The Real Deal New York

August 2010
  • “Deal Killers”

    A look at the top 10 factors sabotaging today’s deals and how brokers are combating them

    Brokers these days have coined a term for a lawyer — or anyone else — who ruins a perfectly good real estate transaction: “Deal Killer.” Despite the recent pickup in sales activity, the lingering recession and tough lending climate continue to kick up obstacles for both buyers and sellers — from obscure zoning problems to 11th-hour mortgage glitches. This month, The Real Deal looked at these and other “Deal Killers” in the marketplace, examining the […]… [more]

    Comments
    • Print
  • Special interest in special services

    Investors jockey for companies that deal with distress

    These are busy times for the usually obscure companies that specialize in distressed commercial loans. With investors defaulting on billions of dollars of debt nationwide, so-called special servicers are gaining new prominence. The companies — which handle securitized loans on the verge of default to ensure that bond holders can be paid off — are not only raking in lucrative fees, they’re also being courted and, in some cases, acquired by high-profile investors looking to […]

    Comments
    • Print
  • Modlin’s stars align

    Adam Modlin’s fat Rolodex has turned him into one of Manhattan’s top brokers and a leader in the next generation of celebrity agents

    Interviewing celebrity real estate broker Adam Modlin is a bit like a Cold War-era rendezvous with a double agent. You pick a day and time, and move your assets — reporter and photographer — into the general area. Then you wait for a phone call to reveal the exact coordinates of your meeting.

    Comments
    • Print
  • Changing of guard for purchase power

    NYC’s post-recession market brings new buyers, new floor plans and new neighborhood demographics

    In last month’s much-anticipated season premier of “Mad Men,” leading man Don Draper settles into a dark Greenwich Village apartment after a divorce from his wife, who remains ensconced with the children in their spacious Westchester home. The TV series, set in the 1960s, recalls a time when Manhattan was considered the province of young, single people, while families belonged in the suburbs — a time when being a working New York parent meant an […]

    Comments
    • Print
  • In the office market, mighty hunters

    A look at which companies are searching for the largest blocks

    Bank of America. Morgan Stanley. Condé Nast. These are the companies leading the pack when it comes to searching for large blocks of Manhattan office space. Yet they have plenty of company. In fact, real estate insiders say there are more large tenants on the hunt for Manhattan space — and also signing deals — this year than there were a year ago. The reasons are manifold, brokers say. First off, the improved economy, while […]

    Comments
    • Print
  • The Hamptons’ heaviest hitters

    A look at the 10 brokers who dominate high-end listings on the East End

    While the Hamptons market has severely suffered for the last two years as buyers have steered clear of second homes, deals are finally closing again — albeit with price cuts and negotiations. According to data from Suffolk Research Service, the total value of home sales on the East End dropped from $784 million in the first quarter to $777 million in the second quarter (still 96.2 percent higher than the year-ago quarter). But the number […]

    Comments
    • Print
  • Banco Popular building for sale An office building with street-level retail space at 7-9 West 51st Street in the Plaza District in Midtown is on the market for $36 million. The 1941 building, located between Fifth and Sixth avenues, sits on 43,774 square feet of land, and includes 15,950 square feet of vacant retail space. The site is currently home to offices and a bank branch, though the bank is moving out. It is located […]

    Comments
    • Print
  • Documenting Ground Zero

    Rebuilding for posterity as artists and filmmakers capture it on canvas and camera

    While Ground Zero may be among the most popular tourist destinations in the city, much of the public has no idea what’s really taking place at the site of the worst terrorist attack on American soil. That’s partly because it’s one of the most complicated building projects in the world and because it’s one of the most locked-down construction sites. Construction workers at Ground Zero are not even allowed to carry cameras. But there are […]

    Comments
    • Print
  • High-end construction, rooftop views of the High Line and even rents in the high $70s-per-square-foot range are luring office tenants to the trendy Meatpacking District, where they are taking advantage of sharply discounted prices as tenants are doing throughout Manhattan, brokers say. For example, one tenant is reviewing a lease that’s been drafted for the top floor of the rehabilitated 414 West 14th Street, where denim giant Levi’s signed a retail lease earlier this year. […]

    Comments
    • Print
  • Leasing update Lower Manhattan 200 Water Street Rockrose Development’s 576-unit South Street Seaport rental building is fully leased after less than a year on the market. Rents at the 32-story tower, formerly a New York University dorm, started at $2,045 for studios, $2,470 for one-bedrooms and $3,715 for two-bedrooms, with the landlord offering two months of free rent. The building has a 33rd-floor roof deck with a waterfall shower, and a sixth-floor tenant lounge with […]

    Comments
    • Print