April 2016 Issue
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Why Donald Trump is the elephant in the real estate industry

UPDATED, April 5, 10:09 a.m.: Imagine this: a brash, driven son of a New York real estate family ascends the throne. He takes risks, turning a mostly outer-borough portfolio into one made up of trophy Manhattan holdings like the Plaza Hotel, which he brazenly buys for $400 million, completely with borrowed money. During the 1990s, he falls deep into debt and his businesses go into bankruptcy. He appears to be… [more]

Politics aside…

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Donald Trump may arguably be an outsider in the world of NYC real estate, but that doesn’t mean he is without any admirers. With a career that stretches back to the 1970s, he’s crossed paths… [more]

Crossing Trump

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If Donald Trump gets sworn into office next January, he will be able draw on all the oaths he’s ever given during nearly half a century of suing — and… [more]

Handing over Trump Inc.

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President Barack Obama earned just shy of $95,000 in royalties last year from the sales of his two autobiographies, “Dreams from My Father” and “The Audacity of Hope.” GOP presidential… [more]

How much does the
Trump brand pay?

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Donald Trump has famously plastered his name on everything from skyscrapers to wines, steaks, dress shirts… [more]

The EB-5 Gravy Train

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Howard Michaels, the tough-talking finance broker, shot off an email in 2014 to his client Michael Shvo. Michaels, who heads the Carlton Group, had just gotten off a long phone… [more]

How much longer will the love affair last?

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It’s no secret that New York City developers have over the past few years been tapping the EB-5 spigot. Giant builders like Macklowe Properties, Extell… [more]

Reining in regional centers

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Nicholas Mastroianni II is a man in perpetual motion. The 52-year-old CEO of the U.S. Immigration Fund, which raises money from foreign investors for real estate … [more]

The banking bonanza

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On a frigid day in February, more than 200 people packed into a ballroom inside the Roosevelt Hotel in Midtown Manhattan — all there to hear about the latest regulatory issues and new legislative… [more]

EB-5’s gatekeepers

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Last July, a swarm of high-profile guests — including Revlon Chairman Ron Perelman and former Secretary of State Henry Kissinger — gathered to… [more]

EB-5: Dead or alive?

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EB-5 investors by definition live outside the U.S., sometimes thousands of miles away. But it ultimately falls on them to determine which real estate development projects in NYC (or elsewhere… [more]

The Closing: Richard LeFrak

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Richard LeFrak is chairman and CEO of the LeFrak Organization, a company started by his great-grandfather, Aaron, in 1905. LeFrak became president in 1975 and… [more]

The ‘Path’ to $4 billion

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Architect Santiago Calatrava envisioned an elegant, bird-like PATH station for the high-profile World Trade Center site, but by some accounts what he got was an extravagant symbol of government inefficiency…. [more]

The judges who rule
over real estate

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When a New York real estate deal goes south or a partnership sours, chances are good that someone is going to… [more]

Where the billionaires live

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Here’s a fun fact: New York City has more billionaires than any other city on the planet. Last month, Forbes reported that 79 billionaires call the Big Apple home, besting Hong Kong, which has … [more]

The after-hours
construction boom

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It’s Saturday morning and the alarm clock is silent — but thanks to a new luxury condominium next door, there’s the deafening roar of a pile driver slamming metal deep… [more]

Brooklyn’s new beauty

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The Academy Award-nominated “Brooklyn” is, among other things, a sign of the times. It was quite apparent to the producers of this film, which celebrates the borough almost to the point of mythology, that the mere allure of its name would be a strong… [more]

The office space
discount debut

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It’s official. Manhattan landlords are discounting more of their for-lease office space. Last month, for the first time in at least a year, landlords chopped… [more]

Manhattan’s new
$2M marker

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Remember back in December, when the median price of a Manhattan apartment crossed the $1 million mark for the first time? Brace yourself because another… [more]

Editor’s note:
When the music stops

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Dance until the music stops. That was the infamous advice from the former CEO of Citigroup Charles O. Prince III back in July 2007, with the subprime crisis about to bear down on the country. Or more specifically, “When the music stops, in terms of liquidity, things will be complicated…. [more]

Comings and Goings

Greystone Bassuk has promoted Drew Fletcher to the role of president. Fletcher will continue reporting to Richard Bassuk, chief executive officer of the Greystone Bassuk Group. The company said the… [more]

We Heard

Faith Hope Consolo, the outspoken retail maven, has always been viewed as a bit of a drama queen. Now, the 66-year-old Douglas Elliman broker, who’s represented the likes of Cartier… [more]

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