The Real Deal New York

May 2015

Brokerages take gloves off

Rivalries between Manhattan’s residential firms get ugly
as battle for top talent heats up

The judge in the case was incredulous, and at a March 30 hearing, she said as much. “Corcoran, the biggest real estate broker in the state of New York, is coming to me and saying that ‘we need protection from this new start-up company?’ ” Indeed it was. As The Real Deal has reported, the firm sued the upstart brokerage Compass for “brazenly” stealing roughly 60 agents and managers. In turn, Compass claimed that Corcoran was harassing and intimidating former agents. Judge Saliann Scarpulla, of the New York… [more]

May 2015
The Real Deal magazine

Biggest firm ranking

With scarce listings and rising prices, a look at which Manhattan biggest firms are on top and which are losing ground

Tight inventory. Rising prices. Luxe new developments. And competition—fierce competition. Against that backdrop, Manhattan’s largest brokerages carved out a bigger piece of the pie for themselves this year, The Real […]… [more]

Manhattan’s mid-sized
market makers

Sotheby’s and Compass upend ranking of mid-sized firms, adding new competition to already tight playing field

More nimble than industry heavyweights, but packing more punch than many smaller firms, the mid-sized brokerages on this year’s ranking acted as change agents in the industry. Like last year, […]… [more]

Manhattan boutique firms: small, but mighty

The top small firms had nearly $900M in listings, but some at the bottom of the pack saw fortunes dwindle

Big-ticket properties bolstered the brokerages that led this year’s annual ranking of boutique Manhattan firms, thanks to a booming luxury market…. [more]

Done deals don’t lie:
A ranking by closed deals

Manhattan firms are, for the most part, closing more than they’re listing

Listings go up and listings go down. But done deals don’t lie. This year, The Real Deal’s annual brokerage ranking includes a list of New York’s residential firms based on their volume of closed sales…. [more]

Private equity’s new game plan

As competition for NYC properties
gets stiffer, private funds hunt
for new roads to profit

With competition for New York City real estate fiercer than ever, real estate-focused private equity funds are coming up with new strategies to pump up returns. To be sure, even with money pouring … [more]

Real estate investor roulette

Comparing returns for REITS and private funds yields surprising results

Before Harry Helmsley began syndicating buildings in the late 1940s, real estate investors had few choices beyond deciding which properties to buy. Things are clearly different today. By offering shares […]… [more]

The tech start-ups raising
the most cash

A ranking of the industry's newbie tech firms that have raised
the most venture capital money

The real estate crowdfunding platform Fundrise recently posted an unusual offering on its website. The opportunity involved a chance to invest in a residential property “located in Mars’ up-and-coming… [more]

Fat checks for retail buyouts

Banking on higher-paying tenants, landlords dig deep to get merchants
to walk away

The massive rise in store rents is prompting some Manhattan landlords and developers to reach deep into their wallets to convince retailers to walk away from their leases. Those players […]… [more]

The Closing: Paul Goldberger

The Pulitzer-prize winning critic on battling with Shell, buying at the Dakota in the ‘70s and celebrity architecture

From two golden perches — at the New York Times and the New Yorker — the Pulitzer-winning architecture critic has taken on structures such as Frank Gehry’s tower at 8 Spruce Street, which he called… [more]

Features

  • Retail’s turn at the tables
    A breakdown of ICSC's annual RECon in Las Vegas
  • A roundup of news and data on the residential and commercial markets.
  • The head of Herrick, Feinstein’s real estate practice on her 'angry putty,' and 'piece' of the Woolworth
  • Real estate happenings
  • Dalan's Danny Wrublin on a drug-dealing tenant's cash stash and more
  • Big players, funny comments

Long Island City faces a shopping drought

Despite residential boom, burgeoning Queens neighborhood is still missing much-needed retailers

The residential revolution is well underway in Long Island City, as multiple condo and rental towers sprout where crumbling warehouses and manufacturing holdouts once stood. But while residents… [more]

Big Apple’s hotel boom
may have soft spots

As the city hits record room numbers, high land prices and strong dollar
could weigh on industry

Elliot Spitzer is building a hospitality and retail project in Hudson Yards, and Richard Branson’s Virgin brand will soon be stamped on a towering hotel in NoMad. The independent, 52-room […]… [more]

The tech sector ‘bubbles’ up

Bears fret that valuation gains foreshadow a pop

It’s the Pavlovian effect of the business world: whenever venture capital starts flowing into start-ups en masse, observers warn of a market crash. The current tech boom is no exception. […]… [more]

Bidding wars bloom
with spring’s return

Buyers get aggressive amid tight inventory, but still don’t want to overpay

The oldest house in Chelsea is a Federal-style home at 404 West 20th Street, which dates back 180 years. It hit the market this spring, asking $6.5 million. The house […]… [more]

Hillary’s not alone:
More office tenants seek
to locate in Brooklyn

The hot office market faces a
crunch for available space

If there were any outstanding questions about Brooklyn’s viability as an office market, they were put to rest last month, when Hillary Clinton signed on for a large … [more]

Promising start-up,
former NY governor split

Real estate crowdfunder iFunding was paying David Paterson just $125 an hour, then allegedly cut him off

For an ambitious real estate tech start-up, bringing on a well-connected former governor as an adviser sounds like a match made in heaven. But in the case… [more]

Preservationists hear little that pleases from de Blasio

Since taking office, the mayor has backed away from historic
preservation issues

Bill de Blasio can be “very eloquent” on preservation issues. Or at least he was as public advocate. But since he took over City Hall, preservationists like New York Landmarks […]… [more]

Tadao Ando’s first NYC building bears his signature, but won’t stand out

Japanese master’s design has
little to make it seem inspired

It is good news for New York (in specific) and for architecture (in general) that the 73-year-old Tadao Ando agreed to design a new building at 152 Elizabeth Street at the point where it intersects… [more]

NYC restaurants feel the heat

Well-funded restaurants groups and
healthy lunch spots expand,
but many eateries get pushed
from prime locations

New York City restaurants are feeling the heat in their kitchens, in the form of rising rents and competition from other well-funded retailers. A spate of high-profile… [more]

Available space bulges on Soho’s Broadway

Asking rents hit $1,000 per foot or
more for prime spots; landlords
seem ready to deal

The east and west sides of Broadway in Soho house about 120 storefronts. Some have premier tenants like Prada, Hugo Boss and Uniqlo, but last month about two dozen had space available for lease…. [more]

Credit unions ramp-up mortgage lending

Non-profit institutions offering
low-cost deals aimed at young
and first-time borrowers.

Credit unions have been expanding their presence in housing, more than quadrupling their share of total mortgage market volume nationwide in the past nine years, according to the National Association […]… [more]

The Rabsky riddle

Firm head Simon Dushinsky is building more Brooklyn apartments than almost anyone, but public sightings are still rare

As the face of Brooklyn rapidly changes, the face of one of its most prolific developers remains shrouded in shadows. Real estate professionals have long… [more]

TRD Broward Forum
draws thousands

Panelists see growth north of
Miami among both international
and domestic buyers

gainst a backdrop of the Design Center of the Americas’ luxury showrooms, more than 2,000 real estate wheelers and dealers mingled at The Real Deal’s Broward Forum and Showcase on… [more]

Neighborhood Dive:
A well-kept Brooklyn
secret is out

New projects, residents flow into Prospect-Lefferts Gardens

Tucked away on the east side of Prospect Park, a short walk away from the Brooklyn Botanic Garden, Prospect-Lefferts Gardens has been one of Brooklyn’s… [more]

What they’re reading now

Insights from the desks of
Brian Ezra, Joshua Arcus
and Jennie Lamensdorf

Brian Ezra Co-founder, Avery Hall Investments What are you reading right now, or what did you finish most recently? I just finished “Little Failure,” a memoir… [more]

Editor’s note:
Developerus secretus

Some of the biggest real estate players in New York fly so far under the radar that they might as well be in the witness protection program. It’s almost an […]… [more]