November 2018 - The Real Deal New York

November 2018 Issue

Co-working goes corporate

As the flexible office industry sees explosive growth in New York and beyond, it’s increasingly ditching the freelancer market and targeting blue-chip clients at a rapid rate

The 11-story Beaux-Arts building at 88 University Place in Greenwich Village is the kind of property every co-working company dreams of occupying. Sitting just south of Union Square and partly owned by fashion designer Elie Tahari and WeWork co-founder Adam Neumann, it has small floor plates that can be easily turned into cozy, communal work stations, and the nearby NYU campus promises a steady supply of young, well-heeled freelancers and… [more]

The Real Deal - November 2018

Full Screeen

The co-working space race

The flex office market is exploding, but sources say a wave of consolidation is coming and not all of these startups will survive

This past spring, the head of leasing at a major office complex in Los Angeles got a surprising phone call from a broker representing WeWork. Just days … [more]

Who’s keeping it real?

Not every co-working company is dropping monthly desk rentals for corporate office suites. These four startups in New York and beyond are sticking

The Assemblage Rodrigo Niño, the 49-year-old crowdfunding entrepreneur, took ayahuasca in Peru one summer… [more]

The condo discount dance

With closed sales dropping and inventory looming, sponsors are sweetening deals for buyers and brokers as they scramble to unload units

The launch party for Extell Development’s 1010 Park Avenue in mid-October had all the trappings of a strong market: … [more]

125 Greenwich:
Against the odds

As the Downtown condo project nears completion, a look at how it almost fell apart — and if it can still hit a bold sellout

In May 2014, a super-skinny, supertall tower was rising above the ground at 432… [more]

Sizing up SL Green’s big bet

With its stock heavily discounted and New York’s real estate market in limbo, the Manhattan office giant is buying back $2 billion of its shares — but is it rolling the dice?

When it comes to buying New York City trophy towers, SL Green Realty… [more]

Brooklyn’s muted office buzz

Office construction, leasing and lending in the borough are all showing signs of a slowdown — despite big predictions — and sources say even the trendiest pockets are lagging

Red Hoek Point would seem to have it all. Plans for the Thor Equities… [more]

The records roller coaster

A snapshot of the benchmarks that have been broken in NYC’s residential market — from the priciest sales to the most expensive distressed deals

There may be a market slowdown, but it’s still New York, and that means residential records are still being broken… [more]

Residential target practice

As margins shrink, bigger firms are getting more aggressive in trying to scoop up niche NYC brokerages

Dexter Guerrieri co-founded Vandenberg, a boutique brokerage specializing in the venerated Manhattan townhouse market, back in 1990. Over the years, … [more]

The management maestros

Ranking the city’s top residential managers as owners tighten their belts and industry pressures intensify

Two years ago, Douglas Elliman won the Holy Grail of property management assignments: Co-op City. With 35 buildings and 15,000 units in the Bronx, the Mitchell-Lama project is the country’s… [more]

The Closing: Kelly Mack

The Corcoran Sunshine chief on her Cartoon Network days, locking down billions in business and making massive amounts of coleslaw

Kelly Kennedy Mack is president of Corcoran Sunshine Marketing Group — the new development powerhouse that’s … [more]

WATCH: Corcoran Sunshine president Kelly Kennedy Mack her TV career aspirations, locking down billions in business and working for Louse Sunshine — for free

Kelly Kennedy Mack is president of the new development powerhouse Corcoran Sunshine Marketing Group. On her watch, the firm has dominated the city’s new development marketing scene, representing some… [more]

Ceruzzi Properties’
retreat from risk

More than a year after the sudden loss of its CEO, the development company is rejiggering its Manhattan strategy

Not long after developer Lou Ceruzzi suddenly died in August 2017, his longtime deputy and designated … [more]

CitizenM: A
piecemeal milestone

Dutch hotel chain CitizenM opened the world’s tallest modular hotel on the LES this fall, but whether it’s a game changer for prefabricated buildings remains to be seen

The new 246-foot-tall CitizenM New York Bowery Hotel on the Lower East… [more]

The land of ‘OZ’

Everything you need to know about OZs — aka Opportunity Zones — and what they mean for NYC real estate

It may sound vague given its government-issued name, but the Opportunity Zone program is the new rock star of real estate. And there’s good reason why: It is very likely… [more]

Dissecting the
Queens condo craze

NYC’s largest borough is setting new records with a surge of development projects coming down the pike

Compared to Manhattan and Brooklyn’s trendy glass towers, new condominium projects in Queens have … [more]

High marks on Hoyt Street

Tishman Speyer’s under-construction condo may not be contextual, but its strong and striking design is charming

Downtown Brooklyn is getting a massive new condo tower, and the design is actually good. In some respects, 11 Hoyt Street, which is being developed by… [more]

Residential market report

From new median sales price highs in the boroughs to record low foreclosures in Manhattan, a look at the biggest trends

Median sales price hits record high in Brooklyn and Queens Brooklyn and Queens saw strong sales numbers in 2018’s third quarter, while Manhattan … [more]

Commercial market report

From Midtown’s office leasing tear to Manhattan’s hotel glut fueling big deals, a look at the biggest trends

Midtown office leasing hits 12-year high The Midtown office market is having its most active year since 2006, with a total of 13.9 million square feet leased in the… [more]

Editor’s note:
Co-working gets coopted

Forget the free cold brew and pingpong. WeWork and other co-working companies are today less focused on luring freelancers and young startups and instead are looking to fill entire offices… [more]