From the September issue: Residential condo development is the riskiest sector within the risky business of real estate. Evidence for that is found in both the outsized returns builders can achieve with a success and the ruin they can bring upon themselves and their partners if they fail.
It’s why in Manhattan’s ultra-competitive real estate world it’s the players who develop flashy condo towers who achieve celebrity status. In the last 12 months alone, roughly $4.7 billion in new condos sold in Manhattan, city property records show.
But while the industry’s peanut gallery speculates on winners and losers in today’s market, The Real Deal went back over 50 years — to when condos first began selling —to see how today’s top developers (from Extell Development to the Related Companies to Harry Macklowe) fit into the historical landscape. We also wanted to see where some of New York’s most famous developers, most notably Republican presidential nominee Donald Trump, landed in the mix. [more]