The Real Deal New York

June 2010
  • The top brokers

    A look at Manhattan's 75 residential agents with the most exclusives

    From left: Carrie Chiang, Dolly Lenz, Serena Boardman, Leonard Steinberg, Hervé Senequier, Brenda Powers, Elizabeth Lee Sample, Kathy Sloane Manhattan’s top real estate agents are as diverse as the city itself, proving once again that there’s more than one way to make a buck in this town. This year, The Real Deal’s annual ranking of the city’s top brokers showcases a range of different business models, from agents who sell hundreds of newly built condos […]… [more]

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  • Green gets aggressive

    While SL Green denies loan-to-own tactics, the REIT has been on an acquisition tear

    SL Green CEO Marc Holliday Real estate downturn? Don’t tell SL Green. The New York-based real estate investment trust has been wheeling and dealing like it’s 2007. Since December, the company has done roughly $1 billion worth of deals on property and debt in New York. It’s a dramatic turnaround for a company that analysts were warning was in trouble just a year ago. Back then the company’s stock had plummeted from a high of […]

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  • The new Hamptons land grab

    Spec building back, with new homes cheaper than resales

    Broker Chris Burnside’s land at 109 Lopers Path in Water Mill tells the story of Hamptons spec building in recent years. Burnside bought the parcel for $1.65 million in March 2007, and planned to build a house there within months. Then the market turned south, and he tried to sell, but the best offer he got was $1.3 million. He decided to wait. “Now the market has come back, and I’ve been offered $1.7 million […]

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  • Public enemy No. 1 for developers

    Real estate lawyer Adam Leitman Bailey has gone up against some of the city's biggest builders and in the process emerged as one of the most controversial figures in the industry

    Adam Leitman BaileyNo one ever accused Adam Leitman Bailey of having low self-esteem. “I think we may be the best real estate law firm of our time,” he says on a recent Monday morning, in a corner office at 120 Broadway plastered with framed newspaper clippings about his eponymous firm. At a table across the room, a summer intern uses a pen to edit the last chapter of his book, “The Insider’s Guide to Buying […]

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  • The UES price battle: Fifth vs. Park avenues

    Tony thoroughfares go loafer to loafer on sales

    The rich are different, and so are their comps. Just take Fifth and Park avenues. The two tony thoroughfares, between East 59th and East 96th streets, share much in common: large apartments in architecturally striking doorman buildings, with socially prominent neighbors on leafy Upper East Side blocks. Yes, Fifth Avenue units are almost always more expensive, a premium that can be explained by their proximity to Central Park. But for the last decade, the difference […]

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  • How much does brand matter?

    As more NYC brokers and firms change business models and adapt to today’s Facebook culture, they are forced to transform their images, too

    Branding. It’s the reason you choose Coke over Pepsi, Stumptown over Starbucks or Barneys over Saks. But when it comes to buying real estate, how much do brand names matter? As Manhattan’s real estate firms jockey for position in a tough market, the significance of branding is changing rapidly. This month, The Real Deal looked at the importance of image — for firms and agents alike — in the altered marketplace. Some believe that brand […]

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  • A fallen star

    Lender iStar struggles with troubled loans at a bevy of high-profile New York projects

    Jay SugarmanJay Sugarman is swimming in a sea of red ink. After turning his company into one of the nation’s largest commercial real estate lenders, the chairman and chief executive of Manhattan-based iStar Financial has accumulated a virtual who’s who of troubled assets in the New York market, where it has more than $1 billion in outstanding loans. Non-performing loans comprise about 43 percent of its portfolio companywide. From troubled condos like One Madison Park, […]

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  • Defaulting … on purpose

    Some developers and building owners opt to stop paying mortgages to get better loan terms

    575 Lexington Avenue has been transferred to a special servicer in an effort to renegotiate loan termsAs the commercial market continues to struggle in New York, an increasing number of developers here are turning to so-called strategic defaults to force lenders and special servicers to enter into negotiations for loan restructurings. The trend comes at a time when lenders are under increased pressure to keep their loans current. It also comes as developers are struggling […]

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  • Law firm Proskauer Rose signed a lease last month for more than 400,000 square feet at 11 Times Square, providing a major psychological boost to the Manhattan office market, but pricing remains flat overall and large blocks of space continue to come to market. Also, while average asking rents have largely stabilized in recent months, leasing activity remains below historical averages. David Hoffman, executive managing director with Cassidy Turley, said that even as many headline-grabbing […]

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