[timeline_section]
[timeline_section_title]2003[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
APRIL
The Real Deal publishes its first issue, weighing in at a slim 24 pages.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JUNE
TRD launches its website, which now has 2 million unique visitors a month.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JULY
Financier David Martinez buys a penthouse in the Related Companies’ new Time Warner Center for $42 million, the most ever for a NYC residence.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
AUGUST
Harry Macklowe buys the General Motors Building for a recond $1.4 billion.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
OCTOBER
Investment banker Bruce Wasserstein, who owned the Deal, sues TRD for trademark infringement, but TRD prevails in federal court the next year.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
DECEMBER
Forest City Ratner announces its Atlantic Yards project in Brooklyn.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2004[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
FEBRUARY
TRD opens its first office in a former psychic’s space on East 23rd Street.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
FEBRUARY
Fed Chair Alan Greenspan says Americans could have saved a fortune if they’d had adjustable rate mortgages.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image][timeline_section_text]
APRIL
The average price for a Manhattan apartment tops $1 million for the first time.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MAY
Downtown Brooklyn is rezoned, setting off a development gold rush that continues to this day.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2005[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MAY
Williamsburg and Greenpoint are rezoned, triggering a boom of waterfront towers. Affordable units are incentivized, but not mandated.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JUNE
Mayor Michael Bloomberg’s plan for a West Side Stadium for the Jets and 2012 Olympics gets sacked, freeing up the site for Hudson Yards.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
NOVEMBER
Fulton Fish Market moves to the Bronx after two centuries in Manhattan.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image][timeline_section_text]
NOVEMBER
U.S. home prices rise to 42 percent higher than in 1999.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2006[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
FEBRUARY
StreetEasy launches its site to search for rentals and condos, bringing tech disruption to New York City real estate.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
APRIL
Construction of One World Trade Center begins. A month later, 7 World Trade Center is completed.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JULY
Brooklyn Bridge Park is approved, creating a controversial hybrid of high-end development and public space.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
OCTOBER
MetLife sells Stuyvesant Town to Tishman Speyer and partners for a record $5.4 billion.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
DECEMBER
New York City agrees to expand the area in which new apartment buildings must include affordable units to get the 421A property tax abatement, recognizing the hot Brooklyn resi market.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2007[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JANUARY
Kushner Companies pays a record $1.8 billion for 666 Fifth Avenue — a move it would regret.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
JANUARY
Harry Macklowe buys a Midtown office portfolio from the Blackstone Group for $7 billion.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JULY
Bear Stearns reveals that two of its hedge funds specializing in securitized subprime mortgages have lost nearly all their value, signaling the start of the mortgage crisis.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
AUGUST
The interest rate on interbank loans spikes, signaling distrust of banks’ mortgage-backed assets. A nervous Fed injects $38 billion into the economy.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
NOVEMBER
With the housing market at a 14-year low, president George W. Bush says, “The underpinnings of the economy are strong.”[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2008[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
FEBRUARY
Unable to refinance as the economy retrenches, Macklowe defaults on roughly $7 billion in debt.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
FEBRUARY
TRD launches a South Florida print edition and website in the thick of the recession.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MARCH
Eliot Spitzer resigns as governor after a prostitution scandal. He would later take over his father’s real estate business.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
MARCH
Bear Stearns crashes and burns after 85 years, sowing panic on Wall Street.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MAY
Harlem’s iconic 125th Street is upzoned.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
SEPTEMBER
Lehman Brothers collapses as the financial crisis accelerates and banks seize up.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
SEPTEMBER
The federal government takes over mortgage buyers Fannie Mae and Freddie Mac.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2009[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
JANUARY
Residential sales plummet as buyers scurry to back out of their contracts.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
APRIL
General Growth Properties declares bankruptcy in what Reuters calls “the biggest real estate failure in U.S. history.”[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JUNE
The High Line park opens, spurring a slew of residential projects on the West Side.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
DECEMBER
Related’s Kingsbridge Armony mall project dies as Bronx politicians demand its jobs pay a “living wage” — a prelude to the battle over Amazon’s HQ2.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2010[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JANUARY
Tishman Speyer and Blackrock default on their $4.4 billion debt on Stuyvesant Town after the housing market crashed and their plan to raise rents failed.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MARCH
Brooklyn’s Gowanus Canal is declared a Superfund site, but fears that development in the area would be poisoned prove unfounded.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
APRIL
Adam Neumann (right) and Miguel McKelvey open WeWork’s first space, in SoHo.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
DECEMBER
Google buys 111 Eighth Avenue for $1.8 billion, helping resuscitate the Manhattan commercial market and setting off the Midtown South tech craze.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2011[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JANUARY
Andrew Cuomo takes office as governor of New York[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MAY
Media giant Conde Nast agrees to take 1 million square feet at One World Trade Center, a game changer for Lower Manhattan’s commercial market.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
DECEMBER
Gary Barnett launches sales at One57[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
DECEMBER
The city’s Economic Development Corp. approves the Cornell Tech campus for Roosevelt Island.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2012[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
SEPTEMBER
Barclays Center opens in Brooklyn as a centerpiece of Bruce Ratner’s controversial Atlantic Yards project (which was later rebranded as Pacific Park).[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
OCTOBER
Hurricane Sandy submerges much of Lower Manhattan and inflicts an estimated $8.5 billion in property damage on private landlords citywide.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
OCTOBER
Compass launches and opens its first office at 155 Sixth Avenue[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
DECEMBER
The Related Companies and Oxford Property Group break ground on the 28-acre Hudson Yards project.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2013[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MAY
Larry Silverstein’s $3.8 billion One World Trade Center tops out.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JUNE
Zhang Zin, CEO of Beijing-based Soho China, and M. Safra & Company pay $1.4 billion for a 40 percent stake in the GM Building at 767 Fifth Avenue, making it the most valuable office tower in the country at $3.4 billion.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
AUGUST
Zillow buys NYC listings portal StreetEasy for $50 million.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
NOVEMBER
Bill De Blasio is elected mayor, rattling real estate players who had thrived under Bloomberg.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2014[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JUNE
Steven Spinola, the longest-serving president in the history of the Real Estate Board of New York, announces that he will step down.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
AUGUST
Extell Development pioneers the so-called “poor door,” a separate entrance for affordable housing tenants, at 40 Riverside Boulevard.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
OCTOBER
Anbang Insurance Group buys theWaldorf Astoria for $1.95 billion.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
NOVEMBER
WeWork becomes a unicorn by booking a $1.5 billion valuation, which would soar to $47 billion in January 2019, only to plunge to $8 billion months later.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
DECEMBER
The luxury condo market hits a whopping $11.3 billion in sales contracts for the year, according to Olshan Realty.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2015[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JANUARY
One57 breaks a record with a $100.5 million penthouse sale to a buyer later revealed to be Michael Dell.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
FEBRUARY
Sheldon Silver steps down as Assembly speaker after his arrest in January on corruption charges.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
SEPTEMBER
TRD heads to Shanghai for its first event in China.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image][/timeline_section_image]
[timeline_section_text]
OCTOBER
Blackstone and Ivanhoe Cambridge buy Stuy Town out of foreclosure for $5.3 billion.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
DECEMBER
The median Manhattan home price hits $1 million for the first time.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2016[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image][timeline_section_text]
JANUARY
This year, Chinese buyers pour a record $14.3 billion into New York real estate before Beijing’s capital controls and corruption crackdown start
to close the tap.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JANUARY
TRD launches its L.A. website and prints a quarterly magazine on the L.A. market. A Chicago website follows in 2018.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MARCH
The $4 billion Oculus transit hub opens at the World Trade Center, $2 billion over budget and seven years late.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
JUNE
After a six year run, commercial rents peak and the retail market starts to crack.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
AUGUST
TRD moves to Hudson Yards, doubling its office footprint.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
NOVEMBER
Donald Trump is elected U.S. president.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2017[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JUNE
Anbang Insurance Group Chair Wu Xiaohui is detained in Beijing, prompting other Chinese real estate investors to start dumping assets.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
AUGUST
The City Council rezones Midtown East — four years after an initial proposal.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
SEPTEMBER
Harry and Linda Macklowe’s divorce trial begins, deciding the fate of an estimated $2 billion fortune.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_text]
DECEMBER
Newmark Knight Frank goes public, but sells fewer shares at a lower price than planned.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2018[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JANUARY
Federal tax reform takes effect, capping deductibility of state and local income taxes and depressing home sales in the tri-state area.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JUNE
TRD launches digital subscriptions for its website.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
AUGUST
Cushman & Wakefield goes public at $17 per share, raising $765 million. Post-IPO, “CWK” has mostly traded between $16 and $20, giving the company a market capitalization of $4.5 billion.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_text]
NOVEMBER
Democrats capture the state senate in a progressive wave, and Albany turns against the real estate industry.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
DECEMBER
The median Manhattan home price dips below $1 million for the first time in three years.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[timeline_section_title]2019[/timeline_section_title]
[timeline_section_body_group]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
FEBRUARY
Amazon cancels plans for a Long Island City campus after opposition by activists and the state Senate.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
MARCH
Related Companies cuts the ribbon at Hudson Yards, the largest private development in the U.S.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
JUNE
New York enacts a permanent rent law, severely limiting rent increases for about 1 million apartments.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
JULY
James Whelan replaces John Banks as president of REBNY.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image]
[/timeline_section_image]
[timeline_section_text]
SEPTEMBER
WeWork cancels its IPO. SoftBank’s Masayoshi Son later publicly apologizes for investing in the co-working company.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
SEPTEMBER
Leaked documents reveal broker splits, marketing budgets and gross commission income for all Corcoran Group agents.[/timeline_section_text]
[/timeline_section_body]
[timeline_section_body]
[timeline_section_image] [/timeline_section_image]
[timeline_section_text]
DECEMBER
REBNY files a brief supporting a federal lawsuit challenging the new rent law.[/timeline_section_text]
[/timeline_section_body]
[/timeline_section_body_group]
[/timeline_section]