The Real Deal New York

Category: Year in review

  • Clockwise from left: 50 Hudson Yards, the Spiral, Rob Speyer, Stephen Ross, Joe Sitt and 280 Richards Street

    Wherever you go in Hudson Yards, it seems as if the cacophony of construction follows you. It’s no surprise then that the area is home to the year’s biggest upcoming development projects. [more]

  • How did Manhattan’s luxury market fare in 2016? The optimistic broker or developer might point to the fact that this year will see a record $9.4 billion in closings for apartments priced $4 million and up, according to a new analysis by The Real Deal. But there’s another benchmark that serves as a more current barometer of the market, and it ain’t sitting pretty: sales volume on luxury contracts was down 16.7 percent year-over-year. [more]

  • Clockwise from left: 161 Maiden Lane, 15 Hudson Yards, 70 Vestry Street, 460 West 42nd Street and 90 Morton Street

    UPDATED, 2:00 p.m., Jan. 3: What a difference a year makes.

    In 2015, seven Manhattan condominium plans projecting total sellouts north of $1 billion were accepted by the New York State Attorney General’s Office. But this year, only one Manhattan project crossed the billion-dollar mark, and developers abandoned several condo projects with projected sellouts north of $100 million. [more]

  • Clockwise from left: Renderings of 50 Hudson Yards, Court Square City View Tower at 23-15 44th Drive (credit: United Construction and Development), the Spiral at 66 Hudson Boulevard, and 28-07 Jackson Avenue

    The most prolific architects in New York City also tend to be the least visible.

    These are the firms that are often involved in development projects from the very beginning, filing necessary paperwork with the city’s Department of Buildings and navigating the labyrinth that is the city’s zoning codes. These are the architects of record, who sometimes pair up with international superstar architects who aren’t technically licensed to work in New York City. One such firm is Adamson Associates Architects, which is collaborating with Bjarke Ingels to design Tishman Speyer’s “the Spiral” — a 2.2-million-square-foot office tower that features stair-like outdoor terraces that wrap around the building, accomplishing what Ingels is fond of describing as an extension of the High Line “to the sky.” [more]

  • From left: Downtown Miami (Credit: Azeez Bakare Studios), Jay Parker, Mika Mattingly, Arnaud Karsenti, Ezra Katz and Taylor Collins

    From the South Florida website: Miami’s real estate market experienced the first wave of a slowdown in condo sales at the start of 2016, with some experts warning it could lead to a recession by the end of the year. Twelve months later, South Florida real estate didn’t implode, but the industry is beginning to feel the pinch of a bear market. [more] 

  • Clockwise from left: Olayan Group’s Hutham Olayan, RXR Realty’s Scott Rechler, CalPERS’ Marcie Frost, 550 Madison Avenue, 787 Seventh Avenue and 388-390 Greenwich Street

    Manhattan skyscrapers remain the ultimate savings account for the global investment community. Whether the lower end of the investment sales market is hot or not, trophy towers generally see a flurry of big-ticket deals. From that perspective, 2016 was no exception, though there were fewer billion-dollar deals and the emphasis was on partial-stake sales. [more]

  • Clockwise from left: Vue Condominium at 1821 Emmons Avenue, Austin Nichols House at 184 Kent Avenue, Hendrik Condominium 509 Pacific Street, The Baltic at 613 Baltic Street, 251 First Street, The Nevins at 319 Schermerhorn Street, and The Standish 171 Columbia Heights

    A converted Williamsburg warehouse that was once the base of operations for a prominent bourbon distributor was the priciest condominium filing approved by the New York Attorney General’s Office in 2016. [more]

  • The Real Deal staff discusses the year’s hottest news

    The beauty of covering real estate in New York is that we’re never simply writing about buildings: Being a real estate reporter for The Real Deal means being some curious hybrid of political junkie, stats wonk, private eye, celebrity sleuth, and social anthropologist.

    And what a year it’s been! We once again had a ringside seat to some of the market’s biggest stories: from the rude awakening at the top of the luxury residential market, to the trophy poaching in the commercial brokerage world, to the expanding Brooklyn property empire of the Hasidim. We did the city’s first-ever comprehensive ranking of rental landlords, chronicled the death and attempted resurrection of the 421a tax abatement, and stepped inside a major developer’s intricate quest to secure construction financing. We exposed shady behavior on the part of those peddling condo projects, and followed a certain builder’s improbable path to the Oval Office.

    Check out the video after the jump.

  • From left: 9 West 57th Street, 10 Hudson Yards, 1285 Sixth Avenue, 280 Park Avenue and 225 Liberty Street

    UPDATED, Dec. 28, 4:50 p.m.: Manhattan’s real estate finance industry had a rough start to 2016, as global bond-market turmoil brought CMBS lending to a virtual halt. But markets calmed starting in March, and commercial real estate lending returned with a vengeance. Interest rates were at historical lows throughout much of 2016, and property valuations were still high, creating an ideal environment for all those seeking to refinance. Brookfield Property Partners, for example, was so eager to lock in favorable terms on a $750 million loan for One New York Plaza that it agreed to a gap mortgage until the previous loan on the property expires. [more]

  • From left: Jeff Sutton, Marc Holliday, Joanne Podell and 650 Fifth Avenue

    UPDATED, 11:30 a.m., Dec. 28: The Manhattan retail market had a rough-and-tumble 2016, but still emerged with some pricey deals, particularly along Upper Fifth Avenue.

    Six of the top 10 most valuable retail leases were signed on Fifth Avenue, according to a review of data by The Real Deal. And the top two were both sporting brands.  [more]

  • From left: Wendy Maitland, Joseph Sitt, Faith Hope Consolo, Joe Aquino, Judge Judy (credit: Getty Images) and Miki Naftali

    In the blood sport of New York real estate, litigation is a way to bully, negotiate, and even embarrass — and 2016 didn’t disappoint. [more]

  • Clockwise from left: Doug Harmon, Adam Spies, Richard Baxter, Scott Latham, Toni Haber, Wendy Maitland and Brenda Powers

    Commercial brokerages got a taste of the drama long associated with the residential world in 2016, when top New York investment sales brokers defected to rival firms. [more]

  • From left: Jason Smith, Robert Reffkin, Eric Wu and Nick Romito (Credit: Lexi Pilgrim for The Real Deal)

    The real estate tech industry in 2016 could be summed up in one phrase: the big kids took over the playground

    Though there was a drop in the number of new startups and many fledgling companies struggled to secure financing, the established firms scored big money from investors and took steps to cement their market dominance. No, the post-2012 crop of startups still hasn’t led to an IPO. But this year saw some deals that make one a lot more likely in the near future.  [more]

  • Clockwise from left: 432 Park Avenue, 4 East 66th Street, 212 West 18th Street, 20 West 53rd Street and 33 East 74th Street

    UPDATED: Dec. 20, 6:35 p.m.: A decade after developer Harry Macklowe acquired the site for 432 Park Avenue, sales at the supertall condo tower dominated 2016’s top residential deals. [more]

  • Clockwise from top left: Two Penn Plaza, the Refinery, HAP Four and Vessel

    It’s not until a project is almost entirely constructed that we can really envision a new building, complex or tower’s place in the neighborhood. A rendering, however, serves as the industry’s crystal ball, sparking excitement for a project that won’t be finished for another few years.

    This year’s roundup of the boldest images to drop in 2016 offers a range of new projects that got the industry buzzing for the future — from the redevelopment of a former sugar refinery on Williamsburg’s waterfront, to a thrill ride atop Madison Square Garden.

    Here’s a look at the hottest renderings of 2016. [more]