The Real Deal New York

November 2015 Issue

The Bronx feeding frenzy

Developers and investors are quietly rushing in, spending millions to get in on the city’s
next real estate frontier

The sun was shining and the air was crisp when 30 real estate pros from CIM Group , Kushner Real Estate Group, Criterion Group and Mitsui Fudosan boarded a bus idling on Park Avenue bound for the Bronx. The field trip, organized by white-shoe law firm Herrick Feinstein, promised a tour of the borough’s rapidly changing neighborhoods — including the much-buzzed-about South Bronx — which is how the group of […]… [more]

The name game

Can developers rebrand the Bronx?

With real estate heating up in the Bronx, it’s no surprise that some developers have started playing the name game. New developments or renewed interest in a particular area tends […]… [more]

The (heavily trafficked)
road to the Bronx

While the buzz is raging, challenges remain for the borough from
perception to pollution

When Carnegie Management converted a former piano factory in the South Bronx into residential lofts in 2002, the firm was way ahead of the curve. Fast forward… [more]

Bronx policy pushers

From City Hall to Borough Hall,
elected officials offer incentives
to woo developers and investors

When Fresh Direct announced it would relocate its Long Island City warehouse to the Bronx in 2012, tabloid headlines had a field day, declaring that New York defeated New Jersey […]… [more]

Next stop: The Bronx

Transit-oriented development gives way to more subway riders

Transit is a key driver of Bronx development, and subway ridership shows which neighborhoods are already benefitting from an influx of new residents and workers. Between 2009 and 2014, overall […]… [more]

The Hudson Yards hustle

With Related furiously locking in tenants, a look at who’s signed
and how much space is left
in the megaproject

Last month’s topping-off ceremony at 10 Hudson Yards was marked by the usual fanfare associated with such events — jeans-clad construction workers… [more]

The Closing: Michele Medaglia

The ACC Construction chief
on Ritalin, Johnny Jumpers
and taking the reins at age 25

Michele Medaglia is president of ACC Construction, a company founded by her father, Al Medaglia, in 1984. After taking the reins at age 25, she expanded the company’s focus from […]… [more]

Developers who rise
from the dead

Why do some come back from
bankruptcy while others get exiled
to the lending desert?

Legendary real estate investor William Zeckendorf Sr. owned about as many buildings as he had suits in his wardrobe. And with a fluctuating girth… [more]

The developer default club

Some of the leading NYC players who’ve defaulted — with varying results

Defaulting on a real estate loan can be ugly. But how a borrower defaults can determine whether they can maintain their relationships with lenders and get back in the… [more]

Citi’s new ‘Habitat’

With purchase of Aptsandlofts.com,
the rental giant gets a presence in Brooklyn, albeit a belated one

They flirted for two years before heading to the altar. That’s how Gary Malin, the president of rental firm Citi Habitats, describes his courtship of David Maundrell, the Brooklyn evangelist […]… [more]

The F-word: frothy

Which experts are sounding the alarm on NYC’s luxury market?

When the housing market shows any signs of decline, industry professionals tend to throw around the F-word—frothy. But to those particularly mindful of the 2008 financial crisis the latest market signs, including record-high über-luxury… [more]

Bracing for a bust

NYC developers and investors begin
to shift strategies in preparation
for market correction

It’s easy to make money when the market is chugging along, but what strategies do real estate players use when the market nears its peak? New York City developers… [more]

At Brooklyn Navy Yard,
a redevelopment that offers
hope for manufacturing

Under David Ehrenberg, Brooklyn
Navy Yard project gains steam

At 300 acres, the Brooklyn Navy Yard is big enough to get lost in. So it helps to find a good lookout spot — like the… [more]

Ranking New York’s biggest real estate lenders

From the local banks to the global giants, a look at who’s funding
the Big Apple’s real estate boom

Seven years after the global financial crisis, New York’s real estate lending market is back with a vengeance. But much has changed. Some of the biggest… [more]

‘All-cash’ deals minus the cash

More NYC buyers use personal
stock portfolios as collateral
for apartment purchases

In early 2015, an investment banker and his wife were eyeing a two-bedroom condominium listed at $2 million on the Upper East Side. The couple was wealthy, according to their […]… [more]

Multifamily mania

A ranking of NYC’s biggest portfolio purchases from Stuy Town on down

The market for big packages of multifamily buildings may have less sex appeal than the fancy condos adorning Billionaire’s Row, but the sector is going strong. Institutional investors, family firms […]… [more]

Concessions pick up as
rental market slows down

Flexibility, sweeteners also increase
on sales side of the market

With the rental market heading into its slowest seasons, landlord concessions are back. Beyond the standard month… [more]

New mortgage rules
come at a price

Changes aimed at transparency mean higher fees for homebuyers

It’s been just a few weeks since the nationwide changeover in mortgage and settlement procedures took effect, but the early results are trickling in: Lenders and brokers say just about […]… [more]

Solid as a rock

DDG’s newest bluestone building
in Tribeca appears to be a gem

Those good people over at DDG really love stone, especially bluestone. They love bluestone the way other people love macaroons and cupcakes, puppies and springtime. This love of stone has […]… [more]

The law firms with a ‘key’
to the AG’s office

The Real Deal ranks the busiest
firms filing condominium
plans for developers

New York developers spend billions each year building Manhattan condominiums, but they can’t make a single dollar back until they get the OK to sell those units… [more]

Bracing for Big Data

A few years ago, people were lamenting the “death of media” and the decline of traditional journalism. And while some bloated old-school media outlets are still hemorrhaging dollars and staff, I think it’s a more interesting time in journalism than ever. One reason for this is the rise of so-called data journalism,… [more]

Features

New York Archdiocese looks to
the heavens for fiscal relief
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
The Brown Harris Stevens chief on life as a hay farmer, on not being able to ‘afford’ a sandwich and on keeping a stash of ties for his brokers
A roundup of real estate-related happenings
from last month
The Megalith CEO on lunch with Barnett,
clubbing in Chelsea and wooing money
from the Middle East
Insights from the desks of Richard Grossman,
Steven Hidary and Bertrand de Soultrait
The once-sleepy planned community in Lower Manhattan now teems with shops,
restaurants and parks

Comings and Goings

CBRE promoted 22-year retail real estate veteran David LaPierre to vice chairman. LaPierre has been a member of the firm’s global retail services team since joining in 1994. His client […]… [more]

We Heard

The vendor visiting First Nationwide Title Agency was taken aback when Felix2 came up from behind. “I just quietly rolled up on him, like a bee honing in,” Felix… [more]