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Web hits: The month in review (Read full stories online)
Shigeru Ban’s Cast Iron House debuts after Pritzker win
Ronald Solarz, left, and Eric Anton
Longtime investment sales team Anton, Solarz split Eric Anton and Ronald Solarz brought their 14-year run as partners in New York City real estate brokering to a close last month. The two worked together for more than a decade in investment sales at Eastern Consolidated. In 2011, they joined Brookfield Financial, a unit of Toronto-based real estate giant Brookfield Asset Management. In a letter to colleagues, also sent to The Real Deal, Solarz said he is heading back to Eastern in his former role as executive managing director and principal. Anton is staying on with Brookfield as managing partner. Solarz told TRD the two remain friends and “left on the best of terms.” The pair completed multiple large deals together, including a $125 million land transfer from Fordham University in 2011 and the $122 million sale of the Verizon tower on Pearl Street.
Top deals of the month Living room at 1 Central Park South
A long-anticipated Tribeca condo project, with interiors designed by Shigeru Ban, launched sales one month after the acclaimed Japanese architect was awarded the prestigious Pritzker Prize. The Cast Iron House, at 67 Franklin Street, comprises 11 duplex residences and two penthouses. Corcoran Sunshine Marketing Group is heading up sales. Prices range from $5 million to $15 million. Developer Knightsbridge Properties converted the New York City landmark, built in 1882. The restoration of the property’s façade involved recasting about 4,000 pieces of the ornamental siding. The firm is adding two penthouse units to the structure. The addition will be suspended via a steel cantilevered Vierendeel truss, making it appear from street level as though it’s floating above the building. The property was formerly home to commercial tenants and a branch of Nyack College before the leases expired in 2008. The Cast Iron House at 67 Franklin Street
Nicholas Schorsch
Michael Happel
New York REIT goes public in a first for the markets American Realty Capital’s New York REIT listed shares on the New York Stock Exchange last month in a first for a real estate firm specializing solely in New York City properties. New York REIT, led by American Realty CEO Nicholas Schorsch and President Michael Happel, was founded in 2010. It exploded into one of the city’s most aggressive players, acquiring about $1.8 billion worth of real estate in 2013, mostly Manhattan core office and retail properties. Happel set a goal of spending another $1 billion over the next year, in the wake of acquiring an office building at 1440 Broadway in October for $529 million. Empire State Realty Trust and SL Green, both publicly traded REITs, have properties outside of New York City.
Most popular stories • How a leaky roof jump-started Jeff Sutton’s real estate career
Jared Kushner
• Kushner to convert Brooklyn Law buildings to mansions • Ryan Serhant’s WeChat deal at the Baccarat? Not really his • Residential prices shoot through roof • City’s most active developers? Familiar names, some surprises
Adelaida DelGado Palm Bathroom at 1 Central Park South
Bedroom at 1 Central Park South
• Fannie Mae holds quiet equity stake in $1B portfolio: sources • How brokers are clicking with the Technorati • New York investor snaps up Mobil building for over $900M • Town’s former West Village sales director jumps to Trump • Hare Krishnas list Brooklyn headquarters for $60M
Agent
Firm
Price
Address
Julia Cahill Adelaida DelGado Palm
Corcoran Group
$34,500,000
1 Central Park South
Susan Barkin
Barkin & Associates
$24,000,000
15 Central Park West
Howard Margolis Pat Slochower Kirk Henckels
Douglas Elliman, Stribling & Associates
$16,000,000
655 Park Avenue
Amy Katcher
Corcoran Group
$13,100,000
40 West 77th Street
Ann Cutbill Lenane
Douglas Elliman
$11,930,000
11 Riverside Drive
Vickey Barron
Douglas Elliman
$11,437,500
212 West 18th Street
Source: StreetEasy and The Real Deal. Data is for closed deals filed with the city between March 26, 2014, and April 25, 2014, where both a broker and an address can be identified. Chart includes only listing brokers.
132 May 2014 www.TheRealDeal.com
Reader Comments Response to story about landlord’s move to rent out a newly installed pool at an Upper West Side building after banning rent-regulated tenants from using it: “Good. If these people aren’t paying their fair share, then they shouldn’t enjoy all the spoils. Welcome to the real world, people. Rent regulation is an abomination. It’s basically a welfare program.” Response to news about developer aiming to draw young people priced out of Brooklyn and Manhattan to a new project on Staten Island: “Might as well live in Jersey if you have to go to Staten Island.” Response to story about rents in Bangladesh’s capital, Dhaka, topping rents in Manhattan: “I have lived in Dhaka, and yes, there are isolated, tiny pockets such as Gulshan where diplomats and wealthy American/European importers and exporters build their mansions, but the vast majority of the city is dirt cheap. It’s like saying One57 represents the average NYC condo… utterly meaningless.”