The Real Deal New York

September 2012
  • NYC’s best firms to work for

    A survey of the standout workplaces among residential brokerages

    September marks the official end of summer — even if the thermostat says otherwise. This month, as real estate brokers bid adieu to the beach and return to the office, The Real Deal took a look at what they’ll find when they get there. Since most agents are independent contractors (as opposed to employees), their workplace happiness involves different factors than the average worker: For real estate agents, it’s less about salary, more about commission […]… [more]

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  • Lucrative leasing

    A first-ever tally of the most valuable new office leases inked in Manhattan

    Despite the excitement and anticipation of finding a new office space, corporate relocations always come with risk. There is the chance of signing a poorly timed lease at the height of the market or bungling a build-out. Compounding matters now is that employment growth for global and national firms has been weak in Manhattan. “Most tenants have a predisposition not to move,” said Michael T. Cohen, president of the tri-state area for commercial firm Colliers […]

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  • Mass market for Meatpacking

    The trendy area is seeing more mainstream tenants and more available retail spaces, sparking debate on how much properties are worth and where the neighborhood is headed

    In the late 1990s, Jeffrey Kalinsky, a former Barneys shoe buyer, started scoping out the Meatpacking District to find a home for Jeffrey, his high-end clothing store. At the time, the cobblestone streets were lined with meat purveyors and art galleries; retail rents were in the mid-$20s per square foot. When Kalinsky opened his 12,000-square-foot shop, a mini department store carrying exclusive brands, at 449 West 14th Street in 1999, he accelerated a fashion domino […]

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  • The next records to be broken

    A look at the residential and commercial properties that may have what it takes to break new barriers

    It’s been a year of firsts for Manhattan real estate. Six months ago, the $88 million deal for Sanford Weill’s 15 Central Park West apartment set a new record for the most expensive Manhattan condo ever sold. Only a few months later, a mystery buyer reportedly signed a contract to pay between $90 and $100 million for a duplex penthouse at Extell Development’s One57. Then in April, a new record for Manhattan’s priciest co-op sale […]

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  • The consensus candidate

    REBNY’s newly named chairman, Rob Speyer, will be the youngest to head the trade group. But insiders say his political clout and experience make up for that.

    The selection process, one participant joked, bore a bit of a resemblance to the College of Cardinals selecting a new pope in Vatican City. One by one, the seven present and former chairs of the Real Estate Board of New York arrived at the trade organization’s Lexington Avenue headquarters and joined REBNY President Steven Spinola in the Harry Helmsley Boardroom. Then, over deli sandwiches and chocolate-chip cookies brought by developer Larry Silverstein, the conclave set […]

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  • Getting dirty

    Land deals in Manhattan and Brooklyn drive prices, activity to pre-recession levels

    Industry analysts continue to debate whether the New York City real estate market has recovered, but there’s no question that land prices here have. In some cases, development sites are trading for close to — and even exceeding — the levels they hit just before the 2008 financial crisis. Eager developers, encouraged by lenders with a newfound willingness to write loans for construction projects, are acquiring development sites across the city, pushing up land prices. […]

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  • Unlocking Gramercy Park

    With 18 Gramercy Park hitting the market, TRD analyzes the real estate surrounding the fabled private garden

    The on-site sales office at 18 Gramercy Park isn’t open yet — it officially launches this month — but four contracts are already out at the luxury condo conversion, according to developers Arthur and William Lie Zeckendorf. What makes this building so special? Aside from its developers — whose résumé includes the indisputably successful 15 Central Park West — the project is one of the 34 residential buildings surrounding Manhattan’s only private park. Apartments bordering […]

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  • No more fear of fall

    In sharp contrast to last year, brokers expect strong market this autumn

    What a difference a year makes — at least when it comes to Manhattan’s residential real estate market. As the fall of 2011 began, the country was reeling. Following the near-stalemate in Congress over raising the debt ceiling, Standard & Poor’s had downgraded U.S. debt. Occupy Wall Street protesters began camping out in Zuccotti Park — a glaring reminder of an arrested economic recovery. And European leaders were struggling to resolve Greece’s debt woes, which […]

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  • When the season isn’t over

    “Year rounding” in the Hamptons on the rise, brokers say

    At this time of year, many Hamptons homeowners regretfully close up their summer houses and head back to New York City. But for a growing number of people, that’s no longer the case. With more school options, an expanding Hamptons economy and technological improvements that allow for telecommuting in many industries, Long Island’s East End has increasingly become a sought-after place to live year-round, real estate experts say. Brokers say the appeal of the Hamptons […]

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  • Paying up for extras

    As the market tightens, buyers spend more for “add-ons” like storage and parking

    Purchasing a New York City apartment has long been viewed as a smart long-term investment. But do optional extras — like parking spots, private storage units or rooftop cabanas — hold their value over time? During the real estate downturn, the answer seemed to be no, with condo developers often giving away — or deeply discounting — these extra features to lure buyers to their buildings. But as the market tightens, buyers and renters are […]

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