The Real Deal New York

story index

International

Editor's note

December 2010
  • The best of NYC real estate 2010

    The Real Deal's picks for the year's top buildings, brokers, giveaways and more

    The New York City residential real estate market has come a long way from the dark days of late 2008 and early 2009. But despite the moderate improvements in the market, succeeding in the current climate remains far from easy. Many brokers and developers left the industry when the economy soured, and those that remain have no choice but to be on their “A” game. This month, The Real Deal is recognizing people and projects […]… [more]

    Comments
    • Print
  • Hiding in plain sight

    Jeff Sutton's buildings are everywhere and his portfolio may be worth $1 billion, but you'd never know it

    Jeff Sutton When asked last month about investor Jeff Sutton, a spokesperson for a major commercial brokerage innocently responded: “Who’s that?” The question is a telling one for someone who has in the last two decades built up a portfolio, mostly of New York City retail properties, that may be worth upward of $1 billion. While Sutton is well known to the small community of retail brokers, investment sales players and other high-level executives in […]

    Comments
    • Print
  • Holiday retail turnaround

    If shopping season is strong, NYC retailers might 'open the spigot' and increase expansion plans

    All indicators are pointing toward this holiday shopping season in New York City outperforming the past two, which were among the worst in decades. At the same time, an increase in leasing activity in the city seen in the past year is expected to continue going into 2011 — especially if retailers have a strong showing this month. Faith Hope Consolo, chairman of retail leasing at Prudential Douglas Elliman, believes that New York City retailers […]

    Comments
    • Print
  • Kent Swig Kent Swig says his critics have got his story all wrong. Since the downturn began, few New York developers have taken as big a media shellacking as Swig. A rising star during the boom years, the 48-year-old developer is now routinely described as “embattled” and near-bankrupt. But in an interview with The Real Deal last month, Swig tried to dispel the widespread belief that his empire has “crumbled,” as many news reports have […]

    Comments
    • Print
  • Extend and pretend: A good idea?

    Why the ubiquitous strategy used by lenders may not deserve its bad rap

    We’re programmed to believe that lying is bad; telling the truth is good. So two years ago, when the economy was in a tailspin and lenders started employing a strategy disparagingly dubbed “extend and pretend” for struggling commercial property loans, it’s no wonder they got a bad rap. Critics painted the banks as liars who were doing little more than kicking the can down the road when they gave borrowers extra time to pay their […]

    Comments
    • Print
  • NYC’s priciest pads

    The year's top residential deals go to a mix of Wall Streeters, CEOs, international buyers and real estate titans

    For most of America, spending $44 million on a place to live is mind-boggling, especially in the midst of an economic downturn. So it’s a sign of just how rarified New York real estate is that July’s $44 million Duke Semans mansion sale is an indicator that the residential market, while recovering, is still a shadow of its former self. The sale — the priciest residential deal of 2010 — doesn’t measure up to the […]

    Comments
    • Print
  • Sizing up the big players making distressed buys

    Relatively little supply available in NYC, but these funds are still filling up on properties in trouble

    Ofer Yardeni At times, this city can seem like an ocean of distress without a drop to drink. Half-built or unsold condos abound. Office buildings dot marginal neighborhoods offering low rents to stay full. Loans secured by real estate are in trouble all over. Yet all this distressed commercial inventory can be elusive, kept off-limits by banks waiting for a full recovery and perhaps mindful that in the last downturn, in the early 1990s, they […]

    Comments
    • Print
  • Help from the French, but still a struggle

    A couple of big leasing deals, but office market still uneven

    It’s the French to the rescue — sort of. In the largest lease deal of the year, Paris-based financial firm Societe Generale last month agreed to take up to 560,000 square feet at 245 Park Avenue, moving east from offices on Sixth Avenue in Rockefeller Center. And also last month, Natixis, a Paris- and Boston-based money manager, signed a 16-year deal for 182,200 square feet on the third, fourth and fifth floors at 1251 Sixth […]

    Comments
    • Print
  • Commercial brokers seeing commissions with incentives

    But opinion is divided on whether fees are fair in down market

    From left: Grubb & Ellis’ Vincent Carrega and Capin & Associates’ Timour Shafran When Timour Shafran negotiated the sale of a Midtown building in August, the landlord threw out an interesting, if not entirely new, carrot. If Shafran, a vice president of investment sales at Capin & Associates, and his team secured a certain price, their commission would be bumped up almost two full percentage points — potentially tens of thousands of dollars. “Unfortunately, I […]

    Comments
    • Print
  • Time’s up — again — for illegal hotels

    New law targets nightly stays, but city may lack staff to clean out rooms

    They dot the cityscape from Uptown to Downtown, refuges for bargain-hunting visitors but annoyances for established hotels: rooms rented — illegally — for the night. But a new state law that takes effect May 1 will make it tougher to rent out New York apartments as short-term hotel rooms. The law, passed last summer, bans rentals for 30 days or less while allowing longer-term rentals.

    Comments
    • Print