As 2009 starts, restaurant industry brokers expect inexpensive eateries to continue adding locations to capitalize on demand for lower-priced fare in the economic crisis. Any restaurant company looking for space will have many choices and greater negotiating power, after a wave of closures last year that is only expected to intensify in 2009. More
December brought proof that real estate prices are plummeting dramatically as New York City anticipates months of recession and job losses ahead. More
After a year of tumultuous financial events, buyers have gone from "more is more" to being wary of ostentation. More
If there is one glaring conclusion from 2008 that everyone can agree on, it's that making predictions about New York City real estate is often an exercise in futility. But with key facts at hand about construction financing, condo sales and office vacancies, everyone in the city's real estate community is preparing for a brutal 2009. In this month's Q & A, some of the biggest residential and commercial players tell The Real Deal what they fear and anticipate in the New Year. More
This month, The Real Deal goes behind the scenes at Downtown Brooklyn's BellTel Lofts, the Dover condominium in West Harlem and Tempo in Gramercy, to find out how developers who started their buildings in the pre-crash financial markets are tackling the downturn.
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In response to the construction slowdown, New York architectural firms are shedding staff, trimming expenses and switching from residential projects to lower-risk work on institutional and governmental projects with secure funding. For some, the current conditions are bleak enough to bring to mind the bad old days of New York in the early 1990s, when new construction projects came to a virtual standstill. More
Commercial leasing activity was thin in the typically slow month of December, as landlords held off listings until the New Year and potential renters waited for better deals. The industry was further spooked last month by the alleged $50 billion fraud by fund manager Bernard Madoff and the arrest of Marc Dreier, law firm Dreier's founding partner, who was accused of swindling investors out of $380 million or more. More
Most regard 2008's records, which The Real Deal details as part of a series, as footnotes, rather than the main stories of the year. That's because, as our year in review recounts, after Wall Street collapsed in September, the key question became: how low will the city's commercial and housing markets go? In our Q & A, residential and commercial players say they are bracing for a brutal year. On the commercial side, the consensus is the already elevated vacancy rate will increase further as the financial industry suffers and office space is dumped. More
Potential buyers are now putting very low offers -- often 20 to 40 percent less than the asking price -- on multiple properties at the same time, a strategy that was virtually unheard of only a few months ago. Sellers, increasingly desperate to unload their property, are countering offers they once would have considered insulting. More
With residential sales slowing, more brokers who once worked exclusively in sales are now taking deals that they never would have touched in the past: rentals. Daniel Baum, COO of the Real Estate Group New York, said brokers who once looked down on the rental side are changing gears.
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Many real estate investors in New York find it a struggle to hold on to their properties at a time of plunging prices and scarce refinancing opportunities, but others can't wait for things to get worse. When most investors are crouched in defensive postures, it's a near certainty that the next John Jacob Astor or the next Harry Helmsley is out there building or expanding their empire. For nearly 200 years, market downturns have provided opportunities for those with initiative and intelligence. More
While the economy's gyrations have caused some investors to lose faith in New York City real estate, experts say some sectors of the real estate market remain largely recession-proof, and some areas of the city will almost always lead to strong returns. More
One of the most profound impacts of the Wall Street crisis on New York's real estate market is the sudden emergence of the new buyer's market, a shift in the balance of power between buyers and sellers we explore in a package of stories this month. More
Developers are increasingly relying on their preferred lenders and mortgage brokers to help their buyers navigate the complex world of mortgages and increase their chances of closing deals. More
While the credit crisis halted the $6 billion Atlantic Yards project rival Forest City Ratner snatched from it three years ago, Extell Development Company has emerged as the most active developer in the rehab of Manhattan's West Side. If Extell's head Gary Barnett has made the right bet on the area, he may emerge as one of the last men standing in New York City real estate. More
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| Nets arena renderings | |
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| North Bronx trolley tour | |
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| 15 Broad Street | |
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| Madison Avenue retail | |
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| Ads in the boom and bust | |
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| Young Jewish Professionals RE | |
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| Rooftop amenities | |
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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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