The Real Deal New York

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International

November 2010
  • Billionaires’ real estate club

    How have New York’s wealthiest property moguls weathered the downturn?

    Billionaires have had to deal with the weakened market, too. Of course, their definition of economic pain might be a bit different, as is clear from the annual Forbes ranking of the richest Americans. Several wealthy New York real estate moguls once again make the list of the 400 richest Americans. This month, The Real Deal looked at each of those moguls to further examine their real estate holdings and their investment strategies over the […]… [more]

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  • Newmark’s Class A play

    While the firm may have a reputation as a smaller player globally, it’s beating out NYC rivals and trying to expand its footprint

    From his office window in Midtown, Barry Gosin, CEO of commercial brokerage Newmark Knight Frank, can see the figure of Mercury — the god of commerce, travel and inventiveness — perched atop the entrance to Grand Central Terminal. While Gosin, 60, may not spend much time pondering Roman deities, the statue can in many ways be viewed as a poignant mascot for his firm, as it tries to establish a stronger global footprint. The company […]

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  • Big tests ahead for commercial refis

    Billions in loans set to mature, but positive signs emerge as credit markets loosen slightly

    The Moinian Group is in discussions to refinance the Renaissance, a luxury tower on John StreetWhile much of the real estate industry has focused on loosening credit for residential mortgages, the commercial market is beginning to show signs of a rebound that may help investors refinance billions of dollars of real estate loans. About $20 billion worth of New York commercial real estate loans are scheduled to mature by the end of 2012, with about […]

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  • Arab buyers after Park51

    Will Islamic center controversy dampen Middle Eastern investment in New York?

    The proposed Downtown Islamic center, Park51.It happens all the time. A buyer eyeballing a significant piece of real estate loses heart because of some nagging doubt about the property or a dip in the stock market. But what happens when a deal is sabotaged for a reason having nothing to do with the price or the property? That was the case when a Saudi investor recently about-faced on a major apartment in a top Manhattan […]

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  • The aging apple

    Older office stock, little commercial construction puts NYC behind global competitors when it comes to new office space

    With a rapidly aging pool of commercial towers, New York has fallen behind dozens of other international cities, which are adding state-of-the-art office space to their building stock at far faster rates than the Big Apple. Just 2.6 million square feet of office space was under construction here as of the end of June, ranking Manhattan an abysmal 34th in a list of international cities producing new, modern commercial space, according to a review by […]

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  • Cutting to the Core

    While other start-ups failed, Shaun Osher’s five-year-old brokerage survived the downturn, earned TV notoriety, and is now expanding. But can it make the jump to a name brand?

    Shaun Osher’s laser-like focus on aesthetics is one of the hallmarks of the brand he’s spent the last five years buildingIt’s rare to see an unpleasant expression on Shaun Osher’s face. The fair-haired 43-year-old CEO of the brokerage Core has a megawatt smile that is now familiar to HGTV viewers, thanks to the reality show “Selling New York.” But today, Osher is frowning. Specifically, he’s frowning at a bowl of oranges, poised artfully on the […]

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  • So long, new condos

    With more wealthy New Yorkers looking to lease, not buy, development market tips toward rentals

    Evan Stein, president of J.D. Carlisle Development Corp.Just as The Real Deal was going to press, the New York Post reported that the Knicks’ Amar’e Stoudemire rented a $37,500-a-month, five-bedroom penthouse at 99 Jane Street in the West Village. There’s no denying it: Rentals are hot right now, at least at the very high end of the market. While overall rents are still down from the peak of the market and concessions — like one […]

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  • Stuck in neutral

    Office rents and leasing activity stabilize, but landlords see mini confidence boost

    If you had to sum up the current Manhattan office leasing market in one word, it wouldn’t be hard to pick it: flat. While office leasing volume improved to its highest level since the downturn this past summer and spring, it’s been stabilized for several months at a decent but slightly lower level. It rose by only 60,000 square feet to 1.6 million square feet in September, according to the latest data from commercial brokerage […]

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  • Rich, but also generous?

    Real estate moguls donate plenty, but maybe not at the level of some peers

    The nine New York City real estate titans that earned ink on this year’s Forbes 400 list have a combined worth of nearly $21 billion, a sum surpassing the GDP of dozens of sovereign countries. Together, they control hundreds of millions of square feet of real estate the world over — and their collective portfolio includes several newspapers, magazines, at least one cable channel, an NFL franchise and a small fleet of private jets. To […]

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