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Katy Perry’s Hollywood home, (inset) Katy Perry and Russell Brand

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Clik here to view. Pop star Katy Perry has finally sold her Hollywood Hills home, but at a nearly $1 million loss.

The home, which she originally purchased for $6.5 million with her comedian ex-husband Russell Brand in 2011, spent all of 2013 on the market, with an $8 million ask.

But now the three-acre, Mediterranean-style house, built in 1925, which also includes a caretaker’s apartment and a guesthouse, has sold for $5.65 million, according to TMZ.

The buyer, who bought the 8,800-square-foot, seven-bedroom property from outside the U.S. without having seen it in person, plans to gut renovate the home.

Ernie Carswell and Christopher Pickett of Teles Properties, Beverly Hills listed the property. David Coe of Keller Williams represented the buyer, according to the LA Times. [TMZ, LA Times] –Christopher Cameron

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The London Edition hotel and Ian Schrager

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Clik here to view. In September, hotelier and Studio 54 co-founder Ian Schrager opened the doors to his latest hotel project: the London Edition.

The 173-room hotel is Marriott branded and created with the help of the hospitality firm Yabu Pushelberg. In terms of design, the interiors beautifully mix Edwardian opulence with modern amenities: ornate stucco ceilings juxtaposed with a glass vestibule and a large polished-silver orb hung from the ceiling.

The hotel includes the Berner Tavern Restaurant, which seats 140 guests and boast two custom-built chandeliers inspired by NYC’s Grand Central Station, according to Curbed. And in the back of the hotel is the Punch Room, a wood-paneled drink lounge inspired by London’s 19th-century social clubs. [Curbed] –Christopher Cameron

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Cindy Gallop and her 213 West 23rd Street apartment

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Clik here to view. When an especially quirky or uniquely designed property hits the market, listing agents use the code words “taste specific” or “design specific” to tactfully tip off home hunters. But another phrase used for extremely odd properties sounds more like Walt Whitman than brokerbabble.

“Internally, we refer to this as building a shrine to oneself,” Kathy Braddock, the owner of Rutenberg Realty, told the New York Times.

According to Braddock, a shrine might be an over-the-top renovation, décor that seems anachronistic to a New York apartment, or even an extremely odd layout.

For example, when advertising consultant and the founder of the MakeLoveNotPorn movement Cindy Gallop placed her 3,800-square-foot, 213 West 23rd Street apartment on the market in September for $5.9 million it was completely black, according to the New York Times. Gallop was inspired by a trip to China to turn her home into a “black lacquer box.” “When night falls I want to feel I’m in a Shanghai nightclub,” she said.

And while her home may be a hard sell, she has already seen some favorable reactions from potential buyers.

“When I’m looking for residences, I’m always looking for something idiosyncratic,” Gallop said. “That’s what I’m looking for in my next New York apartment. And so I believe there are people who will be drawn to my black apartment. There are people who are actively looking for something that is not a plain box. I live in hope that there are a lot of people like that.” [NYT] –Christopher Cameron

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The Waterside Plaza complex

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Clik here to view. When the Waterside Plaza complex in Kips Bay was built in 1974 there was nothing like it in the city, now the four brick towers are celebrating their 40th anniversary.

The cluster of 1,470 apartments on the East River was one of the first developments to undo Robert Moses’ mistake of cutting New Yorkers off from the waterfront with highways, by building directly on the water.

The 37-story towers were also architecturally significant, tapering from top to bottom, the opposite of almost all other buildings at the time.

Finally, the development mixed low, middle and high income apartments within the same tower at a time when buildings where rarely income diverse, according to the New York Daily News.

“This was all my fantasy,” Waterside developer Richard Ravitch said. “This was going to be the most densely integrated, dynamically designed development in the whole city.” [NYDN] –Christopher Cameron

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Gracie Mansion

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Clik here to view. Although New Yorkers think of historic Gracie Mansion as the official residence of the mayor, it’s role as New York City’s White House is relatively recent.

In fact, the first NYC mayor to occupy the home was Fiorello La Guardi, who only took up residence in the home in 1942 after Robert Moses pushed the idea that the mayor of New York City should have an official home. Since then only nine other mayors have lived at the property, making Bill de Blasio the tenth, according to Curbed.

One reason so few New York City mayors have chosen to live in the tax-payer funded home is that it is relatively small – less than 4,000 square feet — and fairly restrictive. The home can only be used for official city business, which means only visiting public officials and the mayor’s family are allowed to stay in the home for even one night. This of course meant that Rudy Giuliani was unable to have his then-girlfriend live at the home with him. [Curbed] –Christopher Cameron

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Menachem Stark

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Clik here to view. The badly burned body of Williamsburg developer Menachem Stark has been found in a Great Neck dumpster outside a gas station.

Stark, a member of the Satmar Hasidic sect, was kidnapped late Thursday night by two assailants outside his office on Rutledge Street near Broadway, police said.

A gas station employee in Great Neck discovered the body around 4 p.m., Friday, and the Nassau County Police were immediately alerted. It took until today to confirm it was Stark, according to the New York Post.

While the motive for the murder is yet unclear, Stark had gained several enemies, including tenants complaining of squalid living conditions, lenders who never received payments and opponents of his development projects.

Stark’s family described him as “a good man, who was well-liked.” Stark’s brother Yitzky had been offering a $100,000 reward for his brother’s safe return. [NYP] –Christopher Cameron

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1 New York Plaza

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Clik here to view. The architectural design firm David Brody Bond has signed a 26,354-square-foot lease in the Brookfield Office Properties-owned 1 New York Plaza.

According to the New York Observer, leasing efforts at the 50-story, 2.5 million-square-foot office tower are being headed by Duncan McCuaig, along with Peter Turchin and Kenneth Rapp of CBRE.

Asking rent at the building ranges from $40-50 per square foot.

Earlier this year, the Brodsky Organization tapped David Brody Bond to renovate its 70,000-square-foot office tower at 157 Columbus Avenue. [NYO] –Christopher Cameron

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Brad Pitt and Make It Right homes in New Orleans

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Clik here to view. Homes built by the Make It Right Foundation New Orleans, a charity founded by celebrity Brad Pitt and designer William McDonough in 2007, after Hurricane Katrina are apparently rotting from the inside out.

Some 30 homes in New Orleans devastated Ninth Ward where built using subpar wood from the company TimberSIL. The company used a non-burning glass-and-wood blend, that was guaranteed for 40 years, but now will be replaced at a cost of $150,000 to Make It Right, according to RadarOnline.

“The wood turned gray and it was also black,” Make It Right home-owner Nola Verrett told RadarOnline. “Also some parts it was buckling and it had mushrooms growing out of it. Different neighborhoods saw it too.”

Pitt’s charity is now considering legal action against TimberSIL, according to RadarOnline. [RadarOnline] –Christopher Cameron

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The East River Ferry

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Clik here to view. The success of the East River Ferry since its launch in 2011 has helped lead to an increase in property values in the waterfront neighborhoods of Brooklyn and Queens, such as Williamsburg, Dumbo and Long Island City.

A new Economic Development Corporation study cited by the New York Post reveals that the ferry has caused homes within an eighth of a mile of its stops to increase in value to 8 percent above market rates.

“The East River Ferry has been a tremendous success since its inception in 2011,” EDC spokesperson Kate Blumm told the Post. “Not only has actual ridership tripled our initial estimates, but the positive impact on property values for homes near ferry landings demonstrates that ferry service is a key part of economic growth in waterfront communities.”

The ferry has also led to the development of 500,000 square feet of new residential and commercial space, according to the study.

“You really see the connection in the uptick in sales prices,” Kathleen Perkins, a broker at Douglas Elliman, said. “It’s a huge draw for the river communities.” [NYP] –Christopher Cameron

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A home in the Yatsugatake Mountains in Nagano, Japan

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Clik here to view. The billionaires of New York City love living in the clouds, or at least in the penthouse unit. But a home in the Yatsugatake Mountains in Nagano, Japan is taking cloud living in a whole new direction.

Projecting over the edge of the mountain, this transparent Japanese residence delivers unparalleled panoramic views. The client who commissioned the unique home designed by the architects at Kidosaki Architects Studio spent years location scouting until they found the perfect spot.

When it was completed, exactly half the house was extended over a cliff edge, giving it access to mountain plateau breeze that “makes you coexistent with nature,” according to Curbed. The overall effect of the home is a “feeling is so intense that it is almost as if you are living on a cloud,” according to the architect. [Curbed] –Christopher Cameron

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A rendering of 432 Park, a new luxury development along Central Park

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Clik here to view. Don’t count on any relief from sky-high prices in Manhattan. Experts say that despite a median sale price for new luxury homes that jumped 72 percent — to $7.85 million — in the last year, prices are only going to grow.

“Even though the prices have risen, they expect them to rise even more. They are very confident,” Dottie Herman, president and CEO of Douglas Elliman, told the New York Post. “The high-end buyers are the ones who really follow the market. They are real-estate junkies.”

The Post defines the luxury market as the top 10 percent of all co-op and condo transactions.

“There is a high demand for large apartments. It has never been more apparent than now,” Pam Liebman, CEO of Corcoran, told the Post. “The luxury market has been well served by smart developers who are catering to this niche market — and the trend will continue.” [NYP] –Christopher Cameron

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Downtown Brooklyn

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Clik here to view. Brooklyn is facing a severe shortage of commercial space, forcing corporate giants and hip startups alike – think Chase, Verizon and MakerBot — to look elsewhere.

“We’re in a crisis mode,” said Christopher Havens, a commercial real estate broker with AptsandLofts.com. “Everything’s in shortage, from townhouses on down.”

Brooklyn’s office market is the tightest its been since World War II, with more than 100 tenants in the market in Dumbo, which is already packed with 500-plus tech companies, and Downtown Brooklyn out of space, according to Havens.

The home to Brooklyn’s first Whole Foods, Gowanus is also full, and there are only two vacancies at Atlantic Center, and a mere three at MetroTech, according to Crain’s.

And that means government officials and developers are beginning to turn toward Brooklyn’s more far-flung neighborhoods.

“The greatest economic development challenge for the de Blasio administration, and the most critical, is to look to the east—namely places like East New York, Brownsville—just miles from the booming waterfront, Barclays and the airports, and a place where strong job and workforce development funding and training can put thousands of people to work in their communities,” Brooklyn Chamber of Commerce President Carlo Scissura, said. [Crain’s] –Christopher Cameron

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Nakheel CEO Sanjay Manchanda and Palm Island in Dubai

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Clik here to view. Nakheel, the Dubai developer behind the city’s iconic palm-shaped islands and whose credit problems were at the center of Dubai’s 2009 financial crisis, has announced that it will make an early debt repayment of 4 billion dirhams, or $1.1 billion, this year.

The decision comes after a good year of strong growth in the real estate industry and improved economic conditions in Dubai, Nakheel announced in a statement cited by Fox News.

Nakheel plans to pay an additional 3 billion dirham, or approximately $820 million in 2015 when the company’s first installment of 6.8 billion dirham is due.

In all, the company owes $2.15 billion in bank debt and it has promised to repay trade creditors $1.23 billion in Islamic bonds that mature in 2016, according to Fox News. [Fox News] –Christopher Cameron

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500 West 43 Street

A building at 500 West 43rd Street in Manhattan is reportedly on fire. ABC 7 reports that over 100 firefighters are now at the scene, and there are reports that two people have been critically injured.

The New York Fire Department says that the fire is now under control.

Pictures tweeted from outside the scene appear to show the fire on a lower floor:

Manhattan: FDNY Box #0798, 500 West 43 St. 10-77 All hands fire out the windows on 20 floor of a 36 story high rise. pic.twitter.com/UFigL4CziY

— New York City Alerts (@NYCityAlerts) January 5, 2014

Crazier still, however, are the tweets of Mickey Atwal, who said he’s a resident of the building but stuck on the 26th floor with his wife and young child as the stairways are too full of smoke.

Stuck on building on 26 floor. Building on fire. pic.twitter.com/c5bDvWke0x

— Mickey Atwal (@MickeyAtwal) January 5, 2014

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Governor Andrew Cuomo at the 2013 State of the State address

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Clik here to view. Governor Andrew Cuomo will propose a total of $116 million in new spending on affordable housing and jobs programs in his State of the State address the week.

The proposal calls for $100 million in federal Hurricane Sandy recovery funds to be used to create 3,000 new units of affordable housing over the next two years in areas hit hardest by the storm, according to the New York Daily News.

The governor is also expected to call for an additional $16 million to be spent on the NY Youth Works program over the next four years. The program provides tax credits to companies that hire inner-city youths, which the Cuomo administration hopes will create some 20,000 jobs.

“Gov. Cuomo is expanding progressive programs that have worked,” an administration official said. “We are making New York’s cities more affordable and protecting unemployed youth from falling into the cycle of poverty by finding them jobs.” [NYDN] –Christopher Cameron

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The Danang Beach Resort

The Vietnamese city of Da Nang on the South China Sea has long been touted as Asia’s next up-and-coming luxury home market. Now, with high-end homes sales on the rise, the resort town may finally be on the map for well-heeled cosmopolitan homebuyers.

The latest phase of the 642-acre Danang Beach Resort development has brought eight new oceanfront villas to the market, five of which have sold in the last three months for $1.6 million to $2.8 million, Matthew Koziora, director of sales and marketing at Vietnam-based developer VinaCapital Real Estate, told the Wall Street Journal.

And about one third of the 66 homes at the Estates at Montgomerie Links, an 18-hole golf course designed by European golf pro Colin Montgomerie south of Da Nang, have sold with prices ranging from $500,000 to $850,000.

“Right now we’re at an inflection point with supply and demand,” Peter Ryder, CEO of Indochina Land, the developer of the Estates at Montgomerie Links, Hyatt Regency Residences and the Nam Hai, which includes 40 private luxury villas in Hoi An, told the Journal. “But I see demand outstripping supply within the next 12 months.” [WSJ] –Christopher Cameron

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Housing in London

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Clik here to view. The U.K. housing market had its best year in 2013 since 2006, out preforming market forecasts.

Home values across the U.K. increased 1.4 percent in December, pushing 2013’s total gain to 8.4 percent, the biggest annual increase since 2006, according to a Nationwide Building Society report cited by Bloomberg News.

And separate reports in London show that mortgage approvals are now at their highest point in almost six years, while construction growth is being led by homebuilding.

“Surveys consistently show markedly rising buyer interest and strengthening activity so house prices look set to see further strong increases,” Howard Archer, chief U.K. economist at IHS Global Insight in London, told Bloomberg News. The decision “to end Funding for Lending support for lending to households looks a highly sensible decision, although in itself it is unlikely to act as a major brake on housing market activity.”

However, the average U.K. home price — 175,826 pounds — is still about 5 percent below its 2007 peak, according to Nationwide. Of course the story is different in London, where the average home price is 345,186 pounds — 14 percent above 2007 levels. [Bloomberg News] –Christopher Cameron

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From left: Amer Hammour of Madison Marquette, 22 North 6th Street and Jeff Levine

The spacious retail spread at the base of the Edge condominium in Williamsburg will be sold for more than $40 million.

Madison Marquette, a Washington, D.C.-based real estate investment firm, is acquiring the 60,000-square-foot space, Crain’s reported. Located west of Kent Avenue at 22 North 6th Street, the retail condo has frontage on both Kent Avenue and North Sixth Street and is already leased to tenants that include CVS, Brooklyn Bodyburn gym, restaurant Fabrica, a bike store, liquor store and preschool.

Jeff Levine, chief executive of the Edge builder Douglaston Development, could not be reached by Crain’s for comment. Last year, he told the outlet that he had received “a number of interesting bids” for the retail space.

The purchase marks the latest in Madison Marquette’s recent foray into the New York City market. The company paid nearly $85 million for the Center Building, at 33-00 Northern Boulevard in Long Island City, in late 2012.

Crain’s was not immediately able to reach Madison Marquette executives for comment. [Crain's] — Julie Strickland

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Clik here to view.The U.S. housing bubble is forming again, as evidenced by the fact that home prices are rising faster than rental costs, Peter Wallison, senior fellow at the American Enterprise Institute, wrote in a New York Times op-ed.

In order to stave off another housing bubble, homeowners need to avoid leverage, Wallison argued — lest the country be plunged into another financial crisis.

Housing prices climbed by 5.8 percent and rental costs by 2 percent between early 2011 and the third quarter of 2013, he said. Wallison blames the apparent bubble on federal policies that augment the subprime mortgage market — the riskiest loans.

“Both this bubble and the last one were caused by the government’s housing policies, which made it possible for many people to purchase homes with very little or no money down,” said Wallison, formerly a member of the Financial Crisis Inquiry Commission.

“When down payments were 10 to 20 percent before 1992, the homeownership rate was a steady 64 percent — slightly below where it is today — and the housing market was not frothy,” he added. “People simply bought less expensive homes.”  [NYT] — Mark Maurer

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From left: David Schechtman, Lipa Lieberman and 334-336 West 46th Street

A pair of Midtown buildings formerly controlled by real estate developer Ben Zion Suky, the right-hand man of embattled Rabbi Yoshiyahu Pinto, sold at auction to Solly Assa’s Assa Properties for $9.5 million, The Real Deal has learned.

David Schechtman and Lipa Lieberman of commercial brokerage Eastern Consolidated represented Suky in the sale and procured the buyer.

Suky acquired the Restaurant Row buildings, at 334-336 West 46th Street, for $2.63 million in 2004, records show, but filed for Chapter 11 bankruptcy protection at the property in April 2012. Mark Frankel, the attorney who managed Suky’s bankruptcy filing, declined to comment.

The sale came close to satisfying Suky’s creditors. Suky had liabilities at the property totaling $12.53 million, according to his 2012 bankruptcy filing.

The property is one in a series of misfires for Suky in recent years. The developer lost control of a condominium building at 215 East 81st Street and of the the Mave Hotel, a boutique hotel property at 62 Madison Avenue, last year.

The Mave Hotel was also purchased by Assa. That deal closed in October, for $28.45 million, public records show.

Schectman told The Real Deal that there were three accredited bidders present at the open auction, which “yielded a sub 4 cap rate and a wonderful result, satisfying all the first and second mortgages and part of the third.”

The two adjoining buildings, totaling 9,299 square feet, contain 10 residential units and one commercial unit occupied by the Irish pub O’Flaherty’s. The property has 14,901 square feet of unused development rights, according to previous reports.

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