The Real Deal New York

May 2013 cover

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May 2013
  • Office developers compete for anchor tenants on Manhattan’s western edge

    With only a finite number of large potential renters, the fight for office tenants on the West Side is heating up
    Bruce Mosler and Jeremiah Larkin

    Only a few times in modern Manhattan history has an entirely new office district sprung up all at once. In the 1930s, there was Rockefeller Center; the 1970s saw the World Trade Center complex; and today, developers are planning nearly 15 million square feet of new office space in the Hudson Yards area in the 30s on the Far West Side. The new projects expected to rise over the next decade include the Related Companies’ … [more]

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  • Big firms tackle big obstacles

    As inventory shortage continues, Manhattan’s largest brokerages work to nab new condos, high-end properties
    Top Residential Firms May 2013

    Against the backdrop of Manhattan’s severe inventory shortage, the borough’s largest firms are working to leverage a new crop of condos and high prices in the luxury sector. Nearly all of Manhattan’s 12 largest firms have far fewer exclusive listings than they did at this time last year, according to The Real Deal’s annual ranking of the borough’s top residential firms, which reviewed a snapshot of data pulled from Online Residential in mid-March. At nearly … [more]

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  • Ed Scheetz

    Walter “Ed” Scheetz might be one of the biggest New York City hotel players that you’ve never heard of — but that could soon change. Having cut his teeth at Apollo Real Estate Advisors and then working with famed hotelier Ian Schrager, Scheetz disappeared from the city’s hotel-and-nightlife scene for several years. Now, in what could be a storied second act, he’s quietly reemerged and is partnering with the head of a major real estate … [more]

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  • Global Developers

    American real estate developers have long gone overseas seeking profitable returns in high-demand markets. But recently, developers have started investing with more force in some countries — India, Mexico, China, Brazil and the United Arab Emirates, to name a few — which have seen exponential growth in the past few years. “The risk-adjusted reward is clearly in [developers’] favor,” when it comes to international investment, said Lyman Daniels, the president of CBRE Mexico. “The returns … [more]

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  • Midtown West, Tribeca, Chelsea rank as Manhattan ‘hoods with steepest inventory plunge

    The Real Deal's neighborhood breakdown of the city's for-sale property shortage
    The inventory crunch

    The stock market is soaring. Unemployment is falling. And consumers seem newly confident. But at least one major obstacle is preventing a surge in residential sales in New York City: Even if buyers want to purchase homes, there aren’t many to choose from. In fact, the current inventory crunch, the worst in recent memory, has become the defining feature of New York’s residential market. At the end of the first quarter, there were just 4,960 … [more]

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  • Scott Rechler

    The names of those who got crushed when the real estate market crashed have been splashed in the headlines for several years: Harry Macklowe, Kent Swig and Lev Leviev, to name a few. But it’s only in recent months that it’s become fully possible to evaluate who’s benefited the most from the fallout and recovery. Somewhere on the top of that list: Scott Rechler. “Everything in our business is luck and timing,” said Richard Baxter, … [more]

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  • Corcoran brokers sold most Manhattan homes of any firm in 2012

    Brown Harris Stevens brokers sold most luxury homes, according to TRD's first-ever ranking of closed residential deals

    While the Corcoran Group — Manhattan’s second-largest residential brokerage — may have seen its listing count drop in the last year, it led the borough in overall residential sales, according to a first-ever ranking of closed transactions by The Real Deal. Indeed, the firm beat its rivals through its strong grip on the under-$5 million market, according to a TRD analysis of StreetEasy data, which looked at 2012 closed seller-side sales of $1 million or … [more]

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  • Brokers turn to buyers to boost business

    With lack of inventory to sell, agents shift their attention to apartment hunters

    With a scarce number of sellers in the market, New York City residential brokers have — unintentionally — found themselves taking on substantially more buyers as clients. “Right now I’m working with very, very hungry buyers at the same time I would normally spend handling my listings,” said Frances Katzen, a Douglas Elliman broker, who noted that she’s working with 45 to 50 percent more buyers than she was before the market tightened. “I’ve never … [more]

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  • NYC’s boutique brokerages battle for listings

    With luxury-listing prices off the charts, high-end firms shine, according to TRD's annual ranking

    Über-high-end firms dominated the ranks of Manhattan’s top boutique brokerages this year as prices soared in the luxury market — even as firms competed for a shrinking number of available listings. With last year’s top boutique firm, CORE, now categorized as a mid-size company on The Real Deal’s annual ranking, Upper East Side brokerage Leslie J. Garfield regained its long-time berth as the No. 1 boutique firm. The company had some $93.8 million in exclusive … [more]

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  • Cornering the middle

    TRD’s first-ever ranking of mid-size firms finds in-betweeners looking to grow their ranks and open new offices

    Call them the in-betweeners. They’re too small for the top firms list and too big for the boutiques. They’re New York City’s mid-size residential firms. And for the first time this year, The Real Deal compiled a list ranking these firms by dollar volume of listings. The firms — which this year had between 50 and roughly 240 agents — have recovered from the difficult market of the last few years and are now looking … [more]

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