The Real Deal New York

May 2017 Issue

Building a Great Wall around money from China

After years of unloading massive amounts of cash in NYC, Chinese investors are now pulling back amid new capital controls out of Beijing

Anbang Insurance Group’s bid for Starwood Hotels & Resorts Worldwide last year dropped like a bomb in the real estate and hospitality worlds. The Beijing-based insurance giant offered $13 billion for the company, seemingly out of nowhere. The March 2016 bid came as the hotel megachain Marriott International was in the final throes of negotiating to buy Starwood for $12.2 billion. After a counteroffer by Marriott, Anbang upped its bid […]… [more]

Fulton Mall in flux

A surge of new residents is changing
the face of the eight-block stretch
in Downtown Brooklyn

From its post-World War II heyday as a department store hub that Abraham & Straus, Namm & Sons and Martin’s called home to its mix of low- and high-end stores […]… [more]

Deconstructing Tishman

Dan Tishman is one of the construction industry’s leading men, but his close ties
to the governor have sparked
pushback from critics

As a handful of real estate bigwigs arrived on the 64th floor of One World Trade Center to hear Gov. Andrew Cuomo give his State of the State address — […]… [more]

The complicated legacy of Leonard Litwin

The iconic developer’s death raises new questions about the future of Glenwood Management and NYC real estate’s
political bankrolling

On the afternoon of April 5, four New York real estate dignitaries rose from… [more]

The lobbyist hit list

A look at the industry’s biggest trade groups and influence peddlers, who are descending on Washington with everything from tax reform to infrastructure to affordable housing on their agendas

In the fall of 1991, a brash New York developer testified at a Congressional budget hearing, telling committee… [more]

Sellers get real. To a limit.

While sellers have become more receptive to price cuts, convincing them still isn’t easy

When Douglas Elliman’s Richard Steinberg took over a listing for an Upper East Side co-op last month, the first thing he did was knock $2 million off the $19.5 million […]… [more]

Robert Gladstone’s
risky business

The developer’s latest project, at 45 Broad,
is his most ambitious and riskiest yet,
but if he succeeds it could launch him into a new league

A few months ago, a Chinese investor approached developer Robert… [more]

The Closing: Jed Walentas

The Two Trees CEO on working for Trump, Haiti’s adoption process and buying property without partners

Jed Walentas is a principal of Two Trees Management , the company founded by his father, David, in 1968. The firm — synonymous with the renaissance of Dumbo, Brooklyn — has […]… [more]

NYC neighborhoods
by the foot

As the city’s real estate market adjusts to new realities, TRD looked at key residential and commercial price points in 16 neighborhoods

Residents, commuters and tourists in New York City share the streets and sidewalks, but the buildings they own, rent,… [more]

Sizing up NYC’s biggest construction bosses

TRD’s first-ever ranking of the top general contractors in the city reveals an industry that is transforming to succeed
in a volatile market

One Manhattan West will eventually become a glitzy office tower, but for now… [more]

Retail reset: navigating Manhattan’s cooling market

As vacancies rise and values drop along prime shopping corridors, the industry is tempering its expectations for the future

Less than three years ago, it seemed Manhattan’s retail market had no ceiling when it came to pricing. Asking… [more]

IPO Fever? Not quite.

Despite predictions that 2017 would see a surge of real estate companies going public, so far it’s been more talk than action

On the morning of February 10, landlord and investor David Bistricer rang the opening bell of the New York Stock Exchange, where, surrounded by family and colleagues from his firm, […]… [more]

Tech darlings are different

While traditional real estate firms might be slightly hesitant about going public,
the industry’s tech players are getting
their ducks in a row

Following the $3.4 billion IPO of Snap, the company behind Snapchat, on March 1, tech companies felt a gush of wind at … [more]

Hadid’s tower of hubris isn’t half bad

The late architect’s skyscraper would be an improvement for Midtown — if it were ever built

To say that Zaha Hadid’s recently revealed designs for 666 Fifth Avenue may never be built is, of course, an… [more]

A turning tide?

City homeowners in high-risk flood zones may soon be swimming in debt with further cuts to the National Flood Insurance Program

The number of property owners buying flood insurance has increased significantly since Hurricane Sandy struck in 2012. Now, shifting priorities in Washington and rising coverage costs could force city… [more]

Building sales on the wane

First-quarter numbers disappoint, but brokers say a slowdown is only natural after several banner years

The city’s investment-sales market limped listlessly through the first few months of 2017, with dollar volume falling by more than 50 percent from the same time last year. What’s more, […]… [more]

The bar for Brooklyn resi sales just got higher

Deals like the $15M Dumbo Clock Tower sale could set a new precedent for big-ticket buys

It can take years to shatter a New York City sales record, but in Brooklyn’s red-hot condo market, a trio of deals has raised the bar several times in the […]… [more]

Editor’s note: A problematic property market that needs propping up

The New York City real estate market really needs a shot in the arm right now — but is a painful kick in the pants more likely? President Trump’s tax […]… [more]

Inside the retail apocalypse

As retailers around the country crumble, who’s swooping in to feed on the carnage?

Just a few years ago, it seemed that Tunisian fashion designer Max Azria was at the top of his game. Kim Kardashian, Heidi Klum and Angelina Jolie were wearing his […]… [more]

Landlords chow down on eateries

Hip food halls and fast-casual restaurants bring traffic to malls

Restaurants are the new black — black ink, that is. As more and more shopping centers see red, restaurants are helping them stay on the right side of the ledger. […]… [more]

Retail brokers stay optimistic (naturally) about the troubled market

Top firms are boosting head counts and citing opportunity on the horizon, but the growth will largely focus on distressed properties

Retail brokers are like Teflon… [more]

Handling the new normal

Cushman & Wakefield’s Gene Spiegelman has done some of the most notable retail deals in the world — now he’s prepping for his next act

Not long after he was named vice chairman and head of North America Retail Services for Cushman & Wakefield, Gene Spiegelman was summoned by then-CEO … [more]

New Jersey’s never-ending mall project

Over a decade in the making, American Dream Meadowlands looks to a 2019 opening (fingers crossed)

Future tenants of the beleaguered American Dream Meadowlands mall will have to wait a little longer before they can start… [more]

The state of RECon

Sure there will be more no-shows in Vegas this year, but plenty of first-timers, too

With retail in the throes of a major transition, attendees are expecting a bit of a cloud over this year’s ICSC RECon in Las Vegas, billed as the world’s largest […]… [more]

Retail’s new sweet spot

A new breed of tenant is building business both on- and offline — with a very curated approach to real estate

Why endure the weeklong pain of a cold-pressed juice cleanse when there’s now a seven-day gummy bear cleanse? The tongue-in-cheek confection — “green juice” gummy bears packed inside… [more]

The art of sweetening the deal

Tenant incentives are sweeping the retail world as landlords are offering even more to get to ‘yes’

Some of the recent statistics on retail leasing across the U.S. might sound a bit contradictory. Rents in many major markets nationally are still strong and in some cities, such […]… [more]

The tsar of Zara

Fast fashion and high-street real estate keep clothing retailer Amancio Ortega ahead of the trends

Zara founder Amancio Ortega’s empire is rooted in retail, so it’d be no surprise if it were going the way of the current market: rapidly downhill. But as competitors like […]… [more]

High streets looking
low in 2017

Stagnating rents and increasing vacancy rates are spurring concern on the nation’s most trafficked retail strips, which are also seeing new competitors

Ralph Lauren is packing up its Polo store on Manhattan’s Fifth Avenue. In San … [more]

REITs keep it classy —
Class A, that is

By continuing to sell off lower-tier properties, real estate investment trusts are trying to stay on the right side of the shifting landscape

Retail real estate investment trusts have taken a beating since the end of last summer, with many of the… [more]

Is e-commerce a frenemy?

Experts weigh in on the mistakes retailers have made, the bright spots in retail real estate market and why online and brick-and-mortar need each other

These days everyone is trumpeting retail’s downturn, with each earnings call, retail conference and panel seeming to ending in the same rueful refrain. Recently,… [more]

Turning celebrity cachet
to cash

From a Nashville honky-tonk to a family-friendly eatery in West Hollywood, familiar faces continue to jump into the retail realm

Seems there’s hardly a well-known entertainer anywhere who hasn’t caught the retail bug. Stores. Restaurants…. [more]

Editor’s note:
Survival of the fittest

A lot of thought went into whether to print such a dramatic quote on the cover of our second annual National Retail Market Report. While it’s a strong statement, the facts […]… [more]

Features

As de Blasio pushes to open the district to development, a look at the ‘fabric’ of a shrinking industry in a prime Manhattan neighborhood
A toxic Bronx canal sees its demise, the Empire State Building opens and more…
The power litigator on family real estate disputes,
her Diet Coke obsession and fighting
for reproductive rights
A roundup of news and data on the residential market
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
A roundup of news and data on the commercial market
Real estate pros share picks for books on automobiles, essentialism and the Paris Peace Conference
The funniest and most insightful comments
on real estate