The Real Deal New York

March 2013 Cover

story index

Cover Stories

  • Brooklyn’s building bonanza
  • Stacking up sales brokers
  • MaryAnne’s moment
  • Can Mitchell, Maxwell & Jackson survive?
  • Macro economics meet micro apartments
  • An ad overhaul

New Development

Government

In Their Words

March 2013
  • Brooklyn’s building bonanza

    Developers in the borough are constructing new (and big) rental towers in force
    Brooklyn Illustration

    A wave of new residential units is slated to hit the Brooklyn market in the next several years — and thousands of them will be rentals. At 88 Willoughby Street in Downtown Brooklyn, for example, the real estate investment trust AvalonBay Communities is developing an 861-rental-unit apartment tower. A few blocks away on Schermerhorn Street, developer Douglas Steiner is building a 720-unit rental. Meanwhile, Jeffrey Levine’s Douglaston Development, the company behind the Edge condominium, is… [more]

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  • Stacking up sales brokers

    In TRD ranking, commercial firms that targeted midsize trades surged as bigger brokerages stalled
    Investment Sales Firms Chart

    Commercial property sales in New York City surged in 2012, boosting transaction volume and revenue for most, but not all, of the city’s investment brokerage firms. Buyers spent $39.1 billion purchasing commercial real estate in New York City last year, according to figures from Massey Knakal Realty Services. That was the highest dollar volume since 2007 — when sales peaked at $62 billion — and up 53 percent from 2011’s $25.6 billion. And while in… [more]

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  • MaryAnne’s moment

    The Forest City Ratner exec could be elevated to CEO this month, and industry sources say they expect big things
    MaryAnne Gilmartin

    No one can say that MaryAnne Gilmartin isn’t battle-tested. For years, she has served as chief lieutenant to Bruce Ratner in the fight to develop Brooklyn’s controversial Atlantic Yards project, a clash marked by lawsuits, bad press and angry protesters. So when news broke in late January that Ratner was planning to step down as CEO of Forest City Ratner, the company he founded, sources pointed to Gilmartin as his most likely successor. “When you… [more]

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  • Can Mitchell, Maxwell & Jackson survive?

    Amid battle with a former employee, big appraisal firm goes from flying high to teetering on brink
    Mitchell, Maxwell & Jackson

    Unlike residential real estate brokers, who are enjoying better times after years of depressed sales, appraisers are still struggling. At the market’s peak, the appraisal firm Mitchell, Maxwell & Jackson was one of the most dominant in New York City. And one supervising appraiser, Marianne Mueller, stood out as MMJ’s most successful employee, according to the heads of the firm. Then the recession hit, and relations between Mueller and MMJ soured, too. The case, which… [more]

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  • Macro economics meet micro apartments

    Developers say tiny apartments are good business, but zoning changes are needed first
    Micro Units

    After the proposal that Elisa Orlanski Ours worked on won the Bloomberg administration’s contest to design the city’s first micro-unit building, the Corcoran Sunshine executive started getting calls from developers. Five contacted Ours, who served as a creative and marketing consultant, asking questions about modular micro-unit development in New York City. “It’s really getting down to the fact that New York is really ready for a new topology,” said Ours, Corcoran Sunshine’s vice president for… [more]

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  • An ad overhaul

    Big changes to state marketing rules aim for greater transparency in real estate advertising
    Big changes

    New York State is getting closer to finally overhauling the rules for advertising in the real estate industry — a move that would change the way brokers use social media and even what brokers can name their own teams. Sources close to the 14-member New York State Board of Real Estate, the government oversight committee debating the rules, say new regulations could be adopted as soon as March 14, when the group next convenes. If… [more]

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  • Bidding gets ‘absolutely insane’

    Brokers say bidding wars are now taking place in the majority of deals as market heats up amid tight inventory

    With a continued inventory shortage and interest rates still low, bidding wars have emerged as the new norm for increasingly desperate buyers, industry experts said. And while sellers rejoice as prices get bid up, brokers struggle to please frustrated clients. Bidding wars have been prevalent for some time. But lately, brokers said, multiple bids and “best and final” negotiations — in which all of the potential buyers simultaneously submit their final offer and the seller… [more]

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  • Liability lessons

    In wake of high-profile cases, co-op and condo board members grow fearful of getting personally targeted in lawsuits

    Convincing busy Manhattanites to serve on their co-op or condominium boards has always been somewhat of a hard sell. Indeed, acting as a board member has long been a time-consuming (and often hassle-filled) job. But now, residents have more reason than ever to avoid seeking election to their boards: getting socked with a personal liability lawsuit. Co-op and condo board members have always been open to legal action, but a slew of recently well-publicized lawsuits… [more]

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  • Clinton $1.18 million 350 West 50th Street, Apt. 34F Two-bedroom, two-bath, 1,005-square-foot condo in elevator building (Two Worldwide Plaza); apartment has terrace, hardwood floors and laundry; building has doorman, concierge, health club with pool, garage and courtyard; common charges $1,253 per month; taxes $1,435 per month; asking price $1.19 million; one month on the market. (Brokers: Gabriel Bedoya, the Corcoran Group; Ann Takahashi, Bond New York) “My buyer, a private investor, was referred to me…. [more]

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  • Dismantling the boys’ club

    A roundup of some of the most influential women in NYC real estate investment and development

    The New York City real estate community took notice when news broke in late January about MaryAnne Gilmartin’s expected promotion to CEO of Forest City Ratner. While women — including the Corcoran Group’s Pamela Liebman, Douglas Elliman’s Dottie Herman, Eastern Consolidated’s Daun Paris and CBRE Group’s Mary Ann Tighe — hold key leadership positions in the city’s residential and commercial brokerage worlds, New York still has very few female developers or development firm heads. “If… [more]

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