From left: The Z NYC Hotel and Hotel BPM
A total of 15 hotels opened around New York City in 2011, the New York Times reported, and nearly half of them that rose last year alone were outside of Manhattan. In fact, in the five-year span from 2006 to 2011, 42 percent of New York City’s new hotels popped up in the outer boroughs, according to data from New York City’s official marketing, tourism and partnership organization NYC & Company. [more]
From the 2011 Data Book: Check out a complete analysis of the outer borough retail market from The Real Deal’s 2011 Data book. Click here or on the link at the top of the site to purchase a copy. TRD
From the February issue: Major residential brokerages may still snub their noses at the listings, but a growing number of firms, particularly in the outer boroughs, are fighting for a share of the foreclosed homes market. Lenders took back thousands of homes in New York State last year and thousands more face foreclosure this year. Take Staten Island-based Wonica Realtors and Appraisers. Last year, according to founder and president George Wonica, the firm’s REO division, which specializes in marketing and selling foreclosed residential properties in Staten Island and Brooklyn, accounted for almost 80 percent of his firm’s revenue. “It carried the office,” Wonica told The Real Deal. “I’ve never seen anything like it.” The marketplace for REOs — or “Real Estate Owned” by the bank because they did not successfully sell at a foreclosure auction — is thriving in places hit hard by the housing downturn. In New York City that usually means in the outer boroughs, although Manhattan is not impervious. [more] [more]
