The Real Deal New York

July 2012
  • NYC’s new condo wave

    A close-up on the new construction projects on the market and in the pipeline

    New development condos have been in the spotlight recently, thanks in part to the success of Extell Development’s One57. In May, Extell announced that the building (after hitting the market six months earlier) had sold 50 percent of its units, and had reached a milestone of $1 billion in sales. The 90-story glass tower, which topped off last month, also announced that one of its penthouses had sold for somewhere between $90 and $100 million, […]… [more]

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  • Wells Fargo-go-go

    The nation’s largest mortgage lender is aggressively trying to increase its share of the NYC market

    If you’ve recently helped a New York City homebuyer lock in a mortgage, there’s a good chance you worked with Wells Fargo. As the largest mortgage lender in the United States, Wells Fargo has recently attained an unprecedented grip on the home loan business, originating 33.9 percent of all mortgages in the country in the first quarter of 2012, according to widely cited figures from the trade publication Inside Mortgage Finance. That’s more than triple […]

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  • Manhattan’s top 75 listing agents

    Brokers see totals boosted by ultra-pricey properties

    John Burger has had a good year.  Not only did the Brown Harris Stevens broker earn the No. 1 spot on The Real Deal’s annual ranking of Manhattan’s top listing agents, he also more than doubled his dollar volume of listings from a year ago to $411.7 million. That number sets a new bar for the ranking, which is based on dollar volume of active Manhattan residential listings, gathered from Online Residential in mid-June. (Scroll […]

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  • Retail landlords cash in on Canal Street

    Big names snap up retail, hoping for a Soho spillover

    Property owners are betting that Canal Street, long a mishmash of counterfeit handbag stores and small-electronics purveyors, is on the cusp of a real estate transformation. Vacant storefronts and construction plywood has popped up on the noisy, bustling seven-block stretch from West Broadway to Centre Street. Much of the build-out is being done speculatively, some by new owners like high-profile investor Vornado Realty Trust, which recently picked up a small property there. But established owners […]

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  • Faux pas with foreign buyers

    From Chinese tax law to Russian commodities, a broker's guide to avoiding cultural pitfalls

    With Europe’s debt crisis mounting, foreign interest in New York’s ultra-luxury real estate is increasing yet again. Russian billionaire Dmitry Rybolovlev’s $88 million purchase of a 15 Central Park West penthouse is now the stuff of Manhattan real estate legend, while a Chinese buyer reportedly purchased four separate units at Extell Development’s One57 for $20 million apiece. International buyers contributed $82.5 billion, or 8.9 percent, of the $928 billion spent on residential real estate in […]

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  • A new start for Naftali

    Ex-Elad CEO, Plaza developer is racking up new projects

    “Drew, you’re tired, huh? You had a rough night?” Miki Naftali, founder of the year-old Naftali Group, is teasing his 26-year-old director of development, Drew Popkin. Popkin is a good sport. “It was a long night,” he replies from his seat in the windowed conference room of the firm’s new 5,000-square-foot office at 1700 Broadway. “You’ll tell me after this [interview] what happened last night,” his boss says with a laugh. Naftali is in good […]

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  • Small firms, big money

    Independent brokers court high net-worth clients

    When The Real Deal sat down last month with Horacio LeDon, the Manhattan real estate broker had just returned from the Cannes International Film Festival, where he attended a party on rapper Diddy’s $33 million yacht. Cannes is “the second-most-important film event in the world” after the Oscars, said LeDon, a former Starwood Capital executive who founded his eponymous residential real estate brokerage in January. “And yet everyone was more interested in New York City […]

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  • The rise of the $20 million-plus listing

    High-end sellers push for unrealistic prices, chasing record sales

    Between the lion’s head doorknocker, ornate stone fireplaces and pastel-colored parlor, the mansion at 973 Fifth Avenue looks like something out of an Edith Wharton novel. But its $42 million contract price, reported late last month after the home spent a year on the market with Brown Harris Stevens’s Paula Del Nunzio, is decidedly contemporary. The deal is the latest in a string of eye-popping sales in the last quarter that, some brokers say, has […]

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  • Biggest U.S. residential firms

    How do NYC-area brokerages fit in?

    Every year, The Real Deal publishes its much-anticipated ranking of the largest (and most prolific) residential real estate firms in New York City. But how do those firms, along with New York’s premier suburban brokerages, stack up on the national stage? This month, TRD examined a recently released ranking of the country’s 500 largest residential brokerages — published by the research company Real Trends — and came up with a detailed breakdown of how the […]

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