The Real Deal New York

April 2014

NYC’s most active developers

A look at the builders with the most square footage being planned in the five boroughs

Could the stage be set for the city’s seemingly endless residential inventory crunch to ease slightly in the coming years? Judging by the rise in the number of construction permit applications recently filed with the city’s Department of Buildings, sources say that’s a real possibility — but there are caveats. This month, The Real Deal examined the residential building permit applications filed with the city between 2011 and February 2014 […]… [more]

Hey, big spender

The major players — from investment firms to Russian oligarchs — likely to open their wallets for all kinds of NYC properties in the coming months

Just days after American Realty Capital’s New York Recovery REIT acquired an office building at 1440 Broadway in October for $529 million, the company’s chief investment officer made a bold […]… [more]

Residential prices shoot through roof

Ongoing Manhattan apartment shortage prompts huge jumps in apartment costs

Manhattan condo and co-op prices are finally seeing the impact of chronically low residential inventory and a shift toward über luxury in new development. The average sales price for a […]… [more]

The Greenwich village retail strip today

Warren Buffett’s model deal

How a Greenwich Village retail strip became the Oracle of Omaha’s best investment

In a letter to shareholders last month, billionaire investor Warren Buffett cited a Greenwich Village retail strip that he bought in 1993 as one of his best long-term investments. When […]… [more]

Staving off the interest rate heebie jeebies

Alternative sources of financing could grow more popular as rate hikes loom

Last year, the Related Companies got $475 million in construction funding for its behemoth 13 million-square-foot Hudson Yards project from an unlikely group of investors. Starwood Property Group provided $350 […]… [more]

Pushback against young tech firms

Perception of start-ups as risky tenants has some landlords shying away

Some of the most valuable office leases inked in Manhattan’s Midtown South in the last year were with the new darlings of the real estate world, technology firms. Among the […]… [more]

The Domino Sugar site rendering

De Blasio’s Domino Sugar deal not as sweet as it seems for mayor

Last month, Mayor Bill de Blasio seemed to notch an early victory when he convinced Brooklyn developer Jed Walentas, of Two Trees Development, to increase the number of affordable housing […]… [more]

A REIT rundown for 2014

With the broader REIT market up, New York–focused real estate investment trusts are mostly keeping pace

Vornado Realty Trust shareholders are waiting to see if the real estate investment trust goes ahead with the idea it floated last month to spin off its suburban shopping centers […]… [more]

Anatomy of a deal: 470 Vanderbilt Avenue

The roller-coaster ride of one Brooklyn mega-deal

The second-priciest office building transaction in Brooklyn’s history closed last month. The basic facts about how Chicago-based American Landmark Property partnered with RXR Realty to pay GFI Development and Starwood […]… [more]

Kevin Maloney (photo by STUDIO SCRIVO)

The Closing with Kevin Maloney

Maloney is the founder and principal of Property Markets Group, a New York City–based real estate acquisition and development firm. The company’s projects include Walker Tower, a condo conversion it […]… [more]

The billionaire’s nest

A breakdown of some of the high-profile tenants in the country’s most valuable trophy office tower

In 2008, developer Harry Macklowe was faced with $7 billion in debt and was forced to give up his crown jewel, the 50-story, 1.82 million-square-foot GM Building at 767 Fifth […]… [more]

Big rebound in home equity

Value spike lifts 4 million owners out of negative equity

The economy may be growing at a frustratingly slow pace, but one piece is booming: homeowners’ equity holdings — the market value of their houses minus mortgage debts — soared […]… [more]


  • Alan Dixon
  • Splitting the rent
  • The month's funniest quotes
  • John Cetra & Nancy Ruddy
  • The month in review
Urban Compass executives Gordon Golub, Sofia Song and Robert Reffkin

Urban Compass’s new direction

In September, New York City–based real estate and technology start-up Urban Compass closed a deal with investors for funding totaling $20 million. The investment — from companies such as Advance […]… [more]

The ascent of 51 Astor

When developer Edward Minskoff set out to build a new office tower in the East Village, with asking rents ranging from just under $90 to $120 per square foot — […]… [more]

All the fake news that’s fit to print

In honor of April Fools’ Day, I’d like to share some of the fake news headlines (à la “The Colbert Report”) inspired by the past year of covering the always-over-the-top […]… [more]

87 Wythe Avenue

Waking up Wythe

For better or for worse, few neighborhoods were more transformed by the last development boom than Williamsburg. Sparked by the area’s sweeping 2005 rezoning, the long-time middle-class manufacturing district traded […]… [more]

Book review: Peering into the gilded halls

Michael Gross’ 15 CPW tome leaves the reader feeling like an overzealous fan, grasping for scraps of theatrics

Like many best-selling authors, Michael Gross follows a formula, attempting to re-create his past hot reads. And that’s understandable, when you consider that 2005’s “740 Park” received widespread acclaim and […]… [more]

Marketing projects to dream tenants

Developers drum up fake personality profiles to zero in on potential buyers and renters

David Picket admits he is no social scientist or raconteur, but the president of Gotham Organization and his team go to great lengths to paint a picture of the future […]… [more]

Memorial Sloan-Kettering’s East 74th Street complex

Hospitals as real estate powerhouse

The real estate needs of the city’s hospitals reflect a health care head-scratcher: These institutions want to treat more patients, but want only the sickest ones to show up at […]… [more]

The real estate doctor is in

As health care real estate needs change, Paul Wexler leverages his expertise

You can’t install a magnetic resonance imaging scanner in just any building. The heavy machines often require special structural supports, and also frequently need special shielding to prevent their effects […]… [more]

Maki strikes again at 4 WTC

The Japanese architect’s latest NYC building offers shimmering perfection and a silvery brilliance

If proof were needed of the sad state of architectural criticism in New York City and beyond, look no further than the limited reception that 4 World Trade Center has […]… [more]

Jay Badame (left) and Richard Anderson

The construction comeback

NYC hard hats are seeing the most work since the market peak, but developers are more cost conscious than ever

New York may have been one of the last cities in the country to get hit by the recession and one of the first to recover from the real estate […]… [more]

Roaring resales

While new condos grab the attention, prices jump for existing homes in South Florida too

As developers again race to erect shimmering luxury condo towers throughout Miami, South Florida’s resale market is also booming, buoyed by full-time residents, instead of cosmopolitan investors. In February, the […]… [more]

Space invaders

South Florida office space draws more companies from up north

With asking rents well below those in New York and other northern cities, plus the subtropical climate and diversified workforce, South Florida office buildings continue to draw businesses from all […]… [more]


Condo confidence

New urban mentality seen as key to sustaining Miami’s Downtown development boom

This time, it’s different. That’s the mantra from developers, brokers and other real estate professionals about the development flurry in Miami’s urban core. Skeptics point to last decade’s devastating bust […]… [more]

Default deals decline

Competition to buy troubled assets hotter than ever, erasing discounts

The dark days of the recession, when as many as 31,500 homeowners were defaulting on their mortgages each month, are behind South Florida. Miami’s luxury market is booming thanks to […]… [more]

Broward, PB gain traction

Increased development in Hollywood, Fort Lauderdale and West Palm Beach

Miami gets most of the real estate headlines, but there is plenty of condo development happening in Broward and Palm Beach counties as well. Some builders, like Dennis Eisinger, shun […]… [more]

One Ocean

Miami Beach goes boutique

Small luxe projects abound; rest of coastal Miami-Dade sees boom in tall towers

Like Greater Downtown Miami, the high-end coastal markets in Miami-Dade County are booming once again. In Miami Beach, condo developers are targeting luxury buyers who seek exclusivity and easy ocean […]… [more]

Ugo stakes his claim

Longtime developer Ugo Colombo discusses South Florida’s latest condo

As the Miami skyline constantly evolves, developer Ugo Colombo remains a towering presence. A native of Italy, he arrived in the U.S. in 1983 to attend the University of Miami. […]… [more]

The family business

When residential power broker Alicia Cervera Lamadrid was growing up during the 1960s, what is now Miami’s bustling financial district was lined with single-family homes. Cervera’s Lamadrid ’s family, led […]… [more]

Port of Miami

Caution over the canal

Industrial sector sees limited growth despite Panama Canal expansion project

Miami’s industrial real estate market will soon be hit with colossal new mega-ships loaded with cargo arriving at PortMiami, coming through an expanded Panama Canal. The multi-billion dollar canal expansion […]… [more]

Celeb crib exchange

Rich and famous celebs including ‘The Rock’ seek privacy, waterfront access; A-Rod, Matt Damon and others look to unload pricey South Florida pads

From sports stars to Hollywood hunks, celebrities continue to drop serious cash on dream homes and condos in South Florida. Privacy and waterfront access were pivotal for stars making expensive […]… [more]

Priced out

Surging land values in South Florida are keeping many developers and investors on the sidelines

Escalating land prices have transformed the face of South Florida real estate, tightening the race for vacant turf and locking some developers and investors into a wait-and-see mode. As an […]… [more]

Alan Faena and a Faena House rendering

A beach behemoth

Developer Alan Faena assembles a group of all-star collaborators to build a massive new Miami Beach project

Alan Faena has no interest in joining the pack of condo and hotel builders racing to construct multiple projects in Miami while this development cycle is hot. Instead, the former […]… [more]

Design stars

Steven Gurowitz insists he doesn’t chase South Florida developers for business. But the CEO of Interiors by Steven G. understands if it might seem that way. The company is involved in […]… [more]

SoFla’s growth spurt

South Florida’s growth is about much more than condos. An unprecedented construction wave and consistent population growth means that the region has major infrastructure, commercial real estate and cultural needs. […]… [more]

Paco Diaz of CBRE and Brickell CityCentre

Racing for retail

A shortage of urban retail has developers dashing to build new space

The South Florida real estate industry’s favorite cliché is that Miami is a “global city.” Like New York, London, Paris and Tokyo, the word “Miami” can now be found in […]… [more]

Hot for hotels

With more guests willing to spend $1,000 a night, developers are agressively repositioning older properties

Institutional investors and tourists are invading the South Florida hotel market – and for some of them, it’s more than a short-term stay. Among the signs of the region’s comeback […]… [more]

Deep pockets required

Buyers increasingly embrace paying top dollar for condos in South Florida

South Florida culture is all about embracing the latest social trend, whether it’s automobiles, boats, fashion, sports or real estate. As the 2013-14 winter tourism season comes to an end, […]… [more]