August 2016 Issue

Who are real estate’s
quiet money backers?

Back in 1980 — as oil prices were peaking in the aftermath of the Iranian Revolution — Israeli shipping magnate Sammy Ofer felt the itch to diversify his billion-dollar maritime empire. Enlisting his then 30-year-old son, Eyal, as his proxy, Ofer waded into New York’s real estate market, paying $800,000 for a brownstone on 42nd Street near Fifth Avenue that he quickly flipped for $1.8 million. Over the next three… [more]

The private players

New York City real estate has had silent investors for as long as developers have been buying and selling property. But as the world economy grows more uncertain and lenders pull… [more]

The making of a starchitect

In a city ruled by conservative straight-lined skyscrapers, Bjarke Ingels’ 2 World Trade Center — when and if it is finally built — will stand out as a playful, teetering staircase. Designed as a series of seven precariously stacked blocks, the 3 million-square-foot building rising over Lower… [more]

Billionaires’ Row:

In 2011, 57th Street could barely be called millionaire’s row, with an average sales price of $1.57 million, according to CityRealty. But as everyone already knows, One57, which was completed… [more]

Costar’s Crusade

UPDATED: Aug. 1, 6:14 p.m.: What do George Washington, rapper Lil Wayne and actor Jeff Goldblum have in common? They all appeared earlier this year in a Super Bowl television… [more]

Building outside the box

When Eliot Spitzer presented his Williamsburg waterfront project to fast-rising architect Eran Chen in September 2014, the timeline and budget allowed for… [more]

The little bank that could

For the bulk of its 113-year history, Bank of the Ozarks was a small community lender with a few branches in Arkansas’ mountainous western region,… [more]

Bushwick, the sequel

In mid-June, renderings for a Brooklyn developer’s sprawling 1 million-square-foot rental complex at the former Rheingold Brewery site were unveiled to the public. Set to be developed by Yoel Goldman… [more]

The Closing:
Kenneth Fisher

Kenneth Fisher is a partner at Fisher Brothers, a century-old, family-run real estate firm that owns and operates more than 5.5 million square feet of… [more]

Midtown’s coming exodus

By now the headlines are familiar: Tenant X is heading Downtown or Tenant Y is taking space on the Far West Side. But what’s often left out of the headlines… [more]

The volatile bonds that tie

Over the course of June and July, Britain roiled international markets by voting to leave the European Union, Italy’s struggling banks pushed the Eurozone closer to a new crisis and… [more]

The (guided) flight
to suburbia

Summer is traditionally moving time. For many New Yorkers, particularly families, that means leaving the city entirely. Nationwide, people aged 30 to 44 are moving to the suburbs at a… [more]

Serving up function over flash

There’s a famous passage in “The Great Gatsby” that begins, “About half way between West Egg and New York the motor-road hastily joins the railroad and runs beside it for… [more]

Mapping order out
of chaos

It is one of the paradoxes of the human condition that we take infrastructure far more seriously in the breach than in the observance. We have been… [more]

The new waiting-to-buy market

While low interest rates may suggest now is the time to buy, the soft rental market coupled with a limited supply of starter condo and co-op apartments is challenging conventional… [more]

The incredible shrinking office

In Hudson Yards, developers are testing the demand for large, super-dense office space. Two of Related Companies’ buildings in the Far West Side neighborhood have multiple floors that can provide… [more]

Editor’s note:
Thrust into the spotlight

The quiet players are starting to be heard. Mega-wealthy private investors, who typically fly far below the radar, are playing a bigger role in bankrolling New York City development today… [more]

Comings and Goings

Real estate finance startup Cadre, which lets institutions invest in commercial real estate online, hired former Starwood Capital Group executive Marcos Alvarado as its new head of acquisitions. Ginger Brokaw,… [more]

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