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July 2009
  • A Hamptons post-mortem

    Hamptons leases see double-digit price drops and late signings, brokers say

    While it is clearly too early to do a full autopsy on the Hamptons rental market, brokers say this season will likely go down as one of the toughest — and strangest — in recent memory. Though beachgoers just started making their way out to the Hamptons in force last month, it’s already clear that the Great Recession has led to double-digit price declines in the Hamptons rental market, compared to last year. According to […]… [more]

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  • Where in the world did Shvo go?

    The boom-time marketing wunderkind has seemingly fallen off the face of the earth

    No one personified the excesses of mid-2000s New York City quite like Michael Shvo. The slick-haired Israeli émigré burst onto the real estate scene in 1998, an audacious 20-something who quickly climbed the ranks of Manhattan’s biggest sales firms before starting his own, self-titled new development marketing company. Famous for his bad-boy antics, celebrity-studded parties and inspired collaborations with the likes of Philippe Starck, Giorgio Armani and Jade Jagger, Shvo became synonymous with the over-the-top […]

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  • Bad behavior amid the bust

    ‘Pinocchio' practices increase as brokers, firms, developers look to protect wallets

    In New York City real estate, unethical behavior is the elephant in the room: a subject brokers generally avoid. And with the average apartment selling for more than $1 million even in this down market, it’s hard to reconcile Manhattan’s power brokers, who have armies of assistants and star-studded clienteles, with the historically unsavory image of the stereotypical real estate salesman. In part, that’s due to the work of organizations like the Real Estate Board […]

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  • The other Trumps

    The Donald isn't the only Trump putting his mark on real estate and development

    In some South Florida circles, they are known as “the Other Trumps.” Brothers Jules and Eddie, the sons of a South African tailor known as “Willie,” have no financial, philosophical or even familial ties to Donald Trump. However, the Brothers Trump have quietly built an empire on luxury real estate development, one which includes Williams Island (named after their dad), an 82-acre posh preserve for the rich in Aventura; the 51-story Acqualina Resort & Spa […]

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  • The tallest green condo shoots

    After a dead winter, these condos are top spring sellers — though with relatively few deals

    Go to: Condos with most spring contracts While troubled projects have dominated the headlines, there are a number of condos sprinkled across New York City’s skyline that have actually seen boosts in sales of late. After what was by all accounts a dead winter, life seems to have returned to the market for some new condominium buildings this spring — even if the numbers are still relatively small. For example, while the Harlem market has […]

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  • The shuttering of several New York real estate brokerages, including Coldwell Banker Hunt Kennedy and JC DeNiro & Associates, has set in motion a game of musical chairs among brokers. While some agents are still scrambling for their next jobs, many seem to have quickly landed seats — even if the transition has been a bit hectic. “It’s a very discombobulating time,” said Armanda Squadrilli, who is now a senior vice president at Prudential Douglas […]

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  • Holding pattern for distressed funds to break soon?

    Investors are still in hurry-up-and-wait mode, but expect that to change by 2010

    The hurry-up-and-wait mentality that has engulfed many of New York’s distressed asset funds for the last year is still in effect. But the holding pattern could break soon. In this month’s Q & A, brokers, developers and finance specialists told The Real Deal that despite the fact that distressed asset funds have not been making the highly anticipated buys everyone was expecting, they will probably begin doing so at the end of 2009. And, they […]

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  • When the economy is strong, many landlords turn their noses up at restaurant tenants, fearing unpleasant food odors, vermin and noise. But as retail vacancies proliferate across the city and the recession drags on, the tables have turned and landlords are rethinking their disdain for eateries. “They used to be sort of perceived as a hassle because of potential odors, but now they are seen as rent-paying tenants,” said Jeffrey Roseman, executive vice president and […]

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  • Bar biz stays bright

    Rents for gin joints stay steady

    Alcohol is said to be recession-proof. Drinkers are just as likely, if not more likely, to indulge in bad times as they are in good. But what better way to test how that age-old adage is holding up in New York than by looking at real estate prices for watering holes here during one of the worst recessions in decades? Unlike most citywide retail rents, which have dipped of late, rents for properties that house […]

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  • Worldwide plaza on the market Worldwide Plaza, the last piece of Macklowe Properties’ portfolio, is for sale. The lender in control of the 1.7 million-square-foot building, Deutsche Bank, wants to retain an ownership stake, but is also prepared to write down the current $1.02 billion in outstanding principal to an $800 million mortgage. The buyer of the building at 825 Eighth Avenue, at 50th Street, is expected to contribute $200 million in equity, and the […]

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