Legal Firestorm: Alexander Brothers Sue The Real Deal
The Alexander brothers have filed a $500 million defamation lawsuit against The Real Deal’s parent company, Korangy Publishing. The suit accuses the outlet of knowingly publishing false and damaging articles since June 2024. Publisher Amir Korangy called the case “frivolous” and “a cynical attempt to weaponize the legal system.” The summons lacks a detailed complaint but was filed just before the statute of limitations expired. The Alexander brothers face federal sex-trafficking charges, which they deny.
Blackstone Bets Big at 1345 Sixth
Blackstone Real Estate has officially taken a 46% stake in Fisher Brothers’ 1345 Avenue of the Americas, now valued at $1.4 billion. Fisher also secured an $850 million CMBS loan from Morgan Stanley, Citi, and JPMorgan. The 50-story tower is 92% leased, including a new deal with Paul Weiss, who also negotiated $150 million in rent concessions. This is Blackstone’s first major Manhattan office play in three years.
Hudson Yards Shuffle: Related Eyes Sale
Related and Oxford are considering a $600 million sale or recapitalization of select portions of 35 Hudson Yards, excluding the residential units. This includes office condos, a gym, and the Equinox Hotel. The move comes after Wynn Resorts dropped out of a casino plan nearby. Related is now pivoting toward housing and a new office tower at the same site.
Conversion Capital: AVRS and Vanbarton Keep Building
Edmond Safra’s AVRS Partners is backing two more office-to-residential conversions led by the Vanbarton Group: 1101 First Avenue in Sutton Place (420 units) and 77 Water Street (600 units). They’re also under contract to acquire the Emigrant Savings Bank Building for another conversion. AVRS has quickly emerged as a key financier in the repositioning trend sweeping Manhattan’s outdated office stock.
Major Alteration at 294-298 Bowery
A 12-story, 42-unit mixed-use tower is planned to rise at 294 and 298 Bowery in NoHo. Developer Paul Yam submitted the application to vertically expand two existing buildings. Robert H. Lin is the architect. The properties have clean records and no recent violations. This project adds density and housing to one of downtown’s more tightly held corridors.
Lower East Side Refi: $31.1M Loan for Gaia
Gaia Real Estate Holdings locked in a $31.1 million refinance from Rialto Capital on a four-building Lower East Side portfolio. The assets span 84 apartments and seven commercial units, including restaurants and retailers. Brokers cited neighborhood demand, culture, and location as key factors for strong lender interest.
Yorkville Update: 500 East 81st Scores Construction Loan
Rybak Development secured a $26.5 million loan from Maxim Capital for a nine-unit elevator building at 500 East 81st Street. The 30,000+ square foot project was filed last year and now has permits in place. The site has minor violations but no litigation. The loan equates to roughly $880 per built square foot.
Supertall in the Works: 77 West 66th
Extell Development has revealed updated massing diagrams for a potential 90-story, 1,200-foot residential tower on the Upper West Side. The project would rise at 77 West 66th Street, formerly ABC’s campus. Though community members are pushing for affordable housing, the site’s as-of-right zoning lets Extell bypass ULURP. The firm may also construct a separate mid-rise structure on the adjacent lot.