May 2018 Issue

The death of the brokerage

R.I.P., Town Residential. Over the course of a few hours on April 19, when it told agents the end was at hand, Town went from a megafirm with flashy Manhattan offices to a cautionary tale. The bold residential brokerage, known for its over-the-top holiday bashes and agent benefits, burst onto the scene in 2010 and quickly ballooned to 600 agents and 10 offices. The firm, which was founded by industry… [more]

When luxury leaks

Not long after closing on a $28.5 million pad at 56 Leonard last spring, the new owner had a problem. More than one, actually. The master bathroom allegedly had… [more]

Secret listings soar

The year was 2016. The billionaire was Len Blavatnik. And the house was the Wildenstein mansion, a 20,000-square-foot property at 19 East 64th Street. After a handshake deal, Blavatnik… [more]

Oxford out front

If anyone knows what it’s like to be Blake Hutcheson, the CEO of Oxford Properties, it’s probably his counterpart at Ivanhoe Cambridge. Hutcheson and … [more]

Sizing up NYC’s debt brokerage powerhouses

UPDATED, May 3, 12:42 p.m.: HNA Group’s $2.21 billion purchase of 245 Park Avenue — the city’s biggest investment sales deal of 2017 — was brokered by the world’s largest… [more]

The little flexible office
startup that could

Amol Sarva has a way of saying things that can make you think: Did I just hear that right? In early 2017, when barely anyone knew of his flexible office… [more]

The “nightmare candidate”
for New York real estate

She chose a church in Brownsville, one of the poorest neighborhoods in … [more]

How NYC’s hard hats stack up

One57, the first of the glassy giants to rise on 57th Street, wasn’t Lendlease’s key to Billionaire’s Row — it was a 60-story residential project on West… [more]

Roosevelt Island’s revamp

The first time David Kramer visited Roosevelt Island, it was to run a 5K race. The route looped around the thin, nearly two-mile-long stretch of land, … [more]

Isaac Hager’s higher power

A couple months ago, one of Brooklyn’s most active and under-the-radar developers, Isaac Hager, crossed into Queens to buy a 50,000-square-foot Long Island … [more]

The Closing: Michael Phillips

Michael Phillips is a principal and the president of Jamestown, the real estate investment manager based in Atlanta and Cologne, Germany, with offices in New York, Boston, California and Bogotá,… [more]

Cracking the university real estate code

More than a decade after it was first proposed, Columbia University’s massive Manhattanville campus has started to take shape in earnest, with two of… [more]

The Ravitch family retrospective

In its final years, a dark cloud has… [more]

Libeskind’s lackluster debut

In New York, Daniel Libeskind is undoubtedly best known for his work as the master planner of the World Trade Center redevelopment. But he still does not have a building… [more]

How developers hunt
for architects

Like fashion designers, architects go in and out of vogue — but a building has a much longer life span than a pair of jeans. “Arguably, architecture is an art… [more]

Residential market report

City’s priciest neighborhoods see old and new  Tribeca held as the city’s priciest neighborhood in 2018’s first quarter, despite a 30 percent year-over-year drop in its median sales price to… [more]

Commercial market report

Meatpacking bucks the retail slump Retail rents throughout Manhattan are sliding at a faster rate, and almost no submarket is immune. In the first quarter, asking rents in the shopping… [more]

Editor’s note:
Painting the town red

The talk of the town last month was the demise of Town. Andrew Heiberger’s residential brokerage, which at one point touted 600 agents and amassed $13 billion in sales, shut… [more]

Cleaning up after Toys “R” Us

Retail real estate these days can… [more]

The indestructible tenant?

It’s been called the “e-pocalypse”: the closing of so many brick-and-mortar stores because customers would rather get what… [more]

The kingpins of leasing

Property owners seem to be willing to get a bit unconventional these days to keep rent payments rolling in amid the ongoing waves of store closures. Indoor … [more]

The top closers

Sales of retail properties may be down compared to last year, but executives at the country’s top brokerages remained characteristically upbeat, … [more]

Coming up Kimco

The stock market hasn’t been kind to REITs lately, and open-air shopping center… [more]

What to expect at RECon 2018

Tenants, who have had their backs against the wall in recent years, are … [more]

Amazon’s mysterious ways

Ask any broker who’s dealt with… [more]

How REITs are making it work

Now more than ever, REITs in the retail space are being forced to raise… [more]

Retail’s revolving door

The onslaught of retail bankruptcies and store closings in the past year has mall owners in a mad dash to fill … [more]

The co-working cure?

Before Josh Freed opened a 6,000-square-foot co-working facility in a pair of storefronts in Montrose, Colorado, the two spaces had stood abandoned for more than… [more]

Software’s symbiosis
with brokers

With new data-harnessing tools, retail real estate brokers have the power to go from global to granular in just a few clicks, offering tenants, developers and owners… [more]

Retail’s biggest newsmakers

The last year in retail has been marked by stories that would have been unimaginable a decade — or even a few years — ago, from the struggles of iconic… [more]

Toying with the formula

The giraffe mascot of Toys “R” Us, seen on this issue’s cover as a lanky giant laid low, made for a fitting visual for the company it represented — a… [more]

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