What’s Behind the Influx of New York City Saunas
High-end saunas and spa concepts are taking over New York City. Many are operating as quasi-third spaces.| The Real Deal
Alex Sapir’s Sapir Corp has filed for insolvency, saying it can no longer meet its bond payments or cover operating costs. The Israeli company that owns the Nomo Soho hotel in Manhattan filed a petition in Tel Aviv-Jaffa District Court requesting to open insolvency proceedings and the appointment of a trustee to manage it. All the directors of the company have resigned, according to a filing with the Tel Aviv Stock Exchange, which names Alex Sapir as the controlling shareholder. As the comp...| Latest New York Real Estate News
The saga to sell the Woolworth Mansion is finally coming to an end. The townhouse at 4 East 80th, last asking just under $50 million, finally found a buyer, according to a Streeteasy listing. The pending deal comes roughly 14 years after the owners, the family of the late gym mogul Lucille Roberts, first sought to offload the home. The 20,000-square-foot property’s latest stint on the market began last November, when the Roberts family listed it for $59 million. They dropped the asking ...| Latest New York Real Estate News
While UDR looks to sell its Columbus Square rental buildings, Stellar Management and the Chetrit Group are facing familiar distress on the connected retail component. The loan backing the outdoor mall on Columbus Avenue between West 97th and 100th streets was sent to special servicing, Crain’s reported. The transfer took place “after missing several loan payments over the last few months,” as disclosed by Morningstar Credit Analytics. Representatives for the two ownership entities did...| Latest New York Real Estate News
FGS Global is packing up its Midtown East office for a bigger home near Hudson Yards. The communications and consulting firm signed a 15-year lease for 80,000 square feet at Penn 2, Vornado Realty Trust’s newly redeveloped office tower above Penn Station, The Real Deal has learned. The firm will occupy the entire 16th floor and part of the 17th floor. Asking rent for the space was $115 per square foot. FGS is relocating from Vornado’s 909 Third Avenue, where it occupies about 60,000 squar...| Latest New York Real Estate News
For buyers and sellers of Manhattan’s luxury properties, the fall season is on track to live up to its reputation as a typically busy period for the market. Buyers signed contracts for 31 homes in the borough asking $4 million or more last week, up from 30 in the previous period, according to Olshan Realty’s report. The totals marked the first time since early June that 30 or more properties landed inked deals in two consecutive weeks. A condo at Extell Development’s Central Park To...| Latest New York Real Estate News
LuxUrban Hotels is facing liquidation, capping off its failed bid to build a boutique empire in New York. The short-term hotel operator’s Chapter 11 case was converted to Chapter 7 last week after federal officials accused company leadership of “gross negligence” and mismanagement, according to Bisnow. The move hands control of the firm to an independent trustee, marking a rare and rapid collapse for a company that once claimed it could compete with hospitality heavyweights like Marri...| Latest New York Real Estate News
Todd Glaser, a spec developer known for pushing the boundaries in South Florida, is putting down roots in the South Fork and bringing his appetite for renovations to the wealthy enclave. Glaser paid $16.25 million for a historic home at 186 Main Street in Sag Harbor, the developer told The Real Deal. Built in 1834 by a prominent whaling family, the property dubbed the Hannibal French House now stands at 6,500 square feet on .59 acres of land on Captain’s Row in Sag Harbor Village. After...| Latest New York Real Estate News
The week in New York City, real estate was all about trouble: who’s been in it before, who’s in it today and how to avoid it in the future. For Eli Karp, trouble arose this week. Madison Realty Capital took over his Flatbush property at 1580 Nostrand Avenue with a $70 million credit bid, where Karp once planned a sprawling two-building development called Hello Nostrand on the site. Karp’s Hello Living bought the site for $13 million in 2014 touting plans to build a luxury apartment comp...| Latest New York Real Estate News
High-end saunas and spa concepts are taking over New York City. Many are operating as quasi-third spaces.| The Real Deal
Dalan Management moved to foreclose on Steve Croman after buying $140 million of the landlord’s loans| The Real Deal
Steven Croman collects rent, and pays it — but not always, according to his Noho office landlord. But their dispute has been resolved.| The Real Deal
All rights reserved © 2025 The Real Deal is a registered Trademark of Korangy Publishing Inc.| therealdeal.com
The developer was recently forced to surrender the trio of units to the building’s sponsor, CIM Group.| The Real Deal
The condo board at the Billionaires’ Row tower alleges Harry Macklowe, CIM Group knew about alleged construction defects.| The Real Deal
The 432 Park Avenue condo board’s fight with CIM Group and Macklowe Properties is ramping up with new lawyers, filings.| The Real Deal
The Daily Dirt details Zohran Mamdani’s sidewalk shed proposals.| The Real Deal
The facade of the Macklowe Properties and CIM Group development is a cautionary tale of aesthetics versus structural integrity.| The Real Deal
The Daily Dirt details the City Council’s campaign against the housing ballot questions.| The Real Deal
Vanbarton Group locked in a large loan from Brookfield to latest office-to-residential play at 6 East 43rd Street| The Real Deal
Adi Chugh’s TYKO Capital provided a $280 million construction loan for Vanbarton Group’s 77 Water Street office conversion.| The Real Deal
The Archdiocese of New York is in contract to sell its headquarters in Sutton Place for more than $100 million.| The Real Deal
At 980 Sixth Avenue in Manhattan, Vanbarton Group plans to convert office space that WeWork rejected in bankruptcy into apartments.| The Real Deal
The Vanbarton Group is in contract to pay close to $320 million to buy the 400,000-square-foot rental building at 990 Sixth Avenue.| The Real Deal
Vanbarton Group Refinanced 990 Sixth Avenue with a $280 million Invesco loan| The Real Deal
Keith McNally signed a 15-year lease, then had a debilitating stroke. What happened next plays out in two very different versions.| The Real Deal
A renovated townhouse at 250 Cumberland Street with an asking price of $4.7 million led Brooklyn’s luxury market last week.| The Real Deal
A local developer paid $4.7 million for the five-story townhouse at 39 South Portland Avenue last year before flipping the property.| The Real Deal
A row house at 6 South Oxford Street is poised to set a Fort Greene price standard despite being far smaller than the record-holder.| The Real Deal
The stained-glass windows and 20-foot ceiling in unit 9 went for over $4 million, marking a new price-per-square-foot record at over $2,000.| The Real Deal
Developer Macklowe snagged an inventory loan for 1 Wall Street, its office-to-residential conversion in the Financial District.| The Real Deal
Core Real Estate has replaced Serhant New Development as the sales lead at Trinity Place Holdings’ 77 Greenwich Street.| The Real Deal
Trinity Place Holdings lands $168 million loan to refinance its Financial District condominium at 77 Greenwich Street.| The Real Deal
Construction delays, slow sales and developer Trinity Place Holdings’ lack of liquidity has put FiDi condo tower at risk of foreclosure.| The Real Deal
During the first mayoral debate of the general election, Zohran Mamdani and Andrew Cuomo discussed rent freezes and rent stabiliation.| The Real Deal
Homes in Arlington, Texas, cost about what they did in Brooklyn 30 years ago, without any special subsidies.| The Real Deal
A lender at the Downtown luxury condo tower has signaled its intent to foreclose on the building.| The Real Deal
Silverstein Properties just named Yael Urman, a former executive in the oil and pharmaceutical industries, as its new chief information officer.| The Real Deal
All rights reserved © 2025 The Real Deal is a registered Trademark of Korangy Publishing Inc.| therealdeal.com
At a time when Chinese capital controls are putting the brakes on splashy Manhattan plays, a bank from Singapore is still filling up its New York City dealbook.| The Real Deal
Bizzi & Partners and New Valley are finalizing a long-delayed construction loan for their supertall condominium project at 125 Greenwich Street.| The Real Deal
Michael Shvo has been sidelined from his flagship project, an 88-story condominium tower at 125 Greenwich Street, The Real Deal has learned.| The Real Deal
Developer Michael Shvo partnered with an array of local and global investors to arrange $240 million of equity and debt for the acquisition and development of a site at 125 Greenwich Street where he plans to build a soaring condominium tower| The Real Deal
All rights reserved © 2025 The Real Deal is a registered Trademark of Korangy Publishing Inc.| therealdeal.com
The Daily Dirt details the latest in the fight over the housing-related ballot measures.| The Real Deal
All rights reserved © 2025 The Real Deal is a registered Trademark of Korangy Publishing Inc.| therealdeal.com
Booming sales in the first half of the year — when two-thirds of all new condos traded — gave way to high interest rates in the second.| The Real Deal
If it sells for asking, the duplex unit in the West Village trophy project would notch a record price for Downtown Manhattan| The Real Deal
The evidence that Attorney General Letitia James committed fraud was so weak that the U.S. attorney quit rather than prosecute.| The Real Deal
Real estate attorneys say the Supreme Court’s ruling does not put tenants at risk of eviction — as long as lawmakers act quickly.| The Real Deal
Two years on from the Housing Stability and Tenant Protection Act, five suits challenging the law have seen little success.| The Real Deal
In an unintended consequence of New York’s 2019 rent-stabilization law, landlords are leaving cheap units off the market.| The Real Deal
The surge in rental activity that defined the Manhattan and Brooklyn markets at the end of 2020 has continued, as have declining rents.| The Real Deal
The NYC Independent Budget Office has cut its revenue estimate for a pied-à-terre tax to $232 million a year from $390 million projected in December.| The Real Deal
Even if New York City’s vacancy rate exceeds 5 percent, elected officials likely won’t let the housing emergency, or rent stabilization, end anytime soon.| The Real Deal
Demand for luxury homes in the Hamptons, Manhattan, South Florida didn’t die down in 2021, according to Bespoke.| The Real Deal
A condominium sold for $8.3 million in Williamsburg on Tuesday, making it the most expensive condo sold in the neighborhood since 2016.| The Real Deal
The Daily Dirt digs into how New York City Council member Chi Ossé used social media to help pass his rental broker fee bill.| The Real Deal
New York progressives, debating a response to Trump’s win, are poised to pass the FARE Act, changing how rental brokers are paid.| The Real Deal
The FARE Act is heading to a vote, but REBNY has pushed its own version of the broker fee bill.| The Real Deal
Council member Chi Ossé says his revised FARE Act is heading to a vote. Rental brokers say the bill is even worse than before.| The Real Deal
A rally is expected to draw 1,000 brokers ahead of a NY City Council hearing on the Fairness in Apartment Rental Expenses Act, or FARE.| The Real Deal
“Obscene” broker fees are really bargain from a financial standpoint when evaluating the long term return on investment.| The Real Deal
An agent for the Manhattan brokerage allegedly charged obscene fees for rent-stabilized rental units.| The Real Deal
Recent reports of brokers charging renters in excess of $10,000 have ignited state legislators to re-up a bill that would kill the practice.| The Real Deal
A Solil-owned unit on the Upper West Side rented for $1,725 per month, but broker Ari Wilford required a $20,000 broker fee.| The Real Deal
New York regulators’ guidance banning tenants from paying landlords’ broker fees was an “error,” a state judge ruled.| The Real Deal
New guidance from the Department of State says that rental agents representing New York landlords will be subject to discipline in tenants pay their broker fee.| The Real Deal
John Lawerence, executive manager of sales at Douglas Elliman, said he had closed three offices he managed to come to the rally.| The Real Deal
A Crown Heights family that twice defied eviction details deed theft claims against real estate operators they claim stole their family home.| The Real Deal
Despite a guilty plea and slew of allegations over a portfolio built on deed theft, a former Brooklyn attorney appears to still be profiting at buildings disputed by prosecutors and homeowners — and he’s getting an assist from the city. Sanford Solny profits from a portfolio of buildings acquired via disputed means, collecting rent from tenants in 19 properties where he was accused of defrauding the owner, according to court filings and city records reported by the New York Times. City ag...| The Real Deal
As eviction moratoriums expire in New York and New Jersey, landlords and tenants face delayed court dates and inconsistent rulings.| The Real Deal
A Queens landlord renting to The Fortune Society lost his home and property and faces criminal charges after two problem tenants moved in.| The Real Deal
New York City’s top real estate deals for Sept. 4 include Uzi Ben Abraham’s purchase of a condo at The Surrey at 20 East 76th Street.| The Real Deal
Aritzia, Grupo Gitano, Dumbo Market and Ulta among city’s top retail leases last month.| The Real Deal
Taconic Investment Partners and National Real Estate Advisors are developing a luxury rental building at 312 West 43rd Street.| The Real Deal
Taconic Partners and National Real Estate Advisors have inked a deal to bring the discount supermarket chain Aldi to 312 West 43rd Street, known as The Ellery.| The Real Deal
The Real Estate Board of New York filed a brief explaining why the Second Circuit should reverse a lower court’s decision denying its request for a preliminary injunction to block the FARE Act and the dismissal of most of its claims.| The Real Deal
A federal judge denied REBNY's latest attempt to halt New York City’s new broker fee law, the FARE Act, which requires landlords to pay rental broker commissions, while REBNY's appeal is pending.| The Real Deal
UrbanDigs data shows rising rents and fewer listings in Manhattan after the city’s broker fee ban took effect on June 11.| The Real Deal
The first week of New York City's FARE Act saw confusion and new strategies from brokers and landlords in the rental market.| The Real Deal
The Real Estate Board of New York is appealing a federal judge’s decision to reject its motion for a preliminary injunction to halt the FARE Act and to dismiss several of the trade group’s claims.| The Real Deal
On the first day the FARE Act went into effect, listings on dropped by more than 1,000, but StreetEasy says fluctuations are normal.| The Real Deal
New listings on agent-facing platforms plummeted following New York City’s FARE Act banning broker fees, per UrbanDigs data.| The Real Deal
Loan Star Funds is picking up the debt on the New York City assets for a small discount to par.| The Real Deal
Flagstar Financial is selling a portfolio of loans, with some executed after a 2019 New York state law curbed rental income| The Real Deal
Compliance exec at bank claims termination for investigating Alessandro DiNello’s suspicious payments.| The Real Deal
The infamous New York City landlord hasn’t made any payments to his office leasing debt since August, a suit filed by Jeff Gural’s GFP Real Estate alleges.| The Real Deal
Flagstar Financial is stemming the bleeding. A top lender to the New York City rent-stabilized housing market, the bank is still facing profitability challenges. But on Friday, it posted its lowest net loss since 2023 at 19 cents per share. Flagstar has lowered its exposure to the multifamily housing market by 12 percent since last summer’s earnings release. The earnings show measured progress as the bank aims to return to profitability in the fourth quarter. Early last year, the compan...| The Real Deal
Fortress Investment Group, Bizzi & Partners and Bilgili Group are seeking to refinance their existing loan at 125 Greenwich| The Real Deal
Trinity Place Holdings’ Lower Manhattan condo tower extended its debt and hired a new sales team as the building struggles to sell units.| The Real Deal
MHP Real Estate Services and Banyan Street Capital are buying the Bronx General Post Office for a price in the high $70 millions.| The Real Deal
Youngwoo & Associates is among developers in talks to redevelop the landmarked Bronx General Post Office, which the U.S. Postal Service intends to sell despite an outcry from residents.| The Real Deal
United Overseas Bank, a Singapore-based lender, says that it is owed $187 million it advanced to the developers.| The Real Deal
The developers of the supertall condominium at 125 Greenwich Street have closed on a $473 million financing package with four Asian banks.| The Real Deal
Michael Shvo and Bizzi & Partners’ soaring condominium at 125 Greenwich Street will house 275 units, according to an offering plan.| The Real Deal
When Harry Macklowe saw his bet on the Manhattan office market collapse and was forced to default on a loan, his lender absorbed much of the wallop.| The Real Deal
The Real Deal looks at the revamped capital stack that enabled the comeback of one of Downtown's most awaited skyscrapers, 125 Greenwich Street.| The Real Deal
Landlord groups say the Housing and Vacancy Survey distorts the vacancy rates in New York City to maintain rent stabilization.| The Real Deal
As New Yorkers leave the city, a rising vacancy rate could lead to a lifting of the rent law.| The Real Deal
A judge approved the foreclosure auction of 42 Old Montauk Highway, a pagoda-style mansion that has struggled to find a buyer since 2009.| The Real Deal
