The Real Deal New York

January 2018 Issue

When the glass ceiling won’t break

A TRD analysis of the city’s top real estate firms finds an eye-opening gender gap

If ever there was a time to talk about sex and gender issues in New York City real estate, it’s now. The topics were thrust onto the national stage in October when news broke that Hollywood boss Harvey Weinstein had allegedly sexually harassed and abused dozens of women for decades, using his power in the industry to threaten their careers if they didn’t comply with his demands. The sordid details […]… [more]

The LGBT litmus test

Just how far has the industry come in adopting progressive policies for the gay and lesbian community?

In the early 1990s, gay and lesbian professionals in commercial real estate formed a professional networking group to help each other find jobs. But you could say the group was […]… [more]

Inside real estate’s bro culture

In the wake of the Weinstein scandal, the male-dominated development and commercial worlds could come under new pressure to change frat-boy ways

In early December, at Madison Realty Capital’s rooftop holiday bash… [more]

Tax overhaul …
for better or worse

As the industry rings in 2018, NYC’s commercial world rejoices over the tax-cut bonanza, while residential players

For the last several months, economists, lobbyists, advocates, talking heads, editorial boards and everyone else with a pulse who runs in Washington circles has… [more]

Gentrification City

As outer borough areas like Williamsburg and LIC top out, investors turn to other corners of the city to chase returns

Once upon a time, developers who were looking to make smart investment plays would throw up a building in Williamsburg, Long Island City or Bushwick and watch the buyers and […]… [more]

Elliman’s game of thrones

Leadership changes pile up at the residential behemoth, while rumors swirl about what’s next for the C-suite

On the evening of Dec. 19, roughly 30 of Douglas Elliman’s top executives gathered at Bouley Test Kitchen in the Flatiron District for the residential firm’s annual managers’ party. All […]… [more]

The Closing: John Banks

The REBNY boss on his stint in musicals, why the industry is misunderstood and taking a stance against Trump

REBNY president John Banks on his stint in musicals, why the industry is misunderstood and taking a stance against President Trump…. [more]

Moinian’s Hudson Yards reboot

With no tenants locked in and fierce competition, the developer revamps his strategy on a legacy-defining office tower

In August, Joe Moinian watched yet another potential anchor tenant for his planned Hudson Yards tower slip through… [more]

Sizing up commercial real estate’s lending giants

A ranking of the top construction and non-construction lenders in NYC as Trump pushes deregulation and big business agendas

In early June, New York real estate investor and lender Josh Zegen got a tip… [more]

Behind the complicated financing of One Vanderbilt

Funding construction of the $3 billion-plus office tower has been a tall order for SL Green — especially without an anchor tenant in place

In the first quarter of 2018, Robert Schiffer, a managing director at SL Green … [more]

The American Copper Buildings: NYC’s performance art project

The SHoP-designed ‘dancing’ rental towers are elegant now, but how will the morphing facades stand the test of time?

The American Copper Buildings have frequently been compared to … [more]

Is Manhattan’s townhouse tundra thawing?

Despite a tough 2017, several record-setting deals have boosted confidence for the year ahead

When billionaire Vincent Viola listed his 40-foot townhouse back in 2013, the CEO of Virtu Financial asked an eye-popping $114 million. Four years later, Viola … [more]

Construction spending to surpass 2016 peak

Developers are expected to drop $52.5B on building this year

With office towers rising on the Far West Side and logistics super-warehouses being built on Staten Island, 2018 marks the fifth year of the construction boom in the city. It’s […]… [more]

Editor’s note:
Decoding the bro code

Real estate’s “locker room talk” isn’t just confined to the locker room. It’s in the boardroom and the ballroom as well. At a recent rooftop holiday bash, a pumped-up male […]… [more]

Masters of New Rochelle

RXR’s CEO Scott Rechler takes TRD behind the scenes on the firm’s winning bid to redevelop 10 million square feet downtown

The redevelopment of New Rochelle is a success story in the making for Westchester County. Three years ago, New Rochelle’s City Council selected RXR Realty, along with Renaissance Downtowns, as […]… [more]

Is Westchester’s starter home shortage here to stay?

Limited inventory in the under $1 million range continues to mean fast sales and bidding wars as buyers expand into the upper reaches of the county

If New York City has become too pricey, putting the idea of city living out of reach, first-time buyers these days… [more]

Connecticut’s gold standard

Even with sales soft at the top of the market, megamansions on the Gold Coast still command a pretty penny

Manicured lawns, historic architecture and luxury amenities, not to mention sweeping views, are the hallmarks of what’s come to be known as the Gold Coast of Connecticut’s Fairfield County. And […]… [more]

Getting in on the ground floor

With New Rochelle’s master plan now in motion, brokers are looking to entice retailers back downtown — with the help of millennials, of course

When Luiz Aragon, commissioner for development for the City of New Rochelle, looks around him, he’s excited… [more]

Fairfield’s retail wars
draw new blood

Amid falling rents and growing inventory, a new mix of tenants is hitting upscale shopping strips

As the retail reckoning continues, Fairfield County’s luxury shopping corridors are pitted against each other in an ever-intensifying battle to win tenants. Greenwich’s… [more]

More tightening of the purse strings on rental projects

Despite continued demand in Westchester and Fairfield, traditional lenders are worried the market is getting oversaturated

Multifamily projects have been on the rise across Westchester and Fairfield counties for a while, so much so that sometimes… [more]

The multifamily wave continues to crest in Westchester

The number of units added in the county peaked in 2016, but 2017 wasn’t far behind, according to an analysis by The Real Deal

This decade has been good for multifamily development. From Port Chester… [more]

Winning in Westchester: The Real Deal ranks the county’s top brokers

Navigating new trends and developing client relationships keeps the referrals coming in a down market

Westchester’s luxury real estate market, like other regions in the area, softened… [more]

Agents adapt to the age of Instagram

How Westchester’s top brokers are embracing — or eschewing — social media

As homebuyers become more reliant on the internet to help their searches — sometimes racing through an actual house showing because they’ve already seen photos online — brokerages are ramping […]… [more]

The controversial new face of HUD in New York

TRD sat down with Lynne Patton, former vice president at the Eric Trump Foundation, to chat about her role

By nature, the Department of Housing and Urban Development’s regional administrator in New York and New Jersey is a … [more]

Can new industry give Stamford’s office market the boost it needs?

The city is finally seeing some new tenants, but it may not be enough to salvage the suffering central business district

The clouds may be lifting — a bit —from the office market in Fairfield County. … [more]

The industrial revolution

Rezonings and land scarcity are among the factors contributing to the heated sector in the suburbs

The industrial market has never been the sexiest of sectors, but as demand across the country has heated up the past couple of years, the industry’s interest has been piqued. […]… [more]

Moving beyond
the business traveler

With occupancy down or flat, hotels in Fairfield and Westchester are courting sports fans and film crews to fill rooms

From film crews to sports fans, hotels in Westchester and Fairfield counties are looking to increase demand by… [more]

Westchester’s equestrian
arms race

“The wives of these finance guys are all trying to outdo each other,” said one industry insider speaking about the increasingly elaborate horse farms in demand in the county

With hundreds of miles of riding… [more]

Editor’s note:
A master plan unfolds

Downtown New Rochelle will never be the same. And that’s a good thing, as far as the city — and developer RXR Realty — is concerned. Three years ago, the […]… [more]

Features

NYC is slated to get a massive influx of hotel rooms in 2018, raising concerns about a supply surplus
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
Real estate pros share their picks for books on naval architecture, technological acceleration and the dangers of ‘healthy’ food
The funniest and most insightful comments
on real estate