The Real Deal New York

July 2018 Issue

Will Cushman fall flat on Wall Street?

After years of delays — and heavy cost-cutting — the mega-brokerage readies for its public debut as it deals with internal disarray

Cushman & Wakefield stands alone among the city’s big commercial brokerages. Not only is the 100-year-old firm the last of its peers to go public, its Sixth Avenue headquarters makes it an outlier as well. Cushman’s main competitors — CBRE, JLL and Newmark Knight Frank — are all located several avenues over, near Grand Central Terminal. So when Cushman sought to consolidate several offices it inherited amid a wave of […]… [more]

Merger mania

With pressure to stay competitive in an uncertain market, real estate firms (big and small) are scrambling to buy each other up at record rates

The recent bidding war for LaSalle Hotel Properties has played out like a high-stakes poker match. The price tag for the real estate investment trust — which owns… [more]

New York’s vertical problem

A look at what makes it so difficult to build a “megatall,” as other cities continue to eclipse the NYC skyline

If completed, the world’s tallest building would stand not in the center of a global capital, but in an empty, sprawling development plot in a Saudi Arabian port city. The […]… [more]

No longer New Yorkers

While it’s not a mass exodus just yet, some are fleeing the tri-state and heading to lower-tax areas

It was early January — just weeks after President Trump’s tax bill went into effect — when Colby Gaines, a producer of the reality TV show “Pawn Stars,” approached his […]… [more]

Kushner Companies
v. Everyone

Opposition from local politicians in New York and New Jersey and ongoing investigations into the family real estate firm are forcing it to step back and rethink its strategy on major development projects

City Council member Brad Lander… [more]

Is EB-5 coming apart
at the seams?

With gridlock in Washington and increasing allegations of fraud in the courts, the federal visa program is facing a new threat — its inability to clean up

As migrant children lay separated from their parents in detention centers in… [more]

Chinese investors want their millions back

Frustrated by up to 15-year wait times, EB-5 visa applicants are talking with attorneys about how to pull out of three Manhattan development projects

When eager Chinese citizens invested in the Times Square Edition hotel through the EB-5 visa program roughly four years ago, they expected to secure green cards within five years. But […]… [more]

Two EB-5 pioneers face investor backlash

George Olsen, Paul Levinsohn, and their regional center are embroiled in two lawsuits alleging they defrauded more than 100 investors and refused to pay commissions to an overseas migration firm

Michael Gibson, a Miami… [more]

Bypassing the rental broker

Are rental brokers poised to get cut out as startups nip at their market share and financial pressures intensify?

Being a New York City rental broker has always been a tough gig. But the job is getting even harder. It’s now been exactly one year since StreetEasy began charging […]… [more]

The title insurance titans

A tally of the players brokering the most title deals in NYC

Editor’s note: This story was published shortly before a judge annulled the Department of Financial Service’s new regulations on title companies’ marketing practices. The DFS has said it plans to […]… [more]

The Closing: Peter Kalikow

The real estate dynasty heir on getting duped by contractors, buying the New York Post and running the MTA

Peter Kalikow is president of the development and management firm H.J. Kalikow & Company and a third-generation executive in the Kalikow family real estate business. He joined his father… [more]

Original, but not radical

Rafael Viñoly strikes again — this time at 125 Greenwich, where hard columns mixed with soft edges rule the day

Rising two blocks south of the World Trade Center site, Rafael Viñoly’s latest building, 125 Greenwich Street, was supposed to be Lower Manhattan’s answer to 432 Park Avenue. The latter […]… [more]

Will the Gowanus rezoning be what developers hoped?

After nearly a decade of uncertainty, a new proposal outlines the neighborhood’s residential and commercial needs — and condos aren’t on the wish list

Rezoning Gowanus has been on the agenda of developers and politicians… [more]

Residential market report

From Manhattan townhouse reality checks to Bushwick’s mammoth price growth, a look at the biggest trends

Record townhouse deal falls apart, but market is unfazed June was a tough month for Vincent Viola, whose deal to sell his Upper East Side mansion for $80 million fell through, […]… [more]

Commercial market report

From a surge of sublease space to positive indicators for NYC’s hotel market, a look at the biggest trends

Downtown’s sublease space up 76 percent Prospective office tenants will have a lot of office options Downtown. The submarket saw a 76 percent increase in the amount of office space […]… [more]

Editor’s note:
Real estate Mad Libs

The Real Deal’s editors often get asked about the best ways to submit information for publication when a broker or developer has big news to announce. In many cases, these […]… [more]

Only the tech-savvy survive

Agents at Northern New Jersey’s top-ranking brokerages employ all the tools they can get to stay ahead, but the going isn’t cheap,
or easy

Staying ahead of the pack in real estate isn’t cheap these days, and the industry certainly isn’t for Luddites. Agents say a combo of ready cash and tech know… [more]

Ranking NJ’s high-end
home sales

Brokers say luxury homes are sitting longer, while new homes outfitted with technology and the ‘Pottery Barn look’ appeal to buyers

Brokers selling homes in North Jersey saw nearly a dozen properties leaving the market for upwards of $4 million between May 1, 2017, and April 30, 2018, … [more]

Setting a new tone in the Garden State

Change has been slow going since Gov. Phil Murphy took office in January, but some of his policies are starting to take shape

When Phil Murphy beat out then-Lieutenant Gov. Kim Guadagno to clinch the gubernatorial seat in New Jersey last November, his victory was … [more]

The right side of the tracks

Some New Jersey towns close to transit options have seen home prices spike this year

As more and more young families and professionals flee New York in search of more space and a lower cost of living, New Jersey towns with easy access to transit […]… [more]

Atlantic City goes all in

The struggling town is set for a renaissance thanks to the opening of new casinos and a slew of offerings not related to the gambling scene

Atlantic City seems to be getting back in the game. The recent legalization of sports betting can only help the casino-driven local economy, experts say. But … [more]

Making the old new again

Aetna Realty and SJP Properties have teamed up to convert a four-acre industrial site into a mixed-use megaproject, but they aren’t the only ones making new inroads in Newark

Beaten down and brushed off for decades, Newark has bounced back in recent years, primarily due to the construction of apartment buildings. … [more]

Redevelopment keeps
Montclair on the map

The George, a hotel by makeup mogul Bobbi Brown and her developer husband, is one of a handful of prestige projects in town

Montclair has always been a popular New Jersey location, but it’s recently been getting more than its usual fair share of attention. That’s in part because, after living… [more]

Tallying NJ’s residential developers

Despite increased costs — including new tariffs on materials — TRD’s analysis shows a growing appetite for building

Surging construction costs compounded by new tariffs and high land prices are the talk of the town among developers these days, but a huge spike in the number… [more]

Developers still see a bargain in Jersey City

Optimism surrounds the city’s new high-rise developments, but one of its biggest projects is stalled because of a legal dispute

The Jersey City boom is booming on, but even this real estate success story isn’t immune to a bit of presidential controversy. One of its biggest developers,… [more]

Office deals make
for heavy lifting

Downsizing companies and slow-going negotiations made for smaller deals on TRD’s ranking of biggest leases, but some brokers say they’re getting higher rents

Last year’s sluggish New Jersey office leasing market continued… [more]

A new era of office amenities

Landlords in New Jersey are adding top-notch cafeterias, co-working spaces and fitness centers in standalone buildings to appeal to today’s workforce

From barista bars and fitness centers to walking trails and conference facilities, office landlords in suburban New Jersey are racing to upgrade properties with … [more]

A new reason to visit the races

With the legalization of sports betting, developers are racing to expand tracks and casinos

After taking a lead role in successfully challenging the federal law banning sports betting in most states, New Jersey is poised to reap the benefits, from a general economic boost […]… [more]

Ranking the retail mix

From home decor superstores to small, targeted department stores, malls and shopping centers continue to change it up to get consumers off the internet
and in the door

With brick-and-mortar retail still struggling to adapt to a new normal in the wake of the Amazons of the world, the… [more]

Beyond urban New Jersey

Converted factories, redeveloped residential and new multifamily are some of the state’s biggest projects

While development in New Jersey’s urban centers is what primarily makes headlines, other areas of the Garden State are also capturing the interest of builders. The Real Deal looked in […]… [more]

New Jersey grapples
with new tax law

Some experts expect an exodus from the Garden State because of the reforms, while others say NJ residents could end up ahead

Everyone knows New Jersey is a high-tax state — it has the priciest property taxes in the country. That’s why homeowners are gnashing their teeth over… [more]

Ganja in the Garden State

Gov. Phil Murphy’s push to legalize marijuana could spark the economy and commercial real estate

No one knows exactly what the future of cannabis will look like in the state of New Jersey. As recently as February, a survey of state senators by NJ Cannabis […]… [more]

Editor’s note: Of tech and taxes

It takes a lot to stay on top, as any broker anywhere will tell you. And New Jersey — perhaps in particular — has its own set of challenges, as […]… [more]

Features

Can the closed-shop development site prevail as costs rise and builders get increasingly squeezed?
The SLCE Architects partner on running 1,000 miles a year, sketching himself to sleep and wanting to become a portrait artist
The Convene president and chief of innovation on staying a step ahead of the competition,
why corner offices are overrated
and riding 100 hours on a Citi Bike
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
The funniest and most insightful comments
on real estate
Real estate pros share their picks for books on the Revolutionary War, the power of body language, and more…