The Real Deal New York

October 2014

The Closing: Michael Shvo

Michael Shvo
Michael Shvo

Real estate impresario Michael Shvo, who embodied the excess of the last real estate boom, burst onto the development scene last spring with three high-profile projects in Manhattan. The move was something of a departure for the 42-year-old Israeli émigré, who famously ascended the ranks at Douglas Elliman (logging $300 million in sales as the firm’s top-producing broker in 2003 after only four years in the business), before notoriously parting […]… [more]

De Blasio’s big tests

A look at the mayor’s upcoming challenges on affordable housing, rezoning and development, and how he’ll deal with the real estate industry in addressing them

Nobody ever said the job would be easy. But as Mayor Bill de Blasio moves deeper into his tenure, the challenges he’s facing on the real estate front are coming […]… [more]

Gary Barnett against everybody

The Extell chief has become something of a poster boy for controversial industry issues, but he’s digging in, and coming out ahead

Some developers faced with public outrage over creating a so-called “poor door” would, well, duck out the back door. Not Gary Barnett. As controversy over the poor door — a […]… [more]

New players get in the game

The upstart developers and established national builders making inroads in NYC since the bust

New York City’s strong residential market has prompted a slew of new players to join the development fray here. While the majority of the 6,000 new development units set to […]… [more]

The domino effect on sales

High prices, gentrifying markets are creating clusters of listings as more sellers try to cash in

There goes the neighborhood — or, rather, the neighbors. In the current upmarket, multiple apartments in the same building are hitting the market in rapid succession, as sellers look to […]… [more]

Behind Elliman’s new partnership

What does the firm’s new alliance with London-based Knight Frank really mean?

Get used to saying “Douglas Elliman Knight Frank Residential.” The two firms are launching a new “global brand alliance” that is several years in the making. That new partnership will […]… [more]

Gold Coast glut?

TRD analysis finds nearly 9,000 residential units slated to hit the market along the Jersey waterfront

New Jersey’s Gold Coast, the stretch of waterfront running along the Hudson River opposite Manhattan, is in the midst of a building boom, with dozens of developments (mostly rentals) in […]… [more]

The Times Square shuffle

Rising retail rents, big potential profits for LED billboards spur new frenzy for deal-making in high-trafficked area

New Yorkers who avoided Times Square in years past, when it was the seedy underbelly of Manhattan, are now just as likely to steer clear of the city’s tourism epicenter […]… [more]

How pricey is Midtown South?

A rundown of the most expensive office leases in the submarket that’s seeing an explosion of tech firms

Newmark Knight Grubb Frank’s Paul Ippolito recently spent time touring properties with a technology company on the hunt for Manhattan office space. He showed the company executives Class A office […]… [more]

‘Beeps’ get busy

A look at the five borough presidents’ development and land-use agendas

Stripped of much of their power when the city Board of Estimate was dissolved in 1990, the city’s five borough presidents seem to play a minor role in city politics […]… [more]

Features

  • The funniest and most insightful comments on real estate
  • Sean Ludwick
  • Jim Gricar

Credit score revamp in play

Debate heats up over data used on credit reports

Would prospective homebuyers have a better chance to qualify for a mortgage if negative items in their credit files were erased in four years rather than the current seven? How […]… [more]

NYC’s hybrid revival

Condo-rental combo buildings come back in vogue after dying down post-recession

In the annals of New York City real estate, the residential development at 400 Park Avenue South is something of an anomaly. The 40-story building is part rental, part condo, […]… [more]

Can Harlem’s rise roar on?

Prices are up, but the question remains: How much growth can the area — popular since the mid-aughts — sustain?

How much more can Harlem real estate rise? That’s the key question concerning area developers and investors who have been flocking to Harlem since the mid-aughts, during both the last […]… [more]

NYC’s construction craze

Amid boom, costs for building break $1,000-per-foot barrier

The skyrocketing price of land has been on the lips of every developer and investment sales broker in New York City for the last few years. But less talked about […]… [more]

Investors choose to spread wealth

Wealthy NYC buyers bucking the trophy trend in favor of acquiring multiple small apartments

Investors with $10 million to $15 million to spend have no shortage of New York City real estate to choose from. As of the middle of last month, there were […]… [more]

The $1 billion-plus club

A look at three New York City office towers with mega construction costs

It’s no shock to hear that 1 World Trade Center, the centerpiece of the famed Lower Manhattan development site, has a construction price tag of $3.8 billion dollars. But that […]… [more]

This councilman doesn’t do dinner

Influential Land Use chair David Greenfield navigates middle ground in dealing with developers, community

If New York City real estate developers want David Greenfield’s ear, they’ll have to make the trek downtown to City Hall. While developers often attempt to wine and dine the […]… [more]

Slab and drab in Dumbo

Two Trees’ 60 Water Street in Brooklyn is complex without being interesting

At a time when every developer, it would seem, is reaching for the stars (or at least for the starchitects in his Rolodex), it is somewhat reassuring that the people […]… [more]

Fort Lee goes upscale

Could two new luxury rentals help the N.J. city join the so-called Gold Coast?

When conversations turn to New Jersey’s Gold Coast there is one locale that’s invariably left out: Fort Lee. Atop the Palisades cliffs at the foot of the George Washington Bridge, […]… [more]

Real estate pros share their pick of books for business and fun

Where do you look for inspiration and insight? This month, The Real Deal polled leaders in the industry to find out what they’re reading, how the book was recommended to […]… [more]

Editor’s note: They go with their gut

In 20 years, will condo buyers say, “I want to live in a Shvo building?” That is the hope of real estate bad-boy Michael Shvo, who embodied the excess of […]… [more]

The ‘quietest borough’ is making some noise

Queens commercial sales spike, with gains for office, multifamily and development sites

After Manhattan and Brooklyn comes Queens. The city’s largest borough in land mass is typically among the quietest in commercial transactions. But this year, Queens is set to break sales […]… [more]

Commercial sales catch the Brooklyn fever

Investment sales in the hot borough rise mightily, both in numbers and dollars

The Brooklyn investment sales market is well on its way from rising star to fixed point in the firmament. In the first three quarters of the year, overall transaction and […]… [more]

Calculating the cost of construction

The price of getting a building up in the notoriously expensive NYC market

A few years from now New York City’s skyline will look a lot different. New buildings will soar on the Far West Side, Long Island City will be even more […]… [more]

In sync or worlds apart?

NYC’s housing market reflects national real estate trends, but with key differences

New Yorkers love to brag about the unique characteristics that separate the city from the rest of the country: Bagels, thin-crust pizza and fearless subway rats. Housing is no different. […]… [more]

Downtown gets crop of fresh spaces

Despite fears that Lower Manhattan was out of big office blocks, three new ones hit market

A crop of new big blocks of office space will keep the Lower Manhattan market in the running when it comes to wooing large tenants, according to commercial brokers. On […]… [more]