The Real Deal New York

TRD 10 Year Cover

story index

Cover Stories

  • The Real Deal’s 10th anniversary issue: A decade in NYC real estate
  • Boom-time megaprojects: Where are they now?
  • Behind Vornado CEO Michael Fascitelli’s departure

In Their Words

Editor's Note

April 2013
  • 10 Year Anniversary

    (Check out all the stories in TRD’s special 10th-anniversary package: “Through the years,” “The shifting skyline: TRD’s 10 most notable buildings of the decade” and “TRD looks at the highs and lows of the market’s past 10 years.”) The New York City real estate market has been a developing story since The Real Deal launched in 2003. When the magazine first began publishing, New York was still recovering (emotionally and economically) from the 2001 World… [more]

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  • Boom-time megaprojects: Where are they now?

    A status update on 10 major condo projects that hit the market just before the financial crisis
    From left: the Sheffield, the W Downtown and 99 John Deco Lofts

    A number of New York City developers put massive new condo projects on the market in the summer of 2008, expecting the high prices and speedy sales that had become the norm. But they were in for a nasty surprise. With the collapse of Lehman Brothers, the real estate boom ended in the blink of an eye. Fast-forward five years, and many of these developers are still struggling to sell out those projects. Others have … [more]

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  • Behind Vornado CEO Michael Fascitelli’s departure

    Did the longtime exec really leave of his own volition?
    Michael Fascitelli

    Investors and analysts listening in on Vornado Realty Trust’s recent fourth-quarter earnings call were taken aback when, instead of hearing the raspy, Rhode Island accent of CEO Michael Fascitelli, they were greeted by the booming New York voice of chairman Steven Roth. What followed was largely unexpected, even among the company’s closest followers. Roth announced that Fascitelli, Vornado’s longtime golden boy, would be stepping down this month. “The board has asked that I come back … [more]

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  • Crazy for condos

    Demand for new construction drives prices to new highs as inventory drops to unprecedented lows

    Manhattan new-construction condos have reached a new price threshold, topping even boom-time highs, brokers said. The average price per square foot for a Manhattan new development in the first quarter was $1,332, according to a Douglas Elliman market report compiled by Miller Samuel Real Estate Appraisers. That’s up from $1,263 in the first quarter of last year, and from $1,132 in the first quarter of 2007, at the height of the real estate boom. And … [more]

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  • Brooklyn brownstones bringing bigger bucks

    Short supply is leading to whopping price tags, as more Manhattanites switch boroughs
    The Tracy Mansion

    Besides kid-friendly restaurants and baby strollers, Brownstone Brooklyn neighborhoods — think Park Slope, Boerum Hill — are amassing something else: more townhouse listings and sales over $3 million. The uptick has been staggering — and Park Slope exemplifies it. Right now, for example, the neighborhood has 10 townhouses above $3 million on the market. This year’s first quarter is building on 2012’s final quarter, when the market had eight townhouse listings in the $3 million-plus … [more]

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  • Marcos Cohen: the under-the-radar power broker

    Elliman’s new No. 1 puts his South American connections to good use amid a flood of international buyers

    Marcos Cohen’s motto is “fun first, real estate second.” The Brazil-born Douglas Elliman executive vice president may be fun-loving, but his successful career is no joke. In February, Cohen was named Elliman’s top individual broker by gross commission income for 2012. Among his sales last year: a 4,170-square-foot condo at Olympic Tower at 641 Fifth Avenue, which Cohen and his Elliman colleague Sabrina Saltiel sold for $14 million, according to the listings website StreetEasy. Cohen … [more]

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  • Hurricane Sandy may have hit in October, but the property damage it left in its wake is still wreaking havoc on the New Jersey coastline, especially when it comes to the upcoming summer-rental season. Typically by April about half of those looking for summer Jersey Shore rentals have already signed leases, brokers said. But this year’s crop of rentals is much smaller than usual, due to the large number of homes damaged by the storm. … [more]

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  • So long, mortgage contingency. With lack of inventory creating conditions reminiscent of the real estate boom, many buyers are waiving the clause in a purchase contract that protects their down payment if they can’t get a mortgage. But with banks skittish about home loans, that decision is much riskier than it was in the mid-2000s, brokers said. These days, getting a mortgage is “always a risk until the bank comes to the table with the … [more]

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  • As Hamptons market booms, renters look further East

    Activity is on the rise heading into summer

    Long Island’s East End was hit hard by the real estate downturn, but not by Hurricane Sandy, which largely bypassed the area. Thanks to that stroke of good luck — coupled with the improving economy — the popular vacation spots in the Hamptons and North Fork are now seeing a definite rebound from the post-financial crisis slump. This month, The Real Deal asked residential brokers for the lay of the land on the East End. … [more]

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  • It’s been quite a roller coaster ride for New York City’s real estate industry since The Real Deal launched a decade ago. Between the boom, the bust and the recovery, there have been many highs and lows for the industry — from record deals like Google’s purchase of its headquarters for $1.8 billion to the now-notorious default on the loan at Stuyvesant Town and Peter Cooper Village. That’s not to mention all of the swanky … [more]

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