March 2017 Issue

Real estate’s red tape nightmare

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]

Farewell, safe-haven status

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

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

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?

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?

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

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

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

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

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

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

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’

Long Island is home to some of America’s oldest bedroom communities,… [more]

First-time buyers are looking for the urban in suburban

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

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

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

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

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

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

Multifamily housing is finally beginning to make major inroads on Long Island, with projects that lingered in… [more]

Long Island’s space crunch

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

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

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]

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]

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