The Real Deal New York

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December 2009
  • Fighting buyer mutiny

    With fortunes at stake, developers wrangle with hundreds of purchasers over contracts, awaiting decisions on whether deals are valid

    While most developers are feeling the pain of the downturn, some are feeling it more than others. This month, The Real Deal looked at the new condo buildings that have seen the most buyers trying to renege on their contracts since the real estate market took a nosedive last year. The analysis found buyers asking for their deposits back on nearly 400 units within 20 buildings. In one case, more than 50 percent of the […]… [more]

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  • Among brokers, a resurgence of the old guard

    High-end pendulum swings back toward co-op deals and white-shoe brokers

    A. Laurence Kaiser IV, the president of Key-Ventures Realty Fascination with Manhattan high society has reached a fever pitch lately. The TV show “Gossip Girl” glamorizes the lives of pampered Upper East Side teenagers, complete with references to catered co-op board meetings and the Colony Club, while real-life New York socialites Amanda Hearst and Olivia Palermo are now feted as celebrities. A similar phenomenon appears to be occurring in the world of Manhattan real estate. […]

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  • Park Avenue princess now top broker on Park

    Once known as a prominent socialite, today Serena Boardman is in the limelight for scoring Madoff listing and setting sales records

    Magazines once chronicled her taste in clothes and cosmetics. But Serena Boardman is now known more for morphing herself into one of the city’s top real estate brokers. (Photo credit: Patrick McMullan)It’s 2005, and golden-haired socialite Serena Boardman is sunning herself on a yacht near the coast of Sardinia in Italy. Nearby, her friend Dori Cooperman — now best known for befriending actress Lindsay Lohan in rehab — is on the phone with a reporter […]

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  • New rentals: the next battlefield for brokers

    With new condo sales dormant, new development leasing emerges as key market for 2010

    Nancy Packes, president of her own new development marketing firm, at 316 11th Avenue, where she is the leasing consultant. The building is slated to begin renting units this winter.Once the province of a few niche players, the new development rental sector is becoming a hotly contested battleground as brokerages look to replace once-lucrative condo deals. In the booming economy of the mid-2000s, many new development marketing firms focused most of their attention on sales, […]

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  • 2009’s annus horribilis

    Looking back on the highlights -- or is it lowlights? -- of the year

    Following the global financial crisis at the close of 2008, most in the New York real estate community were expecting the coming year to be more challenging than any in recent memory. And 2009 did not disappoint. As the year comes to a close, The Real Deal looks back at the headlines that defined 2009 — virtually all of which involved bad news for the city’s real estate industry. Most striking, perhaps, is the extent […]

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  • After hiatus, some retailers shop for flagships

    Despite gloomy holiday spending season, a few stores look for big spaces again -- but at deep discounts

    1775 Broadway, where Kohl’s was reportedly looking to open its first Manhattan site (source: PropertyShark)This holiday shopping season, the biggest sale in Manhattan just might be for flagship space. As 2009 draws to a close, the anemic pace of major retail leasing — the five major Manhattan retail submarkets tracked by Cushman & Wakefield scored just one deal over 10,000 square feet this year, compared to 11 across the same five submarkets in 2008 — […]

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  • Park Avenue gets pounded

    Former house of financial giants sees bigger rent drop than any other submarket

    277 Park Avenue and 299 Park AvenueIf the last 12 months have served as a humbling recalibration of the entire U.S. economy, then there is perhaps no urban office district more representative of America’s fall from opulence than the commercial stretch along Park Avenue in Midtown. For decades, it was the province of the financial titans, including JPMorgan, Lehman Brothers and UBS, whose paychecks and egos were matched, in part, by Park Avenue’s astronomical asking […]

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  • How much further will the office market fall?

    Some brokers advise grabbing low-cost space; others say tenants can wait for more drops

    Major lease deals signed at the Boston Properties trophy office building at 399 Park Avenue over the past month seemed to indicate the market was getting a boost. But the latest reports from the city’s commercial brokerage firms show continued slippage in Manhattan office leasing, and those mixed signals make it difficult for brokers to agree on what advice to give their clients. Erik Schmall, a senior managing director at commercial firm Studley, said at […]

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