The Real Deal New York

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story index

Cover Stories

  • The luxury list
  • Who will replace Bloomberg?
  • Astor master
  • The ’burbs
  • The rise of Rapid Realty
  • Brookfield’s grand plan
February 2012
  • The luxury list

    A neighborhood-by-neighborhood ranking of Manhattan resale brokers on $5 million-plus deals
    From left: Prudential Douglas Elliman’s Hervé Senequier and Leonard Steinberg and Brown Harris Stevens’s Kathy Sloane

    It’s always been difficult to rank the city’s top real estate agents, given the lack of publicly available information about their performance — at least when measured by cold, hard data. But for the first time ever this month, The Real Deal compiled a ranking of luxury sellers’ agents based on the dollar volume of their closed sales, rather than listings. And we’ve drilled down even farther, discovering who reigns supreme in different corners of … [more]

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  • Who will replace Bloomberg?

    A look at the NYC mayoral candidates, and their real estate ties
    New York City Hall

    With all the coverage surrounding the upcoming presidential election, New York City’s 2013 mayoral race feels a long way off. But that’s not the case for the politicos running for mayor — or even those rumored to be considering it. Most have already been collecting campaign contributions for months or years, in many cases from prominent figures in the city’s real estate industry. This month, The Real Deal looked at where real estate moguls are … [more]

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  • Astor master

    With a mega-construction loan in hand, developer Edward Minskoff is betting the bank on his speculative Astor Place office tower.
    astor-fb

    In New York City, possibly the only thing rarer than a developer who can get a $100 million-plus construction loan these days is a developer who can get one to build a speculative office tower. Recently, Edward Minskoff surmounted both hurdles, winning approval for a $165 million loan to build a flashy, 400,000-square-foot, 13-story office tower in the heart of Astor Place, an area one doesn’t normally associate with new office space. Minskoff will be … [more]

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  • The ’burbs

    A look at the wealthiest just-outside-NYC counties, including their top deals
    14 Buckingham Drive in Alpine, N.J., sold for $6.2 million.

    It’s a question many New Yorkers, especially those with children, ask themselves at some point: Buy an apartment in the city, or spend the same amount on a spacious house in the suburbs? When choosing the latter, New Yorkers often flock to the stately homes, McMansions and well-tended lawns of a few affluent counties just outside the city’s borders: Westchester and Nassau counties in New York, Fairfield County in Connecticut and Bergen County in New … [more]

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  • The rise of Rapid Realty

    Firm’s assembly-line approach leads to speedy growth, but garners criticism
    From left: Rapid Realty's Anthony Lolli, Adrian Cardona, Gabriela Falquez and Carlos Angelucci

    Rapid Realty’s Brooklyn headquarters was buzzing on a Thursday afternoon last month, as agents jostled for space at computers lining the exposed-brick wall. For an office housing 30 agents, the sleekly designed space is tiny — only around 500 square feet. But that’s the point, explained Rapid founder Anthony Lolli; the young rental brokerage prides itself on being efficient. The black-and-metal bar stools that serve as the only seating, for example, are “not supposed to … [more]

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  • Brookfield’s grand plan

    The Canadian firm is ramping up its Manhattan presence
    From left: Jerry Larkin, who heads up leasing for Brookfield Office Properties in New York, and Bruce Mosler of Cushman & Wakefield.

    If Brookfield Office Properties’ newly aggressive stance in Manhattan isn’t keeping Related Companies’ Stephen Ross and Silverstein Properties’ Larry Silverstein awake at night, it probably should be. Publicly traded Brookfield Office Properties, led by CEO Ric Clark, is looking to lease up as much as 10 million square feet of office space over the next few years in Manhattan — which may be the most space any private company has ever put on the market … [more]

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  • The mighty middle: Market for mid-priced homes wakes up

    The market for mid-priced Manhattan properties wakes up, but homes under $1 million linger
    Residential Market Report

    A Central Park West mansion belonging to retired Coach executive Keith Monda sold last month for $22.4 million, a record price for a single-family townhouse on the Upper West Side. The purchase kicks off the New Year with echoes of 2011: luxury real estate maintaining (or even exceeding) its pre-crash values, and a wealthy foreigner — in this case, international buyer Igor Iankovsky — swooping in to own a piece of New York City.But the … [more]

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  • Co-op owners feel rental squeeze

    Shareholders ask boards to extend expiring rental allowances
    Co-op owners feel rental squeeze

    When legal recruiter Annie Sud got engaged in 2009, she quickly realized that her 500-square-foot Chelsea co-op was too small for her and her fiancé, so the couple rented a larger apartment together. But in the depths of the real estate downturn, Sud couldn’t find a buyer willing to match what she’d paid for her co-op only two years earlier. And when she approached the board for permission to rent out the unit, the answer … [more]

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  • Lender liaisons

    Home sellers take mortgage matters into their own hands, finding preferred lenders to help buyers get financing

    Ever since the credit crunch barreled into Manhattan, New York City condo developers have partnered with preferred lenders to help their buyers get mortgages in a difficult financing climate. Until recently, however, individual home sellers rarely got involved in buyers’ mortgage woes. But that is now starting to change, brokers say. Taking a page from developers’ books, owners of resale apartments have started approaching lenders — before they even have a buyer in place — … [more]

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  • The 0.03 percent

    Sellers help buyers secure financing

    The 1 percent is alive and well in Manhattan, where the luxury real estate market has generated plenty of headlines lately. With Citigroup chairman Sanford Weill’s pending $88 million sale at Central Park West and a $110 million listing at Gary Barnett’s under-construction One57, the high-end Manhattan market has been impossible to ignore. This month, The Real Deal talked to some of the city’s top brokers and market analysts to find out what’s behind the … [more]

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