Is the Manhattan real estate market finally headed for recovery? Most experts agree that with tight lending and a large “shadow inventory” of unsold new condos, a full market recovery is a long way off. In fact, if interest rates begin to rise, prices may fall even more, though any further decreases are expected to be less severe than those that shook the post-Lehman Brothers market. Still, it’s obvious to brokers, buyers and sellers that… [more]
From left: Andrew Cuomo; Cuomo with former governor and attorney general Eliot Spitzer and current Governor David Paterson Four years ago, Andrew Cuomo was a newly divorced lawyer living in a one-bedroom apartment Downtown. Now, he’s likely preparing to move into the Governor’s Mansion. The eldest son of former governor Mario Cuomo has effected a miraculous political comeback since his failed 2002 gubernatorial campaign, thanks to what even his detractors call a remarkably successful turn… [more]
Click to enlarge Everyone knows it’s been a tough year for developers and brokers. But it’s also been a difficult economic stretch for the lawyers who represent them. While New York City’s real estate lawyers may no longer be drafting legal documents for building sales and new condo projects, they are busy working on other things, including loan workouts, bankruptcies and litigation with lenders. This month, The Real Deal ranked the New York City law… [more]
From left: Gary Jacob, who oversees site acquisition, financing, leasing and financial projections for Glenwood; Barclay Tower at 10 Barclay Street, constructed by Glenwood Management in 2005At 90-something years old, Leonard Litwin has outlasted most of his real estate rivals. He builds his high-end rental towers to do the same. The soft-spoken chairman of Glenwood Management has been constructing and operating luxury apartment buildings in Manhattan for almost 50 years, and he hasn’t sold one… [more]
The battle to be the top commercial listing brokerage in Midtown is surprisingly fierce between rivals CB Richard Ellis and Cushman & Wakefield. And successful leasing transactions over the coming months could determine who leads the way when the economy recovers. Top national firms represent more than 41 million square feet of vacant space in the Manhattan office market today, and every foot represents not only potential commission income, but also space that each company… [more]
From left: The CSV Cultural Center parking lot at 114 Norfolk; Norfolk Apartments at 108 NorfolkThe stretch of Norfolk Street between Rivington and Delancey streets is one of those New York City blocks where real estate worlds collide. The block is a hodgepodge of Lower East Side immigrant history, hipster bars and high-end living. This month, The Real Deal took a closer look at the block as a real estate microcosm and found a number… [more]
The recent wave of bank consolidations was supposed to spark mass branch closures throughout the Manhattan market. Two years later, it seems that prediction hasn’t come to pass – despite Chase acquiring Washington Mutual, Wells Fargo acquiring Wachovia and TD taking over Commerce Bank. While banks have obviously halted the expansion tear they were on during the boom, when they were signing leases for storefronts on what felt like every Manhattan corner, a couple are actually… [more]
In February, Midtown suffered its slowest month of office leasing in nine months, prompting brokers to wonder whether the poor performance was the result of a pause before another rush of leasing, or a harbinger of anemic activity that will remain for months. James Frederick, executive managing director at commercial services firm Cassidy Turley, predicted that activity would pick up in the coming months. “Now, there is a little lull in closings. But there are… [more]
Unlike his older brother Joseph, who’s known for splashy condos and hotels, developer Morris Moinian keeps a relatively low profile in Manhattan. But last year, Moinian, 48, the president of Fortuna Realty Group, unveiled Hotel Indigo, a 122-room, ground-up outpost of the InterContinental chain on West 28th Street in Chelsea. And despite the lackluster hotel market, he has plans to expand the brand in Manhattan. Once owner of one of the country’s largest blouse manufacturers,… [more]
From left: 337-343 West 39th Street, 320 Pearl Street“I guess you’re big boys now,” one Wall Street analyst quipped during a recent conference call with Hersha Hospitality Trust honchos Jay and Neil Shah. Indeed, the brothers have become “big boys” on the country’s biggest stage as they’ve ramped up their company’s focus on New York City hotels. After taking their family’s modest Harrisburg, Pa., business public in 1999 and expanding it under multiple monikers (Hiltons,… [more]
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