October 2016 Issue

NYC’s dirty money files

In 2012, Joseph Chetrit , a Moroccan real estate investor known for his New York City developments, allegedly flew to Geneva to meet Nicolas Bourg, a Belgium-based real estate fund manager, to talk about raising equity for several new projects. Bourg was representing an investment fund backed with money allegedly stolen by two Kazakhstani investors — Viktor Khrapunov, the former mayor of Almaty, the largest city in Kazakhstan, and Mukhtar… [more]

NYC’s top legal eagles
— 2016 edition

Just as the market goes in cycles, so too does the legal world that services it. A year ago, New York’s largest real estate law practices were feeling confident —… [more]

NYC’s multibillion-
dollar enigma

Billy Zeng left his native Taishan in southern China in 1998 and moved into a rent-stabilized apartment in Manhattan’s Chinatown. Like millions of other… [more]

The Seaport’s sea change

For its first development project in New York City, the Howard Hughes Corporation set out to build a massive mixed-use hub in Lower Manhattan’s South Street Seaport — complete with… [more]

Real estate bigwigs
face off in court

From partnership disputes to allegations of fraud, this year has seen yet another pile of messy lawsuits in almost every corner of New York City real estate. Some of the… [more]

Meet the Chinese moguls pouring money into NYC

When Anbang Insurance Group agreed to pay $1.95 billion for the landmark Waldorf Astoria hotel in October 2014,… [more]

False start

When the City Council passed sweeping changes to the city’s zoning code in March, it was heralded as a major victory for Mayor Bill de Blasio’s affordable housing plan. “The… [more]

The Closing: Donald Zucker

Donald Zucker is the founder of the Donald Zucker Company, a Midtown-based firm that builds, buys and manages apartment and retail properties. The company,… [more]

Qatar’s new NYC strategy

Speaking at a conference hosted by Euromoney Magazine in Qatar in 2014, Sheikh Abdullah bin Mohammed bin Saud Al Thani called for a moment of … [more]

The Gowanus Gamble

Gowanus, a neighborhood teetering on the edge of gentrification, is getting a second shot at redemption. Six years after a rezoning plan was torpedoed by the federal designation of the… [more]

The cost of tragedy

On a blustery morning in February,  the members of a crane crew at a Tribeca construction site could feel the enemy at their backs. By around 8 a.m., wind gusts… [more]

Say it ain’t Shvo

In January 1980, Ian Schrager and Steve Rubell, the founders of legendary nightclub Studio 54, stood in court to face the music. Their offense was tax evasion, and Judge Richard… [more]

Gary Barnett’s high-stakes game of real estate Tetris

In March, Extell Development chief Gary Barnett went to Israel on a firefighting mission. On the Tel Aviv Stock Exchange, yields on Extell’s bonds had soared to 16 percent, effectively… [more]

The next Big Short?

J. Kyle Bass is famous for predicting the U.S. housing crisis and making millions of dollars shorting subprime mortgage bonds in 2008. So when the hedge fund manager announced this February… [more]

New status, new era, new issues for REITs

This September, investors who bet on the stock market’s broad indexes got a new tool. They can now invest in real estate … [more]

Resetting selling strategies

A couple of years ago, Corcoran Group CEO Pam Liebman tried to convince a developer to accept an offer for a penthouse that was a couple of million dollars shy of… [more]

Blue collar affectation in a billionaire’s realm

Our cultural centers, which began as palaces, have been reduced to sheds. Specifically, the Shed, an artistic zone now rising in Hudson Yards, near the northern edge of the High… [more]

His father’s son

Even after William Zeckendorf Jr. had been firmly established as a major developer in his own right, building neighborhood-altering mega-projects from the Upper… [more]

Condo pipeline set to shrink

The number of cranes above the Manhattan skyline – the unofficial barometer of construction activity in the city – could soon start to dwindle. That’s because after a three-year climb,… [more]

Non-bank business

Non-bank mortgage lenders have jumped head first into the large-loan markets in Brooklyn and Queens as banks pull back, a review of city records by The Real Deal shows. San… [more]

Editor’s note:
What wouldn’t Trump do?

It’s unclear where Donald Trump stands on money laundering — whether he is for it or against it — but maybe we’ll find out during the next debate. Given the… [more]

Comings and Goings

Meringoff Properties, the management and leasing arm of Himmel + Meringoff Properties , has promoted Jason Vacker to president and chief executive. He replaces Farrell Virga, who plans to retire… [more]

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