The Real Deal New York

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June 2009
  • New York City’s future ghost towers

    NYC, rife with empty towers, shows signs of catching Florida's flu

    Go to chart: A look at vacant or largely unsold NYC residential projects Note: correction appended In many of America’s most popular destinations, from the beaches of South Florida to the Las Vegas strip, “ghost towers” — empty or near empty buildings — mark the skyline, mere shells of their developers’ failed ambitions. The perfect storm of plunging property values, frozen credit markets and excess supply in certain real estate submarkets is stalling many newly […]… [more]

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  • DeNiro’s downfall

    How market forces, infighting killed off boom-time boutique firm

    The West Village office of the now-defunct JC DeNiro & Associates was a prime location for luring wealthy passers-by to browse framed professional photos of $2 million condos. The firm’s sleek, glass-enclosed and “very shiny offices” were one reason salesperson Andrew Goebel was attracted to the 30-agent company. So he was surprised one day in late 2007, when the shrieks of an enraged member of the cleaning crew disrupted his phone call to a client. […]

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  • Do auctions really work?

    Some say they move property, others believe they are a sign of desperation

    While the auction gavel has made its way onto the real estate scene in the New York area in recent weeks, not everyone is sold on the idea of putting properties up for bid. Those who run auctions have, of course, very publicly touted them as a way to get property moving in a market where transactions seem to be stuck in quicksand. But the question remains: Do auctions really work for high-end properties, or […]

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  • No break for retail in Nolita

    In once-trendy Downtown area, more than 40 stores sit empty

    Since opening her eponymous millinery shop in Nolita 10 years ago, Lisa Shaub has witnessed the euphoria of a trendy district on the rise. But now she’s watching the fall. Shaub says she has never seen business conditions as rough — or vacancy rates as high — in Nolita as they are now. Three storefronts just south of her shop at 232 Mulberry Street are available. In all, this stretch of Mulberry between Prince and […]

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  • Largely ignored during the boom because of their relatively paltry budgets, first-time buyers have suddenly found themselves among the most highly coveted client groups for New York City’s real estate brokers. With few deals to latch onto, brokers have started paying much closer attention to them and are now giving them first-class status. In this month’s Q & A, brokers told The Real Deal that first-time buyers now constitute anywhere from 30 to 70 percent […]

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  • Retail cools in Hamptons

    Landlords scramble to fill space, offer seasonal leases to high-profile stores

    Walk down Main Street in East Hampton Village and there is little sign that times have been tough on commercial landlords. J.Crew just expanded into a 5,000-square-foot store at 14 Main Street. Tommy Hilfiger recently opened at 69 Main Street. Michael Kors is opening up at 48 Main Street. And Hermès is coming to 63 Main Street. “New this year we have Brooks Brothers right beside us at 54 Main,” said Judi Desiderio, CEO and […]

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  • Time for self-preservation

    Bleak outlook for new development forces builders to try new tactics

    While deal volume is nowhere near where it was last year at this time, residential brokers are finally starting to report an increase in bargain-hunting buyers and a slight uptick in rental deals. But while the prognosis for resales seems to be improving, things on the new development front are still bleak, with no signs of improvement on the horizon. In response to the unsavory market conditions, developers are drastically changing their strategies to survive […]

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  • Taconic presses on with Class A project in the South Bronx

    Plans shift for Hunts Point's first Class A complex

    Having transformed from blighted neighborhood to artists’ enclave, Hunts Point in the South Bronx was poised to take the typical four-decade route to gentrification that culminates in wine bars, Whole Foods and an Apple store. But these are not typical times, as one developer there has discovered. Taconic Investment Partners bought the fortress-like American BankNote Building, a landmarked 400,000-square-foot, three-building commercial complex in Hunts Point, for $35 million at the end of 2007, “in the […]

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  • The Downtown office market, a hot topic at a major summit held last month on the World Trade Center site, has held up better than the other two Manhattan markets in the current recession, but experts said that will change as beleaguered financial firms return space to the market. Leasing volume rose in the Downtown market while falling in both Midtown and Midtown South, the most recent report from commercial services firm CB Richard Ellis […]

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  • 485 Lexington asking $525 million SL Green Realty’s 32-story office tower at 485 Lexington Avenue is on the market with an asking price of $525 million, the New York Post reported. The 921,000-square-foot building, between 46th and 47th streets, has $450 million in assumable debt through 2017. Citigroup is the lead tenant at the property, also known as Grand Central Square. SL Green had been in discussions to sell the building to Murray Hill Properties […]

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