All the fake news that’s fit to print

In honor of April Fools’ Day, I’d like to share some of the fake news headlines (à la “The Colbert Report”) inspired by the past year of covering the always-over-the-top world of New York City real estate.

Those events include some insanely priced sales amid a record low number of available apartments (for more on that, see “Residential prices shoot through roof”), characterized by foreign buyers with big checkbooks and sometimes questionable taste.

The new mayor, who is intent on reversing the trend of the rich getting richer and the poor remaining stuck in place, has also provided good fodder for this exercise too. Then there are the industry figures wining and dining buyers and sellers to bring them together to get deals done. Place all of that against the backdrop of a topsy-turvy winter, which has included evidence of global warming that will eventually result in New York being: a) annexed into the Arctic Circle South, b) becoming a subtropical jungle, or c) being completely covered in water.

Here are a few headlines:

• A look at the best summer rentals — if there is a summer

• Inside the inventory crunch: Buyers swarm open house for 400-square-foot studio facing brick wall, the only apartment left for sale in Manhattan

• Dolly Lenz’s new firm ramps up, now with a landline and company email address

• Buyers consider purchasing in super-tall luxe towers on 57th Street, but then ask themselves, “Why would I live on 57th Street?”

• De Blasio makes headway on affordable housing goal by renting out Gracie Mansion bedrooms at below-market rates

• Exclusive Zillow report: NYC average apartment price now cheaper that Detroit, Bulgaria

• Outtakes from “Million Dollar Listing New York” for hard-core groupies: Ryan Serhant does his taxes; Luis Ortiz gets his dry cleaning delivered

• REBNY denies working with NSA in inquiry over drones taking aerial photos of high-end properties

• Wall Streeter to the tech millionaires who just purchased pricey apartments: “That used to be me”

• Spike Lee rails against New York’s gentrifiers; lists Upper East Side townhouse for $32 million

• TRD announces new probing feature: “On the couch with: Inside the therapy sessions of real estate’s top players”

Now back to reality! We’ve got some great (and true) stories worth checking out in this jam-packed issue.

In our main cover story, we examine the most active developers in New York City. On our list are some expected names — Extell Development, the Moinian Group, Related Companies — as well as some unexpected players like the Continuum Company and Rabsky Development. See “NYC’s most active developers” to find out who else made the cut.

In another cover story, meanwhile, we look at who has the deepest pockets in real estate — in other words, which players are likely to spend the most on all kinds of properties, from townhouses to trophy office towers, in the coming months. See “Hey, big spender” to find out who has a $1 billion check to write.

Speaking of billionaires, we’ve also got a story that details the illustrious tenant lineup at the city’s most valuable office tower, the GM Building. And we’ve got a piece about the best investment that Warren Buffett, the Oracle of Omaha, says he ever made. You guessed it, it’s a New York City property — one he’s never even visited (proof positive that reality is often stranger than fiction). See “Warren Buffett’s model deal.”

Lastly, check out our profile of Urban Compass, the start-up that’s raised $33 million and is hoping to transform the New York City residential brokerage world. Recent changes to its business model, however, have spawned a slew of doubters who don’t think it can do so.

And for those of you pining for warmer weather (and slightly cheaper real estate), check out our 60-plus-page South Florida Market Report that’s included with this issue. We look at development in Miami’s burgeoning Downtown area and the rapidly rising prices investors are paying for condos in South Florida today. It’s a one-stop shop for all you need to know about the so-called sixth borough.

Enjoy the issue.

Stuart Elliott

Editor in Chief