The Real Deal New York

December 2015 Issue

The World According to WeWork

Developers and investors are quietly rushing in, spending millions to get in on the city’s next
real estate frontier

When WeWork’s co-founder Adam Neumann first met Forest City Ratner’s top two executives — Bruce Ratner and MaryAnne Gilmartin — four years ago, he pulled out shot glasses and poured them whiskey. The real estate execs had come to meet Neumann at WeWork’s 222 Broadway headquarters in Lower Manhattan. It was 5 p.m. on a weekday. “[It] was a sign that this was a very different kind of company,” Gilmartin […]… [more]

Co-working vs. co-waiting

Densely packed WeWork offices
mean elevator lines abound as
older buildings feel strain

WeWork offices have been widely praised among the startup and tech crowds. But getting to them is not always easy. The office-sharing sensation has gobbled up a lot of its square footage in old… [more]

WeWork to go WeWorld?

As the real estate company looks
to expand, cultural differences
could stand in its way

But that U.S. focus is about to change. The company — which has four locations in Israel, where co-founder Adam Neumann grew up, six in London and two in Amsterdam […]… [more]

Not the first office trailblazer

WeWork may be transforming office
design, but it’s standing on some
big shoulders

A century ago, Frederick Taylor, an American mechanical engineer, had an idea: design factories and offices in a way that would maximize workplace productivity. He described his vision, … [more]

The quiet investors
remaking Brooklyn

A guide to the mid-size players
taking the borough by storm

In Brooklyn, any ranking of top real estate developers is dominated by a familiar list of marquee firms led by Forest City Ratner and Two Trees Development. But rankings can be deceiving…. [more]

Piecing together NYC’s residential market

TRD dissects three key price brackets
in the under $10M market

“Price is what you pay. Value is what you get.” Warren Buffet’s wise words handily sum up a dominant theme in New York’s residential market these days — … [more]

Lower-end market heats up

Developers and brokers turn attention to the hot $1M-to-$3M market, where buyers can’t move fast enough

If you have $1 million to spend on a New York apartment, please accept our condolences. You’re one of the many, many buyers hunting for a home… [more]

The raging rivalry

In the battle between new developments and resales,
older properties struggle more
in the $3M-to-$5M world

History is full of great rivalries, from Nixon and Kennedy to Ali and Frazier to the Yankees and the Red Sox. In New York City real estate, that rivalry is […]… [more]

The slowdown showdown

Manhattan’s $5M-to-$10M market is
in softening mode as over-priced
‘dead wood’ moves at a snail's pace

When the actor Chris Meloni tried (unsuccessfully) to sell his apartment overlooking Central Park in 2012, he asked an ambitious $12 million for the sprawling pad at the Park Imperial […]… [more]

Manhattan’s rental elite

A look at the firms winning the fierce fight for exclusive rentals

Winning exclusive sales agreements for stratospherically priced apartments is a blood sport in New York. But while it may not get the same level of attention, the competition for exclusive […]… [more]

Brooklyn’s lease-up game

Firms fight for a slice of the lucrative new-development rental exclusives coming online in the city’s second priciest borough

It’s increasingly difficult to say anything about the Brooklyn real estate market without getting very trite, very fast. Industry players still use terms like… [more]

The Closing: Kathy Sloane

The BHS super agent on passing up a movie role from Norman Mailer, working with the Clintons and being Louisville’s first lady

Kathy Sloane is one of New York’s perennial top agents. Sloane, who has been at Brown Harris Stevens since 1986, has brokered more than $1 billion in deals… [more]

From Flushing to flush

How Kuafu Properties went from developer obscurity to the NYC big leagues seemingly overnight

Before Kuafu Properties went on a $700 million-plus Manhattan spending spree, the Chinese development firm introduced itself last year with a routine press release. The little-known U.S.-based company,… [more]

NYC’s growing retail pipeline

Retail projects surge to meet growing and unmet demand

One of the long-held truths in New York real estate is that the city is woefully under-retailed. Last year, Barbara Byrne Denham, an economist at REIS, crunched the numbers on retail sales data … [more]

Retail deals skyrocket

The priciest deals of 2015, from Swatch to Victoria’s Secret set new bar

For Victoria’s Secret, the journey to find a new flagship location in New York City took more than a decade. But its patience seems to have paid off. In October, the company landed a lust-worthy new address… [more]

Locked in landmark limbo

A decision process that delays development draws renewed scrutiny

While debate about reforming the city’s landmarks process is coming to a head in the City Council, the fate of 95 properties across the five boroughs, including several in prime neighborhoods that could… [more]

Landmarks’ to-do list

With pressure mounting, the LPC races against the clock to rule on nearly 100 NYC properties

More than 95 New York City properties have been languishing on the Landmarks Preservation Commission’s to-do list for years — some for decades. The agency, which is charged with … [more]

Friedland: The next generation

As sons take reins, the Madison Avenue retail landlord is tackling more residential development

Back in 2008, William and Rick Friedland stopped to visit a two-story, red-bricked retail building on Madison Avenue that their family had purchased in the 1970s. The Georgian-style structure was […]… [more]

Outer Borough Hospitality

Is the NYC hotel market overheating?

After years of taking a backseat to Manhattan’s nearly $2 billion hospitality market and its roughly 90,000 rooms, Brooklyn and Queens are emerging as serious competitors for the more than 56 million visitors who travel… [more]

FHA reforms don’t rescue condo buyers

Stringent rules has slashed the number of condo projects eligible for FHA loans

For first-time condo buyers with moderate incomes and not much cash for down payments, the availability of Federal Housing Administration (FHA) financing is a big deal. Not only does such […]… [more]

‘Unicorns’ and fine finishes
for sale in Brooklyn

Borough’s brownstone market sees more sellers list properties as more buyers compete

The number of Brooklyn brownstones on the market is increasing as the mom-and-pop brokerages that traditionally dominated the borough take a back seat to larger… [more]

Beyond the Chrysler Building

SL Green’s One Vanderbilt to bring most radical change to Grand Central area since the iconic Art Deco
tower went up

One Vanderbilt, which will soon break ground on one of the key corners of East 42nd Street, is certain to alter the area in profound ways. From river to river, […]… [more]

The flip side of retail

While rents are breaking records
on top-notch strips, market shows
a ‘tale of two cities’

The huge surges in retail asking rents over the past several years in popular shopping districts in Manhattan such as Times Square, Fifth Avenue and Soho have exaggerated just how strong the market is…. [more]

Chinese buyers’ new
price point

Seeking diversification, many investors are looking at cheaper units.

In recent years, Chinese buyers have snapped up some of New York City’s priciest real estate, from the $70 million penthouse at the Sherry-Netherland to ultra-luxury condos at One57. But […]… [more]

A holiday with less cheer

It’s a lump of coal in brokers’ holiday stockings. Real estate pros are more uniformly sounding the alarm that the Manhattan residential market has slowed down, and not just for über-luxe trophy apartments. The traditional post-Labor Day uptick never materialized, leading to more price reductions. … [more]

Features

NYC hotel supply balloons, but it still costs a lot
to ‘sleep in this town
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
The top real estate attorney on pizza at Grand Central, playing in a rock band and doing deals
for the likes of the Yankees
A roundup of real estate-related happenings
from last month
The high-design architect on searching for manatees,
designing for director Michael Bay and NYC expansion
Real estate pros share picks for books on the Dakota, Israel and the legal system
An overlooked Brooklyn waterfront neighborhood
gets its moment
The funniest and most insightful comments
on real estate

Comings and Goings

Residential brokerage Charles Rutenberg has hired 13 new agents from firms including Halstead Property, the Corcoran Group, Douglas Elliman and Citi Habitats. The agents are: Ellen Burdette, Laura Lund Burdette, […]… [more]

We Heard

Simply selling real estate wasn’t enough for Warburg Realty’s Jason Haber. The sales director landed a book deal with Entrepreneur Press, and in May, he will publish his take on […]… [more]

Elizabeth Ann Stribling-Kivlan, president of Stribling & Associates, said “I do” on a remote island in the Caribbean. Stribling-Kivlan married Rebecca Cleary at the Villa C’est La Vie resort property […]… [more]