The Real Deal New York

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International

January 2010
  • What’s next for NYC real estate?

    A look at the players, business models and trends expected to shape the coming decade

    From left to right: Justin Elghanayan, Jed Walentas, Andrew Sciame, Samantha Rudin, Raphael De Niro and Benjamin LevineSigns of improvement appeared at the end of the year, but 2009 will be remembered for its epic real estate downturn. In response to the maelstrom of hard times, many longtime industry veterans took the opportunity to scale back their activities rather than tackling what promise to be several more difficult years. For example, Brown Harris Stevens announced […]… [more]

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  • CBRE’s New York slide

    While still dominant, the company has seen smaller firms eat into its market share in the city during the downturn

    From left: CBRE top broker Mary Ann Tighe; Stephen Siegel, CBRE’s global chairman; Darcy Stacom, vice chairman; Mitchell Rudin, CBRE’s tri-state president and CEO; Robert Alexander, co-chairman of CBRE’s New York tri-state region; and John Powers, also a co-chairman of the tri-state region As the city’s dominant commercial services firm, CB Richard Ellis has a star-studded roster of brokers and brings in business from around the globe. Top producers in Manhattan include veterans such as […]

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  • Sorgente storms the city

    After buying Flatiron Building, Italian firm looks to add more trophies to U.S. portfolio

    Veronica Mainetti, who heads the Sorgente Group’s U.S. office, in front of the Flatiron Building, in which the firm owns a majority stake. For more than a year, foreign investors have been sitting on the sidelines waiting for a sign that the capital markets were beginning to thaw and the time was right to invest in New York real estate. One of the first big tests for them may be coming from an unlikely source: […]

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  • Second wave of foreclosures hits middle-class and upper-end NYC neighborhoods

    Manhattan co-ops, new Brooklyn condos among properties feeling distress pain

    From working-class enclaves in the outer boroughs to glistening new condo towers in Manhattan, the legions of New Yorkers at risk of losing their homes has been growing. While the number of foreclosure filings in the state dropped during the first three quarters of last year compared to the same time in 2008, the filings jumped 14 percent in New York City, according to RealtyTrac. And no borough — including Manhattan — was spared. This […]

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  • Hoteliers hunt for celeb chefs

    Tough times for hospitality and restaurant industries spawn string of high-profile New York City pairings

    Danny Meyer debuted Maialino at the Gramercy Hotel in November. Hotel developers are planning to boost business at their Manhattan restaurants this year with one special ingredient: the glamour of brand-name chefs. Celebrity chef and hotel pairings have been popular in New York since the late ’90s, but in the weak economy, the trend is accelerating. This month, Jean-Georges Vongerichten’s restaurant Mark Jean-Georges is set to open in the Mark Hotel. That follows Danny Meyer’s […]

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  • Ranking the top rentals

    A look at the most expensive apartment leases on the market in Manhattan

    Click image for larger versionIt’s no secret that many top-notch New York City sales brokers took on pricey rentals last year because high-end apartments were slow to sell. But with the economy struggling, did the high-end rental market fare any better than the sales market? Were celebrities still willing to pay top dollar for temporary Manhattan pads? And did struggling corporations change their tactics in renting out apartments for top executives? This month, The Real […]

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  • Downtown’s office market holds — for now

    While vacancy rate is enviable today, flood of new office space could cause problems

    State Sen. Daniel Squadron has criticized the FDIC’s decision to leave its home at 20 Exchange Place for the Empire State Building.Resilient. That’s the word for Lower Manhattan’s commercial real estate market for the past 12 months. In the aftermath of the greatest financial meltdown in recent history, Lower Manhattan boasts the lowest vacancy rate of any market in the city at 7.3 percent, according to CB Richard Ellis data for November. Midtown and Midtown […]

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  • Seaport neighborhood quietly attracts attention

    After missing condo boom, area is gaining cachet, brokers say

    The 20-unit 257 Water Street is likely to be converted into a condominium.The narrow blocks surrounding the South Street Seaport are dominated by cobblestone streets and 19th-century brick buildings constructed when the area was a hub of maritime trade. The city’s recent condo boom bypassed the micro-neighborhood — which is bounded by the Brooklyn Bridge to the north, Fletcher Street to the south, Pearl and Water streets to the west, and the East River. Plans […]

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  • Downtown retail goes down market

    Brokers, once doing luxury fashion deals, now focus on discounted clothing stores, nail salons and chicken chains

    Winick’s Diana Boutross and Darrell Rubens in front of 30 Broad Street.Darrell Rubens brokered the deals for high-end fashion stores Thomas Pink and Canali in early 2007 during the luxury rush Downtown. Last fall, however, he inked leases for Korean chicken chain BonChon Chicken at 104 John Street and nail salon Spring Sun Nail at 119 Fulton Street. “Obviously, it’s slowed,” said Rubens, senior managing director at Winick Realty Group. Four years after BMW touched […]

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  • (Click chart below to view larger PDF) Tags: 9 by design

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