The Real Deal New York

story index

Government

International

October 2010
  • Sharif El-Gamal (photos by Ben Baker)Sharif El-Gamal is the chairman and CEO of Manhattan-based real estate investment firm Soho Properties. But he’s now internationally known as the developer of Park51, a community center and Islamic prayer space planned two blocks from the World Trade Center site. The building — labeled the “ground zero mosque” by critics, a name that El-Gamal says is incorrect — has sparked a worldwide firestorm. Opponents denounce it, along with El-Gamal […]… [more]

    Comments
    • Print
  • Ackman looks for a magic trick

    Bill Ackman seems poised to get ‘toasted’ on his $45 million Stuy Town bet, but he’s been down before -- and then walked away with billions

    Bill AckmanSay what you will about “activist” investor Bill Ackman, but the man fighting what appears to be a losing battle for control of Stuyvesant Town-Peter Cooper Village does not give up easy. It took the founder of Pershing Square Capital six years to win a bet against the fortunes of bond insurer MBIA, during the course of which he was vilified by Wall Street and almost ruined. Yet in 2008, Ackman, then just 42, […]

    Comments
    • Print
  • Staten Island’s A-listers

    A look at the top brokerages in the city’s smallest borough

    While the first-time homebuyer tax credit and record-low interest rates drove home sales in Staten Island and nudged a comeback from the depths of the recession, that uptick has leveled off. But even in a tough market, somebody has to come out on top. This month, The Real Deal looked at the top residential firms on Staten Island, ranking them by number of agents, number of sales and listing volume in our first-ever snapshot of […]

    Comments
    • Print
  • Slim’s bulging portfolio

    Billionaire Carlos Slim’s New York real estate buys are no secret, but what about the rest of the holdings of the world’s richest man?

    Carlos Slim’s real estate portfolio includes shopping centers, hospitals, universities and undeveloped landNew Yorkers know him as the New York Times’ white knight, and the man who just dropped $44 million on the Duke Semans Mansion on the Upper East Side, but Mexican billionaire Carlos Slim has plenty of other real estate holdings outside of New York. While Slim has beefed up his New York real estate portfolio lately, he’s also made moves like gaining […]

    Comments
    • Print
  • A fresh start for new condos

    Developers launch projects anew or resume sales, while interested buyers make more demands

    It’s an odd time for new condo development to be making a comeback. The national economy is still in shambles, unemployment is high and getting a mortgage is still no picnic. And yet, industry experts are reporting unmistakable glimmers of life in New York’s long-suffering new condo market, which has struggled mightily since the financial crisis of 2008 and lagged behind the resale market on the recovery front. Buyers are showing a renewed interest in […]

    Comments
    • Print
  • The top up-and-coming buyers

    As the market struggled this year and last, these buyers saw opportunities

    Cipriani Club Residences at 55 Wall StreetOver the past two years, companies like SL Green Realty Trust and investor Sam Zell’s Equity Residential have trumpeted their purchases of distressed properties in New York City. Brokers have lauded them as savvy investors who managed to snap up multiple assets from sellers who overreached during the boom. But there are other companies, such as Irving Langer’s little-known Rainbow Estates Group in Brooklyn and Savanna Partners in Midtown, […]

    Comments
    • Print
  • By the Numbers: Private schools hit the market

    Expanding and shrinking in an expensive and crowded city

    016TRD1010

    Comments
    • Print
  • Capitulating over capital gains

    Fearing sunset of tax cut, more NYC property owners put buildings on market

    Uncertainty about the expiration of capital gains tax cuts at the end of this year has some New York City real estate owners selling now to beat a potential increase in their tax bill later. While Washington has been very publicly debating the upcoming expiration of the Bush-era federal tax cuts, most of the attention has been on the changes in how income is taxed. But those cuts under Bush also impacted taxation of capital […]

    Comments
    • Print
  • Leasing activity and rents see a reversal of fortune

    In an about-face, office rents inch up, but volume drops as big deals grow scarce

    No one said bouncing along the bottom was going to be easy. Earlier this year, brokers were buoyed by the large volume of leasing in Manhattan, as well as big headline deals like the Service Employees International Union taking 276,000 square feet at 620 Sixth Avenue in Chelsea. But tempering that positive news were asking rents that continued to decline for most of the year. Now, those market trends appear to be reversing. Over the […]

    Comments
    • Print
  • At the Desk of Raphael de Niro

    Comments
    • Print