The Real Deal New York

May 2011
  • For newcomers, size on the rise

    Bond, Rutenberg on hiring spree while staid BHS drops down in battle of biggest

    Bruno Ricciotti (left) and Noah Freedman, founders of Bond New York This year, for the first time, scrappy upstarts ousted 138-year-old Brown Harris Stevens from its longtime berth among the city’s five largest firms. Since The Real Deal began its annual ranking of Manhattan residential firms in 2004, the same four sales firms — Prudential Douglas Elliman, the Corcoran Group, Brown Harris Stevens and Halstead Property — have dominated the top of the list. For […]… [more]

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  • Ratner’s refute

    Developer insists Atlantic Yards is moving forward

    Bruce Ratner says, “Ultimately the truth will come out — that this project will be very good for Brooklyn.” For a developer who prides himself on building with a “social mission,” the bruising battle to break ground on the mammoth Atlantic Yards project has not been easy — to say the least. Over the last eight years, Bruce Ratner has been repeatedly excoriated by community activists and Brownstone Brooklynites, attacked in the press, and called […]

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  • It’s ‘LO Comp’-licated

    Mortgage brokers say rule changes will put them out of business and hurt consumers

    Some New York City mortgage brokers are panicked about new federal rules governing their pay, saying the changes could spell doom for the already ailing mortgage industry. Last month, the Federal Reserve Board issued new regulations dictating compensation for mortgage brokers — the middlemen between the consumer and the loan originator or bank — and loan officers, who typically work directly for the originator. The new rules are the latest effort from the Federal Reserve […]

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  • Fractured condos reunite

    Unsold inventory rented during downturn now comes back to sales market

    In the depths of the recession, when it was easier to get a reservation at Per Se than to sell a multimillion-dollar apartment in New York City, stories abounded of real estate developers scrambling to cover their costs by leasing out unsold condo inventory. It wasn’t a perfect solution — it’s notoriously difficult to get buyer financing in a part-condo, part-rental building — and in most cases, the strategy was never intended to be permanent. […]

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  • Meridian’s market

    With a dominant share of NYC's commercial mortgage business, the brokerage firm has quietly built itself into a force

    Ralph Herzka, Meridian’s presidentIn a mortgage market that has been harder hit than the real estate industry as a whole, it’s rare for a company to emerge intact. However, in the world of commercial mortgage finance, Meridian Capital has managed to redefine itself and survive where others may have fallen by the wayside. The under-the-radar firm has quietly built itself up over two decades into the nation’s third-largest mortgage broker, arranging more than 26,000 loans […]

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  • Retail rankings revealed

    The Real Deal compiles first-ever list of top brokerages

    Click to enlarge It’s no secret that the world of brokering Manhattan retail leases is, well, secretive. While some firms publish reports with price-per-square-foot figures for various submarkets, closed deals do not need to be publicly recorded, and there’s no comprehensive database like there are in the office leasing and residential and commercial sales markets. Still, this month — as Manhattan brokers head to Las Vegas for the annual International Council of Shopping Centers global […]

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  • Tags: By the numbers, walmart

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  • A tale of two towers

    One Silverstein building speaks to market’s strength; another highlights its weakness

    The stories of two of Larry Silverstein’s World Trade Center towers — one long completed, and one still under construction — told two sides of the office leasing market last month. Showing the renewed strength in the market, Silverstein’s five-year-old 7 World Trade Center lured the law firm WilmerHale, which was shut out of Midtown’s Worldwide Plaza, to lease 210,000 square feet. But illustrating that the leasing market, and the economy in general, are not […]

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  • A brief history of building

    WTC aside, previous eras dwarf today’s commercial construction activity

    Caption goes here With 7.6 million square feet of commercial space under construction at the World Trade Center site, the New York City skyline may appear to be adding an unprecedented amount of office space. But a closer look shows that office builders were far busier in the previous periods of Manhattan history. New Yorkers accustomed to cranes looming overhead might be surprised to hear that Manhattan commercial construction is in one of the slowest […]

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  • On the market

    Commercial properties recently placed on the market

    From left: 747 Madison Avenue, 198 Varet Street, 403 Greenwich Street and 3146 Steinway Street Madison Avenue retail condo on the block The corner retail space at 747 Madison Avenue currently occupied by Valentino is up for sale or lease. The designer, a Madison Avenue tenant for 15 years, is likely to vacate the space at East 65th Street when its lease is up this fall, the New York Post reported. Ownership expects a sale […]

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