The September issue is live!

Inside: Sam Zell talks assessing risk, a look at global investment sales & more

New York /
Sep.September 01, 2017 01:35 PM
 

In 2007, Sam Zell, the outspoken chair of Equity Group Investments, sold Equity Office Properties Trust to Blackstone Group for $36 billion. That same year, he bought Tribune Company for $8.2 billion, but the following year, the newspaper company sank into bankruptcy. Four years later, its ownership was turned over to creditors and lenders.

“Let me put it this way — my goal is to be right seven out of 10 times,” he says in this month’s issue of The Real Deal. “But what I’ve gotta do, and what a lot of other people in my field have not done well, is assess the scale of the risk. I start by saying, ‘Can I afford to lose it all?’”

For our cover story this month, we feature Zell, the outspoken billionaire who’s earned the nickname “the grave dancer” for his penchant for snapping up distressed real estate. He speaks about his views on President Trump, the secret to negotiation, owning motorbikes and why he gets away with saying what he wants.

Meanwhile, we look at investment sales across the globe, and compare New York and London. Despite the shock of Brexit, the London’s central business district saw investment sales jump 18 percent year over year in the first half of 2017 to hit almost $11.3 billion, according to Cushman & Wakefield. In Manhattan, however, commercial property sales are on track to end the year at $19.8 billion — the same figure record in 2008, when Lehman collapsed.

We go behind the scenes at the Real Estate Board of New York, and profile billionaire developer Richard LeFrak, who discusses his personal relationship with the president. In “NYC’s great retail facade,” we offer a deep dive into the side deals going on between landlords and retail tenants.

Elsewhere in the issue, we look into the city’s next wave of real estate dynasties, and rank family firms by portfolio size and profitability. We examine whether the glory days of the Upper East Side are a thing of the past, and provide a rundown of the top 12 countries investing in commercial real estate in NYC, Los Angeles and South Florida.

To read the September issue of TRD, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! — Miriam Hall


Related Articles

arrow_forward_ios
Ribbon co-founders Shaival Shah and Wei Gan (Ribbon, iStock)
Homebuying startup Ribbon to take on Midwest, West Coast markets
Homebuying startup Ribbon to take on Midwest, West Coast markets
Two more rent law challenges tossed, landlords reserve hope in appeal
Two more rent law challenges tossed, landlords rest hopes on appeal
Two more rent law challenges tossed, landlords rest hopes on appeal
Purchases across the country rose 0.7 percent in August, easily outpacing estimates by retail analysts. (iStock)
Big month for retail sales bodes well for landlords
Big month for retail sales bodes well for landlords
A rendering of River Ring with Two Trees CEO Jed Walentas (BIG, Getty)
CB1 approves Two Trees’ River Ring, keeping project on pace
CB1 approves Two Trees’ River Ring, keeping project on pace
250 Park Avenue and IWG CEO Mark Dixon (Google Maps, IWG)
IWG to open 58K sf co-working site on Park Ave
IWG to open 58K sf co-working site on Park Ave
Tritec Principal Robert Coughlan with the project (Tritec)
Tritec lands $173M for Bay Shore Residences
Tritec lands $173M for Bay Shore Residences
(Compass)
Waterfront home in Water Mill asks $19.5M
Waterfront home in Water Mill asks $19.5M
Loy Carlos leaves Corcoran for Serhant luxury unit
Loy Carlos leaves Corcoran for Serhant luxury unit
Loy Carlos leaves Corcoran for Serhant luxury unit
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...