The Real Deal New York

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April 2008
  • Solow courts new battles

    Pugnacious — and wildly litigious — developer continues bare-knuckled quest for GM trophy building

    Don’t call Sheldon H. Solow litigious. He just might sue you. The silver-haired, 79-year-old mogul built a $2 billion real estate fortune from scratch and now ranks 239th on the Forbes list of the 400 wealthiest Americans (he’s tied with Jerry Speyer and Harry Macklowe, among others). He won approval last month to transform the skyline of the East River with a $4 billion project on New York City’s largest privately owned tract of undeveloped […]… [more]

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  • Watching Wall Street

    Bracing for real estate hit after job losses and Bear Stearns

    With last month’s death knell of the nation’s fifth largest investment bank and over 20,000 job cuts expected in the industry, the city is nervously waiting to see how Wall Street’s state of imbalance will impact the real estate industry. See what brokers had to say about the effects of layoffs on the housing market. Also, industry experts discuss how injured investment banks have rethought their major office development projects and how heavyweight building sales […]

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  • Foreigners crossing pond and the river to Brooklyn

    Foreign buyers increase presence in Brooklyn

    Over the past decade, Brooklyn has attracted an ever-growing flood of ex-Manhattanites drawn to its cheaper prices and its continually gentrifying neighborhoods. But now, the borough is attracting a new kind of transplant: the international apartment hunter. While the vast majority of the foreign investment that has been flooding into the city because of the weak dollar has targeted Manhattan, brokers and analysts say a growing number of foreigners are checking out the city’s most […]

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  • Financial news has been bleak as of late, with the credit crisis and the collapse of Bear Stearns rocking the real estate world. Yet while sellers of lower- and mid-priced homes have suffered, some real estate watchdogs maintain that the market for trophy properties has remained insulated from price fluctuations. Can that hold up with the economy headed downward? This month, The Real Deal set out to get a sense of how the ultra-high-end of the […]

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  • Developers afraid to break new ground

    Projects starting up in '08 will be rare, developers say

    Lenders looking for a reason to call in defaults? Banks showing up at closings without any money? Fire sales on newly built condos? These are just some of the grim realities that New York City developers are dealing with in this less forgiving economic terrain. Developers interviewed for The Real Deal’s Q & A offered up blunt assessments on lending standards to their novice counterparts (“they are done”). In addition to the stories of lenders […]

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  • How mortgage scammers make their mark

    Case of Maurice McDowall shows mortgage fraud's toll

    Last December, as he was flying back to New York from St. Vincent, his home country in the Caribbean, 49-year-old Maurice McDowall looked like any other successful, middle-aged businessman returning from an early winter holiday in the sun. McDowall was the relaxed owner of Lost and Found Recovery, which billed itself as a company that helped homeowners avoid foreclosure. For a time, the firm was enviously busy; there were always people coming and going out of its office at 1009 Bergen Street […]

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  • Betting on OTB real estate

    Plan to close 72 parlors offers some new opportunities in prime locations

    If the city’s Off-Track Betting operation goes ahead with its plan to shut down six dozen storefronts in mid-June, you can bet that the properties that those gritty, 1970s-era parlors sit on will likely become go-to spots for new commercial and retail ventures. Brokers said the planned shutdown, which involves locations in all five boroughs, provides a rare real estate opportunity. While not all OTB outposts are in prime locations, some are in retail hotspots […]

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  • Whatever befalls beleaguered landlord and developer Harry Macklowe and his property empire, his travails are part of a long line of epic busts in New York City real estate. As he and others before him demonstrate, even Gotham’s biggest builders fall from time to time. When they do fall, they generally follow the Macklowe model: A developer builds or buys a trophy property, pledges it as collateral, becomes overextended and the entire empire topples. “That […]

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  • Founder, chairman and CEO of international real estate investment banking firm the Carlton Group. Founded in 1991, Carlton specializes in equity and debt placement, investment sales and commercial and residential loan sales. In 2007 alone, the company closed more than $7 billion in transactions. Some of its more notable deals include the 2007 financing of the $350 million Trump Soho; the $825 million equity and condo conversion financing of Manhattan House in 2005; and the […]

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  • On the Market: Commercial

    Commercial properties recently placed on the market

    Helmsley Park Lane Hotel could fetch $1B The 46-story Helmsley Park Lane Hotel is expected to hit the market shortly and could fetch close to $1 billion, the New York Post reported. The 1971 property could end up selling for up to $1.5 million per room, according to one hotel analyst. The Park Lane was one of numerous properties placed in a trust after Leona Helmsley died last summer. The hotel is expected to draw […]

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