The Real Deal New York

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Government

Publisher's Note

April 2009
  • Bernard Madoff was hauled off to jail last month and may never again see his $7 million Upper East Side penthouse. But the impact of his $65 billion Ponzi scheme on Manhattan real estate will be felt for years to come, as his victims look for ways to sell their spacious lofts and stately townhouses amid the worst housing slump in decades. They, along with other sellers, will need to seek creative methods of unloading […]… [more]

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  • In downturn, suits pile up

    Tight credit markets make squabbles escalate faster

    In a downturn, it can seem like everyone sues everyone else. Squabbles between developers and lenders are escalating, leaving a growing number of dormant construction sites in the city. And suits between brokerages and developers are also adding up as developers are unable to pay for marketing. The Real Deal examines several legal battles: Banks and builders battle Brokers vs. developers: battling it out in court

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  • Yair Levy: Condo king loses crown

    Developer Yair Levy faces financial straits

    For developer Yair Levy, real estate is Act II. After emigrating from Israel in 1972, at age 22, the current president of YL Real Estate teamed up with his brother in the garment business, and established himself as a presence in the fashion world by creating a successful line of women’s sportswear. Levy sold the apparel line, which was called the YL Collection, to several department stores. In a 2007 interview with The Real Deal, […]

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  • Retail reels, gets knocked out

    Manhattan vacancies rising with recession

    Like teeth punched out in a fight, empty store fronts dotting Manhattan streets are reminders of the walloping delivered by the economy. The Real Deal examined the state of retail in five of Manhattan’s most heavily-trafficked shopping areas to see how they are weathering the economic downturn. Retail gets knocked out Brokers hustle, landlords bend and small locals seize opportunities

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  • Ceiling gets lower for top sales

    Top residential deals fail to wow

    Go to chart: Top 25 resales in New York City, January to February 2009 So far, this year’s record residential real estate deals aren’t as dazzling as those seen in recent quarters — in fact, 2009’s top deals would have merely elicited a yawn last year — and the number of overall transactions has plummeted. This month, The Real Deal looked at the most expensive residential sales in the city during January and February 2009 […]

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  • A look at retail vacancies by neighborhood

    Manhattan vacancy rates rise with the recession, new projects put on hold

    Go to chart: New York City retail rents by neighborhood Like teeth punched out in a fight, the empty storefronts dotting Manhattan streets are reminders of a recent walloping, this one delivered by the economy. With consumers tightening their belts to save money, retailers, reeling from dropping sales and unable to make rent, are being forced to close up shop. The pockets of vacant stores thus created are perhaps the plainest hallmarks of the recession. […]

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  • Do retailers need a rescue plan? As more storefronts turn out the lights and pack up racks of clothes, boxes of electronics, bottles of wine and other merchandise, that question is on the minds of a lot of New York City real estate brokers. In this month’s Q & A, retail brokers told The Real Deal that they’ve seen asking rents decline by 30 to 40 percent in secondary and tertiary areas of the city, […]

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  • Buying trophies with smaller checks

    Appraisers say value of iconic properties dropping sharply

    Three record-shattering deals epitomized Manhattan real estate’s recent boom: Tishman Speyer’s $5.4 billion purchase of Stuyvesant Town, Kushner Companies’ $1.8 billion acquisition of 666 Fifth Avenue and Mort Zuckerman’s purchase of the GM Building for $2.8 billion. At the time, each of these billion-dollar-plus transactions was deemed a triumph of sorts for its respective investor. But today, with both commercial and residential values plummeting in Manhattan, these trophy deals aren’t looking quite as sweet. “Overall, […]

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  • On the market: Commercial

    Commercial properties recently placed on the market

    Greenwich Village office building for sale A nine-story office building at 96 Morton Street is on the market with an asking price of $57.5 million, or $509 per square foot. The property, between Greenwich and Washington streets, is configured as floor-through offices on the second through ninth floors, with two retail tenants at ground level. The office tenants are paying an average of $28 per square foot, with leases due to expire between 2014 and […]

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  • Office landlords sweetening the deal

    To attract tenants, landlords warm to lease takeovers, recognition agreements and concession packages

    Go to chart: Manhattan office stats Landlords chasing a limited number of tenants are employing aggressive techniques that were not seen a year ago, but are now being offered to attract companies to their buildings. The provisions, such as lease takeovers, concession packages and recognition agreements, are growing in importance in the tenant-friendly marketplace. Michael Gottlieb, a tenant-side broker and executive managing director at full-service real estate firm Grubb & Ellis, said that for the […]

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