The Real Deal New York

story index

Publisher's Note

Readers Write - Corrections

February 2008
  • Lord Black vs. Sotheby’s: Round two

    Former media tycoon and firm spar over a Park Avenue commission

    Hell hath no fury like a real estate broker scorned, especially when it involves a multi-million dollar deal, the client refuses to pay the commission and the FBI makes an appearance at the closing. The heart of this tale centers on a very special apartment: a pre-war Park Avenue co-op, with all the accoutrements the address implies. The posh pad at 635 Park Avenue boasts some twelve spacious rooms, including a formal dining room and […]… [more]

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  • New landlords, not by choice

    Shifting projects from condos to rentals as market slows in Brooklyn, LIC

    It’s one sign that the condominium boom is over in parts of New York City: In up-and-coming, newly hip neighborhoods in Brooklyn and Long Island City, developers who originally planned to make millions by selling new condominiums are instead now renting these units. They’re making the switch because condos aren’t moving quickly in a credit market where the rules of the game have changed since last summer. In neighborhoods like Dumbo and Clinton Hill, where […]

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  • Brokers find a silver lining with commissions

    NYC commission rates up as inventory lingering

    As nervous as brokers are about the 2008 residential market, there may be one bright light: Commissions might be back. Nationally, that’s happening, according to Steve Murray, editor of Real Trends, which tracks commission rates. From 2001 to 2005, the average commission paid to brokers dropped on average from 6.1 percent to 5.02 percent, according to Murray. But in 2006, when prices started stabilizing and housing sales began to drop off, the average broker commission […]

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  • For the past decade, design magazines have praised New York City’s architectural revival while business papers followed the ups-and-ups of Gotham’s hot property market. Both phenomena are linked. Unlike other cities, where bold design is often sponsored by local governments, New York City’s development boom has been helped by private builders with artistic tastes. Like more policing and better schools, creative design has become an important force for rising property values. Thus, for this month’s […]

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  • Bohemia trades up in the West Village

    Condos to dominate '08 sales, townhouse prices still soar

    West Village townhouses are increasingly breaking the $10 million mark and attracting the city’s wealthiest buyers. But some brokers fear that the neighborhood’s once bohemian edge is being overwhelmed and diluted by high-end condos and luxury retail. While the neighborhood has seen a falloff from the frenzied market of two years ago, when apartments would get snapped up within 48 hours through bidding wars, $2,000-plus per-square-foot sales are the norm today for new construction. Experts […]

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  • Boroughs battle it out

    How NYC real estate breaks down post-crunch—and who's on top

    If one were to compare residential sales, office leases and other real estate data in each of the five boroughs, the expectation would be that Manhattan would dominate every category, right? Not so fast. It was actually Queens that saw the most single-family home sales last year and the smallest drop-off in new condo building since the credit crunch hit, and it was Brooklyn that had the greatest number of mixed-use building sales, thanks to […]

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  • Starchitect tide lifts apprentices

    Trainees spread their wings with their own commissions

    The interest in innovative design in New York City, which has allowed a number of the world’s most famous architects to win residential building commissions, is helping starchitects’ assistants too. In part, the price premium that famous designers can command (see Apartment buildings as canvases) has allowed their younger, cheaper trainees to win their own projects. Leading the generational shift are architects like Dan Wood and Amale Andraos of Work AC (who both worked for […]

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  • Evaluating starchitects’ impact on prices

    Architectural star power raises profile and price of residential projects

    At the 20th century’s close, if a city had cutting-edge architecture, it could reliably be found at museums, concert halls or on campuses, with the occasional high-concept courthouse or office tower. In the last five years in New York, though, that situation appears to have flip-flopped; here, apartment buildings are increasingly leading the artistic charge, offering à la mode styles from the world’s top design talents. To be sure, many blocks are still sprouting generic […]

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  • Density bonuses: Giving back for building up

    Can developers figure out how to make density incentives work better in New York City?

    Chicago’s burgeoning green roofs and Seattle’s new Olympic Sculpture Park have one thing in common: They were funded in part through density incentives, city programs that allow developers to increase the size of a given project, or transfer development rights to another site, in exchange for community benefits. Density bonuses are also common in New York, the city that pioneered the concept in 1961. For example, Gladden Properties has announced plans to build a 40-story […]

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  • In December, the celebrated Dutch architect Rem Koolhaas and his Rotterdam-based firm, the Office for Metropolitan Architecture (OMA), finally won their first significant commission in New York City. OMA will design a luxury 22-story mid-rise building with a ground-level screening room on East 22nd Street, to be developed by Ira Shapiro and Marc Jacobs, the same team behind the adjacent, 60-story One Madison Park. The building is scheduled to be completed in 2010. The project […]

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