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5Pointz trial will venture into uncharted legal territory: judge

Is graffiti an art — and does it need to be protected by the federal law? That’s the question at the heart of a trial that will determine whether developer Jerry Wolkoff has to pay damages to taggers whose works he destroyed at his 5Pointz site in Long Island City. This week, the trial in Brooklyn that will consider whether around 20 artists have a claim against the developer, who demolished his buildings and the […]


Source: realdeal

Jackie O’s Hamptons home is under contract

The Hamptons home where Jackie Kennedy Onassis summered as a child has found a buyer at the reduced asking price of $30 million. The property, known as “Lasata,” is now owned by Tiffany’s chief creative officer Reed Krakoff, who paid $20 million for it in 2007, the New York Post reported. The property at 121 Further Lane has a six-bedroom home that features five-and-a-half bathrooms. There’s also a large pool, formal gardens and a guest […]


Source: realdeal

Blackstone president still sees opportunity in US real estate

The U.S. real estate market may have slowed down, but Blackstone Group president Tony James still sees plenty of opportunities for profit. “Real estate is a gargantuan market,” he said during the company’s quarterly earnings media call Thursday. “There are always undermanaged assets.” Blackstone has been investing heavily in logistics real estate, hoping to capitalize in the rise of online retail, and James indicated more acquisitions are possible. “There’s just not near enough of it […]


Source: realdeal

Work still halted on Fortis’ One Seaport project. And deadlines are looming

Nearly a month after a worker plummeted 29 stories to his death, the site at 161 Maiden Lane remains shut down. And the clock is ticking on Fortis Property Group’s $273 million condominium tower. The Department of Buildings halted all construction at 161 Maiden Lane on Sept. 21, after 36-year-old Juan Chonillo fell from the building. He was wearing a harness, officials said, but it wasn’t hooked in. At the time of the accident, the […]


Source: realdeal

Katie Couric’s Park Avenue pad hits market

Journalist Katie Couric is selling her Park Avenue apartment for $8.25 million.


Source: realdeal

LISTEN: Here’s why NYC developers are throwing so much cash at state politicians

Why do New York’s real estate elite insist on sending so much cash to upstate legislators? It’s simple: Albany calls the shots when it comes to New York City’s rent-stabilization laws and on billions of dollars in real estate tax subsidies annually. The Real Deal’s Will Parker joined WNYC’s Jessica Gould and Wall Street Journal’s Cezary Podkul on WNYC’s “The Brian Lehrer Show” Wednesday morning to discuss property, power and policy. The show’s host, Brian […]


Source: realdeal

LPC approves the redevelopment of Paul Robeson Theatre

The Landmarks Preservation Commission approved the redevelopment of the Paul Robeson Theatre, a now-closed performance space at a church in Fort Greene. The building is being renovated by DXA Studio, and its next tenant could possibly be a community theater, the Brooklyn Daily Eagle reported. The church was built in 1864, and is a Rundbogenstil, or Round Arch-style, according to the publication. The property belongs to 375 Stuyvesant Avenue Realty Corporation, and the co-developer is […]


Source: realdeal

Foreign inflows: These are the top 12 countries investing in LA commercial RE

From TRD LA’s fall issue: Foreign investors and developers pumped more than $8.28 billion into the commercial real estate landscape in Los Angeles County in the last two years, making L.A. one of the hottest markets for foreign capital in the U.S, according to an analysis of Real Capital Analytics data by The Real Deal. Singapore and Qatar led the way, with more than $2 billion each, followed by Canada with $1.6 billion. And despite […]


Source: realdeal

Is the Elad Group behind the drama over a Tribeca alley?

One of the property owners suing the Department of Transportation over an alley in Tribeca is now claiming that the Elad Group may be behind the agency’s sudden regulation of the passageway. Attorneys for the owners of 373-375 Broadway say that the Elad Group wants to use an alleyway between Franklin and White streets — known as Franklin Place — to create access to its condo project at 371 Broadway. Owners of buildings adjacent to the […]


Source: realdeal

Asking rents for Brooklyn retail rise: report

Manhattan’s retail market may be in a funk, but things are looking better across the East River. Asking rents rose in 10 of Brooklyn’s main shopping sectors, according to a new report by the Real Estate Board of New York. Smith Street in Cobble Hill, which is close to several residential developments, saw asking rents rise to $149 per square foot, up 12 percent from a year ago. The borough’s priciest market was Bedford Avenue […]


Source: realdeal