The Real Deal New York

September 2015 Issue

Who Will Be Holding the Bag?

NYC is largely being viewed as an investment safe haven, but if the market crashes again the after-effects would reverberate globally

On Oct. 3, 2008, Daniel Herzberg, a British expatriate in Spain, called his bank, the Icelandic Landsbanki, to ask if his money was safe. He had read reports about financial difficulties, but got an encouraging reply and told his wife “everything will be fine.” Four days later, his account was frozen and the bank was nationalized. Herzberg’s fate, reported in the Wall Street Journal at the time, was not unusual. […]… [more]

Manhattan’s development
machers

A look at who is building the most residential units in the NYC borough with the heaviest hitters

Big names. Big projects. Big price tags. Despite being New York City’s smallest borough, Manhattan development has clearly grown to… [more]

Brooklyn’s (next) boom

Hudson Companies leads charge as developers ‘hit the gas’ and move deeper and deeper into borough

Take a good look at the Brooklyn skyline, because what you see won’t be there for long. Fueled by a frothy economy and unrelenting demand, developers hit the gas on residential projects … [more]

Queens: The land
of mega projects

The borough’s most active developers are constructing multi-building complexes, often with more than
1,000 units a pop

There are more than a dozen bridge, tunnel, subway and ferry routes between Manhattan and Queens, and residential… [more]

The Bronx hits
(new) tipping point

While affordable housing development still accounts for lions share of construction, move toward market
rate is taking hold

Long a symbol of urban decay, the South Bronx is booming with new construction these days as developers — big… [more]

Developers wade into
Staten Island’s waterfront

NYC’s last frontier is seeing major projects sprout for the first time
in decades

For decades, Staten Island development was a largely local affair. While the borough’s population has exploded in the 50-plus years since the Verrazano-… [more]

NYC’s biggest real estate
law firms

Buoyed by the strong market, the industry’s top law practices are
in expansion mode

A few years ago, law firms were cutting their payrolls and scrambling to refocus their practices on bankruptcies and restructurings. Indeed, the real estate law… [more]

The Closers

The lawyers behind NYC’s biggest sales and financings may not get the glory, but they get deals done

Just about everyone in the New York City real estate industry knows — or at least think they know — about the city’s priciest deals. However, far fewer are aware […]… [more]

Is StreetEasy’s chief succeeding?

Two years into her reign, StreetEasy’s Susan Daimler is monetizing the Zillow-owned site amid broker backlash

StreetEasy Zillow Susan Daimler Leonard Steinberg Jonathan Miller Susan Daimler, who has already started and sold two startups, said success requires “thinking big and taking risks.” Susan Daimler drove west […]… [more]

The Real Deal
goes to Shanghai

More than 5,000 guests expected for
the China’s biggest-ever
U.S. real estate forum

Chinese interest in New York and U.S. real estate has grown at an unprecedented rate in recent years. But there is still a massive untapped market of Chinese… [more]

The Closing: Alicia Glen

The deputy mayor on growing up in a Woody Allen movie, the Albany ‘schlep’ and being politically correct

As deputy mayor for economic development, Alicia Glen oversees more than 40 city agencies and authorities. The former Goldman Sachs executive is tasked with executing the de Blasio… [more]

The Trump Card

Donald Trump is upending the GOP presidential nomination process, but can he keep his lead?

They call themselves “Trumpanistas.” A group organized to sing the gospel of Donald Trump in his bid for president drew just a handful of supporters last month… [more]

Real estate’s political rainmakers

Which NYC industry moguls are opening their wallets and which candidates are they backing?

Presidential candidates may be courting voters in Iowa and New Hampshire, but they’re courting donors in New York. And a sizable number of New York… [more]

Taking on Toby

Developer Toby Moskovits is helping usher in a wave of commercial growth in Brooklyn, but she’s leaving former partners in her wake

At a time when residential development in Williamsburg is surging, some developers are working to usher in a new wave of commercial growth. Toby… [more]

India: NYC’s next
investment powerhouse?

Indian investors may not be on the local real estate en masse now, but some predict that they’ll be big players soon

“My dear countrymen, the world has changed,” India’s Prime Minister Narendra Modi told a crowd of thousands last August. “Now India cannot decide its… [more]

Brett White’s war

With his $2B deal to buy Cushman, DTZ’s new leader is going after his former firm hard. But will his new mega brokerage be able to catch CBRE?

It didn’t take Brett White long. As soon as his non-compete clause expired last March, CBRE’s former CEO publicly took on his former employer about as… [more]

Youth movement steps up design for 2WTC

Bjarke Ingels’ design shows bold approach for final Trade Center tower

Here’s the sort of thing that writers on architecture rarely, if ever, get to say: In the design of Tower 2 of the World Trade Center site, Sir Norman Foster has been replaced by […]… [more]

Stock volatility makes
real estate shiver

Buyers and sellers are second-guessing moves amid wild ride
on the financial markets

Given how the 2008-2009 economic crisis rocked the New York real estate world, buyers and sellers can be forgiven for feeling jittery after last month’s stock… [more]

Meatpacking’s second wind

Retail regains strength in the Meatpacking District as High Line, Whitney, high-tech offices, draw diverse, well-heeled crowds

The Meatpacking District is experiencing a second wind as a retail hotspot, thanks to the new Whitney Museum, a maturing High Line and growing tech… [more]

Infrastructure City

A look at the public mega projects expected to boost the industry,
from LaGuardia to the ‘Dryline’

Gov. Andrew Cuomo checked off a big item on the city’s to-do list in late July, when he unveiled a $3.6 billion overhaul of LaGuardia Airport. Yet revamping the much-… [more]

School bells ring for
real estate pros

New diploma programs, specialized course offerings aim to meet
rising demand

Professionals in both commercial and residential real estate have several new options for taking on a new role this season: that of a student. University… [more]

Modular imports edge into nascent Brooklyn industry

Williamsburg hotel will be made in Poland, shipped to borough where local manufacturers were hoping for growth

Modular construction is gaining ground in New York City, but its future here may be determined on distant shores. That’s because after several projects… [more]

Tax credit renewals would
help homeowners

Congress must act to extend tax benefits before the end of the year

Just before Congress headed out for vacation last month, a Senate committee started something that’s likely to prove important to thousands of homeowners and buyers across the country:… [more]

Tenant-rep firms grow amid industry consolidation

Boutique office leasing firms crop up, defying broader trend of large-
scale mergers

The number of tenant-only boutique office leasing firms in Manhattan has grown over the last few years, a trend opposite the wave of consolidation seen among… [more]

Hearing echoes of 2008

This month marks the seventh anniversary of 2008’s Wall Street meltdown, and of the dramatic days that saw the global financial system teetering on the brink. Those were nerve-wracking times […]… [more]

Features

NYC’s soon-to-debut medical marijuana dispensaries
will be few and far between
A roundup of news and data on the residential market
A roundup of news and data on the commercial market
The retail king on his foray as a West Indies restaurateur, biking through Cuba and his affection for Cleveland
A roundup of real estate-related happenings from last month
The Xinyuan executive on middle-of-the-night calls to China, eating fake duck and avoiding
Metro-North’s “quiet cars”
Insights from the desks of Melissa Cohn, Chad Roffers and David Behin
Quiet island in East River is getting
its moment in the spotlight

Comings and Goings

David Bensoussan will head Eastern Union Funding’s capital markets division, headquartered at 641 Lexington Avenue, the Brooklyn mortgage brokerage’s first office in Manhattan. Long established on Wall Street, Bensoussan has […]… [more]

We Heard

What’s the next step in real estate-themed reality TV? ABC Family has turned the focus of popular shows like Bravo’s “Million Dollar Listing New York” on its head. Gone are […]… [more]