UPDATED, March 2, 5:17 p.m.: It was the spring of 2015, and New York City developers were madly rushing to get their residential projects approved before the popular 421a tax abatement program expired. But in the midst of the frenzy, the city’s development world hit an unexpected snag: A government employee went on vacation. While that might seem like the punch line of a joke, for developers with millions of… [more]
March 2017 Issue
Real estate’s red tape nightmare
Inside the overworked and underfunded public agencies that are struggling to keep pace with overseeing and regulating NYC’s multibillion-dollar real estate industry
Farewell, safe-haven status
New York real estate has long appealed to investors seeking stability. So, what to make of a president who embodies disruption?
New York City brokers might need to start taking courses on the psychology of fear. As President Donald Trump’s push to bar immigrants from seven Muslim-… [more]
Manhattan’s townhouse market is cooling fast
With mansions lingering longer and selling at discounts, the once-sacred market is losing luster
In 2007, Charles Murphy, a current partner at billionaire John Paulson’s hedge fund, Paulson & Co., bought a turn-of-the-century limestone mansion off Fifth Avenue… [more]
The NYC rental firm brawl
Manhattan rental brokers face intense competition in an environment marked by tenant concessions and mounting inventory
The mood was gloomy in late January when rental giant Equity Residential faced investors during an earnings call. Rents were falling and concessions were… [more]
Can brokers really be bypassed?
A slew of new websites and apps are trying to cut agents out, but the online field is getting crowded
Rental brokers may be warring with each other over exclusives, but they also face a common enemy: online listings that bypass them altogether. Over the last … [more]
Will Manhattan land prices seesaw in the wrong direction?
One reporter’s (possibly far-fetched) theory on how technology advances could lead to tanking values 100 years from now
In 1626, Dutch merchant Peter Minuit bought the island of Manhattan for the equivalent of $24. Today, an investor would… [more]
The Closing: Gene Kaufman
The prolific architect on his ‘anti-starchitect’ label, on the McSam jackpot and on $2B worth of NYC projects.
Gene Kaufman is one of NYC’s most prolific architects. The lifelong New Yorker — who founded his eponymous firm in 1986 — has worked on more than 200 projects in… [more]
New York eyes outsized share of $1 trillion prize
Trump’s tapping of developers Richard LeFrak and Steve Roth for key infrastructure posts raises hopes for windfalls and fears of conflicts
During a weekend respite at Mar-a-Lago last month, President Donald Trump turned to one of his oldest friends with a… [more]
A deconstructivist tower under construction
Starchitect Jean Nouvel breaks down the skyscraper at the rising 53W53
In 2007, one year before Jean Nouvel won the coveted Pritzker Prize, his firm was awarded a commission to develop a large plot of land 100 feet west of the… [more]
EB-5’s fighting chance
The increasingly controversial visa program has been a boon to New York real estate for years. Will Donald Trump fight for it?
In early 2013, a press release for an upcoming luxury high-rise in New Jersey was blasted out to investors more than 6,000 miles away. Aimed at wealth… [more]
Partial sales pick up steam
Owners eager to take cash out of trophy holdings fuel fast start for market that saw bulk of 2016’s biggest deals
The market for large slices of Manhattan’s priciest properties got off to a smart start in January fueled on the sales side by big-ticket projects seeking capital, and on the… [more]
Mini slowdown in mid-market
Is NYC’s $2 million-to-$5 million sweet spot starting to sour?
On paper, Jeremy Swillinger’s Upper East Side listing sounds like a slam dunk. The nearly 3,000-square-foot condo on East 72nd Street is in pristine condition and located in a prime… [more]
Editor’s note: Cutting the red tape
These days, everything you knew — or thought you knew — about government can basically be thrown out the window. Whether you’re in the Trump Camp or the Never-Ever-Trump Camp,… [more]
Getting to yes in the ‘land of no’
After years of planning, resistance and expensive site clean-ups, developers and locals are finally feeling optimistic about the future of multifamily projects on Long Island
Long Island is home to some of America’s oldest bedroom communities,… [more]
First-time buyers are looking for the urban in suburban
Millennials drive the already tight housing market, taking longer to find the perfect property
With median sales prices surpassing $1 million in Manhattan and $750,000 in Brooklyn, first-time home buyers are widening their search circles… [more]
A new look for Nassau Coliseum
$130 million renovation is expected to be a boon to real estate values in the surrounding area
Billy Joel played the final concert at Nassau Coliseum before it closed for renovations in 2015, so it seems only fitting that the Long Island native will be headlining the… [more]
Setting up shop in the suburbs
Strip malls command the highest rents, but bars and restaurants bring new life to downtowns
Long Island shoppers may be bucking a national trend. In the rest of the country, online retailers are undercutting their offline counterparts, forcing established department stores to close their doors…. [more]
Decamping from the Hamptons
Ranking the priciest East End rentals amid a marked uptick in interest in the North Fork
The summer rental season is already well underway on the East End, and brokers told The Real Deal they’re already seeing a few season-defining trends — perhaps most notably, a… [more]
Firm footing: Long Island’s established brokerages fend off upstarts
Traditional players are expanding to stay on top, but high commissions tempt agents to new firms
From Floral Park to Farmingville, tradition still seems to matter on Long Island. Especially when it comes… [more]
Long Island makes room for new hotels
Occupancy rates in the area are high, but will there be enough demand for the added rooms?
In Long Island’s hotel and hospitality sector, there’s good news and bad news. The positive: a surge in new construction. The negative: a surge in new… [more]
High demand for multifamily housing pushes progress on Long Island
Developers have cleared hurdles for many new projects, but apartments are still in short supply
Multifamily housing is finally beginning to make major inroads on Long Island, with projects that lingered in… [more]
Long Island’s space crunch
Demand is fierce as vacancy rates for office and industrial space reach historic lows
Opportunity is scarce for companies looking for industrial or office space on Long Island, leading to bidding wars between would-be tenants, many of whom are looking to move east from… [more]
Healthy competition for office space
Hospitals and healthcare centers expand throughout Long Island as elderly population grows
Long Island’s vibrant healthcare sector is snapping up office space faster than any other industry in the area, and it’s a trend that is expected to drive… [more]
New infrastructure investment may bolster development
Cuomo finds funds to update Long Island’s transit and utilities
With news of New York Gov. Andrew Cuomo’s plan to provide state funds to improve the Long Island Rail Road and expand Long Island’s sewer systems, as well as the… [more]
East End architecture is all about connections
Fred Stelle was never drawn to postmodern architecture, with its “sentimental, backward-looking” nostalgia for simpler times. “I’m always looking forward,” says Stelle. In his 40-year career, the well-known architect has… [more]
Editor’s note: Long Island is finally giving the thumbs up to development
Long Island has long been satisfied with its suburban reputation, and efforts to subvert the norm and “Queensify” it have been steadily and staunchly stamped out over the years. But… [more]
Features
With a Twitter-obsessed president, ‘sharing’ takes on new urgency in NYC’s residential industry
The Flushing developer on being “a rooster,” his bullish approach to building and his respect for Hillary Clinton.
The Cadre CEO on five-minute lunch breaks, his bond with the Kushner brothers and having 19 meetings a day
Real estate pros share picks for historical fiction, books about Revolutionary War bonds and developer autobiographies
Featured News
Comings and Goings
Jeff Dvorett, Kuafu Properties’ head of development since 2014, has parted ways with the firm — the latest executive shake-up at the Chinese private equity-backed developer. Dvorett left his post… [more]