Another week, another report about struggling retailers and rising vacancies in Manhattan. Luxury and non-luxury tenants are increasingly less willing to pay the steep rents that building owners demand.
Amid a bevy of these troubling signs, The Real Deal’s July issue took a closer look at whether New York City’s retail bubble is about to pop.
Next in “Rentolopy,” we ranked the 20 biggest residential landlords in the city. Just 20 landlords own more than 150,000 of the roughly 2.2 million rental apartments in the city.
We profiled Ben Shaoul, who has transitioned from a small-time landlord of rent-regulated apartments to one of the most prolific luxury condominium developers. He has nearly 500 new Manhattan condo units on the market — likely more than any other developer at the moment.
And it wouldn’t be the July issue without TRD’s annual ranking of the top residential agents. The top 75 brokers held a total $12.5 billion in listings this year, up from $12.2 billion year-over-year.
In our Closing interview, Iron Hound Management’s Robert Verrone talks about the fallacy of his “Large Loan Verrone” nickname, Barbie dolls and his drag racing days on the Jersey Shore boardwalk.
To read the July issue of The Real Deal, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! – Mark Maurer