The Real Deal New York

May 2012 cover

story index

Cover Stories

  • Burkle’s billions
  • Breaking down the monthly nut
  • Who reigns in retail?
  • Stribling, the next generation
  • Who’s hiring?
  • Hotel investors cool their heels

New Development

In Their Words

Web Hits

Crossword

May 2012
  • Burkle’s billions

    Business tycoon Ron Burkle ramps up NYC real estate buys
    burkle_fb

    Ronald Burkle is known for many things: the billions he made in the grocery business, his now-sour relationship with former President Bill Clinton, even being the godfather to rapper P. Diddy’s children. But until recently, New York City real estate was not on that list. Indeed, Burkle — head of Los Angeles–based private equity firm Yucaipa — was focused more on investing in companies like Whole Foods and Barnes & Noble than on the Manhattan … [more]

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  • Breaking down the monthly nut

    A price breakdown — by neighborhood — on renting versus owning in Manhattan
    Monthly Nut

    To buy or not to buy: That is the question for many New York apartment hunters, particularly as the gap between the monthly cost of owning and renting a home in Manhattan has narrowed. While mortgage rates remain at historic lows, rents continue to rise: the median Manhattan rent hit $3,100 in the first quarter of this year, or 7.1 percent higher than during the same period last year, according to appraisal firm Miller Samuel. … [more]

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  • Who reigns in retail?

    An exclusive TRD analysis pinpoints Manhattan’s top brokerages — and those who are dominating the most active leasing corridors
    Chris Owles

    Christopher Owles, a principal at Sinvin Real Estate, which did more Soho deals in the past year than any other firm. Click to enlargeWhile Fifth Avenue, Madison Avenue and Times Square still hold the mantle for the city’s most expensive retail rents, brokers are headed downtown because that’s where the deals are. Indeed, the ever-popular Soho saw more retail leasing activity in the last year than any other neighborhood in Manhattan — by a long … [more]

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  • Stribling, the next generation

    The 32-year-old firm looks to shed its “stuffy” image with new website, branding
    Elizabeth Stribling

    Elizabeth Stribling in her Brooklyn Heights apartment On a Thursday morning, Elizabeth Stribling is leafing through an array of photos spread out on her kitchen counter. The pictures show Stribling, founder of the eponymous high-end residential brokerage, posing in a white Valentino cocktail dress at New York’s French Consulate on Fifth Avenue. At an event the night before, the self-described Francophile had been honored for her work as chairman of the French Heritage Society. “I … [more]

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  • Who’s hiring?

    NYC real estate jobs on rise, especially in private equity
    Hiring illustration

    Good news for graduates: While there are still more applicants than job openings in New York City real estate, sources say conditions are getting better. “The hiring environment has improved substantially from the last couple of years,” said Vishaan Chakrabarti, director of the Center for Urban Real Estate at Columbia University. “It’s not as strong as it could be, but there is definitely more interest out there.” Chakrabarti said he’s seeing an uptick in the … [more]

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  • Hotel investors cool their heels

    Hospitality sector’s strength creates new barriers of entry for NYC buyers
    Hyatt Times Square

    From top: Extell Development’s Hyatt Times Square is slated to open in 2013; the Jumeirah Essex House, on Central Park South, is on the market. Those who have invested in New York City hospitality in the last few years are likely sitting pretty with revenue per room, hotel occupancy and room rates all up. But with that improvement has come a higher barrier of entry for new investors. As a result, analysts say, the enthusiasm … [more]

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  • The art of advertising

    A closer look at how real estate marketers draw in customers, through the lens of the New York by Gehry campaign

    With so many luxury rentals on the market in New York, advertising plays a key role in persuading tenants to pick one building over another. This month, The Real Deal dissected an advertisement to find out how marketers of new rental buildings convince potential tenants to click on a website, check out an apartment and (hopefully) sign a lease. This ad, called “Declare your independence,” is part of the much buzzed-about campaign for New York … [more]

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  • Red light rentals

    Headline-grabbing prostitution cases highlight common headache for NYC landlords

    The case of Anna Gristina, the mother of four who allegedly ran a brothel out of her Upper East Side walk-up, may represent an extreme example of a Manhattan home being used for prostitution. But the business practices of the so-called Soccer Mom Madam, who is currently awaiting trial at Rikers Island, are not as rare as you might think. In 2006, a Brazilian woman was arrested (and later convicted) for running an escort ring … [more]

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  • Needle in a haystack?

    Lack of inventory dampens start of NYC open house season

    If you’re in the market for a 30-room spread at the rarefied 740 Park Avenue, you may be out of luck. Last month, Courtney Sale Ross, the widow of Time Warner chairman Steven Ross, found a buyer for her pair of linked co-ops at the exclusive building. The duplex property boasts eight bedrooms, 10 bathrooms, six terraces and two libraries, and the reported $52 million price tag would be the highest ever for a New … [more]

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  • “Dying” for cash

    More NYC homeowners tap life insurance to help refinance mortgages

    A growing number of New York City–area homeowners are finding cash in an unexpected place: their life insurance policies. In order to take advantage of historically low interest rates, more and more borrowers are dipping into cash reserves from their life insurance to help refinance their mortgages, industry insiders said. It’s a strategy some view as controversial, since it involves borrowing funds intended for survivors after the policy holder dies. But a number of mortgage … [more]

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