The Real Deal New York

Putting building sites back on the market; few forced to sell at a loss Second thoughts for developers” class=”read-more-link”>[more]

Fully-occupied Class A buildings hit five-year peak Top office addresses get all booked up” class=”read-more-link”>[more]

From unrealistic sellers to climbing inventory, what’s next in the post-boom era How low will it go?
” class=”read-more-link”>[more]

Residential building boom, new Times headquarters drive up store rents on 42nd Street Times Square sees retail rent spike” class=”read-more-link”>[more]

Rates for Manhattan’s priciest hotels shot up nearly 20 percent in March compared to the year before, even while occupancy declined. [more]

Finance players talk about scaled-back condo lending and hot cash flow for hotels [more]

Some commercial lessees are signing in Manhattan over a year before their planned move-in dates [more]

Investor conference calls reveal mostly positive ’06 outlook, especially for commercial firms; The Real Deal Deal listens in.
REIT roundup: Expectations high among publicly-traded firms” class=”read-more-link”>[more]

Ports see increased traffic due to more Asian shipping; program aims to rehab old industrial sites Development at New Jersey ports gets boost from government” class=”read-more-link”>[more]

Midtown office tower on the block
Jamestown is selling the 45-story, 1.95-million-square-foot office tower at 1211 Sixth Avenue. Douglas Harmon and Adam Spies of Eastdil Secured were set to begin marketing the property in late May. There is no set asking price, but Jamestown acquired the building in April 2000 for approximately $590 million, GlobeSt.com reported.

West Side full-block site on the market
The Related Companies and its CalPERS partner are selling 450 West 42nd Street, which is expected to fetch between $300 and $400 million, according to the New York Post. The 68,000-square-foot full-block parcel can be built to 1.1 million square feet and includes preliminary plans for a 60-story residential tower. Vin Carrega of Grubb & Ellis is marketing the property.

Ownership interest for sale in Red Hook warehouses
Real estate investor Bruce Batkin is seeking a joint venture partner to recapitalize two six-story, 480-foot by 80-foot warehouses across from the new cruise ship terminal in Red Hook. Batkin is planning to convert one of the buildings into 150 luxury condominiums and the other into a hotel. Eastern Consolidated’s Peter Hauspurg is marketing an ownership interest in the vacant warehouses, which are estimated to be worth approximately $94 million, Real Estate Weekly reported.

Two Upper West Side rental buildings for sale
Mann Realty is marketing the buildings at 10 West 74th Street and 150 West 82nd Street for $88 million, according to the New York Sun. The properties total 139 units.

Brooklyn site on the market for $77M
A 410,000-square-foot site with frontage on Gold, Prince, Tillary and Concord streets is on the market for $77 million, the Post reported. David Junik of Greiner-Maltz is marketing the site, which comes with approvals for seven residential buildings.

Midtown building on the block
The 100,000-square-foot building at 24 West 57th Street is on the market and is expected to fetch $75 million, the Post reported. The Sitt family paid approximately $40 million for the building two years ago. Cushman & Wakefield is marketing the property.

Lower Manhattan development site asking $72M
A development site at 80-84 Nassau Street that can be built to 263,000 square feet is asking $72 million — just under $275 per buildable square foot. The property presents the opportunity to build a 52-story luxury residential building with retail and commercial components. James Nelson and Peter DeCheser of Massey Knakal and Hy Schermer and Michael Greenburger of Time Equities are the exclusive agents.

Deal close for River Terrace commercial space
C & K Properties is close to selling the 61,000 square feet of office space at the base of River Terrace, according to published reports. The space is fully leased to medical tenants and could fetch $70 million. It might be sold as a package with the building’s 35,000-squarefoot garage. Macklowe Properties bought the 410-unit rental building last year and plans to begin converting it into condos this summer.

United Nations Plaza building could fetch $50M
Samson Management is seeking a price of about $50 million for 865 UN Plaza, the Sun reported. The building has 81 residential units, of which 54 are free-market, and three retail stores.

Lenox Hill Hospital selling Upper East Side brownstones
Lenox Hill Hospital is selling six contiguous vacant brownstones at 110-120 East 76th Street, the Post reported. The buildings total 23,000 square feet with another 19,000 square feet of development rights for residential use or 30,000 square feet for community facility use. They could be combined into three extra-wide homes, or redeveloped into a single condo building. The Landmarks Preservation Commission previously approved plans for the preservation and expansion of the properties into a 53,000-squarefoot medical facility. CB Richard Ellis is marketing the properties, which could bring in $30 million.

Upper East Side mansion on the market for $23M
Two connected buildings at 4-8 East 94th Street are on the market for $23 million. One of the buildings can be converted back into a single-family home; the other building, or the whole property, can be converted into luxury condos. Paul Massey and Cory Rosenthal of Massey Knakal and George van der Ploeg and Dean Heitler of Prudential Douglas Elliman are the exclusive sales agents.

East Village development site on the market
A 44,844-square-foot condominium development site at 311 East 11th Street is on the market for $18 million. Jack Botero and David Vogel of Marcus & Millichap are representing the seller.

1140 Sixth Avenue for sale
SL Green is selling the 21-story, 181,000-square-foot class B building at 1140 Sixth Avenue. Darcy Stacom and Bill Shanahan of CB Richard Ellis are marketing the property.

East Side development opportunity on the block
The two contiguous buildings at 206 and 210 East 52nd Street are on the market through ABS Partners Real Estate. The 60-foot by 100-foot site under them can support 80,000 square feet of development.

Harlem development opportunity for sale
The five-story, 45,141-square-foot building at 2269-75 First Avenue is on the market through Shimon Shkury of Massey Knakal. Zoning allows for approximately 65,598 buildable square feet, while the existing building can be converted into condominium lofts.

Hudson Square conversion building on the block
A condominium conversion building site is for sale at 108 Charlton Street. Gia Wang is the exclusive broker.

West Broadway conversion opportunity on the market
Jeffrey Sutton and SL Green are marketing the upper floors of 379 West Broadway, the home of Ralph Lauren across from Cipriani, to a converter, the Post reported.

After two years in the borough, some independent Brooklyn brokers are still wary of Manhattan-based REBNY finds mixed bag in Brooklyn” class=”read-more-link”>[more]

Brokers say it’s time to manage expectations as market dips; not all sellers agree Brokers manage seller expectations” class=”read-more-link”>[more]

Current conditions in market invite many descriptions, few of them positive Any adjective works, as long as it’s not “strong”” class=”read-more-link”>[more]

At least one new site focusing on New York City has pulled back a bit — criticism of brokers got to [more]

Sales would be easier, brokers say, as they ponder latest drop in Manhattan apartment prices [more]

Brokers represent their below-market rate units to cozy up to landlords; info scarce on soon-to-be d Landlords go high tech in rent stabilization fight
” class=”read-more-link”>[more]

…to go public How it feels…” class=”read-more-link”>[more]

Manhattan apartment listings spike for condos and townhouses; co-ops less hard hit [more]

Brokers aren’t as necessary to real estate as you may think, and forces beyond their control may soo [more]

East Village
296 East Second Street
The five-story, eight-unit condominium opened for sales in May. One- and three-bedrooms in the 11,500-square-foot building range in size from 660 to 2,100 square feet. The developer is 296 East Second Street LLC. Halstead Property is marketing the project, which is currently ready for occupancy. Contact: www.296east2.com.

East Williamsburg
57-59 Maspeth Avenue
The five-story brick-and-glass condominium contains 17 studio to two-bedroom units ranging in size from 602 to 1,963 square feet. Prices start at $415,000. Occupancy is expected in June 2006. The Developers Group is the exclusive sales and marketing agent. Contact: 718-222-1545, www.thedevelopersgroup.com.

East Williamsburg
Superlofts
71 Scholes Street
The new 24-unit rental development will have mostly one-bedrooms, with units measuring from 700 to 1,000 square feet, the New York Post reported. Prices will range from $2,000 to $2,600 a month. The leasing agent is aptsandlofts.com. Contact: www.aptsandlofts.com.

Flatiron
The Oculus Condominium
50 West 15th Street
Alchemy Properties’ 10-story, 47-unit condominium will have a terra-cotta exterior, the Post reported. Catwalk balconies will be on the front of the building. Sales were scheduled to begin in May, with prices averaging $1,000 to $1,200 a square foot. Contact: www.alchemy-properties.com.

Gramercy Park
The Parkwood
31 East 28th Street
Developer Henry Justin of HJ Development contracted interior designer Alan Tanksley for the 22-unit prewar loft condominium. One- and two-bedrooms range from 1,800 to 2,500 square feet, with prices from $1.8 to $3.35 million. The building will also have two penthouses with a private terrace. Stan Ponte and Brenda Vemich of Stribling Marketing Associates are the exclusive sales and marketing team. Sales began in April, according to the Post. Contact: 212-684-2784, www.theparkwoodcondo.com.

Greenwich Village
82 University Place
Seven stories of condos will be added on top of the Cedar Tavern, Metro newspaper reported. The tavern itself will close for six months while the second floor is converted to condos and the additional stories are added. Joe Diliberto, who owns the bar and the two-story building, plans to start construction in July. Garth Hayden is the architect.

Greenwich Village
181 Sullivan Street
Developer Jeff Gershon is building the five-story, five-unit condominium on the site of the former Sullivan Street Playhouse. The first-floor duplex will have 1,970 square feet and two sets of glass doors opening onto a private 600-square-foot yard. The other four full-floor residences will have 1,530 square feet; the fifth-floor unit will have a private roof terrace. Triumph Property Group is the exclusive sales and marketing agent. Contact: 212-609-0098, www.181sullivan.com.

Greenwood Heights
211 23rd Street
Leewood Real Estate Group has broken ground on the four-story, eight-unit condominium. Units range in size from 632 to 1,433 square feet, with ceilings of up to 14 feet. Prices range from $432,000 to $889,000. Occupancy is slated for January 2007. Units are being sold exclusively at a sales event open only to pre-registered applicants. Adrienne Setbon of Own-A-Home Realty Corp. is directing sales and marketing for the project. Contact: 718-370-8800, www.21123condo.com.

Harlem
Morningside Park Condominiums
18 Morningside Avenue
Holland & Zucker are building a nine-story condominium overlooking Morningside Park. The building is expected to be completed in nine to 12 months and will feature full-floor apartments of about 1,600 square feet. Robert Krone is the architect. Prices range from $1.1 million to $1.6 million, CityRealty.com reported. Halstead Property is marketing the project. Contact: www.morningsidecondominiums.com.

Harlem
117 West 123rd Street and 129-131 West 123rd Street
RoseTree Development Company bought the vacant sites and is in contract for nearby air rights. The developer plans to build a 55,000-square-foot condominium with 50 to 55 units. Cetra/Ruddy is the architect. Groundbreaking is tentatively scheduled for late summer 2006.

Harlem
1200 Fifth Avenue
The Emery Roth-designed building is being converted into condominiums. Studios start at $767,000, with two- and three-bedrooms costing between $1.4 and $4.7 million. Five- and six-bedroom apartments range from about $5.5 to $6.6 million, and the penthouse is priced at $14.5 million. More than a third of the 33 available units had been sold by early April, the New York Observer reported. The Corcoran Group is marketing the project.

Noho
372 Lafayette Street
The Landmarks Preservation Commission in April gave its approval to the construction of the new co-op building, CityRealty.com reported. The six-story building will have eight units and will be distinguished by its red-metal structural frame housing shipping container boxes. David Wallance is the architect and the developer is Global Building Modules.

Park Slope
Vermeil
Northwest corner of Sterling Place and Seventh Avenue
Condos are rising at the site of one of the worst airplane disasters in U.S. history, where in 1960 a DC-8 collided with a propeller plane and crashed into the neighborhood, killing 135 people. The Vermeil, developed by Jacob Pinson of Yachad Enterprises, will offer 22 units, mostly three- and four-bedrooms. Another new development, a nearly completed four-story building across Sterling Place, could have rental apartments, according to New York Magazine.

Prospect Heights
Firehouse 735
735 Dean Street
A Brooklyn firehouse built in 1880 is being converted into seven condominium units, the Post reported. Sales opened in April, offering units ranging from a 712-square-foot one-bedroom starting at $495,000 to a 1,900-squarefoot duplex for $989,000. Once home to Engine Company 219, the four-story brick firehouse closed in 1977. Its exterior has been restored. Technic Realty is the developer; Aguayo & Huebener is handling sales. Contact: www.ahrlty.com.

Soho
139 Wooster Street
Arun Bhatia Development Corporation is constructing the two-building, 16-unit condominium. The project fronts both Wooster Street and West Broadway, with a garden connecting the buildings. Beyer Blinder Belle are the architects. Two- to four-bedrooms range in size from 1,447 to 4,252 square feet and are priced from $1.92 to $7.995 million. Occupancy is slated for late 2006. Contact: 212-677-6100, www.139wooster.com.

Upper East Side
Blanca
206 East 73rd Street
The newly constructed condominium, designed by Michael Gadaleta of MG New York, has 10 units, including 1,633-square-foot two-bedroom lofts, 3,300-squarefoot tri-level maisonettes, and a 4,000-square-foot three-level penthouse. Cayre-Synergy 73rd LLC, a joint venture of Midtown Equities and Synergy, is the developer. Prices for the units, which will be available for occupancy in September, range from $2.2 to $5 million. Core Group Marketing is the exclusive marketing and sales agent. Contact: 212-726-0789, www.blancalofts.com.

Upper West Side
110 and Bway
110th Street and Broadway
Sales have begun at the new condominium near Columbia University. Studios to four-bedrooms are priced from the $400,000s to $2.9 million. Prudential Douglas Elliman is marketing the project. Contact: 212-662-2929, www.110bway.com.

Upper West Side
134 West 93rd Street
Time Equities purchased the nine-story, 53-unit prewar apartment building and plans to convert it to condominiums. The building consists of three studios, 24 one-bedrooms and 26 two-bedrooms.

Williamsburg
Warehouse
198 Roebling Street
Sales began in April at the five-story, 10-unit condominium conversion. The two-bedrooms will range in size from 1,122 to 1,681 square feet and start at $745,000. The building’s roof deck will offer unobstructed views of Manhattan and Brooklyn. The Developers Group is handling the sales and marketing. Completion is expected in fall 2006. Contact: www.thedevelopersgroup.com.

Construction Update

Brighton Beach
Oceana Condominium & Club
The 15th and final building of the project has opened, completing the largest luxury housing development to be built in New York City outside of Manhattan in more than 50 years, the Brooklyn Daily Eagle reported. About 25 percent of the 68 units in the final 12-story building have been sold, according to its developer, Muss Development.

Downtown Brooklyn
Myrtle Avenue and the Flatbush Avenue Extension
A 37-story building with 220 condominium units is planned near the Manhattan Bridge, the Brooklyn Daily Eagle reported. The land-use committee of the local community board in April approved the sale of the city land to BFC Partners. Three floors will be devoted to subsidized condo sales for people earning between $70,000 and $91,000 a year.

Gramercy Park
50 Gramercy Park North
Buyers are expected to start moving in in June, the New York Sun reported. The Ian Schrager condo development will share services with the Gramercy Park Hotel, which is expected to open in July.

Greenwich Village
122 Greenwich Avenue
The Landmarks Preservation Commission in May approved plans for the 11-story glass tower at the intersection of 13th Street and Eighth Avenue, despite the objections of some neighborhood residents, who say the tower is out of character for the Village.

Long Island City
The Queens Plaza
41-26 27th Street
The 10-story condominium is scheduled to open in August. The building contains 32 one-bedrooms and 32 two-bedrooms, ranging in size from 639 to 1,550 square feet. Sales have officially begun, with prices starting at $365,000. The 10th floor houses two private penthouses. George Konnaris is the architect. The Developers Group is marketing the project. Contact: 718-222-1545, www.thedevelopersgroup.com.

Long Island City
Queens West
Empire State Development chairman Charles Gargano, local officials and business leaders in May broke ground for Rockrose Development’s second residential building of the 74-acre project. The building is scheduled to open in late 2007 and will be 290 feet tall with 394 rental apartments and 825 parking spaces.

Upper East Side
Cielo
83rd Street and York Avenue
JD Carlisle’s 28-story, 128-unit condominium is ready for immediate occupancy. Studios to three-bedrooms ranging from 512 to 3,400 square feet are priced from $700,000 to more than $5 million. The Marketing Directors is the exclusive sales and marketing agent. Contact: 212-737-7200, www.cielocondos.com.

Williamsburg
Bedford Avenue between North 3rd and North 4th streets
Former congressman and Bronx borough president Herman Badillo and his partners from Quadriad Realty want to build a massive four-tower residential complex at the site, the Post reported. The four towers would be 38, 36, 20 and 12 stories, and would include both market-rate and affordable housing, a park and underground parking.

Sales Update

Brownsville
49 Tapscott Street
As of early May, no units had been sold at the first new condominium building in Brownsville, according to the Post. Sales began in February. The 12 units, all with washers and dryers, start at $148,900 for a 377-square-foot studio. Halstead Property is marketing the project. Contact: www.halstead.com.

Chelsea
555 West 23rd Street
The 336-unit condominium has released its Platinum Collection Residences ahead of schedule, following the sale of 85 percent of its units. The Platinum Collection includes 44 one- and two-bedroom units with views of the Hudson River, Statue of Liberty and New York’s skyscrapers. All of the residences are available for immediate occupancy. Cantor Pecorella Inc. is the exclusive sales and marketing agent. Contact: www.555w23.com.

Clinton Hill
The Kent
970 Kent Avenue
The duplex penthouses in the nine-story, 103-unit condominium conversion have been released for sale. The nine two-bedroom penthouses range in size from 1,212 to 1,379 square feet and have 15-foot ceilings and 500 square feet of private outdoor space. Prices start at $760,000. Apartments on the lower floors of the building are sold out. The Developers Group is the exclusive sales and marketing agent. The penthouses were slated for occupancy in May. Contact: 718-222-1545, www.thedevelopersgroup.com.

Dumbo
The Nexus
84 Front Street
More than 90 percent of the condominium’s 56 residences have been sold. The Developers Group is the exclusive sales and marketing agent. Contact: 718-596-5400.

Dumbo
Beacon Tower
85 Adams Street
Construction has topped off at Leviev Boymelgreen’s 23-story, 79-unit condominium, and 75 percent of the units have been sold. The Corcoran Group is the exclusive sales and marketing agent. Contact: 718-852-3700.

Gramercy Park
45 East 30th Street
Three penthouses — priced at $1.445, $2.85 and $8.1 million — have been released for sale. The 15-story loft conversion’s 37 units have already been sold. Prudential Douglas Elliman is the exclusive marketing and sales agent.

Harlem
Bradhurst Carriage House
458 West 146th Street
Sales are under way at the eight-unit condominium conversion, expected to open by mid-year. The loft-style units range in size from 1,800 to 3,000 square feet and have 12- to 14-foot ceilings. Prices start at $890,000. Manhattan Lofts is the exclusive sales and marketing agent. Contact: www.manhattanlofts.com.

Hudson Square
255 Hudson Street
The 11-story development is 70 percent sold and should be ready for occupancy in the middle of this year, according to the Post. Contact: www.255hudson.com.

Long Island City
Arris Lofts
27-28 Thompson Avenue
An on-site sales center has opened at the 237-unit condominium conversion, which sold 90 units in the first 30 days of sales. Prices start at $630,000. Occupancy is expected in fall 2006. The Sunshine Group is the exclusive marketing and sales agent. Contact: 718-707-0083, www.arrislofts.com.

Lower East Side
The Dakota
175 East Broadway
The converted Forward Building was nearly sold out within five weeks of sales. Forward Marketing is the exclusive sales agent. Contact: 212-334-4855.

Midtown East
The Capri
235 East 55th Street
The 40-unit condo conversion atop the Marymount College dorm takes up floors 33 to 47, giving buyers views of Central Park, the East River, and Midtown. Sales are under way, with prices starting at $855,000 for a 650-square-foot one-bedroom. About 20 percent of the units are under contract. Contact: www.thecaprinyc.com.

Upper West Side
Fifteen Central Park West
Two-thirds of the 200 units have been sold since the sales office opened in September 2005, resulting in more than $1.1 billion in sales in seven months. Prices range from $2 million for a one-bedroom overlooking Broadway to $45 million for a penthouse with Central Park and Hudson River views. Contact: www.15cpw.com.

Williamsburg
55 Berry Street
Prices at the 35-unit condo conversion have dropped to $658 per square foot, according to Curbed.com. Units were originally listed at $786 per square foot. Contact: www.berrystlofts.com.

Development in Brief

Manhattan (from north to south)

230 Riverside Drive
Brack Capital Real Estate and Marathon Real Estate are converting the prewar residential apartment building to condominiums.

211 East 51st Street
A local investor has signed a contract to purchase the 99-unit residential rental apartment building and plans to convert it into condominiums.

Eighth Avenue and 47th Street
A New York-based development company is planning to construct a 40-story luxury residential condominium at the site, according to the New York Sun.

301-307 West 46th Street
New Jersey-based SJP Properties plans a 46-story, 250-unit residential condo at the site, also known as 733-763 Eighth Avenue, the Sun reported.

605 West 42nd Street
The second phase of the Moinian Group’s mixed-use project, which includes the Atelier, will have about 300 residential condominiums and 350 rental apartments, the Sun reported.

37 Wall Street
Skyline Developers is converting the former site of the Trust Company of America into a 392-unit rental, according to Crain’s.

Brooklyn

Greenwood Heights
Three new projects are going up in the area, according to the New York Observer: a six-story development at 184 21st Street and 679 Fourth Avenue, a 10-unit project at 710 Sixth Avenue, and an eight-unit project next door at 712 Sixth Avenue.

New Developments from Previous Month

Fancy perks luring buyers to newer condos, from waterfalls to private restaurants, are not necessari Sales gimmick or everlasting amenity?” class=”read-more-link”>[more]

Developer Elad Properties shrouds marketing in secrecy; condos at least one-third sold, brokers say [more]

Small building owners’ ambitions soar as the air rights boom continues, but additions can be tricky [more]

Negotiations with rental tenants in Carroll Gardens building leave condo sales there uncertain Conversion a puzzle at 505 Court” class=”read-more-link”>[more]

With condos on Broadway and along the Hudson, developer outpaces Trump as it attracts both buyers and critics.
Loved or loathed, Extell leading UWS in new projects” class=”read-more-link”>[more]

Some New Yorkers may soon feel boxed in — by choice. Shipping containers the building blocks for new Noho co-operative” class=”read-more-link”>[more]

Big new development projects around New York City Condos in the Country” class=”read-more-link”>[more]

Downtown L.A. could be reshaped by Grand Avenue project

The Grand Avenue project in downtown Los Angeles aims to transform that area from a workaday hive where everyone commutes home after dusk to a more 24-7 community. Plans for the $1.8 billion, three-phase project were unveiled in April, according to the Los Angeles Times, and include eight condo and officer towers, shopping arcades, a 16-acre park and a boutique hotel. The centerpiece of the Grand Avenue project will be a translucent, glass-curtained, 47-story tower designed by Frank Gehry, the Times reported. Developer the Related Companies hopes to start work on the project’s first phase this year and complete it by 2009. Related’s contract, according to the Times, states that the second phase must start by 2011, and the final one by 2014.

–
Atlanta

Commercial
Recent record land deals signal that developers think a neglected stretch of Midtown from 14th Street to 17th Street is ready for a high-rise renaissance. Empty lots, abandoned buildings and low-rise office buildings now dot the area, according to the Atlanta Business Journal. MetLife, in the first big purchase along the corridor, bought the 5.2 acre, two-building Midtown Heights in January for $36 million, or $159 per land square foot. In April, the Business Journal reported, Wood Partners paid $196 million for 2.4 empty acres at 1240 West Peachtree. Late that same month, Trizec Properties bought 1372 Peachtree Street for an undisclosed sum.

Residential
For-sale housing inventory is up in Atlanta, and prices are, too. Housing inventory jumped 15 percent from the first quarter of 2005 to the first quarter of 2006, according to the Wall Street Journal. Prices trended upward at the tail end of the first quarter in March compared to February despite the jump in inventory. Still, with strong job growth expected in Atlanta, the housing market there should remain generally healthy, the Journal reported, with prices leveling off.

Boston

Commercial
At least 11,000 office jobs are expected to be created in Boston this year, which should drop that city’s commercial vacancy rate to nearly 15 percent — its lowest since 2001, according to brokerage Marcus & Millichap. Lack of new office construction will also contribute to any lower vacancy rate, the report stated.

Commercial
Recent success in two segments of the Boston commercial market could signal a turnaround in the market overall. More space has been leased recently in the top floors of downtown skyscrapers, for one thing. While the vacancy rate in Boston’s central business district was 14 percent in early May, the rate for space in towers above the 20th floor was under 10 percent, according to the Wall Street Journal. Also, the class A vacancy rate in the suburban town of Waltham dropped to 9.4 percent in May, well below the town’s overall rate of nearly 19 percent, the Journal reported.

Chicago

Commercial
The Chicago office market continues to migrate westward, toward the train stations that bring city workers in from the suburbs, and developers have been responding. About 13.6 million square feet of new office space will have been added to the Windy City’s West Loop market between 2000 and 2007, Commercial Property News reported.

Residential
Limited space for building new condos continues to fuel the conversion of Chicago commercial space, according to Commercial Property News. As many as a dozen conversion projects are under way or in the planning stages in the city. These include the conversion of the old Encyclopedia Britannica headquarters at 310 South Michigan Avenue into 242 condos

Houston

Residential
While housing markets in cities across the nation cool, Houston’s seems remarkably healthy. The overall median sales price of a single-family home in the nation’s fourth-largest city hit a March record of $143,310, according to the Houston Association of Realtors. Total single-family home sales also set a March record of 6,542, up 22 percent from the same month in 2005. Also, the inventory of available homes in Houston year-over-year decreased 2.8 percent in March. If these trends hold, Inman News reported, 2006 could be one of the best years ever for real estate in the Houston region.

Las Vegas

Commercial
The Las Vegas Valley’s retail vacancy rate dropped to around 3 percent in the first quarter of 2006, In Business Las Vegas reported, as few retail centers were completed during the quarter, adding just 500,000 square feet to the market. While high land prices have helped curb retail development, as much as 1.3 million square feet of new retail space is under construction and 3.3 million more square feet is planned, according to In Business, which may alleviate the tight market.

Commercial
The Las Vegas Valley’s overall commercial market continues to tighten. The vacancy rate declined 0.3 percent from the fourth quarter of 2005 through the first quarter of 2006 to 8.3 percent, the Las Vegas Business Press reported; the rate also dropped by 4 percentage points from the first quarter of 2005. The vacancy rate in the market’s class A segment was particularly low at 4.7 percent, the Press reported, driving up demand for high-quality space in Las Vegas.

Philadelphia

Residential
Donald Trump unveiled plans in early May for Trump Tower Philadelphia, a good sign of developer confidence in the city’s resurgent residential market. The 45-story, 528-foot tall condo tower on the Delaware River waterfront will have 263 units, the New York Post reported. Construction is expected to start this summer, according to the Philadelphia Inquirer, with completion in mid-2008.

Phoenix

Residential
A spike in inventory should give buyers the advantage in the Phoenix housing market. Inventory of for-sale single-family homes and condos jumped 282 percent from the first quarter of 2005 through the first quarter of 2006, according to the Wall Street Journal. At the same time, prices dropped in the Phoenix market during the first quarter, the Journal reported, but the city’s strong job market should cushion any rough landing for the housing market there.

Residential/Commercial
Real estate brokers are seeing more developer interest in central Phoenix property because of the light rail system now under construction, according to the Phoenix Business Journal. Recent evidence of this interest is the Sky Phoenix, a proposed two-tower, 37-story condo development on two acres at the northeast corner of Central and Columbus avenues. Sky Phoenix, the Business Journal reported, would include 515 condos and retail on the ground floor.

San Francisco

Commercial
The strong San Francisco job market and the ongoing conversion of commercial space to residential use should mean a solid summer for the commercial market in the city. Employers in San Francisco are expected to add more than 15,000 jobs — 7,600 of them office jobs — in 2006, according to a report from Marcus & Millichap, helping drive down the office vacancy rate to 12.5 percent by year’s end.

Residential
Home prices in the Bay Area are growing at about half the pace of the record in the past two years, according to Bloomberg News. An analysis of home prices in the nine-county area in March turned up a median sales price of $622,000, up 9.5 percent from the same month a year earlier and 1 percent from February. But it was also the first time a year-over-year price increase was under 10 percent since January 2004, Bloomberg reported.

Washington, DC

Residential
Home prices have stayed flat in Washington as housing inventory has spiked. Year-over-year housing inventory increased 230 percent by April, according to the Wall Street Journal, while prices during the first quarter of 2006 stayed generally level. Strong job growth, though, the Journal reported, should mean a soft landing for the Washington housing market.

Residential
Condos may be the hardest hit type of housing in the Washington residential market’s overall slowdown. Condo prices throughout the region could drop 15 to 20 percent this year, the Washington Post reported, based on an analysis by Moody’s Economy.com. The rising inventory of condos for sale or being built in the region would be the main culprit of any price slide, the Post reported.

Hurricane season may be under way in Florida, but brokers say that won’t stop the South Florida real estate market from doing business as usual. Florida real estate market still aswirl as hurricane season arrives” class=”read-more-link”>[more]

Not South Florida’s year for real estate, economist says
The housing market in South Florida — and in the rest of the state as well — will decline through the rest of 2006, according to the National Association of Realtors’ chief economist. David Lereah said in a recent speech in West Palm Beach that price increases for existing homes in South Florida will fall from regular 25 percent and 30 percent spikes to increases of about 5 percent, according to the South Florida Sun-Sentinel newspaper. He also said sales declines will continue at double-digit percentages as inventory in the region continues to increase. But not all the news is bad: Lereah also predicted that a strong economy and still generally low interest rates would help spur a housing market turnaround in the middle of 2007.

Miami hotel rates up, but summer challenges ahead
Only in New York City can you find more expensive hotel room rates than in Miami-Dade County. The average rate there in March was $179 a night, the Miami Herald reported, based on a study by Smith Travel Research. (In Manhattan, the average room rate hovers well above $200.) A booming tourism season and the continued conversion of hotel space to condos is helping drive room rates in Miami-Dade upward, even at the higher end. The oceanfront Ritz-Carlton Key Biscayne, for instance, rented suites for $2,000 a night, the Herald reported, and still reached 97 percent occupancy in March. But the start of hurricane season June 1 and the closing of several hotels for renovations, including most of Miami Beach’s mammoth Fontainebleau, could spark a summer downturn in the industry.

Palm Beach, Broward office markets tightest in years
Like in Miami-Dade, the office markets in Palm Beach and Broward counties continue to tighten. Vacancy rates are dropping into the summer and rents are going up as a scarcity of fresh office development drives competition for existing space, the Sun-Sentinel reported. By the middle of spring, vacancy rates in both Broward and Palm Beach had hit their lowest levels in at least four years, the paper said. Rates dropped to around 12 percent in the two counties. The average office rent for the best space in Palm Beach County was $31.60 a foot in the first quarter, up 4.5 percent from the fourth quarter of 2005, according to a report by brokerage Cushman & Wakefield. Broward County’s rental rate increased similarly to $28.89 a square foot.

Downtown Miami commercial tenants lease low, report shows
The vast majority of downtown Miami commercial tenants lease less than 2,500 square feet of space. Out of 1,244 downtown tenants, 739 are leasing 2,499 square feet or less, according to a report by the Downtown Development Authority and the Florida International University Metropolitan Center. The report was released as part of the authority’s May newsletter.

Fifteen commercial tenants in downtown Miami lease 75,000 square feet of space or more, and nine lease between 50,000 and 74,999 square feet, the report found. The majority of commercial tenants, though, spill over spaces much smaller than that.

The overall office vacancy rate in downtown was 11.8 percent in the middle of 2005, according to the report, a 5 percent decrease from the same time in 2004.

Law firms are the dominant tenants downtown, filling 30 percent of available commercial space there, the report found.

Performing arts center spawns Miami development wave
Residential and commercial developments are popping up around the nearly completed Miami Performing Arts Center. At least 22 major projects are under construction, approved or proposed in the area surrounding the center’s twin halls, the Miami Herald reported. The developments are going up along Biscayne Boulevard and Biscayne Bay, on the site of the shuttered Omni Mall, and in the largely dilapidated blocks west and north of the new arts center. These projects include nearly 13,000 residential units, some in condo towers as tall as 72 stories, and three major shopping centers with hundreds of thousands of square feet of retail space, all creating what the Herald described in April as a dense city within a city.

Miami Briefs from Previous Month

Developers raise their horizons by a story or two as plans for elevated park move forward Layout poses challenges to high times by the High Line” class=”read-more-link”>[more]

Six towers with more stories than Williamsburgh Savings Bank planned; some worry about loss of low-r Record high-rises set for Brooklyn” class=”read-more-link”>[more]

Gap shrinks between North Fork and South Fork prices as buyers hunt for Hamptons alternatives Gap narrows between North Fork and South Fork” class=”read-more-link”>[more]

Building boom draws new blood to Bronx nook, from All-Star Yankee to Westchester tax refugees Development recharges, shakes up sleepy Riverdale” class=”read-more-link”>[more]

Permit numbers for new home building remain solid, but developers see dimming prospects [more]

Deals scarcer, but still out there, for small investors; price declines in some towns could help Not too late to invest Upstate” class=”read-more-link”>[more]

Moves to curb areas eligible for 421a breaks still under discussion Uncertainty stalls developers as 421a future debated” class=”read-more-link”>[more]

The city is undertaking a massive public-private effort to build affordable housing. It’s also think The Real Deal Podcast: Shaun Donovan” class=”read-more-link”>[more]

Developer sues over Herald Towers conversion
The developer responsible for converting the Herald Towers on 34th Street in Manhattan into condominiums is suing the owner of the building for breach of contract — even after the two parties reached an agreement last year that was supposed to keep the matter out of court.

Developer Ziel Feldman of FD Herald Towers LCC claims that building owners Joseph Jerome and Morris Bailey tried to illegally get out of a contract to sell the residential portion of the building to Feldman’s company.

With the real estate boom, the developer claims, the owners cancelled the contract so they could reap the benefits of higher real estate prices themselves.

Although the matter was settled out of court last year, the developer recently filed an amended complaint after the owners allegedly did not abide by the settlement. The amended complaint, filed in New York Civil Supreme Court, seeks well over $100 million in damages as well as the transfer of the title.

The developer has already entered into sales contracts with 124 families for condos in the 692-unit conversion at 50 West 34th Street.

The lawsuit leaves the fate of the 124 contracts uncertain, but according to lawyer Sheryl Jassen, who is not involved in the case, the dispute should have little effect on the buyers. Mark Walfish, attorney for the plaintiff, also believes the buyers have no cause for concern. He said that when his client is “vindicated in court, the families will be able to proceed with their purchases.”

Quick end not in sight for former Corcoran broker denied client list
The Corcoran Group, which is being sued by a former broker for preventing her from accessing information on her company computer, was recently denied a motion to reargue the case for summary judgment, a procedure that would resolve the case without trial.

The trial, which was set to take place in November 2005, was adjourned until January after the plaintiff, Sarit Shmueli, failed to show up in court for medical reasons. The case in New York Civil Supreme Court has yet to return to trial as lawyers on both sides have been exchanging motions.

The dispute revolves around an incident that occurred in 2002, when Shmueli was denied access to client lists on her company computer after she was fired from the brokerage. Corcoran executive vice president Tresa Hall called Shmueli into her office in March of that year and dismissed Shmueli from her contract, supposedly partly for cursing in the office, according to court documents.

Shmueli claims she should have access to the client lists she put together during the time she worked at the firm. Corcoran maintains that information on the computer belongs to the firm because the computer itself belongs to the company.

The decision highlights the issue of what information brokers can take from firms when they are fired, according to lawyers. The parties are due back in court this September.

Developers Group and Corcoran trade ongoing lawsuits
Lawyers continue to exchange motions in ongoing lawsuits between Elan Padeh, the Developers Group project marketing firm he founded three years ago, and the Corcoran Group.

The suit began when Padeh left the Corcoran Group in 2003 to start his own firm. The Brooklyn-based broker alleges that his former employer owes him for unpaid commission promised to him in an oral agreement.

Corcoran denies that it owes Padeh commission over any agreement. Following Padeh’s suit, Corcoran fired back by filing a separate yet related suit against the Developers Group in 2004.

In its suit, Corcoran claims that the Developers Group illegally stole its contract to market the Arches at Cobble Hill, a condo conversion of St. Peter’s Church at 397-399 Hicks Street in Brooklyn.

The cases are being handled in New York Civil Supreme Court. The court, which dismissed four of Corcoran’s claims, has given the green light to Corcoran to pursue its claim that the Developers Group illegally interfered in the Arches conversion. The case has yet to go to trial as lawyers have been arguing over what documents the Developers Group should be forced to produce pertaining to the project.

Barbara Corcoran seeks to put an end to Trump suit
Lawyers for Barbara Corcoran, who is suing Donald Trump over unpaid commissions, recently argued for summary judgment in an attempt to resolve the case without a trial. Corcoran’s lawyer, Richard Seltzer, does not expect a decision on the motion for a few months.

Corcoran is suing for $1.3 million in commission allegedly owed to her for brokering a deal for the sale of the Penn Yards, land and apartments at the foot of the Upper West Side owned in part by Trump.

Trump claims that he does not yet owe Corcoran any money, as the commission was contingent on him receiving money from a third party. Seltzer points to a provision in the contract that requires that the commission be paid now because Trump sold a “substantial portion” of his interest in the property.

This is not the first time the two real estate giants have met in court. Corcoran was awarded $2 million for unpaid commission from the same project in a 1996 lawsuit against Trump. The deal took place in 1994. When asked if this case would set any important precedents, Seltzer said it would not, but the moral of the story is, “It doesn’t matter how big you are, courts enforce contracts.”

City nixes massive project in East Harlem
The city announced last month it would not move forward with the Uptown New York project in East Harlem, the New York Daily News reported. Set to rise on mostly city-owned land running from 125th to 127th streets and Second and Third avenues, the project would have included a 700,000-square-foot commercial development, 1,500 housing units, 1,000 parking spaces, and an expansion of a MTA bus storage facility. Uptown New York faced strong opposition from residents and local leaders.

World Trade Center memorial to undergo redesign
The design for the World Trade Center memorial went back to the drawing board as costs for it soared toward $1 billion. Officials from the city, New York state and New Jersey announced last month a capping of the cost of the memorial and memorial museum at $500 million, the Daily News reported.

NASCAR gets thumbs-down from Council members
In a potentially major setback for the proposed NASCAR stadium on Staten Island, all three City Council members representing the borough announced last month their opposition to the stadium, the Daily News reported. The stadium will need Council approval, and the entire Council usually defers to the delegation from an affected borough when it comes to major development.

Commission OKs West Village landmark status
The Landmarks Preservation Commission last month approved landmark status for parts of the far West Village, which should prevent demolition of historic buildings in the area and comes on the heels of a rezoning in the area last year. The landmark status applies to blocks of the West Village bounded by Greenwich Street to the east, Perry Street to the north, Washington Street to the west and Christopher Street to the south. Also designated by the commission for landmark status was a part of Weehawken Street between West 10th Street and Christopher along the Hudson River waterfront.

Commission approves Staten Island waterfront project
The city Planning Commission last month approved a $66 million proposal to transform a stretch of the Stapleton waterfront into an upscale residential neighborhood with public spaces. The proposal calls for 350 housing units as well as 12 acres of public space and commercial development, the Staten Island Advance reported.

Gowanus could be replaced with tunnel
The Department of Transportation has agreed on a subterranean route along the waterfront for Brooklyn’s crumbling Gowanus Expressway after reviewing proposals over the past five years. Funding and other considerations will determine whether the below-grade highway ever gets built. The 3.5-mile, seven-lane tunnel would cost $12.8 billion, the New York Post reported.

City considering rezoning part of Queens
A rezoning of another large swath of Queens is under consideration, according to the Daily News. A public hearing was held last month on rezoning a 21-block area of south Middle Village just north of Metropolitan Avenue between 69th Street and the area south of Metropolitan and north of Cooper Avenue between St. John’s Cemetery and Lutheran Cemetery. The changes would make zoning in the area more restrictive.

Spitzer charges eight with mortgage fraud
State Attorney General Eliot Spitzer last month charged eight people with a mortgage fraud scheme involving properties in Queens, Brooklyn and Suffolk County, the New York Sun reported. Spitzer said the scheme defrauded banks of millions of dollars.

City seeks proposals for Sheepshead Bay lot
To keep up with Sheepshead Bay’s population growth, the city’s Parks Department plans to seek proposals from developers interested in a long-vacant, department-owned lot on Emmons Avenue between Knapp and Brigham streets. The city wants to bring new green space, an eatery and parking for about 100 vehicles to the lot, according to the Post.

Elderly widow must pony up a half-million in payments for a $67,000 home loan Ken Harney – The hidden dangers of reverse mortgages” class=”read-more-link”>[more]

Fees are “grossly overpriced” in most of country; landmark hearing held Ken Harney – Congress scrutinizes title insurance” class=”read-more-link”>[more]

Luxury property boom in Dubai draws New York development veterans as the landscape changes Dubai: Big Apple building goes to the Gulf” class=”read-more-link”>[more]

Two Manhattan-based boutique real estate firms — one residential, one commercial — have joined forces to take advantage of growth in (where else?) Brooklyn. Boutique Manhattan firms partner for Brooklyn retail
” class=”read-more-link”>[more]

Describing region as city’s “sixth borough,” brokerage CEO mulls first Miami office Slowing market or not, Corcoran expands in South Florida” class=”read-more-link”>[more]

Before he joined Cushman & Wakefield, one of New York’s biggest commercial brokerages, Bruce Hartman worked in shoes. Sort of.

Cushman & Wakefield’s new chief financial officer, Hartman assumed the post of CFO of Foot Locker in April 2002, where he helped restructure the Woolworth Company into Foot Locker; he held an identical position at May Department Stores. He’s also held high-level finance positions at Netco Automation, Dayton Hudson Corporation and Service Merchandise Company, as well as a director post at Pathmark Stores.

New to real estate, Hartman will oversee strategic planning for the global finance and global information technology aims of Cushman & Wakefield, which manages more than 430 million square feet of property and which negotiated $35 billion in commercial property deals last year. He’ll also have an advisory role in financial and business issues facing the brokerage. Hartman’s appointment was announced May 1, and he replaces Tom Dowd, who, according to the Wall Street Journal, “left the firm to pursue other opportunities.”

Dowd could not be reached for comment, and Hartman did not return calls and e-mails. Cushman & Wakefield’s CEO and president Bruce Mosler, in a statement, praised Hartman’s “financial acumen and leadership skills.”

Residential

Coldwell Banker Hunt Kennedy
Joshua Weinman was appointed relocation director. He was the relocation manager at Prudential Douglas Elliman.

Corcoran Sunshine Marketing Group
Charles Russell was promoted to managing director. He had been vice president of business development at the Corcoran Group. Jasmine Mir joined as senior vice president of marketing.

Dwelling Quest
Philip Kiracofe joined as chief operating officer. He was previously a team leader at Prudential Douglas Elliman.

Halstead Property
Denise Rosner joined as senior vice president. She was previously executive vice president at Bellmarc.

Commercial

Besen & Associates
Ellen Werner joined as a sales associate. She will work with senior brokers Adelaide Polsinelli and Laurence Ross of the Platinum Team.

The Bobker Group
Tatiana Voevodina joined the acquisitions unit.

Broadway Real Estate Partners
John Rivard joined as chief investment officer. He was a partner at O’Connor Capital Partners.

CB Richard Ellis
Jonathan Fales, Zach Freeman and Jim Searl were promoted to the level of vice president in the brokerage, consulting and agency group. James Ackerson, Doug Dolgoff, Rachel Eberle and Michael Wellen were promoted to the post of senior associate in the brokerage, consulting and agency group.

Cushman & Wakefield
Tom Kaufman rejoined as executive director. He was a senior vice president at CB Richard Ellis.

Grubb & Ellis Consulting Services Co.
John Brengelman rejoined as managing director. He was previously a consultant at Brengelman Realty Advisers.

Massey Knakal
Brock Emmetsberger was promoted to sales director in the Manhattan office. Jaime Pompa joined the Brooklyn office as an executive assistant to partner Brian Leary. Raquel Tejeda joined the Bronx division as an administrative assistant to broker David Simone. Christopher Holland joined the Nassau County division as an associate to partner Mahmud Wazihullah.

Monday Properties
Robert Barriero joined as senior vice president and director of operations. He was a vice president at Goldman Sachs.

The Staubach Company
Peter Hennessy was promoted to president of the New York office. Formerly a managing principal, he will lead the New York operations, including the company’s Midtown and Downtown offices.

Trammell Crow
Vincent Tuminelli joined as senior vice president in the brokerage services division. He was a principal at the Vortex Group. Amy Weins was promoted to senior associate. Sam Seiler and Jon Schulman joined the brokerage services division. Seiler was previously at Cushman & Wakefield; Schulman had been at Murray Hill Properties.

Winick Realty Group
Richard Kave was named director of international retail.

Elliman expands retail division to Brooklyn
Prudential Douglas Elliman Retail Leasing and Sales Division chairman Faith Hope Consolo has begun staffing the firm’s Brooklyn locations with retail brokers. Beginning in June, six will be on-site at the commercial and new development office at 146 Montague Street. The initiative will continue with the staffing of Prudential Douglas Elliman’s newest Brooklyn location at 154 Seventh Avenue in Park Slope, as well as three additional sites throughout the borough.

Besen & Associates creates new group
Besen & Associates has formed the Loft/Small Office Investment Sales Group, headed by Ron Cohen and Christen Portelli. The group will focus on selling properties ranging from 10,000 to 150,000 square feet in size, located primarily in Manhattan.

Ex-UBS executive launches real estate investment firm
Bray Kelly, who recently left UBS to form real estate investment firm JBK Capital, commenced operations in his New York City office in late April. The firm will initially focus on acquiring assets valued at $25 million or less in under performing submarkets in the tri-state area and Florida.

Sonnenblick Goldman forms real estate securities firm
Sonnenblick Goldman announced in May that SG Real Estate Securities LLC, a wholly owned subsidiary of the firm, has been formally accepted by the National Associations of Securities Dealers as a registered Broker Dealer. Dan MacDonnell is registered as the general securities principal.

Newmark Knight Frank Retail expands to L.A.
Newmark Knight Frank Retail has expanded into the Los Angeles market. Lasia Casil Sonmez is heading up the new operation, expanding the West Coast coverage currently provided by Newmark Knight Frank’s San Francisco office.

Kurland launches commercial division
Kurland Realty last month launched a commercial division out of its Chelsea office. The division has two full-time commercial brokers and currently has five exclusives for office and retail leases, the company said.

Here’s a rental listing like no other: a 25-foot-wide, five-story mansion with a marble façde at 20 East 64th Street is available for rent at only $90,000 a month on one of the most sought after blocks of the Upper East Side. How a $90,000-a-month rental might be a deal — kind of” class=”read-more-link”>[more]

Trump U. turns 1 year old; over 30,000 served
Trump University marked its one-year anniversary in May with a little bit of pomp, given the circumstances. The unaccredited “online education company” — its Web site’s words — was started with the Donald’s imprimatur (he’s the university’s chairman) and has had, as of early May, more than 30,000 students pass through its virtual doors. Every person who took at least one course through Trump University was counted as a student, Michael Sexton, the university’s president and co-founder, told The Real Deal. That can run from a major course costing thousands of dollars to an audio one costing $50; the university doesn’t offer credits or degrees.

Mr. Housing Bubble popular with New Yorkers
In the summer of 2005, as the housing market in New York and nationwide boomed — and talk of a housing bubble reached fever pitch — a Texas-based company called T-ShirtHumor.com debuted a line of products, including hats, shirts and mugs that featured the grimly happy “Mr. Housing Bubble.”

Since then, Mr. Housing Bubble, with his snarky warning of “If I pop, you’re screwed,” has become one of T-ShirtHumor.com’s biggest sellers. Since September, sales have been strongest in New York and in California, according to a vendor spokesman. That means Empire Staters have a healthy sense of humor, or a wry fascination with their own increasingly dim real estate prospects.

“It is consistently a top-five seller for us, regardless of the housing market ups and downs,” Anthony Phipps, communications director for T-ShirtHumor.com, told The Real Deal. “I think it’s pretty clear that the uncertain state of the housing market remains on the minds of consumers and real estate professionals.”

You know his product, look up the name
New York magazine dropped at least 17 real estate names in an issue last month touting the most influential people in New York City. The usual suspects were listed — marketing guru Louise Sunshine, her former boss Donald Trump, World Trade Center site leaseholder Larry Silverstein, Atlantic Yards taskmaster Bruce Ratner and Corcoran Group CEO Pam Liebman (for her role in helping change Fort Greene, Brooklyn).

Dean Furbush also made the short list. Dean Furbush?

You may not know his name, but you surely know his product, especially if you’re a broker selling or buying in so-called emerging neighborhoods like Fort Greene. Furbush is the CEO of FreshDirect. And his company’s name can lure reluctant buyers. “The grocery-delivery service can make or break a fringe neighborhood,” New York noted. “If FreshDirect delivers there, you can bet it’s on the fast track to gentrification. If not, the turnaround is likely to be a lot slower.”

Israeli women leave a real estate mark, too

While I thoroughly enjoyed The Real Deal’s April 2006 article (In the Assassin’s wake…) on how my fellow Israelis — Barak Dunayer, Ilan Bracha, Eddie Shapiro and Michael Shvo — are succeeding in New York’s super-charged real estate market, I felt an important element was missing: the ladies!

Israeli women have always been a force in New York’s real estate community — Esther Muller, for example, is a well-respected and influential figure. I’m sure that your readers would have enjoyed reading about how all Israeli-bred agents — both male and female — are contributing to this great field of ours.

Jacky Teplitzky
Executive vice president, Prudential Douglas Elliman
Manhattan