New York City hotels have flourished in 2010 and the industry can expect more of the same during 2011, according to the latest report from Domain Properties, a company specializing in off-market hotels and properties. The report said that New York City will have 46.7 million visitors by the end of 2010, with more hotels to be built in Lower Manhattan, Brooklyn and Queens. According to the report, 31 hotels, with 7,523 rooms are expected to be developed in New York City between 2010 and 2011. By the end of 2011, Manhattan will have 77,943 hotel rooms. TRD [more]

From the May issue: Brokers famously sell the mantra of
location, location, location. But when it comes to their own offices,
that refrain may be changing. During the boom times, real estate
companies large and small rushed to open glittering storefront offices,
like Halstead Property’s mammoth 408 Columbus Avenue office across from
the Museum of Natural History, or the Tribeca office that Brown Harris
Stevens has on the ground floor of a 19th-century Romanesque Revival
building. The hope was to stake out their turf in prime neighborhoods
while attracting passersby. But New York’s housing slump has prompted
the rapid closing of some real estate offices, as firms seek to cut
costs, and the opening of others, as they seek to take advantage of
falling rents to gobble up new territory. And while closing an office
inevitably means ceding territory to competitors, with real estate
sales down nearly 50 percent from last year according to a quarterly
market report by Prudential Douglas Elliman, satellite offices are a
luxury many firms can no longer afford. [more]