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June 2011
  • The top Hamptons firms

    East End firms jockey for position amid stabilizing market

    From left: Star brokers Tim Davis and Susan Breitenbach of Corcoran, and Harald Grant of Sotheby’s After edging past Corcoran in 2010, Prudential Douglas Elliman this year hung on to its title as the largest residential brokerage in the Hamptons. Over the past 12 months, Elliman’s total head count fell by one — giving it 319 agents. But that was still enough for the firm to maintain its position as the top residential real estate […]… [more]

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  • Elliman’s challenges

    The city's largest brokerage firm faces obstacles, revamps image

    Dottie Herman, the president and CEO of Prudential Douglas Elliman (credit: Marilynn K. Yee / The New York Times), and Howard Lorber, the company’s chairmanPrudential Douglas Elliman has the most agents of any real estate brokerage in the city. Its offerings account for nearly one-quarter of Manhattan’s listed apartments, and it turns 100 this year. But in recent months, the firm’s top-banana status may have slipped somewhat. In the last year, Elliman has seen its […]

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  • Chris Schlank (left), managing partner and founder of Savanna, and fellow managing partner Nicholas Bienstock As the market struggles to recover its footing, a few brave souls have dipped their toes into the water of New York’s turbulent real estate investment world. Meanwhile, a small but growing firm called Savanna Partners is diving into the commercial office market headfirst, with a half-dozen debt acquisitions in the past 12 months, and plans for several more by the […]

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  • From left: 740 Park Avenue, 834 Fifth Avenue, 4 East 66th Street and 2 East 67th Street Like mushrooms, glass-walled condos and fancy rentals with wine storage popped up with fury across the city in recent years, and seemed to fundamentally alter New York’s housing stock in the process. No longer would the pinnacle of city living be the exclusive Uptown co-ops that had ruled the roost for decades, the trend seemed to suggest, but […]

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  • From left: Top residential brokers Paula Del Nunzio, Serena Boardman, Carrie Chiang, Shlomi Reuveni and Dolly Lenz In March, Brown Harris Stevens broker Paula Del Nunzio put the Woolworth mansion at 4 East 80th Street on the market for $90 million. The listing — the priciest Manhattan residential listing ever — signaled that the era of massively expensive property sales is back, with a vengeance. Brokers say there is more high-end product on the market […]

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  • Penciling out 737 Park

    A look at the calculations behind Harry Macklowe's newest purchase

    Last month, developer Harry Macklowe signed a contract as the operating partner to buy the 108-unit rental apartment building 737 Park Avenue for $255 million, reports said. The property, on the corner of 71st Street, is located on one of Manhattan’s most sought-after residential blocks, and that fact hasn’t escaped Macklowe’s notice. He has not formally announced plans, but sources say he intends to convert the building to luxury condominiums. Once closed, Macklowe’s acquisition will […]

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  • Tags: By the numbers

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  • The agreement by publisher Condé Nast to lease 1 million square feet at One World Trade Center underscored a trend of companies willing to move away from their traditional core locations in Midtown. “Tenants are being more open about where they are located, which is refreshing,” David Goldstein, an executive vice president at commercial advisory firm Studley, said. “It is terrific to bring a creative use into an area that is traditionally dominated by financial […]

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  • From left: Shawn Vardi, Lee Brodsky, Hunter Gellin and Mark Shemel Think Properties started with a tsunami. New York natives Shawn Vardi and Mark Shemel had crossed paths socially since high school. But it was Shemel’s fortuitous 2004 trip to Thailand that really brought them together. (Note: correction appended). Vardi, who had started a jewelry business after college, knew Thailand well. “I had called Shawn to ask for some advice” on travelling to the area, […]

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  • Plaza District office market keeps its premium

    Tony office district sees more high-end activity, even as lower- and middle-market tenants look elsewhere for bargains

    As New York City real estate is to the country, the Plaza District seems to be to New York: The last to fall and the first to rise. In this month’s Q & A, The Real Deal talked to commercial brokers, analysts and building managers about the office district — one of the toniest commercial submarkets in Manhattan. They said that while rents there declined by over 40 percent during the recession, they have shot […]

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