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May 2009
  • Top dog reigns

    Elliman and Corcoran swap spots in key categories amid downsizing and gloom

    Go to: Top residential firms of 2009   In a year in which the real estate rules were all but suspended due to the uncertain economy, behemoth brokerage Prudential Douglas Elliman cemented its position as the largest residential firm in Manhattan, chipping away market share from its rival, the Corcoran Group. But as the competition intensified between the two companies in this challenging market, Corcoran bested Elliman in several key categories, including the dollar value […]… [more]

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  • Moinian’s tap dance

    One of New York City's biggest developers wrangles with the credit crunch

    When the news broke in March that the investment group Westbrook Partners and its operating partner, the Moinian Group, would return office building 475 Fifth Avenue to its lenders, it was viewed as yet another casualty of the irrationally exuberant real estate market of the boom years. But for a developer being forced to relinquish one of the many troubled properties in the real estate empire he’s amassed over the past three decades, Joseph Moinian […]

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  • Still bringing home bacon

    While most struggle, work soars for lucky few

    It should come as no shocker that for most New York City real estate professionals, particularly developers, brokers and sales agents, the pace is a lot slower than it was during the boom. However, for Phil Rosen, a partner at the prestigious law firm Weil Gotshal & Manges, that’s not the case. Rosen, the co-head of the firm’s real estate division, says he is working 75 to 80 hours a week now, compared to about 60 before the bust. “It […]

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  • Scoring an upset

    Chiang bests Lenz in top agent survey

    Go to: Top Manhattan agents at biggest 15 firms In a surprise upset, Corcoran’s Carrie Chiang beat out Prudential Douglas Elliman super broker Dolly Lenz in The Real Deal’s first top Manhattan agent survey, based on total dollar value of listings. According to the survey, which ranked agents from the largest 15 firms, Lenz had 81 active exclusive listings to Chiang’s 67. However, Chiang, a senior vice president at Corcoran and director of the firm’s […]

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  • Sizing up boutiques

    Several shops shutter while others hold strong

    Go to: Top Manhattan boutique firms A precipitous drop in sales like Manhattan saw in the first quarter of 2009 can be particularly challenging for boutique real estate firms. That became painfully clear this year when a number of small firms went out of business, including several newer boutiques just starting to make their presence felt on the New York City real estate industry, like JC DeNiro & Associates, Homestead New York and New York […]

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  • 10,000 rooms on ice

    Finance woes delay or cancel scores of hotels

    Go to: A look at what’s holding up hotels planned for NYC Financing trouble is drastically eliminating the number of hotels under construction in New York City, causing at least 10,000 formerly planned rooms to be stuck in the pipeline — or canceled altogether. This month, The Real Deal consulted developers, hotel chains, public records, and other sources connected to hotels in the city’s pipeline and found at least 43 of them — with an […]

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  • New tricks of the trade

    Brokers pack open houses with their own relatives

    The challenging market is prompting brokers to use some eyebrow-raising practices. Some say that brokers are taking overpriced listings sure to linger for months. Why? To scoop up valuable buy-side clients. Another trick is to invite friends and family to mill around at open houses, creating more buzz — and urgency among buyers. See Taking listings with little hope and Open house tricks of the trade

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  • Slurping through the recession

    Brokers see more demand for inexpensive ramen noodle shops

    It turns out that a steaming bowl of noodles may be an antidote to the city’s real estate woes. While ramen noodle restaurants — modeled after traditional noodle bars in Japan — have been in the city for ages, new noodle shops are popping up with increasing frequency, and they not only offer inexpensive meals for bargain-hungry diners but also a source of deals for brokers with retail leases to spare. With luxury restaurant openings […]

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  • May09 By the Numbers Publish at Scribd or explore others: Magazines & Newspape

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  • On the Market: Commercial

    Commercial properties recently placed on the market

    417 Fifth Avenue quietly for sale The 412,000-square-foot office building at 417 Fifth Avenue is on the market, the New York Post reported. Sources said the building at 38th Street will likely sell for $175 million to $200 million, which is less than the $250 million that Joseph Moinian and Goldman Sachs’ Whitehall Group paid for the property in July 2007. Moinian and Goldman Sachs took over a $125 million mortgage from Barclay’s Bank when […]

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