April 2019 Issue

NYC’s ghost towers

Just how many of Manhattan’s luxury condos are owned by people who don’t live there?

Over the course of the last several years, billionaire Ken Griffin went on what can only be described as a real estate buying binge. There was a $60 million penthouse in Miami, a $59 million penthouse on Chicago’s Gold Coast and a $122 million mansion overlooking St. James’s Park in London. Then, for the hedge funder’s pièce de résistance, he closed on the record-breaking $238 million condo at 220 Central […]… [more]

Investors:
A double-edged sword

While developers never want to turn away buyers, owners who don’t occupy their units full-time can pose problems

Deep-pocketed investors have clearly been a boon for New York City developers, who have banked on them to buy up … [more]

Tax targets

The industry may have dodged a pied-à-terre tax bullet in favor of a more palatable property transfer fee, but sources say
the PAT is likely to be back in the crosshairs later this year

For a roughly eight-week stretch, New York real estate players were facing… [more]

High rollers
in a budding business

Real estate players increasingly see cannabis as the next big thing — with potential gains in New York — but some say it’s a tricky gamble

Churchill Real Estate Holdings’ … [more]

Who’s winning and losing on Wall Street?

Newmark is still lagging, while Cushman, CBRE and JLL have all rebounded from late 2018’s stock market turmoil

Newmark Knight Frank saw its stock take another beating in February and March, while the rest of the “Big Four” … [more]

Squeezing profits
from shared housing

Demand and investor interest in the co-living model are on the rise, even as skepticism over scalability and affordability remains

It seems co-living is finally coming of age. The problem is how to scale. The high-end communal housing model is … [more]

The battle of the banks

As mortgage originations fall in a slowing market, lenders get increasingly aggressive in the pursuit of NYC market share

Last year, Luxury Mortgage Corporation’s Mira Dick worked with a former Wall Street banker who was having trouble locking in a mortgage for a $2.2 million… [more]

The Closing: David Kramer

The Hudson Companies boss on building on Skid Row, competing in Sudoku tournaments, and his firm’s “arranged marriage” with Related

David Kramer is the president of Hudson Companies, one of the city’s largest affordable housing … [more]

Manhattan’s leasing leaders

Big-ticket deals buoyed brokerages in 2018, but did the market ‘borrow’ deals from the future?

When Hudson Yards opened in the middle of last month, roughly 82 percent of the 8.9 million square feet of office space at the megaproject was already … [more]

Brooklyn’s leasing leaders

Which firms inked the most office space in the borough in 2018?

The Real Deal ranked the top office leasing brokerages in terms of square … [more]

Willet be?

After a decade of delays, Willets Point’s redevelopment is back on track with a potential Opportunity Zone boost, but New York real estate players are wary

When former mayor Michael Bloomberg unveiled the city’s master plan for redeveloping Willets Point back… [more]

Intelligent design

Smart buildings, fueled by the Internet of Things, are on the rise

Imagine if a building could function like an iPhone. That idea struck Rudin Management’s John Gilbert III when he waited at Joe’s Pizza on 14th Street in 2009. With Rudin […]… [more]

Power lunch

Three New York developers talk friendly competition, Amazon’s retreat and housing reform over halibut at the Four Seasons

Six months after the Four Seasons Restaurant moved out of the Seagram Building and reopened on East 49th Street, a trio of developers dined before … [more]

Residential market report

From rental concessions to the booming Bronx, a look at the biggest trends

Manhattan’s rental market improves The luxury sales slump continues to be a silver lining for Manhattan’s rental market. Rents rose in February as would-be buyers took refuge in rentals, according […]… [more]

Commercial market report

From Hudson Yards’ arrival to Google’s largesse, a look at the biggest trends

Hudson Yards office rents rise as development debuts As the Related Companies’ sparkling new towers rise along Manhattan’s West Side, prices are escalating just as quickly. Despite its varied … [more]

Editor’s note:
Getting ghosted

“There’s never a development project that’s embraced.” So says David Kramer, president of the Hudson Companies, one of the city’s largest affordable housing developers, in this month’s Closing interview. Kramer […]… [more]

Features

The numbers behind the soaring Vornado tower, which is set to rake in $1B despite a slump in the luxury market and other hurdles
Quadrum’s hotel head on his love of street art, breaking out his bar tray and growing his firm’s Arlo brand
A roundup of news and data on the residential market
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
A roundup of news and data on the commercial market
TRD's monthly deal sheet includes residential sales, commercial sales, financing and leasing data