The Real Deal New York

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Government

February 2010
  • Second wave of pain for condos

    While market sees uptick, new development units don't share in success

    Slowly, Manhattan’s residential real estate market is coming back to life. When the city’s major brokerages released their fourth-quarter market reports last month, they revealed a clear jump in activity. The number of sales in the fourth quarter grew 8 percent from the same period in 2008 and almost 11 percent from the previous quarter, according to Prudential Douglas Elliman’s report. But thanks to the lingering grip of the credit crunch, the vast majority of […]… [more]

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  • Major residential brokerages may still snub their noses at the listings, but a growing number of firms, particularly in the outer boroughs, are fighting for a share of the foreclosed homes market. Lenders took back thousands of homes in New York State last year and thousands more face foreclosure this year. Take Staten Island-based Wonica Realtors and Appraisers. Last year, according to founder and president George Wonica, the firm’s REO division, which specializes in marketing […]

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  • Rental firm Blackstone wins market share, and critics, in Lower Manhattan

    Brokerage steamrolls market, but competitors question tactics

    Kevin Ellerton, the CEO of Blackstone Properties, which has snagged a significant market share but also drawn ire from competitors. At the ripe old age of 24, Kevin Ellerton is managing to become one of the most powerful players in the Lower Manhattan rental game. To hear his competitors talk, he’s also one of the most loathed. Ellerton is the CEO of Blackstone Properties, a company he started less than two years ago with a […]

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  • Stalled projects come back from dead

    Some construction sites see building again, but with downsized plans or deep discounts

    From left: 360 Smith Street, 73 Pineapple Street, 303 East 51st Street, Beekman Tower and 189 Schermerhorn Street Hundreds of dormant construction sites still dot the city, but a handful of these beleaguered projects are finally seeing new life — even if it’s not what was once dreamed of for the location. Those that have seen some type of resolution were able to do so by selling off their debt at steep discounts, slimming their […]

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  • Miami before Manhattan

    NYC renters bottom-fish, buying vacation homes in struggling markets first

    Prices for Miami real estate have dropped as much as 43 percent from the 2006 peakFor some Manhattan renters, buying a second home is coming before buying a first. While New York real estate has seen severe discounts (Manhattan prices are down roughly 20 percent from their peak), some New Yorkers are going to real estate markets like Miami or the Hamptons that have been burned by even deeper discounts. In the Hamptons, prices have […]

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  • Milstein dynasty back in fray

    Under the radar for years, developer now at center of lawsuit and gearing up to launch sales at two condo towers

    Howard Milstein is the head of Milstein Properties. On a winter afternoon last month, sunshine streamed through the windows on the 33rd story of 30 Lincoln Plaza, illuminating the cleaning supplies and paint cans that occupy the high-ceilinged space. Innocuous though it may seem, this out-of-the-way spot is at the center of a bitter dispute now raging between the building’s tenants and the developer, the Milstein real estate family. In their quest to prevent the […]

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  • How to make a fortune in a down market

    Real estate insiders handicap today's investments for tomorrow's profits

    While activity remains sluggish in the New York real estate market, there may be pockets of opportunities for profits over the next few years for those who invest wisely. Experts point to three areas for investors looking to lay the groundwork for a future fortune: office towers, land and multifamily buildings. First, a warning or two. Many of the properties sold will go to insiders rather than victors in a public auction process. With few […]

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  • Models on the rocks in recession

    Will developers turn to do-it-yourself rendering and building replicas to save money?

    The crash of the commercial and residential real estate markets has brought its own kind of turmoil to companies that do renderings and model making: They are closing or thinning their ranks to skeleton crews. And the downturn may not just be changing the way they do business now. It could have permanent repercussions to both their workloads and the way they prepare property visuals for consumers in the future — after the economic recovery. […]

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  • Burst of early renewals could hurt leasing in 2011

    December leasing was highest since July

    The high volume of leasing in recent months, fueled in part by tenants signing early renewals at sharply reduced prices, could come back to bite the market next year, some industry experts said. Tenants with two and three years remaining on their leases — and sometimes even four years — are signing renewals early, said Bruce Mosler, CEO and co-chairman of commercial services firm Cushman & Wakefield. “We are seeing, I think, a push to […]

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  • Can’t refinance? Try an IPO

    REITs turn to stock market to raise cash as access to capital stays tight

    When all else fails, there’s always the stock market. That seems to be the mantra of many real estate companies that, faced with few options for raising cash, are turning to the equity markets and issuing initial public offerings. Real estate investment trusts, or REITs, sold nearly $3 billion worth of IPOs last year. Nine REITs went public, making REITs the second most popular type of IPO after tech firms. The list included some big […]

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