The Real Deal New York

Feb 2013 cover thumb

story index

Cover Stories

  • IPOs on the horizon
  • Changes for Citi
  • More building than meets the eye
  • Who really owns NYC’s real estate firms?
  • Plaintiffs united
  • Barnett’s big buildout

In Their Words

Editor's Note

February 2013
  • IPOs on the horizon

    Will 2013 live up to 2012 when it comes to new public offerings?
    Tony Malkin

    The market for initial public offerings by real estate companies was hot in 2012. Companies like the real estate website Trulia, the private equity firm the Carlyle Group and Realogy — the largest residential brokerage franchiser in the world and the owner of the Corcoran Group and Citi Habitats — all made headlines by issuing blockbuster IPOs. Indeed, it was a good time to turn to Wall Street to raise money from the public markets,… [more]

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  • Changes for Citi

    A behind-the-scenes look at the recent shake-up at the rental behemoth — and why company execs say it’s good for the bottom line
    Gary Malin

    Tongues wagged in the industry last month when Gordon Golub, a top executive and 18-year veteran at residential real estate brokerage Citi Habitats, left the firm for the tech start-up Urban Compass. His departure is the latest in a series of significant changes at Citi Habitats, one of Manhattan’s largest firms and its most dominant rental company. Citi’s head of new development marketing, Clifford Finn, left for Douglas Elliman this fall, and his division was… [more]

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  • More building than meets the eye

    TRD analysis finds dramatic spike in number of planned construction projects
    construction ahead

    While any New Yorker can see cranes dotting the Manhattan skyline and recognize that developers are back to building, an analysis by The Real Deal shows that there is a lot more construction coming down the pike than meets the eye. While market analysts often cite U.S. Census data as the industry standard when talking about upcoming residential construction in New York City, those figures, which show an anemic level of activity, look at the… [more]

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  • Who really owns NYC’s real estate firms?

    In city brokerages, a look at who controls the purse strings, from family firms to corporate parents
    Howard Lorber

    To outsiders, it may be hard to distinguish between New York City’s big real estate firms. But behind the scenes, even firms of similar sizes and reputations can have vastly different ownership structures. Many of the city’s residential brokerages, for example, have long been privately owned by families. Others have large, publicly traded corporate parents. Still other owners have silent parents, or offer their brokers the opportunity to own a piece of the firm. These… [more]

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  • Plaintiffs united

    A look at the industry’s class-action lawsuits — from Hurricane Sandy litigation to the Stuy Town case — that are expected to have a real estate ripple effect
    Lawsuits

    The epic class-action lawsuit between the residents of Stuyvesant Town and Peter Cooper Village and their former landlords began in 2007. But a November settlement of nearly $150 million in the suit — in which the residents claimed the owners illegally deregulated thousands of rent-stabilized apartments — has brought the case back into the spotlight. Indeed, tenants in other residential buildings are now filing similar lawsuits against their landlords, citing the landmark case. But the… [more]

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  • Barnett’s big buildout

    While Gary Barnett has been making waves for a while (and setting records recently), he’s now working on more Manhattan projects than any other developer
    Gary Barnett

    Ask most people in the industry today and they’ll tell you Gary Barnett is the most aggressive of the large real estate developers in Manhattan. His appetite for risk among his peers is second to none. But given how many projects he has in the works — his firm, Extell Development Company, is currently working on roughly a dozen, including building two of the tallest residential buildings in the Western Hemisphere — and with the… [more]

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  • For brokers, an early spring

    January felt more like March for busy agents, who expect the increased activity to carry through the normally slow winter

    So much for a winter slowdown. Even as the mercury dipped in January, demand for apartments was high. Driving the fast-moving market, experts said, were plunging inventory and low-interest financing. “Limited inventory options and increased demand will definitely push prices higher this winter,” said Lisa Strobing, an executive vice president at Bellmarc Realty, noting that January was as busy as springtime and saw “solid traffic.” The higher end of the market, which has been outpacing… [more]

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  • On the red carpet with REBNY

    Some 2,200 people turned out for the trade group’s annual banquet

    [more]

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  • Burger on a roll

    Brown Harris Stevens’ super-broker John Burger is on a hot streak — with $88 million worth of sales in a single month

    Burger’s big deals 944 Fifth Avenue: $50 million co-op 145 Central Park West (The San Remo): $20 million co-op 88 Central Park West (The Brentmore): $18.2 million combination co-op John Burger spends a lot of time walking through Central Park. The Brown Harris Stevens superbroker specializes in the grand apartment buildings located on the leafy thoroughfares bordering the park, and he prefers to travel between them on foot. “I do a lot on Central Park… [more]

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  • Not-for-sale by owner

    In a market with scarce inventory, buyers’ brokers convince homeowners to sell

    The couple’s budget was reasonable: a one-bedroom apartment in a doorman building on the Upper East Side for about $650,000. But they didn’t want to face a brick wall, take on major renovations or pay more than $2,000 a month in maintenance costs. And after several months of hunting, they had come up empty-handed. “We were stuck — there wasn’t anything there,” their broker, Bond New York’s Margaret Garvey, told The Real Deal. So Garvey… [more]

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