The Real Deal New York

March 2018 Issue

Will the feds bungle billions?

The DOJ has a spotty reputation for selling seized property — and is now facing its biggest test yet with two Manhattan trophy towers

Harry’s Bar — tucked away on the second floor of the Park Lane Hotel — isn’t the sexiest place for a nightcap. Narrow and dark, it has heavy wood paneling and low lighting, with no hint of the building’s dazzling Central Park views. On a recent weeknight, an anemic crowd sat nursing drinks mostly in silence as an episode of “Jeopardy!” flickered across a flat-screen TV. It’s hard to imagine […]… [more]

Will a tech giant’s huge appetite transform a vibrant slice of Manhattan?

Google’s growing fiefdom in New York signals more headline real estate plays to come, sources say

It started as a lease expansion. But Google — in its quest for dominion over … [more]

How is Himmel shaping Hudson Yards?

The Related Urban CEO is feverishly curating a retail smorgasbord at the firm’s legacy-defining project, but this time there’s no “doughnut hole”

Ken Himmel was sitting in his Boston office after lunch one quiet afternoon in the mid-1990s when the phone rang. … [more]

Can Related apply its Time Warner Center touch to Hudson Yards?

 Ken Himmel is spearheading the hotel-and-retail ground game for the Related Companies at its gargantuan Hudson Yards project on the Far West Side. That’s no easy task in today’s […]… [more]

HNA’s fast fall from grace

The Chinese conglomerate had a meteoric rise and fall in just three years — but can its property fire sale spare it from the same fate as Anbang?

The guest list for the China General Chamber of Commerce USA’s annual gala is a who’s who of Chinese and American business royalty. In mid-January, … [more]

Piping in listings,
pumping out cash

Venture-backed firms like Perchwell and Nestio have put a bullseye on the listings management space, putting pressure on established players

It might sound unglamorous, but back-end listing systems for residential … [more]

Newbies fight for
market share

More national brands launch NYC commercial shops, but breaking into the upper reaches of the sector can still
be a pipe dream

Winning the assignment to lease up a trophy Midtown building is a brass ring for any brokerage. Not only can it generate… [more]

The Closing: Richard Born

The boutique hotelier on getting bored being a surgeon, making $1M his first year as a broker and getting starstruck
by Nicole Kidman

Richard Born co-owns the largest portfolio of independent hotels in New York, with an empire spanning 28 properties and 5,000 rooms in Manhattan and Brooklyn…. [more]

WATCH: Highlights from The Real Deal’s toast of Stephen Siegel

 Whether it can truly be a considered a roast, commercial real estate’s elite still managed to exchange some light-hearted barbs with CBRE’s Stephen Siegel, who was honored during a benefit […]… [more]

Bay watch

Brooklyn’s development boom is hitting Sheepshead Bay, but the glut of condos is causing a commercial shortage, sources say

The condos are coming to Sheepshead Bay. And some have catchy names like the Ocean, the Vue and 1 Brooklyn Bay. The sponsors behind those projects — including the local […]… [more]

Who’s designing NYC’s skyline?

How the most prolific architecture firms in the five boroughs are winning commissions and adjusting to the latest market realities

The battle for designing One Vanderbilt came down to three distinguished architecture firms, all with impressive international portfolios — and chops building complex office towers. … [more]

Steven Schnall’s
American dream

The Quontic CEO issues mortgages to immigrants and builds luxury condos on the side, but can he keep growing both businesses in a tougher market?

About a year ago, Taylor Swift’s security team knocked on the door … [more]

The godfather of the modern commercial brokerage

Edward S. Gordon turned the industry on its head and jump-started the career of some of today’s top brokers

Agents with specialties. Electronic databases that track tenants. Shiny shoes and suspenders. In ways both substantive and superficial, the Edward S. Gordon… [more]

NYC’s alien spaceship
makes landing

The David Adjaye-designed 130 William takes ‘out of context’ to the next level, but it’s not entirely unwelcome

There are architects, there are starchitects and then there is David Adjaye, for whom the term “rock starchitect” may need to be invoked. The telegenic Bjarke… [more]

Is the ‘crack cocaine of real estate financing’ here to stay?

As the EB-5 investor program’s expiration nears, experts weigh its pros and cons amid recent scandals

Based on recent headlines, it might sound like the EB-5 visa program is akin to a kiss of death for some developers. In January, it became known that the U.S. […]… [more]

How long is the Bronx investment runway?

Investor interest in the Bronx gets further boost as borough logs more residential sales and rental jumps

The Bronx may be the cheapest residential market in New York, but on the investment front, it’s still got runway. And, the latest market report for the borough … [more]

Has the retail-condo market bottomed out?

Investors pulled away from the troubled sector last year, but an influx of condo sales may signal a change of tune

“Retail” was a four-letter word in the industry last year. But a recent spate of retail-condo sales in early 2018 might reflect changing attitudes. Investors bought… [more]

Editor’s note:
Hello Google, farewell HNA

The priciest New York City real estate deal in 2017 already looks to be going south, thanks to what one industry player called “one of the most reckless investors I’ve […]… [more]

Long Island’s leading brokerages

TRD’s ranking of residential firms finds the biggest players expanding into new territory and offering generous commission splits

While The Real Deal’s annual ranking of top Long Island brokerages suggests little has changed over the past year in the… [more]

Long Island does condos its own way

A taste for the easy life has rewarded top condo developers who’ve made it to the finish line, but new proposals are down despite escalating demand

Long Island, traditionally associated with single-family homes, is still seeing… [more]

‘Open’ season in the Hamptons

Summer rental activity has been more frenzied than usual, according to some brokers, while others say they’ll need Airbnb as a back-up plan

The imminent arrival of the U.S. Open at Shinnecock Hills Golf Club in Southampton this June has helped bounce the high-end Hamptons summer rental market… [more]

At a glance: The Belmont Park Arena Plan

a new stadium and entertainment complex has the governor’s support, but the industry is doubtful of long-term benefits

Like a puck in a rink, the New York Islanders pro-hockey team has seemed to careen around the region in recent years in pursuit of a long-term home. Based for […]… [more]

The wolf in Wolkoff

Vilified in Queens and protested in Islip, the tenacious developer of Heartland Town Square faces a fight at every turn — but the octogenarian isn’t budging

Battle mode may come with the territory when building Long Island’s largest project since Levittown. Jerry Wolkoff… [more]

The busiest developers
on the island

TRD ’s ranking of builders with the most construction underway finds them focused on delivering denser housing stock

In recent years, Long Islanders have been in the process of rethinking the notion of suburbia, shifting from a vision of green lawns, white picket fences and… [more]

The gatekeepers

If you want to build anything on Long Island, you need these development-friendly officials on speed dial

On  Long Island, developers have to pick their battles. That includes everything from the size of the project to the town or village where it will be located. Because of […]… [more]

Nesting on the Gold Coast

Nest Seekers bought Shawn Elliott Luxury Homes as an entrée into the L.I. market, but some doubt the acquisition will impact the local competition

Before the Hamptons and Palm Beach, Long Island’s serene North Shore was the country seat of New York’s most powerful families. But in time, other flashier locales… [more]

Money Moves:
biggest buys of the year

TRD’s ranking of priciest commercial sales found investor appetite for all types of Long Island assets

Everybody seems to want in when it comes to Long Island commercial real estate. Due to the dense population, low … [more]

Stop! Collaborate and cowork

The trend is blowing east from New York City as Long Island’s traditional offices increasingly morph into open-concept spaces

Forget the C-suite and the corner office. The operative buzzword  in the Long Island office market today is “collaboration.” Companies are seeking out and building work spaces that echo the […]… [more]

Are discount retailers
Teflon tenants?

With prices that will best Amazon’s deepest discounts, dollar stores are opening L.I. locations faster than ever

Tesla, L.L. Bean and Neiman Marcus have all touched down on Long Island in recent years, and they’ve generated plenty of buzz. But they’re not the only national … [more]

Still boom times
for LI borrowing

A healthy pace of activity has commercial lenders feeling optimistic about the year ahead, but the threat of interest rate hikes looms

The commercial real estate lending market on Long Island has had a good run… [more]

10 years after the crash

TRD revisited Long Island real estate’s 2008 numbers to see how far the market has come — and what’s still a work in progress

The past year was bustling for Long Island’s residential and commercial real estate markets, with high demand for homes, consistent office rents, relatively low retail vacancies and continued demand… [more]

Features

Both are impacting the real estate market, but which generation has more economic might?
The Madison Realty Capital managing director on hosting a TV show, his workout regimen and the dangers of playing squash
The Compass COO on creating the ideal agent,
sharing a desk with Robert Reffkin
and being a “very sore loser”
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
The funniest and most insightful comments
on real estate