They’ve changed the way people think about office space – and changed the game as far as commercial real estate in New York City is concerned. The Real Deal took a closer look at WeWork this month, examining both shared-office provider’s rampant success and what’s next for a company valued at $10 billion.
In the cover package for our December issue, now available online, we explore how WeWork co-founders Adam Neumann and Miguel McKelvey established a new paradigm in the city’s commercial real estate market in the span of five short years since launching their firm in 2010.
We also look at the challenges, like overcrowding, inherent in WeWork’s business model, as well as the company’s prospects for global expansion and the predecessors who blazed the trail for co-working as a legitimate office sector option.
Meanwhile, there’s a guide to the under-the-radar, mid-sized players taking the Brooklyn real estate market by storm, and a dissection of how the city’s residential market works once you dip below the $10 million price point.
Shang Dai and Denis Shan have made serious waves in New York City real estate in the past few years, and we trace how their Kuafu Properties went from a virtual unknown in the city to one of its most ambitious players.
There’s also a look at a surge in retail projects in the city that are coming through the pipeline – as well as the city’s priciest retail deals of the year thus far – and an examination of how the Landmarks Preservation Commission is dealing with a backlog of properties on its to-do list
Finally, in the Closing interview, residential super-agent Kathy Sloane, who has brokered more than $1 billion in deals for Brown Harris Stevens, talks about working with the Clintons, partying with Norman Mailer and becoming Louisville’s first lady.
To read the issue, click here or on the “magazine” tab on the top left of the homepage. Enjoy! – Rey Mashayekhi