The Real Deal New York

It was a relatively warm summer for Hamptons real estate, but the fall may get quite chilly. The high-end rental market fared well — some houses went for $500,000 for a single month — and the sales market this year has mostly performed better than last year, brokers told The Real Deal as part of an annual summer Q & A wrap-up. But the credit crisis and mortgage meltdown could affect East End sales more… [more]

To find Kenneth Fisher, look into the eye of a real estate storm. A former City Councilman, Fisher is a fixer who has emerged as a go-to guy for real estate clients embroiled in contentious projects or public relations problems. It’s a role he clearly relishes. “Real estate is to New York what oil is to Saudi Arabia,” he said. “It permeates the culture.” In July, Public Advocate Betsy Gotbaum and Manhattan Borough President Scott… [more]

Since delinquencies among subprime loans that had been packaged and resold on secondary markets reached fever pitch this summer, there have been tremors in not only the New York City residential real estate market, but in the thriving commercial one as well. The era of cheap credit has unraveled quickly, as a crackdown on risky loans has tightened standards among all lenders. The fallout has affected all parts of the New York City real estate… [more]

Development of the Hudson Yards area is still in its infancy, but big builders have been amassing large swaths of land on the far West Side with plans to infuse the area with major residential and commercial projects. This month, The Real Deal set out to take a detailed look at what many see as the area of Manhattan poised for the greatest amount of development going forward, with a block-by-block chart and map of… [more]

The ripples of the subprime mortgage debacle continue to widen, and market watchers worry that its consequences will soon spread beyond poorly qualified home buyers to affect commercial real estate values in Manhattan. The connection between shuttered subdivisions and sagging skyscraper prices goes back about a decade. In the mid-1990s, a few mortgage lenders began securitizing both residential and commercial loans — meaning they would pool the loans together and then sell them as packages… [more]

The market for high-end Manhattan office space tightened over the summer as Midtown rents reached record levels. Then shockwaves from the national mortgage meltdown rippled through the market, curbing enthusiasm and leaving commercial market watchdogs wondering about the extent of the fallout. “Everyone on both sides wants to play this out and see where the market is going,” said Benjamin Friedland, a senior vice president in the Midtown office of CB Richard Ellis. It is… [more]

In late July, a retaining wall collapsed at a massive two–acre, mixed-use construction project on the Upper West Side, near the corner of West 100th Street and Columbus Avenue, forcing the evacuation of a building at its edge. Displaced residents of 784 Columbus Avenue, part of the Park West Village complex, are renewing their calls to stop work on the 600,000-square-foot project at 808 Columbus Avenue. Plans call for a 30-story apartment tower with a… [more]

In the office leasing market, the landlord-tenant tug-of-war has flipped to favor landlords, empowering more to combine smaller office spaces into larger blocks to capture bigger, more stable tenants. In the past few years, landlords often broke up large spaces into smaller ones to attract affluent financial services companies, such as hedge funds, brokers said. Now, the worm is turning. As the financial services sector — which this past spring accounted for more than 35… [more]

The seismic effects of the subprime mortgage crisis and tightening credit are shaking up a wide swath of New York’s real estate market. In the housing market, loan applicants — even those with solid credit — are having a tougher time taking out a mortgage. Lenders have instituted more rigorous income checks, raised interest rates on prime mortgages, and tightened their standards. High-end purchasers of $10 million homes and young buyers looking for starter apartments… [more]