The Real Deal New York

When a broker switches firms, mailing out glossy announcement cards is the easy part. What’s not so simple is wresting listings away from the old firm to bring them to the new one. The armor-plated contracts that govern exclusive listings threaten sellers with punitive fees or lawsuits if they try to pick up and follow a relocating broker. But the recent shuttering of several New York firms has shaken loose hundreds of listings, in a… [more]

In the summer of 2008, no one could have foreseen how much the real estate industry would change in only a year. Prices that once accelerated at a dizzying pace are now declining. Sales volume and rental transactions have been cut in half. Commissions are smaller and brokers’ fees paid by renters are largely a thing of the past. New developments, once the city’s most sought-after properties, are now nearly impossible to sell amid a… [more]

Peter Duncan, the president of George Comfort & Sons, would probably not be faulted by many in the real estate community for whooping it up with a big “I told you so” to all those who predicted he would never seal the deal on the purchase of Worldwide Plaza. But unlike many of his contemporaries, Duncan refuses to take a victory lap to celebrate the deal, or boast about his prowess in timing the market…. [more]

Managing buildings — a job that often encompasses everything from fixing toilets to making sure a property is up-to-date on its permits — is not exactly the most glamorous sector of the real estate market in New York. But it does provide essential grease that helps keep the market moving smoothly. And in these strained economic times, good management can play a crucial role in retaining rental tenants and making co-ops or condos attractive to… [more]

No one knows exactly why Jeff Blau, the 41-year-old president of the Related Companies, was denied a co-op board interview this spring at exclusive 820 Fifth Avenue. In what would have been one of the biggest deals of the year, Blau reportedly planned to pay $31 million for a fourth-floor spread at the limestone building between 63rd and 64th streets, where each apartment takes up a floor. Many possible explanations for the high-profile turndown have… [more]

In the West 20s, the name “F.M. Ring Associates” is emblazoned on the sides of numerous buildings. The fading mural-like advertisements look like relics from a bygone era. Brokers say much of Ring’s valuable portfolio, most of which is in the prime neighborhoods of Gramercy, Chelsea and Flatiron, sits strangely empty. This month, The Real Deal looks at the mystery of the Ring family and profiles a host of big under-the-radar players in New York…. [more]

In the West 20s, the name “F.M. Ring Associates” is emblazoned on the sides of numerous buildings. The large, fading mural-like advertisements look like mysterious relics from a previous incarnation of the city. And to many in the real estate industry, F.M. Ring Associates, a firm that owns or has an ownership stake in 15 office buildings, most of them in Chelsea and Gramercy, is itself a mysterious relic of a bygone era. Brokers say… [more]

Strong leasing velocity is beginning to remove the fear that the Manhattan leasing market will go into freefall, as landlords continue to provide aggressive incentives — such as rent reduction clauses and offers to buy out expiring leases — to get contracts signed, brokers said. Incentives that were completely unheard of a year ago, or at least difficult to get put in a deal, are now being offered regularly, said Robert Stella, executive vice president… [more]

New York real estate might be known for its big personalities, but there are a host of owners and investors like Frank Ring who shun the spotlight. Some publicity-shy players are revered in the industry for having orchestrated some of the city’s biggest deals: Lloyd Goldman, Jeffrey Feil and Joseph Cayre, for example, are spoken of in reverential tones by commercial brokers as high-powered, big-money wheelers and dealers. Still others are the stuff of local… [more]