The Real Deal New York

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October 2011
  • In the last few weeks, as many of the city’s big banks have been besieged by bad news, and the stock market has seesawed sharply in a short span of time, the question on many analysts’ minds is: Could a new round of pain on Wall Street trickle down to New York’s already vulnerable commercial and residential real estate markets? Indeed, the thinking goes, the financial services industry and its numerous offices keep commercial occupancy […]… [more]

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  • Is there heaven or hell ahead for the market?

    A look at some of the best- and worst-case scenarios for NYC real estate -- depending on which way the economy goes

    If hindsight is 20/20, forecasting the future might be 20/200. Yes, there have been some right-on-target predictions in the last few years — among them, mathematician Nassim Nicholas Taleb’s warnings that a meltdown of the world’s financial systems was imminent in the mid-2000s. But nailing down with certainty what tomorrow’s economy may bring, experts say, is at best a crapshoot. The difficulty of crystal-ball gazing was, in fact, the heart of Taleb’s 2007 book, “The […]

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  • Howard Michaels: The toughest boss in real estate?

    The hard-driving commercial finance middleman has already done $5 billion in deals this year, but has a reputation as the 'Ari Gold' of the business

    Howard Michaels in his office at 560 Lexington Avenue last month.Thirty-four years ago, Howard Michaels was knocking on doors in the 2.3 million-square-foot Starrett-Lehigh office building, hawking copy machines for the 3M Company. “I was making bupkis,” Michaels recalled. Those days are undoubtedly over. In 2004, he arranged a $219 million recapitalization of that same building, earning a seven-figure commission for his company, a real estate investment advisory firm known as the Carlton Group. Carlton […]

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  • Chipping in to buy a piece of New York

    Syndication deals, especially among ethnic groups, are on the upswing

    Timour Shafran of Capin & Associates in front of the Hamilton Heights building where he has a syndication deal pendingIt’s a deal that blends the American Dream with a touch of globalization, and hints of a bubbling trend. Fifty-three Chinese-Americans pooled $160,000 each to buy a corner at Delancey and Pitt streets on the Lower East Side for $8.5 million this summer. They each plan to contribute $240,000 more to fund the construction of a […]

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  • Top tweeters

    A new NYC real estate club: Those with 1,000 or more followers on Twitter

    To tweet or not to tweet — for New York City real estate professionals, that is the question. When using social media for business, some worry about exposing their personal lives, or putting their foot in their (digital) mouths. But a select group of agents and executives have overcome this dilemma and emerged as the industry’s top tweeters, racking up thousands of followers at a time when the average New York City real estate broker […]

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  • Eastdil Secured: A $15 billion enigma

    Commercial firm manages to stay out of spotlight, despite leading pack in brokering investment sales

    Benjamin Lambert (left), founder and chairman of Eastdil Secured, and company CEO Roy March in the firm’s Midtown headquartersgGoogle’s record $1.8 billion purchase of 111 Eighth Avenue late last year momentarily put the name Eastdil Secured on the lips of everyone in New York’s real estate industry. But the low-profile real estate investment banking firm, which managed the sale, doesn’t have the street-level cachet that many of its rivals have. While Manhattan’s building-sales brokers and […]

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  • Those in the world of New York City real estate likely know Ken Fisher from his work at Fisher Brothers, one of the city’s largest family-run property owners. Fisher heads up leasing, marketing and management for the company’s 6 million-square-foot Manhattan office portfolio. But what his colleagues may not know is that he is also chairman of the board at the Fisher House Foundation, a nonprofit that develops temporary housing for the families of veterans […]

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  • After a strong first half of the year, Manhattan leasing activity declined in the third quarter. But despite the slowdown, which stemmed from a dearth of mega deals, the availability rate and asking rents for the overall market continued to strengthen. Manhattan leasing volume fell from nearly 10.6 million square feet in the second quarter to 6.7 million square feet in the third quarter, preliminary figures from commercial firm Cassidy Turley showed late last month. […]

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  • Behind the Deal — Assessing Anglo’s auction

    In wake of loan sell-off, borrowers go after Irish bank, while insiders dissect how massive portfolio was divvied up

    Anglo Irish Bank protest The auction of Anglo Irish Bank’s troubled $9.5 billion U.S. loan portfolio has surprised some industry observers — and spread fear among some borrowers, who worry about having new lenders take over their troubled projects. Ben Thypin, a senior market analyst at Real Capital Analytics, said the fact that three lenders divvied up Anglo Irish’s portfolio was” not particularly unexpected.” “No one but a bank could really afford to buy the […]

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  • In 21st-century New York, watching a movie no longer requires leaving the apartment. Thanks to the likes of Netflix and On Demand, a seemingly inexhaustible supply of films and TV shows now appears at the touch of a button. But what about those who want to pick out a movie at an actual video store? These days, that’s becoming more and more difficult. The number of video rental shops fell 17 percent in the city […]

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