The Real Deal New York

April 2011
  • Moguls in the making

    A look at the top 35-and-under NYC real estate players

    Back row, left to right: Roshan Shah, James Nelson, Justin Ehrlich, Kyle Blackmon and Michael Gambino; front row, left to right: Angela Sung, Zach Vella, Ariel Schuster and Julie Pham. Real estate’s up-and-coming dealmakers have faced tremendous obstacles in the past three years. When 20-something Florida native Oren Alexander moved to New York in 2008, for example, he wanted to get into development or work for a REIT, but said he quickly discovered that “there […]… [more]

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  • Empire state of mind

    He may not be making friends with fellow moguls or politicians, but Tony Malkin is bringing NYC's most iconic tower back to its glory days

    Tony Malkin in San Francisco last month before heading to New Zealand and Hong Kong on business The Empire State Building may have been the world’s most famous office building, but in the New York real estate industry, it was becoming famous for the wrong reasons. Lately, however, that’s begun to change. In January, Malkin, 48, inked a gargantuan, 483,000-square-foot lease with LF USA, a division of the Hong Kong-based consumer products trading firm Li […]

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  • Appraisals get easier — finally

    More comps are starting to improve the troubled process of property valuation

    Appraisals have posed a major problem for the New York City real estate market over the past two years. With banks treading carefully after the credit crunch and hampered by 2009’s strict Home Valuation Code of Conduct, many New York buyers have found their appraisals coming in far lower than expected, jeopardizing otherwise straightforward transactions. But that is now starting to change, real estate professionals said, in a shift that is giving the industry a […]

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  • Risky retail plan finds footing

    Zara and Swatch new store deals boon for investors at 666 Fifth's retail condo, but it's been a white-knuckled ride

    A rendering of the retail condo at 666 Fifth Avenue, where Zara, Hollister, Swatch and Uniqlo have all taken space The notion of a $1 billion retail blockfront on Fifth Avenue seems like a pipe dream from the boom times. But it may yet happen. The record-setting purchase last month of a slice of the retail space at 666 Fifth Avenue by the parent company of Spanish clothing store Zara looks to be the tonic […]

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  • Slippery slope

    Store vacancies have risen on Brooklyn's Seventh Avenue strip

    Through the years, Seventh Avenue in Park Slope has been something of a model retail corridor. In a neighborhood that prides itself on shopping locally and eschewing national chains, residents have enjoyed that the 17-block stretch between Flatbush Avenue and Ninth Street in particular was packed with a slew of mom-and-pop shops, local restaurants and trendy boutiques. And as the strip grew in popularity over the decades, landlords could count on keeping their ground-floor spaces […]

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  • Good-bye, New York

    Hello, secondary investment markets

    While those in the industry have been relieved to see the New York City commercial real estate market bounce back over the past year, the resulting price increases have prompted many investors and developers to look elsewhere for deals. Instead of searching for properties to buy in the Big Apple, they are, in many cases, turning to other markets — from prime locations like San Francisco and Los Angeles to secondary markets like Austin, Tex. […]

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  • If real estate is a war of attrition, the smart money might be on Victor Elmaleh, 92. Soldiering on while many of his peers have called it quits, Elmaleh, the chairman of the development company World-Wide Group, recently unveiled 250 East 57th Street, a bowling- pin-shaped condo-rental hybrid with a pair of new public schools. Cranes at the 59-story tower, which was designed by Skidmore, Owings & Merrill, can be seen from Elmaleh’s corner office. […]

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  • Time to raise the rent

    Burned tenants drive spikes in office rates in first quarter

    It’s time to raise the rent — at least according to landlord representative brokers, who were urging their owners to do so in the first quarter. One of the key trends driving that push was that large office tenants continued to get bumped from preliminary deals as even bigger prospective occupants came along. Brokers pointed to recent examples such as Wells Fargo being snubbed at 120 Park Avenue in favor of Bloomberg LP, and law […]

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  • Lots of plots

    Developers back in the game of assembling NYC parcels

    In the tight quarters of Manhattan real estate, cobbling together space by assembling blocks of adjacent land has long been one of the go-to strategies to make room for something bigger. Now there’s good indication that, after a recession hiatus, developers are again turning their attention back to assembling properties. Real estate firms such as the CIM Group, the Rockefeller Group and Extell Development are betting that as the economy improves, the investments made in […]

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  • On the market

    Commercial properties recently placed on the market

    290 Mulberry Street Coney Island development site for sale A three-acre parcel in the newly rezoned Coney Island district at 1509-1520 Surf Avenue is on the market. According to Robert Dankner, president of Prime Manhattan Residential, which is marketing the property, the development site is expected to trade in the range of $75 to $85 million. The property carries development rights for over 350,000 square feet of hotels and retail as well as 300,000 square […]

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