The Real Deal New York

story index

Publisher's Note

January 2008
  • Still one for the books

    From condos to office towers, new highs despite slowdown.

    Go to chart: Still a Benchmark Year

    There’s no doubt about it, last year was a roller coaster of a year with extreme highs and lows for real estate. While New York City suffered a slowdown caused by the credit crisis, more pain was felt elsewhere in the country, and there were still plenty of impressive deals that happened here. This month, The Real Deal examines some of 2007’s biggest real estate highlights. We looked at deals and statistics through mid-December and […]… [more]

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  • Mortgage contingency: Not buying without a net

    More seek the protection of mortgage clauses

    Manhattan buyers, concerned about the difficulty of obtaining a loan in the wake of the subprime mortgage crisis, are more reluctant to purchase apartments without a mortgage contingency clause in place. The desire for a contract with a mortgage contingency, where the purchase is dependent upon the buyer obtaining financing, is not new, but the request is now more commonplace, and that pool now includes qualified buyers who in the past did not need this […]

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  • Dead retail locations shake off the curse

    Is there such a thing as a “dead” retail location?

    Seven years of bad retail leasing luck ended last month when River Place I, the massive apartment complex at West 42nd Street and 12th Avenue, filled its commercial space, striking the property from an unofficial roster of sites that can’t seem to find (or retain) tenants. Lucky Strike Lanes, a national chain of “bowling lounges,” will occupy the 40,000 square feet of retail space that sat empty even as the 908,000 square feet of residential […]

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  • Predictions: A sober look at year ahead

    Expect more shock waves from the mortgage crisis

    As brokers and developers ring in the New Year, they are predicting even more shifts for New York’s already slowing real estate market. Experts interviewed for The Real Deal’s end-of-the-year Q & A said while they expect the upper echelon to be insulated in the coming year, they are worried about the possibility of an increase in interest rates and market slowdowns in the outer boroughs and other areas that may not be able to […]

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  • Starck heads downmarket

    Designer does interiors at rentals, Jersey condos

    French designer Philippe Starck is quirky and playful. Witness one of his latest creations, a floor-to-ceiling chandelier at 15 Broad Street, or a well-known example, the Ghost Armchair, his 2002 reinterpretation of the classic Louis XVI armchair – in plastic. But now the Starck style is trickling down to rentals and across the Hudson. Starck, as part of his collaboration with developer John Hitchcox in Yoo by Starck, will design the interiors for the 505 […]

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  • New Yorkers’ vacation homes: A day in paradise clouds over

    Vacation destinations feeling the subprime pinch

    New York City has weathered the national real estate downturn better than most American cities, but how have New Yorkers’ favorite vacation destinations stacked up? This month, for The Real Deal’s special supplement, we look at the second-home markets in destinations where New Yorkers have traditionally flocked for their holidays, to relax with a book on the beach or to hit the ski slopes. Broadly speaking, today’s credit crunch is spilling over into the second […]

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  • Elliman’s lavish affair to remember

    Like the shrimp piled high, Prudential party was jumbo

    Spare the forecasts of gloom and doom in 2008. At Prudential Douglas Elliman’s holiday fête, held in the Upper East Side’s Pierre Hotel on Dec. 19, it was time to celebrate the year past, which in Manhattan, by many measures, produced record-setting prices. And rejoice the partygoers did. Under a pair of status-affirming chandeliers in the Cotillion Room, women in pearls and men with pocket squares — some of the hundreds of invited brokers, bankers, […]

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  • At Fried Frank bash, giving thanks for being in NYC

    Fried Frank partygoers predict city will bear what 2008 brings

    The Fried Frank holiday party is a lot like attending the after-party of a year-long awards show, where the best players in the game congratulate one another for brokering the year’s biggest real estate deals. In 2007, which started off with a blockbuster first half and then tamped down after the credit crunch, the drinks flowed because everybody needed one. The hugs were a little tighter because the guests there realized how grateful they were […]

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  • Vermont resorts drawing tourists after snow melts

    Two nearby Vermont ski resorts upgrade to take aim at luxury and family markets

    In recent years, global warming, discount flights to the tropics, and competition from large resorts in Quebec have all taken their toll on business at Vermont’s ski towns. But two holiday destinations, Stowe and Smugglers’ Notch, are fighting back. The two resorts are investing in residential developments and amenities to increase tourism and draw more vacation homebuyers. Located in central Vermont about an hour east of Burlington, Stowe Mountain Resort and Smugglers’ Notch Resort are […]

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  • Credit crunch takes bite of vacation houses

    Luxury market holds up, but prices fall for traditional second homes

    The vacation home market in the United States appears to be divided into two areas – traditional and unstoppable. In many traditional vacation home regions, the credit crunch and the subprime mortgage collapse that have damaged real estate values across the country are also sabotaging the second-home market. But luxury homes – which are sometimes third or fourth homes – appear to be holding up well. “Prices are coming down even more on second homes […]

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