The Real Deal New York

October 2013

NYC’s real estate dynasties

How much do they own today?

Seymour Durst and his brothers built six Manhattan buildings in a 12-year run. Paul and Seymour Milstein built 10 in about the same amount of time. And Lew and Jack Rudin built 11 in two decades. The breakneck pace of development — which was largely clustered in the 1960s and the 1980s — by those three families, and a slew of others, laid the foundation for many of New York … [more]

The City Council’s new class

A look at six key races where real estate issues are center stage

As the saying goes, all politics is local. And in New York City, local politics matters as much as it does anywhere else — especially when it comes to real … [more]

Tallying the biggest new buildings in the U.S.

With all of New York City’s megadevelopments — from the Hudson Yards site to the World Trade Center complex — it’s easy to forget that there are also giant real … [more]

The industry’s hot new entrepreneurs

Compared to other major New York City industries, real estate is notoriously slow to innovate. A conservative business dominated for decades by the same handful of families, real estate hasn’t … [more]

Development kings head for Queens

New York City’s new development activity has long been focused on popular neighborhoods in Manhattan and Brooklyn. But with home prices on the rise in Queens, some major Manhattan developers … [more]

Candy Land

Have the British developers finally found their NYC sweet spot?

British developers Nick and Christian Candy are famous for their über-luxury condo One Hyde Park in London, the priciest residential project in the world. But when it comes to Manhattan … [more]

Jeff Greene
Jeff Greene (photo by Chance Yeh)

The Closing with Jeff Greene

Billionaire investor Jeff Greene is best known for making hundreds of millions of dollars shorting subprime mortgage-backed securities before the 2008 financial crisis. But he’s also a developer and property … [more]

FiDi investors change their tune

True to its name, the Financial District was historically the center of business in New York City. But when it comes to commercial real estate, the area has taken a … [more]

Editor’s note: Life under Mayor Bill

Talk about a real estate upgrade. When Bill de Blasio is handed the keys to Gracie Mansion — which seems likely given the latest polls — it will be a … [more]

A Tuscan villa, listed by agents at Keller Williams NYC for $45.18 million
A Tuscan villa, listed by agents at Keller Williams NYC for $45.18 million

NYC brokers sell the world

As the market tightens, Manhattan agents take on more listings in other countries

Last spring, Manhattan real estate broker John Barbato got a call from Spain. The owner of an 11-room condo in Barcelona wanted to know if he would list the property. … [more]

Features

  • Scott Spector
  • Alan and Adam Abramson
  • Going to Gracie-land
  • The month's funniest quotes

Medieval meets modern

Manhattan West, SOM’s newest office behemoth, recalls the famed Two Towers of Bologna

Recent architecture in New York City has tended to vacillate between the staid and the iconic. Half of the buildings of note in Manhattan aspire to be the sort of … [more]

The other council races

A cheat sheet on the 15 remaining up-for-grabs seats — and who has the industry’s support

The mayoral race has, not surprisingly, received the majority of the political news coverage lately. But with 21 City Council seats up for grabs, the real estate industry also has … [more]

Pamela Eskind (left) and Alison Bernstein
Pamela Eskind (left) and Alison Bernstein

Is Westchester’s ‘hipsturbia’ hype real?

Are hipsters still hipsters in the suburbs? That’s a riddle many are trying to solve as more and more Brooklynites relocate to the so-called river towns just north of the … [more]

Small deals thrive as pricey space sits

Manhattan asking rents rise as expensive office listings languish

Strong activity in smaller and mid-sized Manhattan office deals, combined with little new supply, helped firm up the Manhattan commercial leasing market during the third quarter. In addition to the … [more]

A $14 billion bet — and not on the horses

In the biggest New York State project outside the city, a tech firm is transforming horse-racing in Saratoga County

This spring, Eastview Development started construction on the Esplanade, a 294-unit apartment rental complex in Upstate New York just outside Saratoga Springs. The demand for the new complex is being … [more]

City Hall has churned out a number of top real estate executives since Bloomberg took office.
City Hall has churned out a number of top real estate executives since Bloomberg took office.

City Hall’s next industry execs

As the Bloomberg era winds down, a look at the final wave of mayoral aides likely to go into real estate

For 11 years, it’s been one of the more popular and reliable career paths after a stint with Mayor Michael Bloomberg: a job in the real estate industry. Indeed, many … [more]

Reverse mortgages tightening up

Change will reduce the amount seniors can draw down on their homes

For homeowners who were looking to the federal government’s reverse mortgage program to supply lots of cash for their retirement years, here’s a heads-up: The pipeline just got narrower. Pressed … [more]

Ending the inventory crisis

Insiders say no relief in sight — for two to three years, at least

Recent years have seen some of Manhattan’s buzziest and most luxurious new developments — 432 Park Avenue and One57 among them. But these pricey new condo buildings are doing little … [more]

Jason Pomeranc
Jason Pomeranc in the lobby of his flagship hotel, 60 Thompson, in Soho

Leaving the Commune

After an abrupt split, Jason Pomeranc prepares to re-grow his boutique hotel business

In 2011, Jason Pomeranc had everything a young hotelier could want. After turning his family’s real estate company, the Pomeranc Group, into one of the hottest hospitality brands in the … [more]

Yes, another record year

But experts predict new housing construction will level out market in 2014

Mortgage interest rates are rising, but inventory is still tight and demand is still high, which means the residential market is still humming along. Put another way: Homes are moving … [more]

Insights from a starchitect

Bjarke Ingels on ‘re-Groving’ and losing Miami Beach’s biggest project to his old boss

Bjarke Ingels is called a starchitect for a reason: his body of work. Though the Copenhagen native just turned 39 on Oct. 2, he already has a wheelbarrow of awards: … [more]

Fisher Island
Fisher Island

Fisher Island: Back on top as home to the ultra-rich

Better times, though, still marred by tug-of-war over vacant lots

If there’s a real estate comeback kid, Fisher Island is a definite contender. When the housing market imploded six years ago, the exclusive enclave had a longer fall than nearly … [more]

Top dollar for new condos

A ranking of SoFla’s preconstruction projects shows prices up to $2,600 per foot

Miami is beginning to look like Manhattan, at least in terms of what buyers are willing to shell out for a square foot of prime real estate. In New York, … [more]

Boom and bust, by the numbers

South Florida real estate is on a roller coaster that is finally going uphill — careening, really, at top speed. Inventory is tight. A couple hundred condo towers are planned. Scads of price … [more]

Gil Dezer
Gil Dezer

Life in the fast lane

Car-crazy condo developer Gil Dezer redefines luxury in Sunny Isles

Gil Dezer is holding his own with the crowd, and it’s not easy, even though he’s the reason everyone is here. A couple hundred jet-setters are talking among themselves. Spanish. … [more]

Big-time building buys

A look at the priciest commercial property sales in South Florida this year

South Florida’s commercial real estate market may not be garnering the same headlines as its gangbusters residential market, but businesses are finally gaining confidence in the economy — and office … [more]

Doral in demand

A town famous for golf has turned itself into real estate’s long-drive champ

Doral is far cry from the brand-new city it was only a decade ago. The 14 square miles in northwest Miami-Dade County have gone from being known best for a … [more]

Fendi mansion
Fendi mansion

Look! A bunch of new benchmarks

In the last 18 months, Miami has turned into a real estate record-breaking machine. Sears CEO Eddie Lampert kicked off the madness in March 2012 when he paid $38 million … [more]

The stars and the surf

A roundup of the celebs buying, selling, listing and losing in South Florida

Even during the day, the stars are out in South Florida. They like the life of surf and sunshine, making homes out of mega-mansions that rival five-star resorts: Songbird Celine … [more]

Kid-friendly Brickell

New condo towers target families with amenities and affordable prices

Miami’s Brickell neighborhood is the heart of South Florida’s new building boom. All kinds of developments are on the drawing board or are already going up. The highest-profile may be … [more]

5800 North Bay Road
5800 North Bay Road

Gonzalez on opulence

Miami power broker talks about ‘crazy’ prices and (slightly) loosening inventory

Nelson Gonzalez grew up watching his dad buy and sell land in his hometown of Miami and across central Florida. Today, he’s the real estate player — holding the title … [more]

A condo bubble or not?

Developers can head off a real estate bust if they examine the lessons of 2007

Condo developers are adamant that the final results of their building frenzy in South Florida — more than 160 towers already, and more to come — will end differently this … [more]

Editor’s note

Miami wears its heart on its sleeve when it comes to real estate. You can see booms and busts coming a lot easier than in other parts of the country. … [more]

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