The Real Deal New York

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October 2008
  • Broadway Partners races to unload its trophy towers

    Latest major firm to show signs of overleveraged distress

    Scott Lawlor once told a reporter he measured the success of his firm Broadway Partners largely on its ability to find new assets. Today, the survival of his firm depends on its ability to sell them. With hundreds of millions of dollars in short-term debt coming due in January, Lawlor’s private equity firm has emerged as the latest poster child for overleveraged post-boom distress. Now that Harry Macklowe’s goose has been cooked, it’s Broadway’s nationwide […]… [more]

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  • Worry chills local residential market

    Job jitters scuttle home sales

    Financial news headlines about Wall Street’s meltdown are ratcheting up the fear factor for buyers and sellers, who are becoming even more cautious about plunging into the real estate market. Industry experts anticipate price drops across the board. But certain residential neighborhoods will probably be hit harder than others by the chaos on Wall Street. This month, two stories take a look at the impact Wall Street’s trouble could have on Manhattan’s residential market. Wall […]

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  • Rent-to-own catching on

    As economy slips, rents go toward down payments

    Brooklyn developers are trying to woo would-be buyers who may be indecisive about the market’s health with deals that allow them to rent a unit in a condo while putting their monthly rent checks toward a down payment. Other developers are also switching to their back-up plan, changing buildings from sales to rentals, but not without costs and complications. Reporter Gabby Warshawer takes a look at these two phenomena. Buying a condo, one piece at […]

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  • Breaking the bull

    Wall Street crisis brings more pain to NYC real estate

    When the nation’s finance sector ended as the world knew it last month, the city’s real estate community was left slack-jawed, wondering what it would mean for the commercial and residential markets. With behemoth investment banks falling like dominoes, New York’s brokers and developers started getting used to the fact that the oncoming pain would be far deeper than previously expected. This month, The Real Deal breaks down the Wall Street meltdown by sector in […]

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  • Home stores packing it up

    Older furniture retailers hurt by housing meltdown while hip new offshoots fare better

     A home store fire sale is ablaze in New York City. Retail space once occupied by defunct furniture chains Bombay and Domain, as well as home merchants now viewed as passé, such as Pier 1 Imports and Straight from the Crate, is either changing hands or has come on the market.     Retailers ranging from apparel merchants to drugstore chains, restaurants and gourmet grocers could set up shop in the former home stores. But retail […]

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  • Running a smarter building

    As office market gets crunched, owners become more efficient

    As the credit crunch expands into New York’s office market, landlords are starting to manage their buildings smarter to deal with the shrinking margins for error. Commercial property owners are scrambling to offset declines in rents and combat higher energy and other costs. They are doing everything from outsourcing building management to installing more energy- efficient systems and, in some cases, selling ads on their empty retail storefronts. From Midtown to Lower Manhattan, companies are […]

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  • Running on fumes

    Consolidation blamed as Long Island gas stations close

    Go to chart: LI gas stations shutter If you’re a Manhattan resident who’s considered dealing with the diminishing number of gas stations — and the increase in the price of gas — by trekking to Long Island, think again. It’s been well established that gas stations are disappearing in Manhattan and the outer boroughs, but now they are even abandoning the suburbs east of Manhattan. The development could lead to a rude awakening for those […]

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  • McSam turns to its partner

    As credit market dries up, small investment firm plays larger role

    Over the past six months, McSam Hotel Group has unloaded a half dozen of its New York development sites to the Magna Hospitality Group, a small hotel investment and management firm that is not that well known to many in the local real estate community. Indeed, the firm — which is based in East Greenwich, R.I. — has emerged as a key business partner to Sam Chang’s budget hotel empire since entering the fray here […]

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  • What’s in store for Brooklyn retail?

    Brokers say borough hungry for new shops but some national chains still tentative

     While brokers boast that Brooklyn would be one of the largest stand-alone cities in the country, convincing retailers to open stores there is not an easy feat.  Though the borough is in the midst of a retail makeover (look no further than furniture giant Ikea coming to Red Hook for evidence of that) and Target is rumored to be expanding there, real estate insiders say wooing the big national chains that are used to paying […]

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  • On the Market: Commercial

    Commercial properties recently placed on the market

    Bronx development site on the marketA 440,000-square-foot plot of vacant land at 825 Bronx River Avenue in the Soundview section of the Bronx is on the market with an asking price of $50 million, or $113 per square foot, according to published reports. The 10-acre site is the former Loral Electronics defense contractor plant and is currently zoned for industrial or retail use. Around 90 percent of the land is vacant, and an 80,000-square-foot building […]

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