The Real Deal New York

January 2019 Issue

The Closing: Eliot Spitzer

The real estate scion and one-time governor on clashing with financial titans, second chances and helming the real estate empire his dad built

Eliot Spitzer needs little introduction. Most know him as the New York governor who resigned in the wake of a prostitution scandal in 2008. But the 59-year-old — who has reinvented himself several times over — now runs the real estate firm his late father, Bernard, founded in the 1950s. Spitzer got his start in the public sector as a young lawyer in Manhattan District Attorney Robert Morgenthau’s office, where […]… [more]

Behind 550 Madison’s messy makeover

How intense public backlash put the iconic tower on the landmarking fast track and forced a pricey design do over

Craig Edward Dykers drove from Austin, Texas, to Manhattan as an architecture student in 1985 to see an … [more]

Brooklyn’s inventory balloon

New residential projects are coming online fast and furious, but some have expressed concern

When sales launched at the Baltic in Park Slope back in 2016, the condo building had the market to itself. But then things started softening, and more nearby … [more]

Elevated risk

As elevator incidents rise, a TRD investigation found that mechanics often have little training, inspectors regularly fail to identify hazards, and landlords escape penalties

It was a few hours before dawn… [more]

How it can go wrong

There have been more than 500 elevator-related incidents in the city since 2010, including 22 fatalities.

At least 22 people have been killed in passenger elevators or shafts in New York City since 2010. In that same span of time, there have been nearly 500 incidents, […]… [more]

Beyond Hudson Yards

From Dubai to Cairo, a look at some of the megaprojects shaping cities across the globe

As the largest private real estate development in the United States, Hudson Yards is a project every New York development company would dream of having its name on. At 18 […]… [more]

Restoring Soho’s
sacred ground?

The neighborhood’s complicated zoning — designed for artists and manufacturers — is creating headaches for property investors and lenders as the city seeks to implement changes

Hollister’s massive flagship in Soho is one of the first stores subway riders see when they emerge from the Broadway-Lafayette station. The six-story building at the corner of Broadway and […]… [more]

Raising the stakes
on homeless space

Private developers and landlords are making big profits from shelter rents as the city faces an uphill battle with its growing homeless population

Just north of Yankee Stadium,… [more]

Real estate side gigs

When these industry players aren’t developing or selling real estate, they’re investing in everything from whiskey to pro sports

On the evening of Dec. 3, the Corcoran Group’s Cathy Franklin rushed from showing a $22.5 million listing at One57 … [more]

New York’s McMansions
are definitely not dying

Outsized new construction homes can be found in every borough, not just Staten Island

National Drive in Mill Basin, Brooklyn, is a museum of late-20th-century suburban hodgepodge: A modest … [more]

Splitting the difference

How residential brokerage teams deal with divvying up commissions

Commission splits are always a high-octane conversation in the residential brokerage world. And in this competitive market — one in which firms are being squeezed every which way — companies […]… [more]

Selldorf goes subtle

The starchitect’s design of Billy Macklowe’s latest condo, which sits on the former Bowlmor Lanes site, is striking in its simplicity

In its quiet and unassuming way, 21 East 12th Street is one of the better buildings, from an architecture standpoint,… [more]

Residential market report

From the year’s hottest neighborhoods to Manhattan’s housing quandary, a look at the biggest trends

Home sales slump across NYC as tax law kicks in Manhattan and Brooklyn saw home sales decrease each quarter for the last year amid a region-wide sales dip,… [more]

Commercial market report

From Fifth Avenue’s (relative) fall from grace to the top lenders in commercial real estate, a look at the biggest trends

Fifth Avenue slips from first place in global retail markets New York’s Fifth Avenue has lost its crown as the world’s most expensive retail street, according to an … [more]

Editor’s note: Public servant, private developer

Donald Trump went from being a New York City developer to occupying the highest political office in the country. Eliot Spitzer moved in the opposite direction and went from the […]… [more]

Features

The latest California wildfires are likely to be followed by more devastating weather events that will take both lives and property
The Alchemy principal on Mariah Carey’s soap, union strikes and adding music studios to company projects
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