A recent deal involving shadow space — blocks of space that are available for leasing but have not been formally returned to the market — was a 15-year, 100,000-square-foot lease inked by law firm Pryor Cashman last month at Boston Properties' 7 Times Square at 42nd Street. The financial terms of the deal were not released, but reports said the space had not been officially listed as available. More
For many of those expanding from "click" to "brick" here in New York City, the decision is driven by location, with first-time shopkeepers willing to take on the financial risk of footing lease payments in specific areas of the city — often fringe neighborhoods with relatively low rents, like Crown Heights, Inwood and parts of Downtown Manhattan. More
Douglas Heddings used to rely on direct mail to market himself as a real estate broker, but that was frustrating. Often his mailings would be returned, either because people didn't want advertisements in their mailbox or because they had moved. More
Founder and principal of Midtown Equities, a New York-based real estate investment firm that owns 101 properties internationally, and co-founder and chairman of residential marketing and sales company Core Group Marketing. Cayre was part of a group of investors that bought the World Trade Center in 2001, and part of a team of investors that bought the Sears Tower in 2004, though he wasn't directly involved in the Sears Tower deal, he said, as has been reported. Midtown Equities is working on a $2.3 billion, 55-acre mega-project in Miami with 3,000 condominiums, more than 600,000 square feet of retail and 200,000 square feet of office space. Personally, Cayre sold his house in Midwood, Brooklyn, for $10 million in October 2007, one of the most expensive sales in the borough. More
This month, The Real Deal takes a look at how the Internet has fundamentally altered the business of real estate and what the future holds for the relationship between the two. It's now difficult to imagine a real estate landscape bereft of some of the relationship's positive attributes -- a Webless world, say, where potential customers aren't able to pore over floor plans at the click of a button. More
National chains are opting to close fewer stores, or even none, in the city that grants them an unparalleled branding platform and sales-volume opportunity, brokers said. The stores that are closing here are mom-and-pops or local merchants. The sputtering economy, unraveling of the financial sector and the credit crunch, coupled with high New York City rents, is pressuring some local merchants to shutter their doors or scramble for cheaper locations, brokers said. More
The torrent of bad news for New York City's housing market continued in November as layoffs eviscerated the city's work force, the national economy continued its downward slide and Mayor Michael Bloomberg lobbied for higher real estate taxes. The real estate industry waited with baited breath for the next round of quarterly market reports, when Manhattan will see the real effects of the mortgage crisis on home sales. More
Only a few short months ago, new developments were the most coveted and spectacularly expensive sector of the residential real estate market. But as the credit crisis gets more severe, new construction projects are facing massive obstacles. This month, in a series of stories, The Real Deal looks at the biggest roadblocks facing new residential developments in the city. More
As construction financing all over the city sputters, many developers -- from giants like Extell to builders of simple four-unit condos in the boroughs -- are finding themselves on the hook for more cash. More
Larry Gluck -- one of the city's most successful and experienced landlords -- shocked the real estate world in August by informing his lenders that he was about to default on a $225 million loan at the storied Riverton Houses complex in Harlem. And now, even as he and his company, Stellar Management, fight to stave off foreclosure at the rent-controlled towers, the breathtaking speed of Riverton's near-collapse has served as a wakeup call to rental buildings all over the city, many of which have pro forma loans similar to Riverton's. More
In a mansion that was once the residence of famed songwriter Irving Berlin, residential real estate brokers Richard Steinberg and Renée Bross Steinberg have carved out a home -- literally. That is, the Steinbergs live in one of six apartments hewn out of the 50-foot-wide, 25,000-square-foot mansion at 3 East 75th Street, which was the family home of Berlin's wife, Ellin Mackay, and where he reportedly wrote "White Christmas." More
While asking rents for retail in Harlem came down over the past year, the bright side is that asking rents on the Upper East Side went up.According to the biannual REBNY retail report, retail rents in an area from 60th Street to 96th Street, Fifth Avenue to the East River, climbed from an average of $172 a foot one year ago to $190 in 2008. More
Now that buyers have the upper hand amid a weakening New York City real estate market, they are using increasingly aggressive tactics to drive down apartment prices. The latest move: renegotiating an apartment's price after having already signed a contract and placing a down payment in escrow. More
What a difference a few months makes. With the recent volatility of the stock market and the challenging economy overall, many retailers are retrenching — some are slowing down their expansion plans, while others are closing locations. "I don't expect to hear of massive expansions in New York City now," said Barry Fishbach, executive vice president, Robert K. Futterman & Associates. Retailers who are already here may have normal growth, "but nothing aggressive," he added. More
This month, in a series of stories, The Real Deal looks at how retailers in the five boroughs are dealing with a period where sales of the canned mystery meat Spam are reportedly skyrocketing, while luxury brands like Porsche and Tiffany are struggling. More
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| The Closings | |
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| Save Fashion Party April 2009 | |
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| Core Party April 2009 | |
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| TRD Forum 2008 | |
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| TRD Holiday Party 2008 | |
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