The Real Deal New York

July 2010
  • Rutenberg’s real estate

    Charles Rutenberg Realty shakes up industry with 100 percent commission model

    When Paul Purcell, the erstwhile COO of Douglas Elliman, decided in 2000 to hire Kathy Braddock as general sales manager, it caused an uproar at the venerable, century-old firm. Braddock owned a personal service firm called the Intrepid New Yorker, and she’d worked with Purcell — who’d started Elliman’s relocation division — for years as she helped new arrivals get settled in the city. Still, she was considered an outsider to the real estate industry, […]… [more]

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  • Mortgages after the meltdown

    With industry overhaul, a new map for lending emerges in NYC real estate

    Ever since “subprime loan” became a household phrase, mortgages have been a hot-button topic in a country rocked by the credit crisis and real estate downturn. That’s especially true right now. As The Real Deal was going to press, sweeping financial reform appeared to be in the final stages of becoming law in Washington, D.C. If passed, the legislation would create a Consumer Financial Protection Bureau intended to prevent unfair practices in consumer mortgages. The […]

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  • Painful as it’s seemed, NYC’s bust only fourth-worst in past century

    While ‘Great Recession’ has been a replay of an economic broken record, other real estate downturns have hit New York City much harder

    Economists have determined that this recession, nationally, was the longest and deepest since the Great Depression. So it was only logical to expect that Manhattan, the epicenter of this financial crisis, would ultimately bear its worst brunt. So far, that hasn’t happened. Job losses and declines in housing values have been less severe than predicted, and most observers believe the recession to be officially over, with economic indicators across the board showing signs of a […]

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  • Zell on avoiding ‘la-la’ land

    Real estate mogul talks about what markets he's targeting, who his competition is and why he likes his 'Grave Dancer' moniker

    Sam Zell is the chairman of Equity Group Investments, the private investment firm he founded more than 40 years ago. EGI’s investment portfolio spans multiple continents and industries, including real estate, hospitality, energy, transportation, media and health care. Zell has also been chairman of the Tribune Company since 2007, when he purchased the media conglomerate and took it private. And he’s launched three of the largest REITS — Equity Office Properties Trust, which was sold […]

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  • Landlords, advocates debate opening books

    Proposal to subpoena building data from lenders, special servicers stirs controversy

    Housing advocates are calling on the city to use its investigative powers to obtain financial records from lenders and then influence sales at overleveraged multifamily buildings. The advocacy groups believe the city’s Department of Housing Preservation and Development can use proprietary information from banks and servicers of troubled loans to direct sales of distressed properties to buyers who will maintain them as rent-regulated properties. Not surprisingly, landlords say the proposal could do far more harm […]

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  • On the market

    Commercial properties recently placed on the market

    New building on LES for sale A building at 180 Orchard Street on the Lower East Side is on the market for $48 million. The site has been approved for conversion into a hotel of up to 22 stories. The electric, plumbing and sewer systems are already in place, and the building boasts two underground parking lots. The 17,600-square-foot property includes 13,836 square feet of retail space, with 23-foot ceilings, 128 feet of frontage on […]

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  • MANHATTAN Flatiron $560,000 10 West 15th Street 1-bedroom, 1-bathroom, 478 sf co-op in a postwar elevator building (the Parker Gramercy); 24-hour doorman; unit has renovated bathroom, galley kitchen with stainless-steel appliances; building has garage, valet and laundry facilities; maintenance $786 per month; 52 percent tax-deductible; asking price $575,000; 26 weeks on the market. (Brokers: Stacey Chametznik, City Connections Realty; Rezwan Sharif, Prudential Douglas Elliman) “I had sold [this apartment] to the seller in 2004. [Now] […]

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  • Gambling on new business

    After hibernating through slump, NYC entrepreneurs launch new real estate ventures

    Economic change is a fertile ground for innovation, and real estate is no exception — especially, it seems, this summer. A number of brokerages closed their doors or scaled back their operations during the tepid market of late 2008 and 2009. Now, it appears that the opposite is happening. A number of real estate professionals apparently spent time during the recession ruminating about new business models, and now that the market is picking up, many […]

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  • 018TRD0710 Tags: By the numbers

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  • Construction update Bedford-Stuyvesant The Shelton775 Lafayette Avenue Construction on the 14-story affordable housing cooperative by TNS Development Group has topped off. The 83-unit building, which will have a part-time doorman, landscaped courtyard and fitness room, is slated for completion in March of next year and occupancy that May. One-, two- and three-bedroom residences, which range in size from 667 to 1,180 square feet, will be sold by lottery beginning this year to income-restricted buyers, with […]

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