The Real Deal New York

February 2015

NYC’s ‘golden age’ for capital

Money floods market as new investors hunt for higher yields
and existing players ramp up outlays

Back in 2009, financing for New York real estate was a rare commodity. Fast forward six years, and developers and lenders say the market is flush with money. “If I got a multifamily deal and someone needed financing for $100 million, I’d have 50 people fighting over it,” said Jonathan Aghravi, the senior director of the Capital Advisory Division at the commercial brokerage Eastern Consolidated. Recently, the marketplace for real […]… [more]

February 2015
The Real Deal magazine

Gap widens between rivals

Ranking of top investment sales brokerage firms shows CBRE
losing ground; Stacom says
team is being rebuilt

One of New York City’s longest-standing rivalries, between Eastdil Secured and CBRE for the lead in investment sales, now appears to be on ice. A new ranking this month by […]… [more]

The coming Manhattan
rental ‘boom’

Number of new rental units
will spike in 2015 and 2016,
but fall off sharply after that

With new rental projects becoming harder and harder for developers to pencil out in Manhattan as the price of land and construction rises, it would make sense to assume that […]… [more]

Why Cushman and Massey Knakal said “I do.”

The unlikely marriage is already making waves: Corporate behemoth to adopt scrappy local firm’s territory system

Cushman & Wakefield’s purchase of Massey Knakal Realty Services for a reported $100 million came as an end-of-the-year shock for the industry. But the real… [more]

Skidding on oil

Slide in fuel prices changes buying habits of Russian, Middle Eastern
real estate investors in NYC

When oil prices drop — and anyone who has read a newspaper recently or gone to the gas station to fill up their tank knows they are at rock bottom — Americans get giddy. It’s also a source of political pride as President Barack Obama made clear in his State of the Union address last month…. [more]

The consolidation game

In a twist, the latest wave of commercial firm mergers could
leave New York City with more
big brokerages

The global commercial real estate industry may be consolidating, but in a twist, New York City’s “Big Four” commercial brokerages — CBRE, Cushman & Wakefield, Newmark Grubb Knight Frank and […]… [more]

The Closing: Jonathan Rose

A scion of the venerable Rose real estate dynasty, Jonathan Rose is a trailblazer on both the environmentally sustainable and affordable housing fronts. Guided by the idea that real estate can be a vehicle for social change, Rose has completed more than $1.5 billion in projects nationwide, including $850 million in New York…. [more]

The rise and fall of
Nicholas Schorsch

How the now-ousted REIT chief
went from one of real estate’s most aggressive players to unemployed

A year ago, Nicholas Schorsch was guiding American Realty Capital Properties — part of a complex empire of publicly traded and private REITs — through a… [more]

Jamaica’s tipping point

Queens’ nabe sees waves of new towers rise as developers grab
cheaper land

Stakeholders had high hopes for Downtown Jamaica when the city rezoned 368 blocks in 2007. The Queens neighborhood had all the makings of a real-estate hotbed at the time: great […]… [more]


  • The retail chain gang
  • EA Stribling Kivlan
  • Veronica Mainetti
  • Big players, funny comments
  • Real estate happenings

The luxury sideshow

The hype surrounding Manhattan’s über-pricey residential deals masks more concerning reality for overall market, including drop in activity

In the world of New York City real estate, the market for über-luxury apartments can seem like the only game in town. But despite the buzz about big-ticket sales, deals […]… [more]

Who is Howard Hughes?

Critics say firm is in over its head
at South Street Seaport.
CEO says not so fast.

In 1938, after flying around the world in a record three days, legendary tycoon Howard Hughes Jr. was greeted with a ticker tape parade in Lower Manhattan to mark the […]… [more]

Cybercrime threat grows for property managers

Landlords employ software, third-party firms to protect vital tenant information

Large multi-national corporations like Target, Home Depot and JPMorgan Chase were the recent victims of highly publicized data breaches aimed at lifting consumer information, but the threat is not limited […]… [more]

St. John's Wood

Looking to London

What does the softening of the British capital’s luxury market mean for NYC?

Mystery buyers forking over $100 million for apartments on Billionaire’s Row may grab the headlines, but the real money in luxury real estate isn’t on 57th Street; it’s in London. In 2014, Britain’s capital overtook Hong Kong as the most expensive city… [more]

Instant classic on the
Upper East Side

Robert A. M. Stern building on East End Avenue evokes Park Avenue structures of 1920s

It has often been observed that there is a quality that distinguishes the architecture of New York City from that of all other cities. The late Frank Williams, who designed […]… [more]

Fixer-uppers gain appeal

Brokers find more clients willing to consider older apartments that
need renovation work

A key piece in a broker’s toolbox these days is an architect’s business card. Buoyed in some cases by fat Wall Street bonuses, buyers are increasingly willing to consider condos […]… [more]

REITs wrestle new rivals

Still among the most aggressive NYC buyers, REITs face new round of competition from foreign investors

Real estate investment trusts are among the most aggressive players in the New York market for trophy real estate. In the last year, they’ve purchased some of New York City’s […]… [more]

What they’re reading now

Real estate pros share picks for
books about confronting obstacles
and uniting rivals

Where do you look for insight and inspiration? To find out, The Real Deal asks leaders in the industry what they’re reading.
Ofer Cohen, Founder and president, TerraCRG – What are you reading right now or what did you finish most… [more]

Consumer protection
agency launches
incomplete rate tracker

Government website fails to include points, fees in rate estimates

When the federal government’s consumer protection agency for financial matters tells you how to shop for a good deal on a home mortgage, you should follow the advice, right? Maybe […]… [more]

BIDs get down to business

A look at the city’s prominent business improvement districts and how they’ve helped boost real estate and development in their backyards

There’s an often unseen force behind many of the changes in New York City’s neighborhoods over the last few decades. The city’s 70 Business… [more]

What’s old is new
in office leasing

Classic Manhattan towers get reclad, reworked and rebranded to keep up with new competition

As tenants turn their attention to the gleaming new skyscrapers rising on Manhattan’s West Side and… [more]

Tribeca triumphant

One of city’s priciest nabes maintains its character as it grows

A few decades ago, Tribeca was a less expensive option for artists seeking affordable living and studio space in the newly converted grocery warehouses of the old “butter and egg district…. [more]

Editor’s note:
‘Strange’ money floods NYC

These are strange days, indeed. And they’re seeing lots of “strange” money, too. The amount of investment capital pouring into New York City real estate is increasingly coming from non-traditional […]… [more]