The Real Deal New York

story index

Publisher's Note

Crossword

November 2008
  • The downward plunge

    What's next for real estate following Wall Street's meltdown

    October 2008 is one for the history books. Not just because Barack Obama battled John McCain for the Oval Office as the first black Democratic presidential nominee, or because the Philadelphia Phillies won the World Series for the first time in two decades. Monumental as those events were, they were largely eclipsed by the wild swings of the stock market and the realization that the downturn of the residential and commercial real estate markets in […]… [more]

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  • High-end U.S. markets show cracks in the foundation

    Slump hits nation's most expensive areas

    90210. 06831. 75201. This month, The Real Deal looks at the nation’s most exclusive zip codes — neighborhoods filled with spacious beachside mansions, panoramic mountain views and historic brick townhomes — to see how they’ve fared during the recent housing downturn. For the most part, these exclusive neighborhoods remain somewhat insulated from the turmoil of the devastated real estate markets around them. But as homes take longer to sell, even in America’s toniest areas, the […]

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  • Will Tishman Speyer buckle?

    A blue-chip firm braces for the downturn

    With credit markets frozen and property values slumping, real estate firms that soared the highest during the boom now appear poised to fall the farthest. Certainly, few have looked down from as lofty a perch in recent years as Tishman Speyer, the venerable blue-chip firm that has long held a stake in such New York City landmarks as Rockefeller Center and the Chrysler Building. Firmly established as the city’s best in class, Tishman Speyer expanded […]

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  • Crisis may spawn building sales rise

    More big buyers from '07 likely to be big sellers in '09

    Go to charts: Tallying up the deals Developer Harry Macklowe ceded his prized General Motors Building to lenders after defaulting on a loan for a $7 billion purchase secured with just $50 million down, a defeat that made him the poster boy for the hazards of exorbitant debt in a credit crunch. Real estate analysts believe he won’t be the last to lose a Manhattan trophy tower purchased in the heady days of 2006 and […]

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  • Ominous signs for new condos

    Buyers in new projects find loans tough to get

    In recent months, buyers’ struggles to finance new homes have dominated the headlines, but a far more ominous problem has now reared its head among prospective buyers of the city’s new condominium developments. Despite buyers’ desire to purchase the apartments, banks — under intense pressure to ensure returns on their loans — are increasingly unwilling to write mortgages for some new buildings, especially those that have sold only a small percentage of their units. That, in turn, makes it harder for […]

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  • Holding up funds for construction

    After Lehman, other banks put heat on NYC developers

    A growing number of developers with projects under way in Manhattan, who are already reeling from declining real estate values and high construction costs, are being confronted by lenders who are either unwilling or unable to continue funding, according to real estate experts. The Lehman Brothers bankruptcy, which was filed in mid-September, has — not surprisingly — put several construction projects in the city on hold. But other lenders are also putting pressure on developers to provide more equity in projects […]

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  • Fourth Avenue on slippery Slope

    Future uncertain for developments on Fourth Avenue

    For the last few years, Brooklyn’s Fourth Avenue has been billed as the next frontier of gentrification. The addition of new luxury condos, funky restaurants, coffee shops and pubs that have popped up on the six-lane thoroughfare has received intense attention from both Brooklyn apartment hunters and real estate observers. However, while the city’s 2003 rezoning drastically altered the stretch with a raft of new buildings — most of them the maximum allowable height of […]

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  • Greenwich gets more like rest of us

    Home sales drop by a third, but don't go hunting for bargains yet

    A home in Greenwich, Conn., can easily have seven bathrooms. Each year, the town’s high school sends dozens of students to Ivy League universities. Its public beaches are among the state’s largest and most pristine. The well-heeled suburb’s per-capita income is three times that of most of its Northeastern peers. So it’s no wonder the town regularly finds itself on top 10 lists of most desirable U.S. areas. But Greenwich, which has about 60,000 residents, […]

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  • The bear’s not over the mountain in Aspen

    Constrained market slows, but pricing's still up

    With economic storm clouds looming overhead, even the resilient, celebrity-saturated Aspen market is feeling a bit of a chill. Sales are slower than normal, though area realtors noted they aren’t too concerned yet. Thanks to the area’s restrictive growth policies, which keep supply limited and exclusive, the über-rich continue to pay tens of millions for their mountain hideouts. “Aspen real estate is a finite commodity being chased by the world’s wealthiest people,” said Gary Feldman, […]

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  • Boston’s Beacon Hill shines a little less bright

    Elegant Boston neighborhood feels pinch from financial meltdown

    On this side of the Atlantic, there are few places like Boston’s Beacon Hill. Here, elegantly preserved 19th-century brick and brownstone homes mingle on streets lined with gas lamps, and everyone congregates in the neighborhood’s cozy shopping district, which forms less than a square mile in the center of one of the world’s great cities. Parking spaces on Beacon Hill cost more than an average single-family home in many Boston suburbs, and this year’s biggest […]

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