New York City real estate — with its big dollar signs and egos to match — is known for its epic rivalries. The Milstein family was torn asunder over a decade-long dispute over their $5 billion fortune. Family members of the late, eccentric real estate investor William Gottlieb have feuded for years over his collection of more than 100 Manhattan buildings. And Manhattan’s most prominent broker, Dolly Lenz, and onetime protégé Michael Shvo famously… [more]
Fred WilponIn the four years since Mets slugger Carlos Beltran struck out with the bases loaded in the now-infamous Game 6 of the National League Championship, fans across the city have waited for the Mets ownership to shake up the roster and return the team to the glory of its famed 1986 season. The team — led by real estate magnate Fred Wilpon and his son Jeff — has faced questions from fans over whether… [more]
From left: Brian Moynihan of Bank of America, John Stumpf of Wells Fargo, Jamie Dimon of JPMorgan Chase, James Gorman of Morgan Stanley, Vikram Pandit of Citigroup, Lloyd Blankfein of Goldman Sachs Since Lehman Brothers fell two years ago this month, there have been volumes of news reports about the losses that all of the big investment banks have endured on real estate deals. But who lost the most? This month, The Real Deal looked… [more]
While New York City brokers may be relieved to be doing deals again after the deep freeze of the recession, not everyone is optimistic about the state of the recovery. Experts, from former Federal Reserve chairman Alan Greenspan — who recently said a second recession was possible if residential prices go down — to New York City appraiser Jonathan Miller have indicated that both the U.S. and New York City are not economically out of… [more]
Developer Ziel Feldman honed his aggressive investment strategy on distressed deals during the 1990s.While aggressive New York City developers were snapping up properties left and right in Manhattan during the boom, Ziel Feldman turned his focus outside the city, investing, for instance, in Hard Rock Park, a South Carolina amusement park whose main attraction was a 155-foot-tall roller coaster called “Led Zeppelin — the Ride.” That project, which Feldman’s firm HFZ Capital Group partnered with… [more]
They say knowledge is power. That’s especially true when it comes to New York City real estate. For years, the only access to apartments for sale in the city — especially those in posh, highly selective co-ops — was through real estate firms. Each company maintained a stockpile of listings, a valuable asset that in many ways determined its ability to be successful. Sharing this information meant giving up a competitive advantage. Today, vestiges of this… [more]
The National Association of Realtors reported last month that home sales nationwide dropped by 27 percent between June and July — a phenomenon largely attributed to the expiration of federal housing tax credits. The bleak news sent the stock market into a nosedive and gave more credence to the national conversation about a possible “double-dip” recession. Yet Manhattan real estate brokers said they’re seeing an increase in activity as the summer draws to a close,… [more]
New York buyers love the nines. As in, $999,999. Or just anything below a million dollars. That’s because the $1 million threshold triggers the mansion tax, that 1 percent levy that’s so commonplace in Manhattan real estate. It’s been around for two decades, but buyers have never stopped trying to avoid it — perhaps now more than ever. In a market like this one, even sellers who aren’t willing to budge on the price can… [more]
Real estate agent Christopher Stokes Moseley recently spent months helping a homeowner prepare to sell his apartment, even talking him through a kitchen renovation. “I held his hand through the entire process,” said Moseley, a senior vice president at Charles Rutenberg Realty. So he was shocked when the seller ultimately signed an exclusive listing agreement with a larger firm, saying he felt the bigger company would provide “a wider audience” than four-year-old Rutenberg. Moseley was… [more]
Last month, Prudential Douglas Elliman agent Ellen Rick got an unexpected e-mail. “A very nice young man e-mailed me and said, ‘I wanted you to know that you’re being trashed on StreetEasy,’” Rick recalled. Unbeknownst to her, a StreetEasy.com user had created an online discussion board entitled “Deception by Elliman broker, Ellen Rick.” The comments pointed out that two of Rick’s listings at 30 Fifth Avenue — units 4A and 10H — displayed the same… [more]
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