July 2019 Issue

Game over

After landlords got crushed by monumental rent reforms in Albany, many are looking to change plans, halt renovations and sell off properties as they brace for the financial fallout

Before climbing into bed on June 11, Robert Nelson found himself bracing for a “horror show.” The leaders of the state Senate and Assembly had just announced that they’d reached an agreement to radically tilt rent regulations in favor of tenants, curbing how landlords in the city could increase rents on roughly 1 million stabilized apartments. “My heart dropped. I was in disbelief,” Nelson said. “That was a really poor… [more]

Brutal brokerage realities

Multifamily sales and rental agents are feeling the heat from New York’s new rent laws and quickly altering their strategies

With New York’s new rent laws jolting the real estate business, commercial and residential brokers that focus heavily on multifamily properties are … [more]

NYC’s billionaire buyers

There are only a few dozen of these red-velvet-rope players looking to buy in Manhattan at any given time, but snagging one is a golden ticket for a broker or developer

Nikki Field felt certain that she’d already laid eyes on the buyer of the penthouse at 212 Fifth Avenue. Looking with a forensic lens at her sign-in sheet last May,… [more]

Talking to Toll

David Von Spreckelsen on 121 East 22nd, the first ground-up Manhattan project by OMA, starchitect Rem Koolhaas’ Dutch firm

David Von Spreckelsen is the head of Toll Brothers City Living, the urban arm of the national homebuilder Toll Brothers. The company is currently selling… [more]

Who are Jeff Bezos’
new neighbors?

A breakdown of some of the major sales inside 212 Fifth Avenue, the luxury building where the Amazon billionaire just dropped $80 million

Developer Robert Gladstone’s luxury condo 212 Fifth Avenue got a major … [more]

Commercial mortgage-backed insecurities

CMBS — one of real estate’s darlings during the last cycle — faces a very uncertain future as borrower demands shift and the economy shows signs of slowing

The six-story building at 600 Broadway had long served as an informal… [more]

The Closing: Jumaane Williams

NYC’s public advocate on battling REBNY, struggling to collect rent and living with Tourette’s

Jumaane Williams is New York City’s sixth public advocate, a role that has infuriated many local real estate players since at least 2010 — when the office began… [more]

Cleanup brokers

Ranking NYC’s top residential closers, who say finalizing deals in 2018 often involved stepping in to sweep up a rival’s mess

Prewar. Park Avenue. Spacious. The four-bedroom co-op with a beamed ceiling and library on the Upper East Side seemed to check a lot of boxes. But buyers… [more]

Buoyed by the boroughs

The 40 top agents closed $700-plus million in deals in Brooklyn and Queens in 2018

While many of the top agents on this ranking have stuck to the rarefied world of Manhattan real estate, others (particularly the largest of the teams) have aggressively ventured into… [more]

Chief Closers: The city’s 50 leading residential brokers

This month, The Real Deal ranked the top 50 residential brokers in Manhattan, Queens and Brooklyn. Check out the chart below: Source: TRD analysis of closed sales on LavaMaps, StreetEasy and from firms…. [more]

Brooklyn Barons: The top 10 residential brokers in Brooklyn

TRD’s ranking provides a look at Brooklyn's leading agents

This month, The Real Deal ranked the top 10 residential brokers in Brooklyn. Check out the chart below: Source: TRD analysis of closed sales on LavaMaps, StreetEasy and from firms. Includes Manhattan, Queens… [more]

One Vanderbilt goes viral

A floor-by-floor breakdown of the tenants that have inked deals at SL Green’s soaring $3.3 billion under-construction Midtown office tower

In SL Green Realty’s latest annual report, company CEO Marc Holliday told shareholders that leasing at… [more]

Residential market report

From luxury sales records in Manhattan to pricey outer borough rents, a look at the biggest trends

Manhattan’s muddled luxury market A rough year for the top of Manhattan’s residential market may have started to see a turnaround near the midway point of 2019…. [more]

Commercial market report

From New York’s multifamily malaise to wary hoteliers, a look at the biggest trends

Multifamily sector braces for a new era New York City’s slow multifamily market continued into spring with just 75 deals during the first quarter, the smallest number since the third… [more]

Editor’s note: Welcome to
the Rent-pocalypse

Landlords are now going to be so poor, they won’t be able to afford the rent, just like their tenants. Well, not really. But the real estate industry did get… [more]

Features

The controversial unicorn appears to be prepping to go public, but the NYC crackdown on the company is only getting more intense
One of the city’s first adopters of the “100 percent commission” model on six-figure losses, meditation and being a Dead Head
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
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