The Real Deal New York

July 2017 Issue

Life after Croman

As the high-profile landlord gears up for jail-time, already jittery NYC property owners fear a heightened crackdown on the broader industry

UPDATED, July 6, 4:44 p.m.: In 2002, Steve Croman, a slick broker-turned-landlord who had amassed an enviable portfolio of Manhattan rental buildings, set his sights on a pair of Upper East Side walk-ups on 72nd Street near Central Park. It was there that he and his wife, Harriet, began building their dream home, evicting tenants from 23 apartments to create a 19,000-square-foot mansion with eight bathrooms and a rooftop pool. But […]… [more]

Lender liability

How culpable are banks when their borrowers push out rent-stabilized tenants?

When a landlord is implicated in a tenant–harassment case, it’s usually their name — and their name alone — that makes headlines. Such was the case with Raphael Toledano at […]… [more]

New York underwater

While the city’s real estate industry has avoided taking a stance on climate change, some say it may have everything to lose

When President Donald Trump announced in June that the United States would pull out of the Paris climate accord, New York developer Jonathan Rose sensed that something more than an […]… [more]

Battling it out in the Bronx

Ranking the under-the-radar residential firms that have closed the most sales in the burgeoning borough

Real estate news about trophy penthouse sales in Manhattan and new high-end condo projects in Brooklyn has become virtually inescapable. And in many cases, the agents who broker those deals […]… [more]

Conquering the market
in Queens

A mix of major Manhattan firms, long-time local companies and newer, boutique players dominate borough’s residential firm ranking

Real estate news about trophy penthouse sales in Manhattan and new high-end condo projects in Brooklyn has become virtually inescapable. And in many cases,… [more]

Aby Rosen’s brazen battles

With Donald Trump in the White House, is the flamboyant RFR co-founder the last true celebrity developer in town?

Would Aby Rosen agree to an interview? Yes, his publicist said on a recent Thursday. Then came the catch: He was traveling and might be hard to pin down. The […]… [more]

Roommates aren’t just for millennials

As rent rises faster than income, shared-living arrangements are on the up

In the bedroom that Andrew Kim shares with his girlfriend, Michelle, and their pug, Emilio, there is a 60-inch TV mounted on the wall, a vanity for Michelle and an […]… [more]

Is co-living’s awkward phase permanent?

The niche rental housing sector is eyeing the big leagues, but its bedding average is nothing to brag about

The nondescript, three-story brick apartment building at 576 Marcy Avenue in Bedford-Stuyvesant might seem like a youth hostel to the untrained eye…. [more]

The Closing: Nathan Berman

The developer on Trump’s Russia problem, his taxi driving days and converting Lower Manhattan into rentals

Nathan Berman is the managing principal of the Manhattan-based Metro Loft Management, which he founded in 1997. The developer — who’s been called the King of FiDi — has been […]… [more]

Commission competition ramps up

As prices rise and sellers lose ground, 5 percent — or even 4 — becomes a new norm, shaking up the brokerage world

When Upper East Side socialite Shafi Roepers decided to relist her co-op at the exclusive 4 East 66th Street this spring, she called power broker Serena
[more]

Brooklyn office bust?

Eager developers may have gotten ahead of themselves with projects in far-flung nabes

When Brooklyn’s most heralded startup, the online marketplace Etsy, inked a 200,000-square-foot lease at Dumbo Heights in July 2014, many saw it as confirmation of a long-held hypothesis: If landlords […]… [more]

Re-penning the nation’s busiest transportation hub

Long-overdue infrastructure upgrades at Penn Station and nearby developments will be a boon to property values in the area

When Vornado Realty Trust, Related Companies and Skanska finalized a deal with New York State for the creation of a $1.6 billion train hall at the old… [more]

Kushner (the musical) on ice

The 36-year-old real estate scion’s White House role and family business are starting to collide, and questions are mounting

When White House adviser and Donald Trump son-in-law Jared Kushner spoke publicly for the first time in his current role in June, many felt underwhelmed. Six months of “palace intrigue” […]… [more]

Self-storage surge

Because of severe undersupply, self-storage developers have found opportunity in NYC

Self-storage in New York City has never been considered one of the “major food groups” of commercial real estate. The name itself conjures up images of seemingly endless rows of […]… [more]

Editor’s note: Landlords behind bars

A push toward looser business regulation might be the trend these days in Washington, D.C., but in New York City, it’s been a little different, especially when it comes to rental […]… [more]

Better late than never? Top brokers make do with a shorter sales season

For agents on The Real Deal’s annual ranking, ‘summer hours’ means working
seven days a week

Zachary and Cody Vichinsky, the upstart duo that three years ago launched… [more]

Going high on the East End: Ranking the priciest deals

Brokers in the Hamptons and North Fork say va-va-voom is coming back to the luxury market

The luxury East End housing market has waned in the last year, following a national trend, but there are plenty of homes that are still selling for a pretty penny. […]… [more]

Luxury rental listings are lingering longer and longer

Many of the area’s flashiest estates are still available to rent as mid-summer approaches

To the average American, spending $1 million on a summer rental is unfathomable. And this year, much to the chagrin of brokers across the East End, it seems as though […]… [more]

Revisiting short-term rental laws, a year later

Worries that tougher policing would upend the rental market appear to have been unfounded, and some are embracing enforcement

A year ago, the East Hampton real estate market was awash in fears that the crackdown on Airbnb and other… [more]

Fashion and furnishings lead a retail revival in Southampton

Brokers are getting higher rents this summer, but many deals are just for the season

This summer it will be baskets and butcher blocks, plus maybe a few (fancy) books, at the former Rogers Memorial Library in Southampton. One Kings Lane will be setting up […]… [more]

All in the details: For this architect, luxury means less, not more

Andre Kikoski on his $45 million spec house in Bridgehampton and work on One Hudson Yards

Architect Andre Kikoski has a vision for contemporary luxury: It’s the… [more]

The jury’s still out on StreetEasy’s move east

Hamptons brokers want the ease of the site’s technology, but not the preferential treatment for agents who pay for it

How StreetEasy manages Hamptons Real Estate Online (HREO) is top of mind for East End brokers these days — and although they seem generally pleased… [more]

Digging into the Hamptons’ biggest projects

While some developments make headway, others are stalled for the foreseeable future

It’s not a secret that in the Hamptons, it can take awhile to get things done. Long Island’s East End is a region known for its luxury housing and rural […]… [more]

Having it their way in the Hamptons

Golf courses, horse farms and tree houses are just some of the pet projects that have taken these celebrities to the zoning board

For about a year, Michael Bloomberg, the billionaire former New York City mayor and a Hamptons habitué, has been trying to reroute a road that runs… [more]

Bringing down the house, from teardowns to turnkeys

East End buyers are grabbing up plots and knocking down homes to start from scratch, but other options are limited

Over the past three years, the Hamptons has seen an unprecedented spike in new home construction, with buyers ordering up their dream beach homes on… [more]

East End hotels are summer-ready after slick renovations

Pop-up concepts and luxe room redesigns freshen up beachy lodgings, but supply is still limited

With high demand and slim supply, it’s no surprise that rooms on the East End during the summer season go for a premium and sell out quickly, especially… [more]

Famous faces and infamous houses

From the ‘Grey Gardens’ estate in East Hampton to Cynthia Nixon’s Montauk condo, these high-profile real estate moves are the talk of the beach

Listings Dick Cavett lists Montauk home for $62 million At $62 million, making it one of the priciest listings to hit the… [more]

Editor’s note: A cut above

Underneath the laid -back, beachy vibe the East End has cultivated on its sandy shores all these years, beyond the pristine and glittering waters it presents as its public face, […]… [more]

Features

Can new owners breathe life into the iconic-but-underperforming hotel?
Bespoke’s co-founder on pricey Hamptons homes, the ‘big whales’ of real estate and keeping a Zen garden
The new development marketing guru on competing in triathlons, his $3B pipeline and making his mom’s matzo brei
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 picks for books on “Casablanca,” the inspiration for “Seinfeld,“ and the life of Einstein
The funniest and most insightful comments
on real estate