The Real Deal New York

June 2013 Cover

story index

Cover Stories

New Development

In Their Words

June 2013
  • Manhattan’s top listing agents

    Sky-high prices protect luxury brokers from inventory squeeze
    Top Agents June 2013

    With more eight- and even nine-figure listings hitting the market, Manhattan’s top brokers aren’t feeling the inventory squeeze as much as their colleagues in other segments of the residential industry. While nearly all of Manhattan’s top 10 brokers have fewer properties on the market than last year, most have a higher dollar value of listings, according to The Real Deal’s annual ranking of Manhattan’s top 75 listing agents. That includes Sotheby’s International Realty brokers Serena … [more]

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  • Manhattan vs Brooklyn

    Manhattan estate brokers Ari Harkov and Warner Lewis recently started searching for apartments in the West Village on behalf of a client, who wanted to pay around $650,000 for a one-bedroom. Not satisfied by the inventory they found in that price range, they expanded the search to Brooklyn Heights, thinking that would yield much more space for the money. They were wrong. Brooklyn hasn’t offered up the massive discount their client was hoping for, said … [more]

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  • Kaye and Morgenstern

    As New York City sales began recovering from the paralyzing real estate downturn, scores of investors worldwide launched companies and funds to buy up what they expected would be a windfall of distressed assets here, with billions of dollars of global wealth competing to back them. But these newcomers faced competition for properties from aggressive, established buyers such as SL Green Realty, Extell Development, Thor Equities and the Chetrit Group. Still, a few new companies … [more]

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  • SL Green

    Last month, SL Green Realty Corp. CEO Marc Holliday flew a group of his key executives and top New York brokers to Louisville for the Kentucky Derby, where Holliday’s horse, Love Train, ran in an undercard race. The three-year-old filly didn’t place at Churchill Downs, but Holliday’s Blue Devil Racing Stable has had a strong run, with some $2.5 million in winnings to date, according to thoroughbred racing site Equibase. That windfall comes as no … [more]

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  • The Hamptons 10: A look at the priciest sales of the last 12 months

    High-end sellers took a price hit in the year-end rush
    Hamptons

    As summer ramps up in the Hamptons, the results of the winter buying season are coming into focus. Much like New York City, the vacation-home enclave on Long Island’s East End has mostly seen a slow and steady recovery since the worst of the recession. But unlike the Manhattan market, where the prices of trophy properties are being pushed sky-high by international buyers, prices in the Hamptons luxury market are still below boom-time levels. The … [more]

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  • Steven Spinola

    Construction cranes dot New York City’s skyline, the definitive sign that real estate is back. And inside each of those massive machines is a member of Local 14 of the International Association of Operating Engineers, one of the most powerful unions in North America. On the jobsite, licensed crane operators singlehandedly set the pace of construction. “On every one of those work sites, it is the crane operator who conducts the orchestra,” Ed Christian, president … [more]

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  • With temperatures spiking and new college graduates looking for apartments, June marks the start of the busiest time of year for rental agents in New York City. This year, they’re even busier than normal. As the shortage of for-sale inventory keeps a stranglehold on the sales market, brokers said they’re seeing an unusually high number of “hybrid” customers — clients who are open to either buying or renting. That’s making an already tight rental market … [more]

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  • Some 420 guests gathered at TOY Restaurant in the Gansevoort Meatpacking NYC Hotel to help The Real Deal celebrate its 10th anniversary. The two-level space was packed with New York City real estate industry heavyweights, including members of the Trump clan, developers Kent Swig and Sharif El-Gamal, and plenty of top brokers. Check out the pictures snapped by TRD photographer Richard Lewin. … [more]

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  • The state of New York just revamped advertising rules for real estate agents, but it may not be able to effectively enforce them, industry sources said. That leaves brokers and firms with the difficult task of monitoring their agents’ email, websites and even Facebook pages. The regulations will govern how agents can advertise online, how they handle references to brokerage firms, and even what they can call their teams. For example, a team of agents … [more]

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  • Urban Compass bets big on NYC real estate

    Tech startup aims to succeed where others have failed

    As New Yorkers know all too well, finding a rental apartment often means scoping out listings on Craigslist and StreetEasy, trudging through any number of places — many that look nothing like they did in photos online — and then paying a hefty fee to a broker. But a much-hyped Manhattan startup, Urban Compass, wants to make it both cheaper and easier to rent an apartment. Founders Ori Allon, the serial tech entrepreneur, and Goldman … [more]

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