The Real Deal New York

October 2015 Issue

NYC vs. the World

How the Big Apple stacks up against other global gateway cities for international investors

New York City real estate is never short of mantras and catch phrases, but few have taken hold of the industry’s collective mind like “safe haven.” Seemingly no conference, panel discussion or research report can do without these two words. The notion that the New York market is a “safe haven” for foreign investors fleeing economic turmoil has become a guiding ideology for developers, investors and brokers from… [more]

A race to the top

NYC’s sky-soaring residential
towers are one-upping each other
at an unprecedented pace,
but can it continue?

By today’s standards, Harry Macklowe’s Metropolitan Tower on West 57th Street seems quaint. The early 1980s-era building stands 716 feet tall; its resale… [more]

Assembling a monster tower

A blow-by-blow look at the key deals Extell pieced together to make its supertall Central Park Tower a reality

Our strength is assembling land,” Extell Development’s Gary Barnett told an Israeli TV station late last year as he gave a reporter a tour of his condo tower One57. “On that, we’re Number 1.”… [more]

Raking it in and taking space

Ranking the start-ups — from Uber
to DraftKings — that have raised
the most cash and signed
the biggest NYC office leases

The tech world has plunged into the “Uber economy” with force. But how much office space does Uber, the taxi-app start-up, actually have in New York City?… [more]

The start-up jitters

As venture-backed firms make splash in office market, some landlords
remain wary of signing leases

From ride-sharing apps to fantasy-sports operators to e-commerce retailers, the city’s roster of office tenants looks a lot different these days than it did just a few years ago. Indeed, venture funding and… [more]

Where to set up shop?

Start-ups are diversifying into new neighborhoods — and changing
the office market along the way

Not surprisingly, as the start-up invasion spreads, fledgling companies are branching out and diversifying into new neighborhoods. According to brokers, younger start-ups tend to plant their flags in the Class […]… [more]

The Closing: Albert Behler

The Paramount CEO on boarding school, nepotism and dinner
with Leonardo da Vinci

Albert Behler is chairman, president and CEO of Paramount Group, a Midtown-based office landlord that owns 10.4 million square feet of real estate nationwide, including several trophy properties in… [more]

Predicting the peak

Drilling down on the metrics economists are watching to determine when the NYC market has topped out

Hindsight is a precious thing, but foresight may be easier on the bottom line. In the wake of the 2008 financial crisis, it was easy to spot the red flags […]… [more]

‘Core’ Confusion

As first anniversary approaches of development giant’s investment in the boutique brokerage, questions linger

It was supposed to be a hat, horns and champagne moment last fall when brokerage chief Shaun Osher summoned nearly 100 CORE agents to the firm’s main office at 104 Fifth Avenue. As they filed into… [more]

Flushing in flux

The top five developers behind
the transformation of the Queens neighborhood

On a recent weeknight, three shiny Mercedes slowly eased through a short block in downtown Flushing, the drivers’ eyes patrolling for open parking spots. Hands heavy with shopping… [more]

Kicking the can on EB-5

Congress holds off on tightening rules
for controversial visa program

New York developers who rely on the widely popular EB-5 visa program to fund their projects are likely breathing a collective sigh of relief as October kicks off. Although a key provision of the federal program… [more]

They Built New York

A look back at the pioneering developers behind some of Manhattan’s most notable buildings

When the famed Brill Building changed hands for nearly $300 million this summer, its role in 20th Century American popular music was duly noted. But few reports mentioned the man […]… [more]

Long-term profits seen
in short-term stays

Success of Airbnb model prompts
more building owners to consider
limited-term rentals

Stellar Management’s Larry Gluck was not pleased to learn earlier this year that tenants of his Chelsea apartment building were renting out their $3,500-a-month… [more]

New EDC chief takes aim

Maria Torres-Springer plans to use her new appointment to address affordable housing and income inequality

Making good on Mayor Bill de Blasio’s promise to tackle the city’s rising income inequality is not just a professional goal for the newly appointed president of the city Economic […]… [more]

Tribeca expands east

New condos and hotels spring up
on a four-block stretch once
home to city office workers

The stretch of Broadway between Walker and Worth streets may technically be part of Tribeca, but it is not the land of celebrity chefs and couture kids-clothing boutiques. Indeed, the souvenir shops and… [more]

Buying in bulk

With $300 million in sales in 2014,
the bulk condo and co-op market
is gaining more attention

Everyone knows, if you want to save money, buy in bulk. With prices for condos and co-ops in the stratosphere, bargain hunting these days is a challenge. But some investors have hit on a… [more]

Buyers ‘falling’ all over
each other

Inventory spike and bidding wars mark an uptick in post-Labor Day activity

The residential market is back from its summer break, and buyers and sellers who linger too long — or at all — could be left behind. Just how quickly are […]… [more]

Slender grace
in Long Island City

FXFOWLE’s Purves Street project brings elegant addition to
fast-growing neighborhood  

The architectural firm of FXFOWLE is never exactly revolutionary in its aesthetic inventions, but it nevertheless usually succeeds in coming up with… [more]

They can’t buy
if there’s no supply

A drop in Manhattan multifamily sales reflects slide in inventory, not lack
of interest from buyers

When the dollar volume of multifamily building sales in Manhattan dropped sharply this summer, some observers looked for political reasons. Was the decline… [more]

Homebuyers’ FICO scores rise

Bank claims of accepting lower
scores don’t hold up

Everybody knows how important credit scores are for obtaining a home mortgage. But are lenders lately playing a numbers game with consumers, claiming they’re willing to accept lower scores while actually approving applicants… [more]

Foreign buyers drive
office-condo sales

While demand is rising, for-sale commercial units are still just a sliver
of NYC’s new development pipeline

Earlier this year, an office condo building in Chinatown sold out in just a few short months — all to Chinese businesses. Farther uptown, across the street from… [more]

‘Flyover country’ fights back

It’s sometimes surprising how little we write about the American heartland here at The Real Deal, and how little impact the rest of the country seems to have on the New York real estate market. We are 99 times more likely to write a news story that involves China rather than Cleveland, … [more]

Features

While West Chelsea hangs on, galleries spread
to its neighbors
Snapshots of real estate news from the Sunshine State
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
The marketing guru on her friendship with her son,
her love of art and finding inspiration in fortune cookies
A roundup of real estate-related happenings
from last month
The Hudson Companies CEO on his roster
of 21 projects, humming show tunes
and competing in KenKen tournies
Insights from the desks of Jacky Teplitzky,
Jerry Swartz and Erik Serras
Rezoning spurs influx of new development
in middle-class enclave

Comings and Goings

Jeffrey Donnelly and Ulrike Ahrens, formerly of DTZ, joined Colliers International’s Capital Markets division, as executive director and director, respectively. The two oversaw DTZ’s real estate investment banking group, but […]… [more]

We Heard

Richard LeFrak calls him an “old pro.” Charles Cohen says he’s always “right on the money.” After 50 years in public relations, Steve Solomon is taking a break. But while […]… [more]