The Real Deal New York

story index

Publisher's Note

Crossword

September 2008
  • Figuring out a financial fiasco

    A look at how city real estate has weathered tightening credit and mortgage market troubles

    Not so long ago, meaning a year ago, when an established company wanted to a buy a building, a bank committed to the loan and sorted out the details of cutting it up into smaller pieces later. But now that the credit crunch has scared lenders, many banks will only commit subject to syndication, the term for chopping up big loans into manageable portions. Today, a deal is only as good as its ability to […]… [more]

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  • A look at buyers and sellers

    A snapshot of how buyers and sellers are reacting to the bleak economy — and to each other

    The bleak economy and credit crunch have claimed their share of victims in the New York City real estate world, but under the surface they have also shifted the foundations that buyers and sellers became accustomed to when the market was peaking. This month, The Real Deal offers a series of stories about how buyers and sellers in the five boroughs and in the surrounding suburbs are dealing with one another and with the new […]

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  • Mort Zuckerman gets last laugh

    After sitting out the recent boom, Mort Zuckerman gets out his wallet

    In the ego-driven world of New York City real estate, there was something almost superhuman about the restraint Mort Zuckerman, and his firm Boston Properties, exhibited throughout the liquidity-juiced buying boom of recent years. The perma-tanned media tycoon, his low-key partner Ed Linde and the other green eyeshades at Boston Properties watched placidly from the sidelines as moguls like Harry Macklowe and the folks over at Broadway Partners spent money like overindulged housewives with platinum […]

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  • South Bronx buzz fizzles

    Gentrification on hold

    For years there was a buzz about the potential of a residential boom in the South Bronx, but with the credit crunch making it nearly impossible for small-scale investors to obtain financing in the area, any sort of explosion appears to be on hold. Local brokers said that while calls from potential homebuyers have increased exponentially over the last few years, the neighborhood they’ve dubbed SoBro still lacks an inventory of renovated properties appealing to buyers seeking deals on the fringe. […]

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  • Gobbling up smaller firms

    Big commercial brokerages boost buys amid slowdown

    In New York City, the frozen credit markets and subprime fallout are beginning to take a toll on commercial activity. Manhattan sales volume dropped by nearly 60 percent in the first half of 2008, compared to the same time last year. Meanwhile, as of the end of July, Manhattan leasing activity had fallen more than 10 percent compared to the same period last year. But it is plummeting leasing transactions elsewhere that are driving down profits for the city’s […]

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  • Living in ivory towers

    A tally of the most expensive outer borough condos

    Condo prices in Manhattan continue to edge up at the top end of the market, but in the outer boroughs it is a different story. Prices have flattened in most areas; however, a look at the top 10 most expensive condos in the outer boroughs reveals some bright spots. In Brooklyn, there are several competitors close to the record-breaking $7 million sale at Dumbo’s One Main Street. In Queens, Staten Island and the Bronx, most […]

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  • Trading up slows down

    Inability to unload starter homes in suburbs prevents sellers from moving on

    A survey of the market across the tri-state area shows that trading up is getting hard to do in some parts of the suburbs. Sellers in the ‘burbs who are looking to move into a trade-up property (homes priced roughly in the high six- and low seven-figure range) are finding that they’re unable to sell their starter homes. These perfectly qualified buyers are like climbers with gum on their shoes — unable to move up […]

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  • New York City’s suburbs slip

    Wealthy areas see biggest foreclosure spike as buyers and sellers face new market

    While New York City’s suburbs have been spared the astronomical foreclosure rates that have hammered the rest of the country, some of the counties surrounding the five boroughs have seen serious spikes in the last year, changing the real estate landscape for both buyers and sellers. In fact, Westchester Country — one of the wealthiest counties in the tri-state area and home to high-profile residents like Bill and Hillary Clinton — recorded one of the […]

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  • Sellers feeling the pressure

    Nervous sellers spark first round of price cuts

    The market is stagnant in parts as the value of properties gets lost in translation between buyers and sellers. But no matter how slow it gets, brokers agree that those who need to sell — or at least think they do — can get it done. In some cases the need to sell is tangible: a seller who has overextended his investments and needs to unload one property to pay off debt; financial sector employees […]

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  • Watching for broken windows

    Could increase in foreclosures lead to more crime in emerging areas, driving away buyers?

    Though many said it wouldn’t happen, it has taken New York City about nine months to catch up to the rest of the country with regard to the foreclosure crisis. Certainly, the numbers are lower here than in other cities, but there is no longer any denying it: Foreclosures are on the rise in New York City. The question now becomes: Will what is happening elsewhere in the country — where increasing foreclosures have resulted […]

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