This issue marks the fifth anniversary of The Real Deal, and we’re proud of having established this magazine as the source you turn to for real estate news.
In the past, if you wanted real estate news, it meant waiting around until Sunday to get the New York Times’ real estate section. But that coverage takes a lowest-common-denominator approach, targeting consumers with mostly feature articles.
We chose to cover real estate news with depth and professionalism. It was strange to us that although real estate is the second-wealthiest industry in New York, its coverage was limited and not very sophisticated. Even today, much of the news about real estate that’s out there is dumbed down despite the fact that already savvy New Yorkers are even more attuned to real estate issues today, thanks (unfortunately) to the subprime crisis.
We are working to elevate the discourse on real estate matters. Our reporting and original research is used in the industry and by other media organizations, like Reuters, which taps a daily feed from our Web site.
Our desire to bring you the most useful and accurate reporting and data means we’ve been well positioned to report on the biggest story of the past six months. As the aftershocks of the mortgage meltdown continue to hit the real estate market, we’ll continue to be on top of the story, bringing you the information that will help you navigate the marketplace.
This month, we take a look at the collapse of Bear Stearns and how the retrenchment of the financial sector has affected New York real estate. We take a closer look at what could happen to the residential market if projections for 20,000 of Wall Street’s 180,000 workforce to be unemployed by next year come true. Curiously, while Bear Stearns’ former CEO, James Cayne, managed to scoop up a $27.6 million condo at the Plaza Hotel, some of his colleagues from Wall Street are running away from their deposits and backing out of contracts for new condos.
On the commercial front, we look at how banks are scrapping their plans for office towers and how some experts contend that this will actually be a good thing for the market, because a limited office supply will bolster the market in tough times. This and other stories can be found in our special report, Watching Wall Street.
It’s impossible to talk about the national market and the New York City market in the same breath. The market here is unique, largely because of its high-end inventory. This month, we take a look at sales in the ultra-high-end market and compare them to the same period a year ago, and find that the luxury market is largely holding its own. Take a look at our comprehensive list of the top 25 Manhattan residential sales since the start of last year. One of the interesting discoveries: Sales at 15 Central Park West make up a quarter of the list.
On the development front, we asked developers about their outlook for new residential projects. Some of the city’s most active developers said there will be very few new projects started this year (even though there will of course be lots of projects being completed and finishing sales). They said that most new projects will be pushed back until 2009.
We also have a story on Russian real estate billionaires, a By the Numbers look at the recent rash of construction accidents in the city, and much more. Enjoy our anniversary issue, and thank you for reading.
Sincerely,
Amir Korangy