The Real Deal New York

February 2018 Issue

Real estate’s tech disruptors

Will the industry’s next technology revolution uproot as much as it reimagines?

UPDATED, Feb. 5, 11:38 a.m.: Just 20 years ago, fax machines were in wide use and most people didn’t have cell phones. Fast forward to today, and smartphones are inescapable and personal hotspots are tucked into everyone’s pockets. The real estate industry has seen its own advances during that time, with drones debuting on construction sites and prefabricated modular apartments now being snapped together easily onsite. Today, for example, it’s […]… [more]

Sealing deals
and taking names

Perennial leaders Corcoran and Elliman hold on to top spots in annual ranking of residential firms, while Compass sees mega-gains and others stumble

Few of the city’s residential brokerage were sorry to see 2017 close out. Why … [more]

Realogy’s realignment

New CEO Ryan Schneider starts off with a C-suite shakeup, but can he jump-start the residential behemoth’s stalled revenue growth?

In 1996, when Richard Smith took the helm of Realogy, the housing bubble was in its infancy; there was no such thing as Zillow; and the concept of a startup […]… [more]

Who’s listing the most?

As new supply hits the market, brokers claim they would rather be the second to list a property than take an overpriced listing

It’s one thing to land a listing, but it’s quite another to sell it. And that, in a nutshell, is the conundrum in Manhattan’s residential market these days. Agents have […]… [more]

The investment sales shakeout

Buoyed by its recruiting coup, Cushman rallies to beat out Eastdil and CBRE amid a sluggish market

UPDATED, Feb. 14, 2:20 p.m.: Turnover among New York City’s commercial real estate brokerages is rarely labeled a “game changer.” But when the city’s top investment sales firms experienced one […]… [more]

Can Brooklyn MLS keep
going it alone?

The listings service’s membership has shot up in recent years — without help from REBNY or NAR— but that may be harder to maintain

Over footage of the Brooklyn Bridge, Coney Island and smiling couples standing in front of their homes, Brooklyn MLS … [more]

Condo loan, take two

With the new development market struggling and loans coming due, developers are increasingly trying to renegotiate with lenders

When Hines landed $860 million in construction financing for its luxury condo project at 53 West 53rd Street in … [more]

The Closing: David Rozenholc

The feared tenant lawyer on coming from a family of “slaughterers,” living like Napoleon and attacking developers for sport

David Rozenholc is one of NYC’s most feared tenant lawyers. Over three-plus decades, Rozenholc has won millions of dollars in settlements and gone up against some of the city’s biggest […]… [more]

The quiet hotel powerhouse

As investors in the sector retreat, Highgate has doubled down, becoming Manhattan’s most active (and under-the-radar) buyer

Those who grew up in the 1980s will no doubt remember the catchy jingle about the Milford Plaza Hotel — aka the Lullaby of Broadway. But in 2009, there was very […]… [more]

Can the city carpenters’ union overcome its shady past?

The union is trying to shake its old reputation and wean itself off court supervision, all while trying to stay competitive as open shops encroach on its market share

For decades, the New York City… [more]

Gut checking real estate’s interest rate fears

As new Fed chair Jerome Powell takes over from Janet Yellen this month, should the industry worry about rising interest rates?

Federal Reserve chairs have the power to put financial markets in a frenzy with a few seemingly harmless phrases. … [more]

Recalling the ‘toughest
woman in real estate’

Cecilia Benattar, who developed the GM Building, blazed a trail through a male-dominated industry more than 50 years ago

Women who have smashed through the glass ceiling in New York real estate may have Cecilia Benattar to thank. By her mid-30s, Benattar had earned her … [more]

Viñoly goes conventional

In NoMad, 277 Fifth is not the statement building that 432 Park was for the Uruguayan starchitect

Since the dawn of the new millennium, no Manhattan building has been more controversial than Rafael Viñoly’s pencil-thin 432 Park Avenue. On the one hand, the nearly 1,400-foot-tall tower, one […]… [more]

Rethinking retail solutions

On the heels of NYC’s commercial rent tax reform and new proposals for rent control, industry players propose their solutions for a struggling market

New York City retail has seen better days, and lately there’s a lot of talk about what can be done to help it. The City Council approved a bill in […]… [more]

Construction shifts into cool-down mode

Residential units citywide see drop-off, but Brooklyn and the Bronx see bump as developers hunt for cheaper land

After three years of flying high, residential construction in New York City took a hit in 2017. The residential sector … [more]

It’s the economy, landlords

As job growth slows, owners may struggle to fill an influx of new office space coming to market

When BlackRock finalized a deal last year for 847,000 square feet at 50 Hudson Yards — the largest new lease of 2017 — a portion of the office space was […]… [more]

Editor’s note: Downloading deals and uploading investment

Is Bitcoin getting a little played out? In our cover story this issue, we look at the new technology that has the potential to revolutionize real estate — way beyond […]… [more]

Features

What will the state’s sweeping new regulations mean for the notoriously opaque industry?
The Oxford Property Group founder on his firm’s 300+ exclusives, building apps and boxing with his wife
The Alfa executive on playing bass guitar at work, borrowing furniture from her boss and sending apple pies to Fab 5 Freddy
A roundup of news and data on the residential market
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
A roundup of news and data on the commercial market
The funniest and most insightful comments on real estate