ground Zero mosque as Community Board recommends against landmarking [Post]
2. Bank that reneged on widower’s mortgage changes its mind [NYDN]

3. Conan O’Brien’s Majestic co-op closes for below asking; buyer is Discovery CEO David Zaslav [Post]
4. Chef David Bouley sells East Village co-op for $1.4M [NYT]
5. NFL headquarters relocation deal at 345 Park Avenue now official [NYO]
6. JPMorgan’s former 14 Wall Street space rents to the FDM Group [Post, 3rd item]

7. Westchester man collects $150K worth of skyscraper replicas [WSJ]

The top web stories from yesterday’s The Real Deal blog:
1. 510 Madison junior mezz lender sues Macklowe to force new talks
2. Broker sues former Halstead Holmes Team partners in commission dispute
3. New illegal hotel law draws ire from SROs

Backers of an expensive proposed proton beam cancer treatment facility in Jamaica, Queens, are pinning their hopes of winning the necessary state approvals on ties to several powerful local politicians, Crain’s reported. Currently, the New York State Department of Health is reviewing three competing proposals for a proton beam facility in the area, including two in New York City. Proton beam technology allows radiation to be emitted in precisely focused cancer-killing doses, but the cost of building and equipping such a facility is more than $200 million, and there are only eight such centers in the country. [more]

Japanese no-frills hotel operator Toyoko Inn is expanding into the U.S. market with a 640-room tower in Long Island City, Queens, the Wall Street Journal reported. Toyoko is planning to charge just over $100 for rooms that are smaller than 200 square feet. By comparison, the average size of a New York hotel room is 325 feet, and the average rate for a room in the first half of the year was $209.42, according to Smith Travel Research. [more]

A modernist Madison Avenue office tower and a Murray Hill mansion are the city’s newest official landmarks, DNAinfo reported. The Landmarks Preservation Commission gave historical designations to the Middleton Burrill House, at 36 East 38th Street, and the Look Building, at 488 Madison Avenue, at a public hearing today. The Look Building, a curved, multi-tiered, white-brick 21-story office tower was designed by Emery Roth & Sons and is named after the now-defunct Look Magazine. [more]

1. Meredith Corporation looks to lease 200,000 square feet at East 42nd Street [Crain’s] 

2. Milly dress shop may be coming to 900 Madison Avenue on UES [Madison Avenue Spy] 

3. Still no word on when the pool will open at Trump Soho [Hotel Chatter]
4. Looking at unusual homes that defy convention [Architectural Digest] 

5. Duke Seman’s mansion at 1009 Fifth Avenue closes for $44 million [Curbed] 

6. Economics professor debates the securitization of mortgages [NYT] 

7. Congressman Rangel working on settlement in ethics case involving rent-subsidized apartments [Post] 

8. Artichoke pizza store scouting third location on MacDougal Street in West Village [NYC Food Guy] 

9. Real estate lawyer Joshua Stein leaves Latham & Watkins to start own practice [Crain’s] 

10. Downtown Brooklyn’s Barclays Center gets sponsor for private Loge box area [Post]

11. Gansevoort69 restaurant closes for two months [NY Eater] 

12. Mendez Boxing signs lease for third NY location at 60 Madison Avenue [Crain’s]

Midtown and Downtown Manhattan, two of the largest central business districts in the nation, topped this year’s Colliers International 10th annual parking rate survey of the most expensive cities in North America for parking.

Midtown Manhattan’s monthly median price for parking a full-size automobile reached $538 (not including taxes), while Downtown was not far behind at $529, according to the survey, which spans June 2009 to June 2010. Both were more than three times the national average, though their daily parking rates has declined for the same period.

During the years of residential and hospitality development from 2005 through 2008 many of the city’s garages were sold reducing the number of parking spaces in Manhattan and the outer boroughs. [more]

A family facing foreclosure found the collateral they needed right in their own basement, with the discovery of an Action Comics #1 — Superman’s debut, Asylum reported. The comic book was found when the family began to pack up their home — which they owned since the 1950s — due to a bank’s foreclosure proceedings. The family, who wanted to remain anonymous, then contacted Stephen Fishler, co-owner of New York’s ComicConnect and Metropolis Collectibles. The comic book will go on display this weekend at the Comic-Con in San Diego, where it will be officially graded. [Asylum]

With construction on the rise in Harlem — and the Aloft Hotel set to open August 19 at 2300 Frederick Douglass Boulevard on the corner of 124th Street — smaller businesses are growing concerned that they may be pushed out. In this video found on the Harlem + Bespoke blog, Jeremy Archer, the owner of Sugar Hill Inn airs his concerns about the future of his business — which he believes will suffer due to the influx of chain establishments. “The hotels will bring rates down, for sure,” Archer said.

The garment and hotel workers unions have agreed to the key terms of their split this week, after six years together. The Amalgamated Bank — whose assets are valued at nearly $5 billion — will stay with the garment workers, who brought the bank into the merger, Crain’s reported. The garment workers’ former headquarters, at 275 Fifth Avenue, will go to the hotel workers union, Unite Here, serving as its new headquarters. The 600,000-square-foot, 28-story building was built in 1928 and
appraised at $75 million a year and a half ago. [more] 

American Hotel owner Ted Conklin has officially put his two Sag Harbor homes on the market for about $10 million, according to the New York Post. Conklin’s historic Sag Harbor hotel — once frequented by Billy Joel — is expected to go on the market next, for no less than $25 million. Sources told the Post that Conklin has decamped to East Hampton and Palm Beach, where his new wife, Carol Simmons, lives. [more]

The age-old debate of government involvement in the mortgage market was rehashed in this CNBC video, in which commentators Rick Santelli and Steve Liesman duke it out. While Liesman questioned the effect that higher mortgage rates might have on the suburban housing market, Santelli seemed to think that U.S. homebuyers need to get “tougher.”

The Tribeca duplex that belongs to hip hop mogul Damon Dash, former pal of Jay-Z and co-founder of the pair’s Roc-a-Fella Records, is scheduled for a 1 p.m. foreclosure auction tomorrow at the New York County Courthouse, according to Manhattan Loft Guy. Dash bought the 5,200-square-foot spread in the Atalanta at 25 N. Moore Street for $3.875 million in 2004. Dash had a $7.3 million loan out on the property, along with another loft he owns at 79 Laight Street, but reportedly stopped making his $78,500-per-month mortgage payments in January. [more]

Creditors of failed Icelandic bank Glitnir have subpoenaed the co-op board of 50 Gramercy Park North to get a hold of the financial records of alleged fraudster Jon Asgeir Johannesson, a retail tycoon accused of raiding the bank for more than $2 billion, the Post reported. Johannesson owns a penthouse in the Ian Schrager-designed building for which he paid $14.2 million in 2007, and on which he is said to have recently paid off a $10 million mortgage. As The Real Deal reported in May, Glitnir filed a lawsuit against him in Manhattan state court, charging that Johannesson looted the bank in 2007 and 2008 in order to prop up his own struggling company. [more]

SL Green Realty’s second quarter earnings fell to $1.02 a share, down from $1.20 a share in the second quarter of 2009, the commercial real estate firm reported yesterday. Net income for the second quarter of 2010 totaled $1.75 per share compared to net income of $0.18 per share in the same period in 2009. Net income attributable to common stockholders also declined, totaling $137 million, or $1.75 per share for the quarter ending June 30, compared to net income of $12.5 million, or $0.18 per share for the same quarter in 2009. Operating and leasing activity was up slightly in the second quarter of 2010 with reported revenues of $259.7 million, compared to $252 million in 2009. TRD