Magazine Lands Commercial Condo Through 'Never-Ending Poker Game'

Real estate media world take note!

The Real Deal magazine has closed on a 2,500-square-foot space on 10th Avenue that it will use as a production studio. The space, located in a commercial condo building at 438 West 37th Street, sold for $1.2 million, according to James Famularo of New York Commercial Realty Services.

"The space will be used to film our video webcasts and also to produce a number of new shows," Amir Korangy, the magazine's publisher, told The Observer. "We have partnered with and Reuters to do shows about local and international real estate."

The deal was completed with varying degrees of difficulty, depending on whom you ask.

"The three selling partners couldn't seem to agree on anything," Mr. Famularo said in an email to The Observer.

"It was like a never-ending poker game from hell," one principal noted in the press release about the sale.

The unflappable Mr. Korangy took things in stride, though. "There were just a few bumps that happen in real estate dealings."
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