The Real Deal New York

story index

New Development

Government

Editor's note

December 2011
  • Planning NYC’s next 50 years

    New York's real estate planning gurus tackle the next 50 years of zoning

    This year marks the 50th anniversary of the city’s comprehensive “Zoning Resolution,” which dictated what types of development could go where. The rules have undergone changes since taking effect in 1961, but in many ways, they continue to reflect the concerns of a prior era — when the automobile was king, manufacturing a steady source of employment and the Internet a far-off dream. “We are occupying a social realm that’s different than [what] we constructed […]… [more]

    Comments
    • Print
  • CIM’s shock and awe

    Out-of-towners take Manhattan, jumping on projects before rivals, sometimes at high prices

    The principals of the Los Angeles-based private equity firm the CIM Group know a thing or two about military strategy — two of them served as Israeli paratroopers before immigrating to the United States and teaming with a former Drexel Burnham executive to found CIM. Perhaps it’s no coincidence, then, that CIM entered Manhattan with a real estate equivalent of “shock and awe.” Virtually unknown to most local industry players until recently, CIM parachuted into […]

    Comments
    • Print
  • Fifth Avenue’s storefront shuffle

    A look at behind-the-scenes jockeying between brokers and owners on pricey strip

    Upper Fifth Avenue (the portion between 49th and 59th streets) is the most expensive retail stretch in the world. However, it’s not the most stable. This past year, the strip saw an unusual amount of activity taking place in its 60-plus spaces, with about a dozen retailers signing leases, opening stores or changing brands. The half-mile span, where CBRE Group says asking rents average more than $2,400 per square foot, is now jammed with holiday […]

    Comments
    • Print
  • A new Brooklyn land grab

    Brooklyn land sales heat up

    New York City is known for its sky-high rents. But lately, tales of Brooklyn’s hot rental market have become as numerous as the 20-somethings flooding into the borough. Two Trees recently finished leasing up its 103-unit rental at 25 Washington Street in Dumbo, where all 80 of the market-rate units were rented in four months at prices of roughly $50 per square foot, according to company vice president Jed Walentas. At JMH Development’s 184 Kent […]

    Comments
    • Print
  • Reassessing REBNY

    As annual dues loom, The Real Deal looks at the group’s finances and whether real estate pros think they are getting their money’s worth for their membership

    REBNY head Steven SpinolaThe more than 12,000 members of the Real Estate Board of New York will soon be reaching for their checkbooks to send their annual dues to the influential trade group. And there’s no doubt many will be engaging in a yearly cost-benefit analysis of the nonprofit’s value. Members pay more than $6 million per year in dues — which are supposed to be in on Jan. 1 — and the group takes […]

    Comments
    • Print
  • Courtroom clashes: NYC’s biggest real estate battles

    A scorecard on eight active lawsuits that may impact the entire industry

    Not everyone has the stomach for a lawsuit — taking an otherwise private disagreement into the public realm and submitting it to the cool evaluation of the court. But sometimes situations are untenable, and parties consider judicial intervention the only recourse. The resulting lawsuits can have a broad impact, reaching beyond the businesses involved to encompass the industry as a whole. Consider the condominium contract dispute that could affect the way New York City developers […]

    Comments
    • Print
  • Who is Town hiring?

    On the firm's anniversary, a snapshot of the agents who make up the brokerage

    Andrew Heiberger has recruited 265 agents and staff since launching Town a year ago.When Andrew Heiberger launched the residential brokerage Town, he prophesied that it would become the city’s biggest firm, vowing to hire the industry’s “best and the brightest.” A year later, at least part of that prediction is on its way to coming true. With five offices and some 265 agents and staff, Town is undoubtedly the fastest-growing brokerage in Manhattan. By way […]

    Comments
    • Print
  • Office tenants snapped up space faster in 2011

    Companies get off the fence after vacillating for much of 2010

    As 2011 draws to a close, real estate executives and brokers say it’s now clear that office tenants made faster leasing decisions this year than last. The coming off the fence was driven, professionals say, by the realization that the economy was not likely to experience any major changes — for better or worse — anytime soon. Peter Braus, managing principal at commercial firm Lee & Associates, which last month announced an affiliation with Midtown-based […]

    Comments
    • Print