The Real Deal New York

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Editor's note

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August 2009
  • Manhattan’s residential real estate market might be feeling serious pain, but many real estate insiders believe the city’s commercial market will spend a much longer period in the doldrums. While residential real estate is suffering from an oversupply of inventory and a bursting price bubble largely spurred by a drop in lending standards, commercial real estate is confronting obstacles on the debt side that appear to be more entrenched. What’s more, experts say the problems […]… [more]

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  • Investors defaulting to make money

    Some NY investors go into foreclosure on purpose

    For most homeowners, foreclosure is like a fatal illness that starts with losing control of their finances and ends with a sickening feeling when the bank finally seizes the property. Post-foreclosure, a homeowner’s credit rating gets trashed and he can be in financial purgatory for years, making it nearly impossible to buy or rent property. But while foreclosure typically spells disaster for homeowners, for some New York City investors, it may actually be a good […]

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  • Can Aby keep his star power?

    Rosen fights to preserve the trophies on his shelf

    In both real estate and art circles Aby Rosen’s reputation precedes him. The 48-year-old, silver-haired Rosen is a legendary art collector and boldfaced name who has successfully parlayed his flashy style and social status into a hefty real estate portfolio anchored by the iconic Lever House and Seagram Building — both on Park Avenue. Until recently, Rosen has methodically placed smart bets, buying low and then upgrading his buildings and turning them into some of […]

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  • Wary of the rebound

    Is uptick in activity creating false hope for brokers?

    The summer of 2009 has turned out to be a confusing time for New York City real estate. While Goldman Sachs reported record earnings and Fed Chairman Ben Bernanke talked optimistically about green shoots, the bleakest, leanest winter in recent memory gave way to an uptick in contract signings, filling brokers with hope that the worst days of the downturn have passed. At the same time, unemployment surged to 9.5 percent in the city, and […]

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  • Brokers trade Hermès for H & M

    A look at agents' and execs' bigger workloads, shrinking pay

    Not too long ago, New York City real estate brokers were fixtures at upscale restaurants and, frequently, the buyers of the flashy homes they marketed. Nowadays, many are trading Hermès for H & M and scaling back their lavish lifestyles. And while most brokers are euphoric that a tough winter has yielded to a recent flurry of sales and rental transactions, industry insiders say the current uptick is raising false hope that business might return […]

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  • The best and worst deals

    The 15 biggest winners and losers since the crunch

    Next month will mark the one-year anniversary of the fall of Lehman Brothers — a date often referred to in “pre-” and “post-” terms in the New York City real estate market. With that in mind, The Real Deal zeroed in on the 15 best and worst deals since Wall Street’s collapse and the earlier onset of the credit crunch. The deals were selected based on interviews with real estate professionals, published reports from the […]

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  • While I’ve been the editor of The Real Deal from the time it started more than six years ago, this is my first editor’s note, and I’d like to introduce myself. I have usually worked behind the scenes, at first writing stories, and then editing and assigning them as the magazine grew. But now, thanks to our crackerjack staff of deputy editors, I’ve found the time to write this note, and I imagine you’ll be […]

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  • Feds boost NYC development

    Stimulus funding for commercial projects comes in low, but still welcomed

    The Bloomberg Administration’s plan to kick-start commercial construction in New York City’s economically distressed areas was dealt a setback when federal financing for a new city program came in tens of millions of dollars lower than originally expected. The city’s Economic Development Corporation is overseeing the Recovery Zone Facility Bond Program — part of the federal government’s stimulus plan — and is currently soliciting proposals from developers for a total of $121 million available in […]

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  • Chang’s ‘most painful’ project now has buyer

    Three adjacent hotels on West Side score buyer, but twisted path to deal serves as gauge of slow market

    Despite the wretched outlook for New York City’s lodging sector, construction workers in hardhats and neon orange vests gathered with real estate executives on gritty West 39th Street last month for a small moment of hotel-related celebration. They stood gazing upwards in respectful silence as an American flag zoomed through the blue sky on a pulley, headed for the top of the hotel, developed by Sam Chang, under construction between Eighth and Ninth avenues in […]

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  • UBS selling stake in 299 Park Avenue UBS is selling its 49 percent stake in 299 Park Avenue, the 1.16 million-square-foot tower between 48th and 49th streets, according to the New York Post. The bank, which has more than 750,000 square feet in the building, is not planning to sell a set of floors, but rather its ownership interest in the property. Managing partner Fisher Brothers holds a 51 percent ownership in the building. Sources […]

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