Glass may give New York City’s skyline its gloss, but it’s diamonds that have largely shaped it.
In this month’s cover story, The Real Deal explored the symbiotic relationship between the global diamond trade and the city’s real estate industry. TRD found that developers who began in the diamond trade have built, acquired or have an interest in more than 200 properties and projects now worth at least $20 billion. While most of these investments are above board, some are suspected of less savory purposes.
The issue also takes a look at the recent real estate investments by Tokyo-based SoftBank, and what they mean for the market. Another story dives into how bribery and kickback schemes have pervaded the city’s construction industry. Meanwhile, new development brokers are “working harder to make less” in an increasingly sluggish market.
There’s also a piece on how Forest City Ratner — now Forest City New York — went from a development powerhouse in Brooklyn to a company that is rapidly retreating from ground-up work. The issue also examines how President Trump’s steel and aluminum tariffs will impact the industry and takes a closer look at the unlikely developer behind two massive Times Square projects.
To read the April issue of TRD, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! — Kathryn Brenzel