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December 2008
  • The luck of Gluck

    In high-profile case, near-default of Riverton may not burn developer

    Larry Gluck — one of the city’s most successful and experienced landlords — shocked the real estate world in August by informing his lenders that he was about to default on a $225 million loan at the storied Riverton Houses complex in Harlem. Gluck had purchased the 1,230-unit Goliath of an apartment complex, built in 1947 as Harlem’s answer to Stuyvesant Town and Peter Cooper Village, in 2005, when the lending pipeline was flowing forcefully. […]… [more]

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  • Development in distress

    New condos, once coveted, now face massive obstacles

    Only a few short months ago, new developments were the most coveted and spectacularly expensive sector of the residential real estate market. Five-thousand-square-foot penthouses at Robert A.M. Stern’s limestone 15 Central Park West, period mantelpieces and walnut-herringbone floors at the Plaza, Amy Sacco’s gig as a lifestyle consultant at District in Lower Manhattan — those were some of the delectable tidbits that fed New Yorkers’ seemingly insatiable appetite for the newest and most luxurious condos. […]

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  • Surfing the next wave

    Will the Web help New York recover faster?

    This month, The Real Deal takes a look at how the Internet has fundamentally altered the business of real estate and what the future holds for the relationship between the two. It’s now difficult to imagine a real estate landscape bereft of some of the relationship’s positive attributes — a Webless world, say, where potential customers aren’t able to pore over floor plans at the click of a button. Hoping the disease is also the […]

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  • Bracing for a retail bust

    Brokers assess the damage as retail rents drop, stores close and grim shopping season looms

    As retailers nationwide brace themselves for what is expected to be a bloodbath during the holiday shopping season, the damage assessment among New York retail brokers is already under way. This month, in a series of stories, The Real Deal looks at how retailers in the five boroughs are dealing with a period where sales of the canned mystery meat Spam are reportedly skyrocketing, while luxury brands like Porsche and Tiffany are struggling. Until banks […]

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  • Is the city all that different?

    Economists: Don't assume Manhattan better protected

    Cranes frozen in place high above abandoned construction sites; houses boarded up and branded with foreclosure signs. The images of the nationwide housing crisis are indelible. Now, as the economic downturn roars through New York City, it’s tempting to conclude that Manhattan’s real estate market is still somehow different from the rest of the country. “I don’t think we’re going to see the same degree of problems that are taking place in the rest of […]

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  • Renegotiating at closing time

    Emboldened buyers look for discounts after agreeing to deals

    Now that buyers have the upper hand amid a weakening New York City real estate market, they are using increasingly aggressive tactics to drive down apartment prices. The latest move: renegotiating an apartment’s price after having already signed a contract and placing a down payment in escrow. Buyers, keen to the fact that the city’s real estate market has grown substantially weaker in the past few weeks, have responded by generally angling for additional discounts […]

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  • Jobs disappear, some start over

    A few brokers buck the bear and open their own firms

    As the economy slows, the real estate job market continues to cool. Several large brokerages and developers have announced layoffs. But as counter intuitive as it may seem, some brokers are walking away from bigger firms and starting their own companies. See As market cools, jobs evaporate and Brokers going it alone.

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  • Hoping the disease is also the cure

    Could the Internet's speed contribute to the market's recovery?

    Oh what a tangled Web: Many brokers say negative online press has hurt sales at some developments — and that the current real estate market was pushed lower faster because bad news travels fastest in cyberspace. Which leads to the question: Could the speed of Internet news work the other way, leading to a quicker real estate market recovery? Given the abundance of online data, listings and news sources that did not exist during previous […]

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  • Online foreclosure listings can be a portal to real estate deals, and companies that run such sites said Web traffic is growing steadily. One national site, RealtyTrac.com, said it is getting about 3.5 million unique Web visits per month this year, up from 2.7 million per month last year. There were about 1 million visitors per month in 2004, the year the company began tracking its Web traffic. “We did see a fairly big bounce […]

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  • Putting more muscle into Internet marketing

    Large firms spend big to dominate searches, but jury's out on best way to measure who has most traffic

     When Halstead wanted to promote its new online luxury listing initiative, dubbed “S3,” the company put digital signs atop New York City taxis — an unusual, if old-school, way of driving traffic to its Web site. The product and the promotion are emblematic of how many brokerages are making a significant push to attract certain demographic groups to their Web sites — and trying to ensure that users “stick” online. S3, for example, allows a […]

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