The Real Deal New York

January 2012
  • What to watch in 2012

    A roundup of developers, brokers, listings, projects, REITs and more to keep an eye on in NYC real estate this year

    Last month The Real Deal spoke with real estate professionals to learn which projects and players will be on their radar in the year ahead. After dozens of interviews, hours of research and many editorial meetings, we winnowed down a list of real estate players and projects to watch in 2012. We weren’t looking for the city’s top brokers, or the biggest firms or the most successful developments. Instead, we were looking for the most […]… [more]

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  • Taking the Fifth: Joe Sitt is buying up Fifth Avenue, but is he overpaying?

    Investor Joe Sitt has ramped up his building buys on Fifth Avenue, but is he paying too much?

    From left: Joe Sitt, 516 Fifth Avenue and 693 Fifth Avenue Joseph Sitt made his fortune thinking big — and not just in real estate. Back in the early 1990s, Sitt had trouble finding retail tenants for his urban properties. So he decided to open his own upscale apparel chain to serve the most promising urban retail sector he could find: plus-size women. “I saw a big niche area,” he told an interviewer in 2003. […]

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  • Private equity, unwrapped

    These firms led the pack in NYC spending during 2011, even if much money still sits on the sidelines

    For years, private equity firms have been lavished with huge sums of money by investors looking to own New York buildings. But recently, there have been fewer deals that those firms are finding attractive — ones that offer quick and bountiful yields. Plus, many so-called distressed opportunities that were supposed to materialize didn’t, as banks worked out new loan terms with their struggling borrowers. As a result, many private equity firms’ buckets of cash have […]

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  • NYC’s most mysterious home

    The secrets of Huguette Clark’s famous apartments revealed

    Huguette ClarkFor the past two decades, some 17,000 square feet of prime Fifth Avenue real estate have sat fully furnished, but empty. Once owned by eccentric heiress Huguette Clark, the three sprawling apartments at exclusive co-op 907 Fifth Avenue are now visited only by cleaning staff. Clark spent the last 20 years of her life in hospitals despite reported good health, scarcely ever setting foot inside 907 Fifth Avenue or her seaside mansion in Santa […]

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  • Rental buildings sprout on NJ’s Gold Coast

    A roundup of 10 developments along New Jersey’s Gold Coast, and how they are faring

    For developers, New Jersey’s Gold Coast — that swath of real estate hugging the Hudson River from Englewood Cliffs to Jersey City — presents a tale of two markets. On the one hand, the rental market has rebounded, recovering to the point where brand-new rental projects are now being built and quickly leased. “The environment is conducive to new development,” said Michael Barry, president of Hoboken-based developer Ironstate Holdings. Lenders are backing “well-heeled, well-positioned, stable” […]

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  • Leasing legends

    A first-ever ranking of the most senior leasing brokers in New York City

    Commercial real estate insiders in New York City can easily tick off Manhattan’s top power brokers in the office leasing world — and rank the biggest firms here to boot. But a haze obscures the actual amount of business each of these brokers — who collectively handle millions of square feet of office leasing every year — participates in. This month The Real Deal created a first-ever ranking of the city’s most senior leasing agents […]

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  • Brokers get grayer

    NYC firms see unexpected benefits from older agent pool

    In 2008, 21-year-old Jared Seligman had sold some $40 million worth of real estate and gained fame for listing the Olsen twins’ Morton Square penthouse. And he wasn’t the only youngster flocking to residential brokerage during the mid-2000s. During the real estate boom, hordes of recent college grads entered real estate, hoping to cash in on the myriad six-figure deals taking place in Manhattan. There are, of course, still some young hotshots in the field. […]

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  • Mortgage market molasses

    While NYC residential lending is loosening in some corners, the industry is moving slowly in its recovery

    The debt crisis may be rocking Europe’s economy, but in a strange twist, it’s actually had something of a positive effect on New York City’s mortgage market — at least for now. In this month’s Q&A, The Real Deal talked to mortgage brokers and mortgage experts, who said that investors are pouring capital into U.S. Treasurys, which is, in turn, helping to keep mortgage rates low and attractive to buyers.

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  • 41 Bond StreetGreenwich Village $6.05 million 41 Bond Street Three-bedroom, three-and-a-half-bath, 2,627 sf condo unit in a new development; apartment has private elevator, 11-foot ceilings and radiant heating; common charges $5,674 per month; taxes $599 per month; asking price $6.05 million; 22 days on the market. (Brokers: Dennis Mangone, Prudential Douglas Elliman; Tamir Shemesh, the Corcoran Group)

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