The Real Deal New York

story index

May 2010
  • The biggest brokerages

    The annual ranking of the top NYC and Hamptons firms

    A year ago this month, New York’s real estate community experienced one of the darker moments of the recession when Coldwell Banker Hunt Kennedy — one of the city’s largest and most established firms — announced it would close. However, CBHK turned out to be the only major firm that disappeared. Business, meanwhile, has steadily improved for months. “New York has had a very good rebound,” said Pamela Liebman, CEO of the Corcoran Group. Indeed, […]… [more]

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  • Sizing up vacation destinations

    A roundup of how some of the biggest second-home markets around the region are faring

    Martha’s VineyardFrom the splashy beaches of the Hamptons to the rolling hills of the Berkshires, the vacation home markets popular with New Yorkers have been hit hard by the downturn. But as the 2010 summer season gears up, reports indicate that things are turning around as the economy stabilizes and the threat of rising interest rates brings more buyers out of the woodwork. This month, The Real Deal examined eight vacation home markets around the […]

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  • New York and the world duke it out

    How does the Big Apple's struggling real estate market and recovery compare to competing cities around the globe?

    In a city where cramped studio apartments generate six-figure bidding wars, it’s hard to imagine a place where real estate is even pricier. But there are cities out there that can make Park Avenue look like a bargain. According to data from London-based brokerage Knight Frank, $1 million would buy you only about half a studio in Monaco. This month, The Real Deal took stock of how New York real estate compares to other major […]

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  • Muss Development makes the most of it

    The 106-year-old development firm struggles with one of the largest projects in NYC, but draws on its expertise in surviving recessions

    From left: Joshua Muss, president of Muss Development, and his son, Jason Muss, a principal at the company It’s hard enough to sell an apartment these days in Manhattan. Try selling 448 of them in Queens — while trying to lease out 800,000 square feet of virgin retail space at the same time. That’s the challenge facing Muss Development, the 106-year-old, family-owned real estate company that usually does its own building, sales and management. Sky […]

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  • ILSA: Dead or alive?

    So far this year, two pro-developer rulings; but buyers appeal

    Two federal court decisions siding with developers in Harlem and Long Island City have thrown a wrench into the legal strategy a growing number of New York condo buyers have pursued to get out of their contracts. The rulings, which involve the Interstate Land Sales Full Disclosure Act, commonly referred to as ILSA, have also divided the legal community on how hundreds of other similar cases will be decided in New York. ILSA, a consumer […]

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  • Counting commissions

    While brokers see increase in take-home pay due to more deals, they're working harder for every dollar and being asked to take smaller cuts

    Andrew Barrocas While the real estate community is inundated with statistics about sales activity and prices when it comes to the condo and co-op market, there’s one stat that’s rarely bandied about in public: commission fluctuations. In this month’s Q & A, The Real Deal talked to brokers and firm principals about how take-home pay and commissions have changed since the market went into freefall in September 2008. As one source described it, the time […]

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  • Winick’s way

    Jeff Winick built up his brokerage with help from Duane Reade, but execs from the chain are now on trial and the retail lightning rod is under fire

    Jeff WinickDrugstore chain Duane Reade had a problem: A competitor was sniffing around a large space across the street from one of its best Midtown locations on Sixth Avenue near West 57th Street. Officials at the store enlisted its broker, Winick Realty Group, to take care of the situation. Several months later, not only had the competitor disappeared, but Duane Reade had taken that site at 100 West 57th Street for itself. That’s partly thanks […]

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  • Brokers taking the ‘I’ out of team

    Citing time constraints, many agents dismantle their groups

    A year ago, teaming up looked like a great idea for real estate agents. Industry-wide, there had been a decade-long trend toward consolidation. Plus, in a bad economy, who wouldn’t want more bodies scouring the city for leads? That was then. Now, a handful of agents are disbanding their teams or shelving plans to form them. They say that the larger coalitions, which are also referred to as “groups,” add too much bureaucracy and risk. They also note that teams can […]

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  • Greenwich Village buildings on the market A pair of five-story mixed-use buildings at 7-11 Cornelia Street and 102 Christopher Street is on the market with an asking price of $35 million. The elevator building at 7-11 Cornelia Street is a combination of apartments and a carriage house, which are 100 percent occupied. Of the 48 residential units, 17 are rent regulated and 31 are fair market. The 102 Christopher Street property is a walk-up with […]

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  • View all the commercial deals printed in The Real Deal’s May issue and browse the archives here: Office leases Retail leases Commercial sales

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