The Real Deal New York

May 2016 Issue

NYC’s biggest brokerages face off

Manhattan’s two fiercest rivals, Elliman and Corcoran, take top spots as Compass and others make big gains

When the average Manhattan pad costs $2 million, it’s a good time to be in the brokerage business. Soaring prices and relief from the inventory crunch of the last few years have translated into more business for the borough’s largest residential firms. The Real Deal’s annual ranking of top companies — which is based on agent count and is tallied from a one-day snapshot of data from On-Line Residential on […]… [more]

Mastering the middle

Sotheby’s dominates mid-sized firm ranking, but other see gains too

Don’t discount the brokerages on this year’s ranking of mid-sized residential real estate firms just because they’re in the middle of the pack. Like horses circling a racetrack, they jockeyed […]… [more]

Boutiques bust a move

Smaller firms rack up big listings, but dark clouds could be forming on the horizon

Discreet, bespoke and focused on luxury, Manhattan’s boutique residential firms have seen their fortunes soar in recent years thanks to a luxury market that was firing on all cylinders. While […]… [more]

Which residential firms sealed the most deals?

A ranking of the Holy Grail of transactions — closed deals

Back in 2014, when buyers were frantically scooping up not-yet-built condos off of floor plans, the city’s leading residential firms must have been dreaming of the moment when those deals […]… [more]

All in the (lending) family

As traditional lenders pull back on bankrolling NYC construction projects, family offices move in

New York City real estate families — which have for generations invested and developed their own projects — are getting into a new game. As banks have scaled… [more]

The real estate chiefs
who get paid the most

Which real estate executives saw the biggest paychecks and how much longer can salary spikes last?

CEO pay may be increasingly coming under the microscope these days, but real estate’s top NYC executives are still raking… [more]

Inside the self-destruction
of Morgans Hotel Group

Amid debt, board infighting and a
failed merger, the once illustrious
company loses it way

Morgans Hotel Group is, perhaps, most associated with its co-founder and Studio 54 impresario Ian Schrager, who headed the hospitality company until about… [more]

Far West Rising

Just north of the Hudson Yards project, a new neighborhood is sprouting with nearly 12 million square feet of development underway

When the city rezoned the Far West Side in 2005, it wasn’t just to get mega projects — like the Related Companies’ Hudson Yards and Brookfield Office Properties’… [more]

Name that billionaire: Here’s who lives at 432 Park Avenue

Fashion moguls, diplomats and investors with sky-high views

For some time, its slim, soaring frame has been an imposing presence in New York City’s skyline. Now, as multimillion-dollar sales are finalized, we can peek inside the towering 432 Park Avenue…. [more]

The Closing: Keith Rubenstein

The Somerset founder on being ‘Superman,’ dropping $400K on a bunny and dealing with
critics in the Bronx

Keith Rubenstein is a founder of real estate investment firm Somerset Partners, which has acquired more than $2 billion worth of office and multifamily property… [more]

Next in line

As Trump gets closer to the presidency, which of his kids will be tapped
to run his firm?

On the Trump Organization’s website, a video titled “Trump: The Next Generation” marks the official red carpet unfurling for Donald Trump’s three oldest children, already longtime executives… [more]

Apollo’s ascent

The private equity giant is still playing catch-up with mega firms like Blackstone, but it’s gunning for a
bigger NYC real estate presence

Last August, Apollo Global Management co-founder Marc Rowan saw a potential steal. The real estate investment trust… [more]

De Blasio’s real estate
money trail

Five out of the top ten bundlers for Mayor de Blasio’s re-election
campaign are developers

Among the interesting nuggets revealed last month by a far-reaching federal investigation into Mayor Bill de Blasio’s fundraising activities was that a little known… [more]

Eastdil, Meridian tighten
lock on NYC mortgage
brokerage world

Insiders say competition will heat up
as market softens

Two firms dominated the high-value commercial mortgage brokerage business in New York City last year: Eastdil Secured and Meridian Capital Group, an… [more]

1WTC: An unlikely triumph

Judith Dupré’s doorstop book may be lacking in criticism, but its exhaustive detail will not disappoint

Judith Dupré’s new work, “One World Trade Center: Biography of a Building,” is a substantial tome masquerading as a coffee-table book. Its size, weight and format all conspire to suggest […]… [more]

Banks’ REBNY: One year in

With the 421a dilemma causing infighting, the head of the industry’s most powerful trade group has taken on the role of level-headed parent

Last month, with the future of 421a still unresolved, two titans of the real estate industry clashed over how to reinstate the tax subsidy. The two men,… [more]

New York city’s next big
retail investors

These middle-market players may not be household names yet, but they’re betting (on) the store

Despite signs of a slowdown on several prime avenues, New York City retail investors are invading the market everywhere from Broadway… [more]

Downtown Brooklyn’s
second act

After a 2004 rezoning spurred residential development, the neighborhood is now vying
to become a tech hub

The buzz surrounding Downtown Brooklyn’s skyline has lately reached a fever pitch. Last year, JDS and the Chetrit Group… [more]

The ‘façade’ of Columbia’s
new medical

The school’s new Washington Heights building fails to live up to its promise

Between the lovely architectural rendering and the finished building falls the shadow. Creations that look beautiful and stylish on paper, that seem to make eminent aesthetic sense, often turn up […]… [more]

Madison Avenue retail
empties out

Retail spaces on the tony stretch are
clearing out as rents get too high
and tenants look for cheaper options

The total amount of available ground-floor retail space along Madison Avenue has been growing in recent months, insiders said. “There are a lot of vacancies… [more]

Failure to launch

As luxury market cools, developers hold back units

In one of the strongest signs yet that developers sense headwinds in the luxury condo market, the sales office at 111 West 57th Street is quiet these days. In March, developers Property Markets… [more]

Editor’s note:
The $800 million man

Talk about an embarrassment of riches. Blackstone Group CEO Stephen Schwarzman raked in nearly $800 million last year —from his salary and his massive ownership stake in the private equity […]… [more]

CRE players crave
Amazon action

All eyes are on the e-commerce giant as it opens physical stores

With the latest news that mammoth e-tailer Amazon might be opening 300 to 400 brick-and-mortar stores across the country, retail real estate brokers and owners are eager to cash in […]… [more]

Simon’s second coming?

The 'death' of the anchor tenant breathes life into mall giant amid changing market

When Saks Fifth Avenue, one of the great old American department stores, shuttered its location at the Shops at Riverside in Hackensack in 2014, the closure left a major hole […]… [more]

America’s unequal retail recovery

Winners and losers can be found all over the map in 2016

The retail industry continues to mend the wounds incurred during the Great Recession, but the recovery has been anything but evenly distributed across a diverse range of properties in disparate […]… [more]

Same stores, different streets

The priciest retail strips in the U.S. are attracting identical luxury brands

The marble walls of the Fifth Avenue flagship of Italian fashion designer Valentino are a fitting touch for the world’s most expensive retail neighborhood, located between 49th and 60th streets […]… [more]

Retail real estate’s
big week out

ICSC’s signature four-day Las Vegas event is both work and play for 36,000

What happens in Vegas may stay in Vegas. But what happens at RECon, the International Council of Shopping Centers’ annual retail real estate convention in Las Vegas, reverberates across the […]… [more]

Insider’s guide to
RECon’s parties

What's a hit and what's a miss at the biggest retail social scene of the year

It’s party time at ICSC’s RECon. But with more than 60 soirées, dozens of venues and three full days of convention time, what’s a retail professional to do? To make […]… [more]

The mechanics of
a chain reaction

Top Target real estate exec Mark Schindele on the retail giant's
urban moves

Although it’s been just a year since Target shuttered its 133 Canadian stores, the company has already moved on in a big way, namely rolling out “flexible format”… [more]

Luxury, low-end flourish as mid-tier languishes

As the middle class shrinks, so too does the bottom line of moderately priced retailers

If art imitates life, retail isn’t far behind. As tourists and the well-to-do fuel luxury sales around the country, gains in employment and lower gas prices are helping… [more]

Top 10 retail brokerages battle for share of billions in deals

Cushman and Newmark lead the pack in leasing; CBRE and Eastdil top the charts in sales

Business is booming and competition is at a fever pitch for top retail real estate brokerages as vacancies hit record lows and rents continue to rise while… [more]

The nation’s retail barons

Walmart surpasses Blackstone and all the big retail REITs in total assets

From browsing luxury designer stores and boutique clothiers to negotiating sprawling supermarkets and big-box retailers, American consumers engage in a wide variety of shopping activities. But who owns all this […]… [more]

Courting millennials

Boston, Columbus and Dallas are getting hip to young shoppers

The direct spending power of the nation’s roughly 80 million millennials is expected to reach $200 billion next year, according to a widely cited report from advertising agency Barkley. And […]… [more]

Investors’ urban
shopping spree

The move from indoor malls to
street retail is becoming even
more competitive

When the developers of Miami Worldcenter scrapped plans earlier this year for a 765,000-square-foot enclosed mall in downtown Miami, opting instead… [more]

Retail REITs are riding high

Here are analysts’ top picks for 2016 as the sector continues to gather steam

Despite the country’s mall woes, retail real estate investment trusts have had a nice run over the past five years, and analysts say they still have plenty of juice. The […]… [more]

Build it big and they will come

The country’s largest retail mega-projects are high stakes for developers

The era of the traditional shopping mall may be coming to an end, but that doesn’t mean developers are giving up on large-scale retail developments. To confront the reality of […]… [more]

The maestro of brand design

Gensler's John Bricker thrives on coaxing out retail companies' core concepts

Whether the project involves high fashion, toy stores or even the NBA, Gensler’s creative director, John Bricker, knows a thing or two about corporate brands — sometimes even better than […]… [more]

Designed with star cred, even in Delaware

For celebrity-owned stores like Kate Hudson’s Fabletics, location is not everything

Celebrity retail ventures are often associated with prime neighborhoods, as with the Kardashians’ boutique apparel chain Dash, located in West Hollywood, Miami Beach and Soho. Established actors, musicians and athletes […]… [more]



As the MTA plans an L train shutdown,
a look at the potential fallout
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
The Marketing Directors' president on why she's the 'Energizer bunny,' the keys to residential marketing,
and her hat and shovel collection
A roundup of real estate-related happenings
from last month
The head of Hodges Ward Elliott’s new investment sales division on transcendental meditation,
reading Proust and $1B-plus in deals
Real estate pros share picks for books on learning to give, minimalism and China’s economy
The funniest and most insightful comments
on real estate

Comings and Goings

After 12 years at the Corcoran Group, David Dubin has joined Elliman as a residential agent. Dubin, who has done deals with the likes of David Geffen, Kent Swig… [more]

We Heard

The “Hunger Games” trilogy swept the nation a few years back when it hit bookshelves.       Can a commercial real estate industry trilogy do the same? That might […]… [more]