The Real Deal New York

June 2017 Issue

Manhattan’s chief closers

The Real Deal’s first-ever ranking by closed sales finds new development brokers trounced resale agents in 2016, but do they really make more money?

It’s been about a decade since The Real Deal began ranking Manhattan’s top residential agents. But this year, the ranking looks a little different. That’s because rather than evaluating agents based on the dollar volume of their listings, this year our beefed-up research team created a methodology to evaluate brokers based on what they actually sold. And in a market where inventory is up and buyers are swimming in choices, […]… [more]

Tag-teaming to sell condos

Which top brokers are joining forces — and sharing paychecks —  at NYC’s biggest new developments?

It takes a village to sell new development. That’s one key reality that came through as we were compiling our ranking of closed new development sales. The ranking disproportionately favored […]… [more]

Manhattan’s top listing agents

Manhattan’s top listings agents grapple with whether to take on overpriced

New York’s top residential agents have catapulted their careers in recent years by jockeying for hot new-development assignments and winning big listings. But over the past 12 months, even… [more]

Will lead generation
kill the star broker?

Upstart firms are pouring cash into controversial ‘lead-gen’ platforms, empowering inexperienced agents— and irritating high-profile ones — in the process

When Elena Smirnova jumped from Citi Habitats to upstart brokerage … [more]

Is New York real estate showing symptoms of distress?

As new signs of trouble pop up, TRD zooms in on property types across the city to see where there are cracks in the veneer

For Hans Futterman, it was a dream defaulted. The developer assembled a vacant plot of land… [more]

With Eastdil Secured in flux, Roy March has become a key player on deals

In the face of a dwindling market and the loss of two star brokers, the Eastdil CEO has become a permanent fixture in the firm’s NYC office

In 1985, Roy March — then… [more]

The Closing: Roy March

The Eastdil CEO on his blue-collar roots, not being a ‘freak’ and brokering trophy towers across the country

Eastdil Secured CEO Roy March on his blue-collar roots, not being a ‘freak’ and brokering trophy towers across the country…. [more]

SHoP’s (expanding) house

The trendy NYC architecture firm has turned itself into the go-to firm for some of the highest-profile sites in the city, but can its rapid rise continue?

n 2009, Forest City Ratner stunned the city and fired starchitect Frank Gehry, whose vision for the Barclays Center in Brooklyn had ballooned to $1 billion. … [more]

Thor battles choppy waters

As Manhattan luxury retail takes a dive, some wonder if the firm’s chief Joe Sitt can keep his head above the tide

It took Joe Sitt less than 30 minutes to agree to pay Aby Rosen $132 million for a trio of buildings at 516-520 Fifth Avenue in 2011. It was a […]… [more]

Hunting for value
in the Hamptons

Even as buyers hold out for discounts and luxury sales slow, brokers say big deals are still getting done out East

Joe Farrell Founder, Farrell Building Company The ultra-luxury end has slowed down. Are you finding less… [more]

Flushing’s other
condo boom

Developers in the Queens neighborhood are doubling down on commercial condos, with a record number of new for-sale office units in the pipeline

The streets of Flushing, New York City’s largest Chinatown, are swarming… [more]

75 Kenmare:
An elegant outsider

The Andre Kikoski-design condo, which features interiors by Lenny Kravitz, brings a subtle gracefulness to the less-than elegant LES strip

Kenmare Street, on Manhattan’s Lower East Side, is becoming one of … [more]

Trump hums a different tune on regulating shell companies

The new administration has already renewed Treasury rules that monitor LLCs buying luxury properties, and insiders expect
more to come

When President Donald Trump jumped into office on Jan. 20, he came vowing… [more]

Amid the retail meltdown, bigger isn’t always better

Landlords are tempering their expectations, and seeking out small retail tenants

When the retail market was rising over the past few years, “big box” was the term on many landlords’ lips. They were eager to create larger-footprint stores and demand bigger […]… [more]

The ultraluxury rental market falls to earth

Landlords finally drop prices, offer incentives

In the decade since Robby Browne bought a two-bedroom condo at 15 Central Park West, the Corcoran Group agent has amassed a “nice little nest egg” renting it out for $18,500 […]… [more]

Editor’s note: Broker kings and queens (and those trying to dethrone them)

In a topsy-turvy world, amid technological disruption and a down market, residential brokers are taking very different roads to making a buck. Our cover story this month features our annual […]… [more]

Mack-Cali’s major role reversals

Unanswered questions on the leadership switch at NJ’s largest REIT abound, but the firm’s reinvention strategy is paying dividends

Was Mitch Rudin’s demotion at Mack-Cali a shake-up in sheep’s clothing?… [more]

Ranking top brokerages in the residential rat race

The seller’s market has agents scurrying for leads using new platforms

When it comes to eager buyers, the Northern New Jersey market is hardly lacking. And that means that for the brokers competing to woo them, every outreach tool must be […]… [more]

Eastern promises

Investors from China, Korea and Kuwait, among others, are eying Garden State properties

Foreign investment in New Jersey real estate made international news in May when Nicole Meyer, sister to White House senior advisor and Trump son-in-law Jared Kushner, invoked her brother … [more]

Infrastructure meltdown?

Projects like Gateway could bring many of new buyers and renters to North Jersey, but funding remains a giant question mark

New Jerseyans commuting to and from Penn Station this summer may begin to question the value of living in the prized neighborhoods that bill themselves as “convenient” to New York […]… [more]

Safety in the suburbs

A ranking of the biggest leases in Northern New Jersey shows activity in the office market is moving inland

As residents continue to pour into the coastal cities of Jersey City and Hoboken, corporations seem to be headed in the opposite direction: inland. Though it flies in the face […]… [more]

Survival of the fittest

Building in the Garden State is a challenge even for the state’s most active developers

It’s not just any old developer who can hack it New Jersey. The conditions are challenging even during boom times, with a scarcity of land and scads of competing firms […]… [more]

Waiting for a new Newark

After over a decade of oft-reported efforts to revitalize the city, signs of progress are trickling in

If Newark is actually finally officially revitalized — considering that news of its rebirth has been reported since roundabout 2005 — quinoa salad may represent a turning point. In March, […]… [more]

Market snapshots:
Beyond Northern NJ

Tax incentives draw businesses south while the live-work-play model arrives
in Somerset County

Union County Just south of the hot counties of Essex and Hudson, Union County is seeing spillover demand, with… [more]

The experiential differential

The Garden State’s long-suffering retail spaces are reinventing themselves by offering something you just can’t get online

The retail sector continues to reinvent itself in the well-to-do, densely populated northern counties of New Jersey. In a bid to counter the impact of e-commerce and big-box store closures, […]… [more]

Be our guest

A rise in demand leads New Jersey’s hoteliers to raise their room rates — but a slew of new projects due to hit the market may have them reversing course

With several Atlantic City hotels shuttering between 2014 and last year, it seemed as if the only hotel news coming out of New Jersey was negative. But statistics… [more]

The teardown lowdown

Profit margins could soon shrink for contractors building pricey spec homes

Suburban living in Northern New Jersey remains as in-demand as ever. Inventory of single-family homes slid more than 25 percent across Bergen, Passaic, Morris, Essex and Hudson counties from March […]… [more]

Jersey’s shore thing

The five oceanside counties enjoyed an increase in tourism spending last year while home prices inched upwards across the board

The tide is high for Garden State tourism, which saw an uptick in visitor numbers in 2016 for the seventh straight year, according to a state analysis. Unsurprisingly, half of […]… [more]

Assessing Cory Booker’s real estate deeds

The U.S. senator’s past as a pro-development mayor pays dividends today

Cory Booker’s favorite building isn’t in New Jersey. By some definitions, it isn’t even technically a building. It’s where his parents went on their first date — the Jefferson Memorial […]… [more]

Editor’s note: The Garden State blooms

The pace of life rarely slows in New Jersey, where an increasingly crowded market means that both commercial and residential players are always looking for a competitive edge. As one […]… [more]

Supplement

Features

Developers pour cash into Manhattan’s Silicon Alley as preservationists push back
PBC USA’s chief executive on his love of Paul Revere, Jon Krakauer and owning next to Bryant Park
The economist and Schack dean on his Lucky Charms habit, real estate’s LGBTQ issue and collecting
Ivy League degrees
A roundup of news and data on the residential market
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
A roundup of news and data on the commercial market
Real estate pros share picks for books on the history of mankind, reciprocity and shipping goods
The funniest and most insightful comments
on real estate
St. Moritz gets new owners, historic sculptures razed to make way for Trump Tower and more…

Comings and Goings

Lansco’s Robin Abrams is leaving the firm to join Eastern Consolidated, where she will be a principal and vice chairman of retail. Abrams, who’s been at Lansco for 38 years, […]… [more]