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October 2012
  • How the election will change NYC real estate

    Mapping out the key races, big money and political players impacting the industry this election season

    The contest between Barack Obama and Mitt Romney has already inspired wall-to-wall media coverage and unprecedented levels of spending, and the furor will only intensify in the weeks leading up to the Nov. 6 vote. But what does it all mean for New York City’s real estate industry, and how are real estate professionals engaging with their would-be elected officials? This month, The Real Deal mapped out the intersection of real estate and politics, in […]… [more]

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  • Related’s Jeff Blau: The making of a CEO

    Will the mega-developer's new chief be able to keep the company on top?

    QUICK FACTS NAME: Jeff Blau TITLE: CEO AGE: 44 EDUCATION: University of Michigan HOMETOWN: Woodbury, Long Island CURRENTLY LIVES IN: 1040 Fifth Avenue *** For many students, college is about streaking the quad and doing keg stands. For Jeff Blau, it was about doing deals. When the Long Island native was a sophomore at the University of Michigan, the school shut down its printing office to save money. So Blau set up a business producing course packs himself. Then he convinced […]

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  • NYC’s $100 million-plus investment sales market heats up

    After lackluster start to year, big-ticket building sales and listings on rise

    After a lackluster start to the year, the fall selling season for the priciest Manhattan buildings and development sites — those with price tags of $100 million and up — has kicked into high gear with a rush of properties recently hitting the market. Those listings, which total more than $5 billion, include two buildings — 11 Madison Avenue and 825 Eighth Avenue, also known as Worldwide Plaza — that are expected to fetch more […]

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  • NYC residents are increasingly buying property in Europe

    How the markets they’re targeting are faring

    The euro may be muddling its way through an existential crisis, but there’s still real estate to be had across the continent — and buyers, including New Yorkers, looking to plunk down all cash for it. This month, The Real Deal talked to brokers and analysts to find out where New Yorkers are buying in Europe, given the euro crisis’s effects on global trade and investment as well as the recent political tumult, and to […]

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  • An insider’s game: Finding loans controlled by special servicers

    Pulling back the curtain on mysterious special servicers

    New York’s real estate professionals are generally an optimistic crowd, but when you ask them about buying loans or properties controlled by special servicers, they turn cool. In fact, a handful of Manhattan investment sales brokers and company principals say they have given up hunting for opportunities involving special servicers for their clients. Some say their impression is that special servicers rarely sell and, therefore, are not worth approaching. Others gripe that buying loans from […]

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  • As Nest Seekers grows, a look at the firm’s enigmatic CEO

    Firm founder Eddie Shapiro steps into spotlight

    QUICK FACTS COMPANY: Nest Seekers International TITLE: Founder and CEO AGE: 37 NUMBER OF AGENTS: Almost 400 NUMBER OF OFFICES: 11 (NYC and Hamptons) Eddie Shapiro prefers to remain an enigma. On a recent summer afternoon, the founder of residential brokerage Nest Seekers International is clad in his own version of business casual: a slim-fitting white suit and black loafers, his longish brown hair slicked back, his goatee clipped, his burgundy tie dotted with tiny skulls. “To an extent, […]

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  • More competitive than cautious

    Brokers say the post–Labor Day bump in listings didn’t materialize and that the tight market is trending in favor of sellers

    If a year ago the watchword for buyers was cautious, this October a better term might be competitive. In the third quarter of this year, sales of Manhattan condominiums and co-ops rose 11.5 percent, to 2,952 transactions from 2,647, compared to the previous quarter, according to a market report prepared by appraisal firm Miller Samuel for Prudential Douglas Elliman. The median sale price increased 7.4 percent, to $890,000 from $829,000, in the same span — […]

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  • Developers tap residential brokers for cash

    Builders increasingly turn to agents to invest in new construction projects to help fill funding void

    While the construction lending spigot has loosened in recent months, some developers are still finding themselves with the right property in hand, but with too little cash to get a project off the ground. To cope with that problem, residential developers are increasingly turning to an unlikely source: the brokers they’ve hired to market their projects. In commercial brokerage, it’s long been common for developers to offer their real estate agents a chance to invest […]

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  • Kelly Kennedy Mack: Walking on ‘Sunshine’

    The Corcoran Sunshine head talks about steering her company through the financial crisis and coming out on top

    The day Lehman Brothers filed for bankruptcy in 2008, Corcoran Sunshine president Kelly Kennedy Mack was in Tribeca, where her company had just launched sales at the new Herzog & de Meuron–designed condo 56 Leonard Street. “I remember being in Tribeca on the phone with one of the senior members of my team, talking about what the ramifications were going to be,” recalled Mack, who was 34 at the time. “It took some time to […]

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  • Politicos’ palaces

    A look at where some of the most influential and real estate–minded politicians live in NYC

    Anthony Weiner’s Twitter-enabled fall from grace may have had one unforeseen bonus: an upgrade in real estate. As a Congressman, Weiner lived in a two-bedroom co-op within the boundaries of his district in Forest Hills, Queens, an apartment that he sold last year for $430,000, public records show. As an ex-Congressman, Weiner has landed in a four-bedroom condominium on Park Avenue South, recently on the market for almost $3.3 million, the New York Post reported […]

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