The Real Deal New York

story index

Publisher's Note

March 2008
  • Will high-end be next to fall?

    Opinion differs on future of strongest market sector

    The luxury real estate market in New York City has been credited by some for bolstering the rest of the market in the five boroughs, but economists and real estate experts disagree about how long the phenomenon can last. While some point to double-digit percentage price gains in the multi-million-dollar apartment market, others say the reporting lag time is distorting those increases — and predict that the credit crunch will put the brakes on the […]… [more]

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  • In slipping suburbia, the strongest shine. With foreclosures rising and home sales falling, the tristate area’s suburban housing markets did not hold up well in 2007 — certainly not as well as New York City’s. However, when The Real Deal took a microscope to the highest end of the suburban market in five of the counties closest to New York City — Nassau, Suffolk and Westchester in New York; Fairfield in Connecticut; and Bergen in […]

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  • A unit-by-unit look at 15 CPW

    Who's who at posh condo, from A to the Zeckendorfs

    Click here to see where they bought The list of buyers reads like a veritable who’s who of business, finance, entertainment and other industries, including actor Denzel Washington, NASCAR driver Jeff Gordon, musician/yoga practitioner Sting, director Norman Lear, the Zeckendorf brothers and numerous financial bigwigs. The Real Deal set out this month to detail a unit-by-unit breakdown in Manhattan’s much-heralded newly constructed condo project, 15 Central Park West. All of the 202 units at the […]

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  • A soft landing in store for retail

    Turbulence in other markets hasn’t migrated to NYC — yet

    The past few months have seen a lively exchange of views on the health of the city’s retail businesses. Some analysts worry that the turbulence affecting other markets could migrate to New York City and slow what has been a booming sector. In particular, the credit crunch that is squeezing businesses across the country could mean that expansion plans get put on hold, causing damaging ripple effects on leasing throughout the city. Optimists, however, think […]

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  • Divorce, developer style

    Irreconcilable differences over pricey conversion of Manhattan House

    It was supposed to be a day of triumph for real estate mogul Richard Kalikow and his staff overseeing the conversion of the 583-unit Manhattan House into luxury condos. Less than a week before, on March 30, 2007, New York State’s Attorney General had signed off on the $1.1 billion condo conversion plan for the storied East Side property, on 65th between Second and Third avenues. That afternoon, Kalikow staffers had mailed the last of the sales offerings out to the building’s […]

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  • Gucci pays homage to couture

    New store racks up the priciest build-out on Fifth Avenue

    A glossy glass exterior that bathes the space in natural light, white marble floors, and shelving and display cases in warm polished gold: The new Gucci flagship at 725 Fifth Avenue in Trump Tower is not only an unabashed shrine to luxury, but, according to brokers familiar with details of the renovation, likely the most expensive store build-out ever on Fifth Avenue. The rent is also steep. Brokers familiar with the deal say Gucci is […]

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  • The Beatles, Bob Dylan, Jimi Hendrix, the Rolling Stones: Almost every major musical act of the last 75 years has a signed photo hanging on the “Wall of Fame” at Manny’s Music, the longest-standing store along fabled Music Row on West 48th Street in Midtown. While there are several music stores on the western end of this block between Sixth and Seventh avenues in a cluster that feels frozen in time, many fear that the […]

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  • The science of finding where the shoppers are

    Consumer psychographic data helps retailers decide where to locate stores

    Why is Pottery Barn moving to Brooklyn Heights but not to Astoria? Why does Park Slope have numerous Starbucks while there are none in nearby Fort Greene? And why are store clerks in Williamsburg suddenly asking to know your zip code? The one word answer is psychographics, an art/science that uses the growing mountain of consumer data now available to help retailers, and marketers in particular, make decisions about real estate. Analysts use psychographic information […]

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  • An outbreak of vacancies on prime commercial blocks in the heart of Park Slope has brokers and store owners questioning whether landlords’ high rents are to blame. On one block between 2nd and 3rd streets along bustling Seventh Avenue, a sandwich shop, a used bookstore and the popular 2nd Street Café (which underwent a major renovation last year) have all closed in recent months. Nearby, owners of Maggie Moo’s ice cream shop hung up their […]

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  • Retail Q & A: Opening new doors, slowly

    New York retail scene is strong, but some execs say they're expanding cautiously

    Despite worries that the credit crunch could lead to a broad economic slowdown, New York’s retail scene continues to show strength. A number of retailers are looking to expand, both in Manhattan and the outer boroughs, but they are sounding notes of caution about their approaches. For this month’s special retail Q & A, The Real Deal spoke with officials at three companies about their strategies for 2008. Here’s what they had to say: John […]

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