The Real Deal New York

June 2012
  • Manhattan’s top firms

    The largest brokerages get pricier listings, more agents

    Town Residential founder Andrew Heiberger (left) and Core founder Shaun Osher (right) Manhattan’s residential brokerage heavyweights are seeing the benefits of a recovering market, it seems. Almost across the board, Manhattan’s largest residential firms have retained agents or added to their ranks since last year, according to The Real Deal’s annual ranking of Manhattan’s largest firms. And while the overall number of listings has dipped by 1.5 percent, the dollar value of those listings has […]… [more]

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  • Paycheck confidential

    TRD breaks down industry salaries to see which real estate pros are getting the biggest (and smallest) pieces of the pie

    At a time when reality TV stars take pregnancy tests on camera, the still-taboo subject of salaries may be the last holdout in a share-everything society. Even more reason for The Real Deal to shine a light on who makes what in the real estate industry. Such research has been done in an array of other professions, from the movie industry to the arts to publishing, but it’s never been done in a comprehensive way […]

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  • NYC’s skyscraper kings

    A first-ever ranking of the firms with the richest Manhattan office portfolios — and the buildings that are throwing off the most cash for them

    New York City’s real estate press regularly chronicles which firms buy and sell Manhattan’s most prized office towers. But handicapping how much those trophy buildings actually throw off in cash from rents is another story. This month, however, The Real Deal did a first-ever ranking of which companies are generating the most income from their Manhattan office-building portfolios. What we found is that the highest concentration of lucrative buildings is not along Park Avenue or […]

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  • Life after Dewey & LeBoeuf

    A behind-the-scenes look at where real estate attorneys landed as the once-high-profile firm crumbled

    Stuart Saft By the time Dewey & LeBoeuf filed for bankruptcy late last month, nearly every attorney from its once-formidable real estate practice had jumped to a new firm. In doing so, they scattered its roster of impressive clients, irrevocably altering New York City’s legal landscape. Stuart Saft, the former chair of Dewey’s global real estate practice and an icon in the world of New York real estate, led the exodus. In late April, he […]

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  • “Ringing in” a new era

    Will a legal battle unravel the coveted Ring portfolio?

    Frank Ring, who heads day-to-day operations for F.M. Ring Associates.For a year now, real estate investor Michael Ring has been locked in a legal dispute with Joseph and Eli Tabak, who are trying to wrest control of the 14-building Manhattan portfolio that Ring has long co-owned with his only brother, Frank. In early 2011, Michael decided to sell the Tabaks a portion of his stake in the roughly $460 million portfolio, which  has notoriously sat […]

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  • Boutique breakthroughs

    Ranks shift as newcomer firms continue hiring spree

    Core CEO Shaun Osher In the world of Manhattan boutique firms, a new company is king. For the first time since The Real Deal started ranking boutique firms in 2009, the seven-year-old brokerage Core knocked the venerable Upper East Side brokerage Leslie J. Garfield & Co. from its continuous perch atop the firms with the highest dollar volume of listings. Both Core and Garfield have more listings than they did last year at this time, […]

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  • Benefiting from Facebook’s flop

    Brokers say NYC real estate could get a boost as investors recoil from stock market

    Amidst a storm of hype and conflicting expectations, Facebook went public last month, allowing average investors to buy a piece of the social networking juggernaut at $38 per share. In the days that followed, however, the company’s stock price slid, newly minted shareholders launched a class-action lawsuit claiming underwriters kept damaging information from the public while tipping off favored clients and federal regulators pledged to investigate the alleged improprieties. The news came about a week […]

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  • A comeback for “unrecognized” loans?

    Negative pledge financing, popular during the boom, is now creeping back into the high-end residential market — albeit slowly

    Record-low interest rates have caused mortgage application volume to skyrocket across the U.S. recently. But in the drawing rooms of white-glove Park Avenue co-ops, that means very little. The city’s priciest co-ops have long restricted the use of mortgages to purchase apartments in their buildings, requiring buyers to plunk down a high percentage, if not all, of the purchase price in cash. But now, after all but disappearing in the wake of the credit crisis, […]

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  • Doing deals in pajamas

    In today’s market, brokers say living on-site can help secure a listing as well as drum up business among neighbors

    Prudential Douglas Elliman’s Laura Cao in her apartment at 101 Warren Street, where she does the majority of her business. When Fabrizio Uberti Bona bought a two-bedroom apartment at Williamsburg’s Edge condominium in 2008, he wasn’t just looking for a place to live; he also saw a business opportunity. Since moving into the Edge last spring, Uberti Bona has sold two apartments in the building and currently has five listings there, including a two-bedroom unit […]

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