December 2018 Issue

Valuation inflation

As private real estate companies hit astronomical valuations, some warn that the sky-high figures are a fantasy that could come back to bite investors

Newmark’s “friends and family” offering seemed like manna from heaven. At $18 or $19 a share, it was a sizable discount from the original high of $22 that the firm’s executives boldly predicted the stock would trade at once it hit the opening bell. While all of those figures were eventually lowered, a number of brokers and executives at the company opted in, buoyed by CEO Barry Gosin’s infectious enthusiasm…. [more]

Valuation challenges

Sometimes company valuations don’t just raise eyebrows — they prompt lawsuits

While company valuations often raise industry eyebrows, they can also result in legal action. Sometimes there are legitimate allegations of improper activity — with a firm cooking the books. Other… [more]

NAR vs. the naysayers

The nation’s most powerful real estate trade association has poured millions into tech, but some say it may be too little, too late

It was summer 2017 when Bob Goldberg ascended the stage at the Sheraton Grand Chicago. With Bruce Springsteen’s “Born to Run” playing in the background… [more]

Move over, mega-agents

While the city’s top realtors are often the talk of the town, there are plenty of other agents brokering big deals of their own

Some residential brokers in New York are household names. Think Fredrik Eklund, John Burger, Carrie Chiang, Paula del Nunzio, Raphael De Niro,… [more]

When local rejection
reshapes development

The city’s community boards have become more resistant to big real estate projects, and a handful have helped scale back developer plans in recent years

Manhattan Community Board 2’s land use committee meeting in April was… [more]

Down but not out

The top Manhattan retail brokerages cranked out more deals, despite seeing their square footage totals drop, while Brooklyn firms rallied

When the discount store Five Below opened a flagship location on Fifth Avenue last month, it caused something of… [more]

Rebuffing rent control

Industry comes out swinging against legislation that would limit the ability to hike retail rents

Don’t fret if you missed the City Council’s roughly eight-hour hearing on the so-called commercial rent control bill. The upshot is that the real estate industry… [more]

The big pay paradox

CEOs of publicly traded real estate firms are getting major pay bumps — even as stocks tank and shareholders lose billions

It’s a rough time to be an investor in a public real estate company, but a great time to be the CEO of one. Even as stock prices at several… [more]

Sizing up real estate’s
big earners

SL Green's Holliday still highest-paid CEO at a major office REIT

Here’s how much the CEOs at seven top public real estate firms made last year. Marc Holliday SL Green Realty 2017 CEO income: $17.41 million Company median… [more]

Is the great real estate
job boom ending?

Wages have been soaring, but automation and a growing opportunity gap spell trouble for brokers, construction workers and possibly even architects, analysts and lawyers

This spring, the British online brokerage Purplebricks landed in the Big … [more]

The Closing: Jerry Wolkoff

The salty 5Pointz and Heartland developer on growing up poor, whitewashing Long Island City and cursing up a storm

Gerald “Jerry” Wolkoff, who founded the family development firm G&M Realty, has worked in the real estate business for more than 60 years. His company… [more]

A new Democratic day

What a Senate majority shift in Albany could mean for New York real estate

For just the third time since World War II, the New York State Senate has a Democratic majority. But unlike the two previous times the party briefly took control —… [more]

The Max muse

The Arquitectonica-designed stacked Midtown rental has an inventive aesthetic but is still likely to go unappreciated

Most successful New York City architecture firms are uninspiring at best. Even if they weren’t lackluster when they launched here, they are by the time the city is … [more]

Residential market report

From Brooklyn’s rental pricing shift to the tri-state’s Opportunity Zone gold mine, a look at the biggest trends

New developments push up Brooklyn rental pricing The median rental price in Brooklyn rose 4.4 percent year-over-year, to $2,923 in October, with much of… [more]

Commercial market report

From Manhattan’s turbulent leasing market to Brooklyn’s bubble, a look at the biggest trends

Post-recession record nears for Manhattan office leasing market A Colliers International report showed nearly 4 million square feet of Manhattan office leasing activity… [more]

Editor’s note: Private fantasies vs. public realities

There is so much venture capital money flowing into private real estate firms these days that you would be forgiven for turning money-colored green with envy. Take Opendoor, a tech… [more]


The Wheel is just the latest in a string of failures for a program some say is in its ‘last cycle’
The Douglaston Development scion on owning a pair of Odell Beckham’s cleats and a piece of floor once graced by Michael Jordan
The Navy Yard CEO on his mental breaks at lunch, learning to surf and shepherding through a $2.5 billion redevelopment
A roundup of news and data on the residential market
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
A roundup of news and data on the commercial market

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