Land under Barry Diller’s IAC HQ up for sale

If the $260 million park floating above the Hudson River is “Diller Island,” then the Frank Gehry-designed IAC headquarters in West Chelsea is the Barry Diller mainland. And now a piece of Diller nation is up for grabs. The family that owns the land underneath the IAC office building at 555 West 18th Street has put the property up for sale, The Real Deal has learned. The Resnicoff family ground-leased the site in 2004 to

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City official warns against “overcorrecting” on office conversions

As developers and commercial landlords look to fast-track office-to-residential conversions, a senior City Hall official raised a caution flag Thursday. Maria Torres-Springer, deputy mayor of economic development, said the city must ensure conversions of languishing office space does not undermine the economic diversity of certain neighborhoods, Crain’s reported. “We have to make sure we are not overcorrecting in any of the districts that are hubs of activity but are really planning for the long term,”

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Adams announces “moonshot” goal: 500K new homes

Mayor Eric Adams has changed his mind about numerical housing targets. The mayor announced Thursday a “moonshot” goal of creating 500,000 homes over the next decade. Adams previously declined to set unit-based housing goals, which was a hallmark of the de Blasio and Bloomberg administrations. A key difference is that his predecessors highlighted the affordable unit count in their larger housing plans. Adams’ number is for homes of all kinds. When asked about the change,

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Watch: Related’s billionaires break up

The partnership between megadevelopers Jorge Pérez and Steve Ross has come to an end. Ross, whose New York-based Related Companies has been expanding in South Florida, this week dropped the bombshell that it has split with Pérez’s Related Group. The Real Deal‘s Katherine Kallergis, who broke the news, spoke with Hiten Samtani about the factors that might have led to the separation. “You could tell they were competing, which had not happened before,” Kallergis said,

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Schwarzman brushes off BREIT fears as “a bit baffling”

After pumping the brakes on redemptions from Blackstone’s real estate investment trust, the firm’s chairman is attempting to do the same for investor fears. Blackstone chairman Stephen Schwarzman spoke publicly on Wednesday for the first time since the Blackstone Real Estate Income Trust restricted investor withdrawals last week. In comments at an industry conference reported by the Financial Times, Schwarzman said the fears were “a bit baffling,” calling REIT “some of our best work.” “The

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North Fork battery storage plan gets negative reaction

Charged-up residents aim to unplug a battery storage facility proposed for the North Fork. More than 1,000 people signed a petition opposing a lithium battery storage facility at 10750 Oregon Road in Cutchogue, News12 reported. The area of the proposed facility is zoned for light industrial use. Albany-based Key Capture Energy proposed the 60-megawatt storage facility on a 27-acre parcel, East End Beacon reported last month. The facility would encompass 11 acres of the land,

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RedSky founders accused of failing to repay bailout

Bad news for the Bens. After carrying two multifamily developments across the finish line in Williamsburg, investor Terra Capital Partners wants recompense from RedSky — plus a return on its equity. The private equity shop is suing RedSky founders Ben Bernstein and Ben Stokes for allegedly failing to pay investment returns or finish construction at 625 and 658 Driggs Avenue. Terra’s lawyers told a Manhattan court this week that Bernstein and Stokes owe it nearly

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Related proposes 1,500-room resort in Hudson Yards casino bid

Related Companies detailed its big plans for the next phase of Hudson Yards development as part of its casino bid. The firm’s casino proposal for the western portion of its $25 billion project on the west side of Manhattan, centers around a 1,500-room resort, CEO Jeff Blau told Bloomberg TV. Related is partnering with Wynn Resorts on the casino bid. In addition to the casino and resort, the developer’s plans for the area include a

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Congress probes Jared Kushner’s dealings amid 666 Fifth Avenue sale

Congress is upping the ante in a probe of Jared Kushner’s diplomatic dealings around the time of his family firm’s sale of a prominent office building in Manhattan. Two committees sent letters to the State Department and Department of Defense this week, requesting material regarding a potential “financial conflict of interest” by Kushner during the sale of 666 Fifth Avenue, the Washington Post reported. The Senate Finance Committee and House Oversight Committee, prodded by new

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The bargain hunters: Buyers target cheaper new development units

UPDATED Dec. 8 1:55 PM: After months of whiplash in residential markets, November brought some welcome stability to new development sales in New York. Developers reported 186 contract signings last month, an 11 percent increase from an abysmal October, according to a new report from Marketproof. That’s still down 21 percent from November 2019, but roughly on par with other months since the Federal Reserve began raising interest rates. The contracts were for apartments asking

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