Based on the recent surge in construction permit applications filed in the city, the seemingly never-ending residential inventory squeeze might be easing over the next few years. We examined filings to determine the most active developers in the five boroughs, in our cover story, which is now available online. The list was a mix of well-established players and up-and-comers, with Extell Development at the top.
In “Hey, big spender,” we look at the real estate players — from investment firms to Russian oligarchs — who are gearing up to spend a lot of money on property this year. They have their sights set on office buildings, multi-family properties, retail condos and pricey residential pads.
We profile the New York startup Urban Compass on the heels of its $150 million valuation. Some industry insiders are unsure whether the firm can deliver returns for its tech-focused investors while competing in a low-margin market flush with well-established brokerages.
“Waking Up Wythe” maps out the transformation of the Williamsburg stretch, where the Wythe Hotel is just one of dozens of new projects. Another story looks at whether Mayor Bill de Blasio’s handling of the Domino Sugar Factory redevelopment sets the tone for the administration.
We also explore the shifting Manhattan residential market, in which the ongoing apartment shortage is triggering spikes in apartment costs. Condo and co-op prices in the borough are just now feeling the impact of the lack of inventory.
There’s plenty more to check out in the issue, including an analysis of Warren Buffett’s model deal, a look at how developers are marketing projects to their dream tenants, and hospitals becoming real estate powerhouses.
Finally, in our Closing interview, Kevin Maloney, founder and principal of Property Markets Group, chats about leveraging his student loans and raising chickens.
Enjoy. – Mark Maurer