The Real Deal New York

February 2014

Risk is back

In throwback to boom, banks are starting to lend on pro forma income and requiring less equity in NYC real estate deals

When it comes to loans for new construction projects, purchases of office buildings, and other commercial real estate transactions in New York City, sources say that risk is creeping back. As the marketplace has grown increasingly competitive, with more lenders flooding into New York, banks and other lenders are issuing loans on projected income — known as a pro forma — rather than on the existing cash that building owners […]… [more]

Ranking new condos — from Barnett’s One57 to Rudin’s Greenwich Lane — by per-square-foot prices

A string of developers attempting to replicate the success of trophy residential towers like Extell Development’s One57 and Macklowe Properties’ 432 Park Avenue are placing increasingly ambitious price tags on […]… [more]

Lies in size

How commercial building owners get a boost from increasing ‘loss factor’ and charging for unusable common spaces

The Chetrit Group sold 123 William Street to East End Capital and GreenOak Real Estate for $133 million in October. In January, the new owners signed the Institute for Career […]… [more]

Jared Kushner

Jared Kushner, the accidental CEO

At age 33, real estate wunderkind Jared Kushner has reached an unexpected point in his life. The sandy-haired mogul and New York Observer publisher now presides over a New York […]… [more]

Twitter, Spotify, Mashable among January’s high-wattage lease signings

If further proof was needed that Manhattan is becoming a technology-company haven, look to leasing activity in January. Several tech powerhouses, including Twitter and IBM, signed major deals last month, […]… [more]

The end of the Helmsley era: The estate of Harry and Leona poised to sell their final two NYC properties

In a headline-grabbing deal in November, the Leona M. and Harry B. Charitable Trust sold the 605-unit Park Lane Hotel for $653 million. But what didn’t make it into the […]… [more]

Richard Mack (photo by STUDIO SCRIVO)

The Closing

Richard Mack on getting fired and fielding calls from Russian oligarchs

Richard Mack is the co-founder of Mack Real Estate Group, which he runs with his father, William, and his brother, Stephen. The group was founded in 2013 after Mack and […]… [more]


  • Ismael Leyva
  • Eugene Schneur
  • Bracing for bonuses
  • The month's funniest quotes
  • TRD's interactive puzzle
  • The month in review

Sellers backtrack on ‘best and final’ offers

Buyers get ‘gazumped’ as sellers ditch agreements at 11th hour

New York City is generally considered the big leagues of real estate, where buyers (and their brokers) need sharp elbows to secure a deal. Now the city is becoming even […]… [more]

Mortgage squeeze could hurt outer boroughs

Strict new rules designed to make sure that homeowners avoid mortgages they can’t afford and that lenders won’t face lawsuits from borrowers should their repayment go awry kicked in on […]… [more]

Simon Ziff

Doing $5 billion in deals, quietly

In one of last year’s most complex real estate deals, a group led by investor David Werner bought the leasehold at the 1,331-room Milford Plaza hotel for $325 million. The […]… [more]

Trophy turn for CMBS

At the height of the recession in 2009, the market for commercial mortgage-backed securities hit the very definition of bottom: Zero. No CMBS backed by New York City buildings were […]… [more]

The winter getaway roundup

Last month’s snowstorm and polar vortex left New York City’s streets unusually empty as tourists and natives alike remained inside, huddled up by their radiators — or fireplaces if they […]… [more]

From left: Steve Spinola, Rob Speyer and Gov. Andrew Cuomo

REBNY crowd giddy as market thrives

Industry heavyweights mark strong year at annual black tie affair; welcome new mayor, speaker

The biggest turnout in years packed Midtown’s Hilton Hotel for the 118th annual Real Estate Board of New York gala last month. REBNY President Steven Spinola said his priority this […]… [more]

Local players join big banks on top of lending heap

TRD's first commercial mortgage ranking shows NY banks keeping pace with larger institutions

Local lenders New York Community Bank and Signature Bank finished near the head of the pack in the New York City commercial mortgage market last year by keeping pace with […]… [more]

Mayor’s key appointments ease industry concerns

De Blasio’s choices for top jobs impacting real estate seen as positive

New mayor Bill de Blasio took over City Hall promising a radical departure from the way government was run by Michael Bloomberg and Rudy Giuliani. But several of his picks […]… [more]

Sam Boymelgreen

Sam Boymelgreen, clearing his family name

The fledgling developer says his controversial father, Shaya, isn’t involved in his new projects

In the New York City real estate world, it can be difficult for a son to emerge from his father’s shadow. But that task is even more daunting when the […]… [more]

Feds ask consumers, pros to share closing woes

More than 10 percent of pending sales don’t close, and far greater amount see last-minute hiccups

The federal government has a real estate question for consumers who’ve bought or refinanced homes that is certain to generate more than an earful: Were there any problems when you […]… [more]

Viñoly’s Thames Street design: ‘Purely’ radical

The super-tall plan for Fisher Brothers and Witkoff’s tower is a drastic improvement over the original Selldorf proposal

It is not often appreciated that, in addition to the usual choice between “conventional” and “unconventional” architecture in New York City, there are, in fact, two further options: the “unconventionally […]… [more]

Jonathan Rose (left) and Adam Weinstein

Afforable housing: poised for another boost

Developers say Mayor de Blasio will spur development in afforable sector, won’t hinder market rate projects

It’s been a long time since affordable housing development was seen as the ugly duckling of the real estate world in New York City. In fact, its status rose under […]… [more]

A new guard takes Upper Manhattan

Institutional players out, local shops in as portfolio trading spikes

An active year for the Upper Manhattan multi-family market was topped off in November by the acquisition of an 84-building portfolio by Brooklyn-based real estate company E&M Associates from notorious […]… [more]

Plenty of beds ahead

City to hit record 110,000 hotel rooms by 2016; insiders say that’s no glut, but could hold back nightly rates

Hotel developers are making 110,000 bets that tourists and business travelers will continue streaming into New York City in record numbers in the coming years. Despite the cyclical nature of […]… [more]

Yankee Stadium

The stadium stimulus

A look at what NYC-area stadiums have done for surrounding property values and construction

With Super Bowl XLVIII this month at the three-year-old MetLife Stadium in New Jersey’s Meadowlands, the stadium owners are already counting the $1.6 billion project a big win. But a […]… [more]

Editor’s note: Real estate’s fuzzy math

Loss factor is one of the more maddening concepts in New York City real estate. It’s the measurement that office landlords use to figure out how much tenants pay for […]… [more]