The Real Deal New York

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June 2008
  • At Brooklyn’s new priciest condo

    $7 million sale highlights stunning appreciation at One Main Street

    With his bet on the transformation of Dumbo from a seedy industrial neighborhood to a high-end enclave, developer David Walentas is often considered a visionary. Now, those who bought condos in the neighborhood’s early years could be congratulating themselves for similar prescience. Last month, a $7 million-plus sale at Dumbo’s One Main Street, the centerpiece of Walentas’ empire and the building he also calls home, beat out a unit at One Brooklyn Bridge Park for […]… [more]

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  • For banks, foreclosed homes pile up

    Tough to unload, number of REO properties in low-income neighborhoods grows

    Bedford-Stuyvesant is a neighborhood being pulled in two directions: Burned-out houses sit next to newly built brick townhouses. A block of well-kept brownstones is followed by a block with foreclosed houses, some of which have boarded-up windows and others of which are inhabited by squatters. Outside 185 Madison Street, a bleary-eyed man wearing a dirty T-shirt, who identifies himself as the property manager for the recent owner, said he has just been served with an […]

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  • Discouraged by 421-a changes, developers sell sites

    As incentives fade, development sites back on market

    While many developers have been racing to get started on projects before changes in the 421-a tax abatement take effect, another group has thrown in the towel, tripped up by the deadline and the faltering economy. As a result, dozens of development sites with approved plans for condominiums are on the market all over the city. While some developers have always specialized in selling ready-to-build projects, and others float their projects on the market while […]

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  • Condos on the chopping block

    Prices come down to help move new projects

    Go to charts: A softening market for development As sales have slowed and inventory has grown, developers are clamoring to move new development condo units, many by adjusting prices. Price cuts are outpacing price increases, and prices appear to be falling on the whole in the two most active boroughs for development, Manhattan and Brooklyn, particularly in Harlem and much of Brooklyn. The Real Deal compiled a project-by-project and neighborhood-by-neighborhood breakdown of price changes among […]

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  • Surf’s up for Swig

    After rough waters of Sheffield 57, rising mogul faces new challenge with Nobu hotel tower

    With his California charisma, beaded bracelets and dapper disposition, Kent Swig is clearly a new kind of mogul. As he gets excited, he waves his arms over his paper-strewn desk, creating a blur of purple shirt sleeves, soccer ball cufflinks, and surfer bracelets. Raising his eyebrows, his voice accelerates with each new sentence. “It’s that one second,” he says. “It’s absolutely perfect. You’re timing it. You can just feel it. Then when you hit it, […]

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  • Adding it all up

    A tally of numbers that matter: construction costs, the high-end market, and foreign buyer migration

    Ever wonder what goes into a new development, or conversely, what justifies today’s new construction prices? Henry Justin of HJ Development let The Real Deal in on his budget, including a look at the materials and fixtures, for his new project at 211 East 51st Street. From a $145 shower door handle to $600,000 worth of sheetrock and studs, here’s a tally of the costs. You may never look at a bathroom faucet the same […]

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  • Think you’re a close reader of real estate news? Put your savvy to the test with The Real Deal’s first crossword puzzle, designed to test your knowledge of current real estate events and terminology. Then click here for the answers to see how well you did. Tags: crossword

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  • Web hits: The month in review

    Highlights from The Real Deal's daily blog

    Core sued by former broker A former Core Group Marketing agent is suing the company and its key players for allegedly cheating him out of more than $51 million in commissions. Broker Joseph Bongiovanni filed a lawsuit in New York State Supreme Court March 7 against Core Group Marketing; co-founder and CEO Shaun Osher; co-founder Jack Cayre; principal Joseph Cayre (owner of Midtown Equities); founding member Steven Ganz; and broker Jon Isaacs. Bongiovanni alleges that […]

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  • Columbus Village face-off

    While battle over development escalates, brokers quietly line up retail tenants

    As the fight over construction of one of Manhattan’s largest new residential and retail developments, Columbus Village, escalated into a legal battle last month, leasing agent Winick Realty Group had quietly lined up tenants for more than half the retail space. Winick has inked deals with nine retailers and the Ryan Center, a community health facility, for nearly 200,000 square feet of the roughly 320,000 total retail space in the development, which sits on both […]

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  • Last month, Citibank sold six properties in Manhattan and in the outer boroughs for more than $12 million, only to lease the very same spaces back from the buyer. This is nothing new for the banking giant, which also sold its lower Manhattan headquarters last year. But Citibank isn’t the only one joining the sale-leaseback game to cash in on its assets. Because of the uncertain state of the economy, many financial institutions are following […]

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