The Real Deal New York

February 2016 Issue

Real estate’s love-hate relationship with de Blasio

Two years into his term, the mayor has proven to be far more pro-development than many expected. So why hasn’t he won over more developers?

On an unseasonably mild morning in October, the roughly 50 people who showed up for a press conference at Stuyvesant Town witnessed a strange spectacle: Bill de Blasio, New York’s progressive mayor and self-declared fighter for the working class, chumming it up with Jonathan Gray, the head of global real estate at The Blackstone Group, the world’s largest private equity firm. The two men were there to announce… [more]

Political brethren

De Blasio's top real estate allies

Mayor Bill de Blasio may not be known as a best friend to the industry, but that doesn’t mean he hasn’t cultivated some significant industry allies. Below is a look at three top real estate players with whom the mayor is particularly tight…. [more]

De Blasio’s donors

Two Trees, Brookfield and Toll Brothers are among the supporters shelling out the most for mayor’s non-profit

David and Jed Walentas, the father-and-son duo behind Two Trees Management, may have had some not-so-charitable words for Bill de Blasio in the past — the elder Walentas infamously described […]… [more]

Who timed the market best?

A ranking of investors who got in low and got out high — with the windfalls
to prove it

Every real estate investor’s dream is to buy low and sell high. But actually executing that strategy is not as easy as it sounds. This month, as many in the […]… [more]

Investment sales ranking:
Who crushed it
and who got crushed?

Eastdil squashes rivals and Rosewood
makes big gains in heated market

New York City had a stellar year in 2015 for building sales — with massive properties like Stuyvesant Town-Peter Cooper Village and 11 Madison trading hands. But … [more]

Unmasking Manhattan’s
hidden buyers … why now?

Money-laundering experts say U.S.
regulation is lagging behind banking world and international counterparts

For years, wealthy buyers of Manhattan real estate have gone to great lengths to remain anonymous. But last month, the U.S. Treasury Department sent a chill… [more]

Which real estate stocks
perform best?

The REITs and other public players
that racked up the most money
for investors in the last five years

In early January, Forest City Ratner became the latest prominent real estate company to ditch the secrecy of private ownership in exchange for the tax benefits… [more]

Why is your supermarket
owner now developing
a shiny new condo?

More long-time landowners opt to team up with developers and get a piece of the action — rather than cash out

For more than 50 years, the Gross and Grobman families witnessed the evolution of Clinton Hill from their Key Foods … [more]

Where are the priciest homes on the planet?

From Hong Kong to Paris to LA, the most expensive residential properties — outside of NYC

A year ago, the sale of a penthouse at One57 shook up the New York City real estate world when it shattered the $100 million marker. While that … [more]

Behind Rosabianca’s ruin

How a rising NYC real estate lawyer went from throwing lavish Hamptons’ parties to sitting in a Queens’ jail cell

As a lawyer who specialized in brokering luxury property deals for foreign investors, Luigi Rosabianca rode the wave that propelled the New York City real estate market in the years […]… [more]

The Closing: Michael Stern

The JDS wunderkind on getting kicked
out of yeshiva, his latest projects
and the truth about Billionaires' Row

DOB: June 13, 1979 Hometown: Five Towns, Long Island Family: Divorced; two children Michael Stern is the CEO of JDS Development Group, a firm with 11.5 million square feet under […]… [more]

Will Elliman’s spending spree pay off?

The mega firm is pouring ‘tens of millions’ into an unprecedented marketing and national expansion
effort

Taylor Swift, Ben Stiller, supermodel Kate Upton and, of course, Spike Lee… [more]

The (kosher) power lunch

Where the observant in NYC
real estate dine and do deals

It wasn’t that long ago that gourmet glatt steakhouses were basically nonexistent, meaning that when observant Jews sat down for a high-powered business lunch over some juicy prime beef, they […]… [more]

Architecture review: 25 Kent
— ‘artificial’ but ‘charming’

Design powerhouse Gensler melds
brick and glass in ‘Old Brooklyn’
meets ‘New Brooklyn’ style

Developer Toby Moskovits has received much attention for her planned eight-story building at 25 Kent Street in North Williamsburg. That’s largely… [more]

The Lower East Side
goes upscale

Big developments target millenials, Asian buyers and value seekers

The Lower East Side, a neighborhood long associated with counterculture, after-hours bars and rusty tenements, is getting a glossy makeover. “The most surprising aspect of the Lower East Side’s… [more]

The looming Fifth Avenue
tax hike smack down

City’s new assessment rolls
target booming retail —
with 666 Fifth in crosshairs

International tourists buying up trendy handbags and other bling are not the only ones dialed into the ramped-up retail offerings on prime Fifth Avenue… [more]

Residential comps are
becoming a waste of time

With NYC sales activity in flux,
pricing new listings is like
throwing darts

Pricing residential real estate has always been part art and part science. But amid uncertainty over the state of the market, agents say coming up with… [more]

Editor’s note:
Live from LA … it’s TRD!

Westward ho! We at The Real Deal have heeded the call to “Go West” and just launched our new Los Angeles website. We’re more than excited to be bringing our combination of breaking news and in-depth analysis to one of the largest markets in the U.S…. [more]

Features

TRD breaks down the numbers —
from the iconic station of yesteryear
to the station of the future
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
The Nest Seekers founder on avoiding the “MDLNY spotlight,” guitar jams and aggressive expansion.
A roundup of real estate-related happenings
from last month
The real estate finance guru on gooping his ‘fro,’ making a move on his wife and ‘protecting the innocent’
Real estate pros share picks for books on the Holocaust, love and duty and the world of longshoremen
The funniest and most insightful comments
on real estate

We Heard

When Scott Singer of the Singer & Bassuk Organization decided to propose to his wife, his client Henry Elghanayan of Rockrose Development was one of the first to know. That’s […]… [more]

It may have been the incubator for abstract works of art, but last month’s sale of artist Frank Stella’s longtime East Village studio was all too real. Investor Arthur… [more]