April 2020 Issue

An era of pestilence

A deadly pandemic, sweeping lockdowns and an imminent economic crisis shake the foundations of the real estate industry

 In just three months, the coronavirus ravaging the globe has infected at least 750,000 people and killed nearly 37,000. And those are just the confirmed numbers. The pandemic has also stopped the longest-running bull market in history, put the world’s biggest economies into intensive care and become a mortal threat to storied companies. In less than a month, the Dow Jones Industrial Average sank 35 percent before Congress passed a… [more]

Diagnosing real estate’s work from home syndrome

From property owners to residents and their brokers, the looming question is whether emergency measures meant to quell the pandemic will become the new norm?

Longtime broker Leonard Steinberg… [more]

Brought down by the lockdown

Coronavirus could be fatal for some hotels and retailers as occupancy plunges into the teens and stores are forced to shut their doors

By early March, Terminal 1 of John F. Kennedy Airport, one of the busiest airports in the country, was nearly a ghost… [more]

Breaking in the outbreak

As the pandemic sickens the markets, it‘s infecting some companies more than others

No one is immune to the coronavirus, nor is any company immune to the economic crisis the pandemic is inflicting. And just as some people exposed to the virus barely… [more]

Through a glass darkly

The fates of earlier “epicenters” can help us see what’s to come for us

The United States is now at the forefront of the coronavirus pandemic, after weeks of watching from a distance as it engulfed one country after another. China, South Korea and… [more]

A glaring gray area for Stuy Town, Blackstone and the city

Tenant lawsuit raises broader concerns about a puzzling tax abatement and the potential for apartments around the city to be locked in rent regulation

When three progressive politicians … [more]

Behind real estate’s tangled mob ties

A recent mafia-related construction scheme and a murky web of subcontractors has menaced major NYC developers and their glitzy condo projects

During a court hearing this winter,… [more]

The Waldorf Astoria’s
big gamble

A $3 billion project launches sales as a global pandemic slams an already weak market. What could go wrong?

At a launch event for the refurbished Waldorf Astoria in early March, Douglas… [more]

The Closing: Simon Ziff

The Ackman-Ziff president on his ties to Larry and Bill Ackman, gearing up for distress bets and navigating the pandemic

Simon Ziff has been at the helm of Ackman-Ziff Real Estate Group since 1995. As one of the most prominent boutique real… [more]

Is it over for iBuying?

Is it over for iBuying? Pandemic causes major players to hit pause

It was just a few months ago that Zillow was being asked every five minutes to… [more]

Reforming REITs

Activist investors are slowly improving the sector’s notoriously poor governance

Simon Property Group’s $3.6 billion purchase of rival mall owner Taubman Centers in February may seem like just another example of the retail sector’s recent travails. But the takeover actually… [more]

Going off road to avoid StreetEasy

Fed-up brokers are looking for ways to get around the city’s dominant listings platform

Over the first few months of 2020, real estate agents began seeing a strange new trend in their inboxes: emails advertising… [more]

Chera on top

For Vornado’s wheeling-dealing head of retail, Haim Chera, the opportunities are as big as the challenges

The retail apocalypse delivered a one-two punch to Vornado Realty Trust last year when a pair of its largest retail … [more]

Manhattan Office market robust despite February drop

Fundamentals are still strong, and new tech hub emerges

Coming off a record year for office leasing in 2019 — was the highest since 2001 — February numbers showed a… [more]

Multifamily market still struggles with political risk

Despite lower prices for buildings, investors are still wary of Albany

Multifamily investment sales have yet to recover from the impact of last year’s momentous rent-law reform, … [more]

Editor’s note: Is there shelter from the storm?

Our great gathering places have shut down. Our lives are now defined by shelter in place, these four walls and a roof that separate us from other people (although, thankfully… [more]

Features

The facts and figures on the city’s plan to build a massive affordable housing complex on top of an active Queens rail yard
A judge orders a developer to lop 20 floors
off an UWS tower
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
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