The Real Deal New York

August 2017 Issue

Solving NYC’s condo riddle

With bank deadlines looming and carrying costs mounting,
developers scramble to pencil out condos planned
in a far different (and stronger) market

UPDATED, Aug. 3, 2:35 p.m.:  The breakup of Linda and Harry Macklowe after 58 years of marriage became quick tabloid fodder. With a vast real estate empire and a billion-dollar art collection to divide, one of the more salacious details to emerge from their split was that Harry’s then-girlfriend (and now fiancée) was living at 737 Park Avenue — his condo conversion several years in the making that’s only now […]… [more]

Who’s winning condo marketing’s game of
musical chairs

A look at the leading brokerages on new development projects as “switching and swapping” hits an all-time high

On a Friday morning in the middle of last month, news broke that the… [more]

Who earned and
who got burned?

A deep dive into Manhattan’s luxury resales, including which business moguls and celebs made out big in the last decade —
and who stomached

When Jets owner Woody Johnson accepted a $77.5 million offer for his… [more]

Can Wendy Silverstein rescue New York REIT?

Four months after New York REIT started liquidating its holdings, its first-quarter earnings call turned hostile. The company — which had been dogged by shareholder disputes, lackluster returns and scandals […]… [more]

The cracks that could sink Lansco’s ship

As the mid-sized brokerage grapples with an exodus of talent and a belated succession plan, sources say it will struggle to rebuild and may have to downsize

Soon after the embattled commercial brokerage Lansco Corporation… [more]

Real estate titans
… and their toys

A look at how the industry’s A-listers spend their wealth in an era of exuberance and uncertainty

A look at how the industry’s A-listers spend their wealth in an era of exuberance and uncertainty…. [more]

Is Pacific Park in trouble again?

Brooklyn’s biggest development has been plagued by internal and external woes over the year and a half

Brooklyn’s biggest development has been plagued by internal and external woes over the year and a half…. [more]

The Closing: Joanne Podell

The Cushman & Wakefield executive vice chair on overpriced Manhattan homes, confronting sexism early in her career, and scoring Nike as a client

The Cushman & Wakefield executive vice chair on overpriced Manhattan homes, confronting sexism early in her career, and scoring Nike as a client…. [more]

Are pop-up shops becoming
a permanent fixture?

As the city’s retail market lags, pop-ups are evolving from fleeting promotional storefronts to a recognized industry with its own set of rules

Pop-up shops are getting access to some of the best storefronts in New York… [more]

Outmatched in majesty

Columbia University’s two new Renzo Piano-designed buildings don’t hold a candle to the school’s original campus, but they aren’t equals either

It is hard to imagine a greater difference — in formal, philosophical or societal terms — than the one between Columbia University’s main… [more]

Sheldon’s grey cloud
and silver lining

Former State Assembly speaker Sheldon Silver has successfully appealed his corruption conviction — and that’s a double-edged sword for New York real estate

The recent overturning of Sheldon Silver’s 2015 corruption conviction… [more]

A reboot on the horizon
for Manhattan hotels

After years of declining room revenues, hospitality players set their sights on a long-awaited rebound

Manhattan’s hotel market may be nearing the end of its more than six-year struggle to absorb new supply…. [more]

Editor’s note: Finding a path to condo profits

While New York City real estate has seen better days, it would be foolish to lose heart. Case in point is one of our main stories in this issue, “Who […]… [more]

Warren Buffett’s
bombshell buy

All eyes on Houlihan Lawrence after sale to Berkshire Hathaway HomeServices

When Warren Buffett bought Houlihan Lawrence this year, it sent shock waves throughout the real estate industry…. [more]

Westchester’s resi rebound

The high-end market is picking up, but price cuts are what’s closing deals, as TRD’s rankings of priciest sales and biggest price cuts show

Those worried about chronically stalled luxury property sales at the high end of the Westchester residential market… [more]

Not quite smooth sailing
for Rob Astorino

The Westchester County executive sounds off on affordable housing and his feud
with Gov. Cuomo

Taken at face value, things look pretty good for Republican Rob Astorino, who will run for his third term as Westchester… [more]

The race to reinvent retail across Westchester & Fairfield

Under pressure from Amazon and other e-tailers, shopping centers increasingly focus on customer experience

As e-commerce continues to cut into brick-and-mortar establishments, shopping centers in Westchester and… [more]

And the beat goes on for broker poaching

Why Douglas Elliman’s win in a lawsuit against William Raveis does nothing to discourage brokerages from luring talent away from other firms

Why Douglas Elliman’s win in a lawsuit against William Raveis does nothing to discourage brokerages from luring talent…… [more]

Making the best
of a slow market

Medical and multifamily spaces top TRD’s ranking of the priciest commercial sales

Let’s face it: The commercial real estate scene in Westchester and Fairfield counties isn’t exactly booming. While there are pockets of success, many office… [more]

Ranking Fairfield County’s high-flyers

Adaptability is key for top brokerages and brokers in fast-moving residential market

What are buyers in Fairfield County looking for? Proximity to New York City, new construction and homes on the tony waterfront top the list. … [more]

The balancing act of multifamily building

Rental projects continue to rise rapidly in Westchester, but developers are struggling to offer affordable rents for locals while also luring moneyed millennials

For the last several quarters, Westchester County has benefited from New… [more]

Hotels go small

As business travel lags, boutique hotels find niche

On any given night in Fairfield County, about four in 10 hotel rooms remain vacant. The occupancy rate in this tony corner of Connecticut is significantly lower than the national […]… [more]

Meh office market in Fairfield

Overall leasing activity is up, but the county is still hurting from the departure of several multinationals over the last year

Stamford is struggling to deal with an abundance of office space due to the loss of a handful of multinational companies last year. But the big picture isn’t as dire […]… [more]

Big deals prop up Westchester’s ailing
office market

White Plains sees large tenants but farther north, not so much

As Westchester’s outmoded office parks come off the market and become modern retail and apartment buildings, … [more]

Fairfield County’s hottest commodity

Thousands of new rental units are getting snapped up the moment they’re available, but can the multifamily building
bonanza last?

In the last few years, thousands of rental units have come online in Fairfield County’s cities, and thousands more are… [more]

Stars — they’re just like us: price chop edition

A host of Westchester and Fairfield counties’ most notable personalities gave markdowns to their long-lingering listings

Bucolic estates. Serene escapes. Historic farmhouses with every modern convenience and more. For decades, these… [more]

Editor’s note:
The catch of the year

At the time of year when Fairfield residents flock to the shores of the Long Island Sound and Westchester denizens launch their kayaks into the Hudson, we at The Real […]… [more]

Features

How the $20B company, which started seven years ago with one office, transformed an industry
The DOB commissioner on construction safety,
fighting corruption and running marathons
The longtime Hamptons broker on navigating the East End, the importance of delegating, and his “fifty shades of abdominals”
The funniest and most insightful comments
on real estate

Comings and Goings

Cushman & Wakefield has brought on David Gorelick as executive managing director and head of retail for the Americas. The former Simon Property Group executive will be tasked with expanding […]… [more]