The Real Deal New York

During the past year or so, it seemed no expert or news outlet could stay mum when the housing market came up in the national conversation. Here is a digest of the speculation from major media regarding the much-disputed bubble. In the headlines… “America’s House Party” When people feel rich, they spend whether their wealth is actual or merely on paper. It’s called the wealth effect, and it’s even more potent with housing than with… [more]

A condo grows in Brooklyn. And grows and grows and grows… Following up on our well-received look at the prospect of a condo glut in Manhattan, The Real Deal set out this month to examine the level of new residential development in Brooklyn, the borough that has boomed in the past several years, luring buyers who are priced out of Manhattan, or who are simply drawn by laid-back neighborhood vibes. An analysis of data from… [more]

An elevated promenade could be the ribbon that unwinds through Manhattan’s next hot neighborhood, changing what it means to live ‘on the park.’ The area of West Chelsea around 10th Avenue to 11th Avenue, from 16th Street north to 30th Street, could in the next few years see some of the briskest condo development of any area in Manhattan. And much of that development will happen around what’s being called the High Line, a 6.7-acre… [more]

The hand-wringing over the state of the Downtown commercial market has been constant since the end of 2001, as spiraling vacancy rates underpinned the area’s sense of loss. But it’s always been a matter of when not if Downtown would reclaim its status as one of the globe’s premier commercial hubs. This summer may have been that when. At the end July, American Express Financial Services signed a 15-year lease for 20,000 square feet at… [more]

Perhaps it’s his West Coast background and sometimes casual surfer style that makes Kent Swig the exception among city office landlords. It also might be his approach to Lower Manhattan. Swig, whose company Swig Equities is the fifth-largest Downtown commercial landlord, has worked to keep his 3.4 million square feet of properties as office space while much of the area converts to residential. Swig also sounds like a bit of a contrarian when he discusses… [more]

Offices for sale rather than lease are rare in the city, but commercial brokers say they are fielding more calls from small business owners about purchasing their workspace. Their thinking might go something like this: Everyone they know has seen the value of their home skyrocket by tens of thousands or even hundreds of thousands of dollars, so why not own one’s office space and reap the same benefits? Commercial leasing brokers say buying offices… [more]

The Langham goes up for sale The Manocherian family is hoping to get $550 to $600 million for The Langham at 135 Central Park West, a 13-story rental property with 58 units. A condo conversion could yield apartments worth $10 to $15 million each. Douglas Harmon of Eastdil will market the deal, according to the Post. Marlborough House on the market Glenwood Management is planning to sell the 30-year-old, 35-story Marlborough House at 235 East… [more]

It goes without saying that brokers don’t want to betray client confidences and tarnish their reputations. Call it an unwritten, but well understood rule, rather than a code of ethics, and yet it’s common knowledge that it’s hard to keep a secret within New York real estate circles. Whether it’s cocktail party bravado, loose talk at the office or an enterprising doorman or building manager, one way or another word seemingly always gets out about… [more]

The timing of the announcement at 4 p.m. on a sweltering Friday in the middle of August, with half of Manhattan out of town, seemed designed to make Barbara Corcoran’s departure from the firm that bears her name as inconspicuous as possible. That day, Aug.19, Corcoran did not go into the Madison Avenue offices of the firm she founded nearly 30 years ago. Only a few people those who knew her cell phone number, mostly… [more]