The Real Deal New York

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

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 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
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
A roundup of real estate-related happenings
from last month
Real estate pros share picks for historical fiction,
books about Revolutionary War bonds
and developer autobiographies
The funniest and most insightful comments
on real estate

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]