Hurricane Sandy was a ferocious reminder of New York City’s proximity to the elements, a natural disaster that rewrote the city’s borders, delineating Zone A from higher ground, regions with and without power, and areas barely touched from those that still lack basic services.
This month, The Real Deal takes a close-up look at how the storm has impacted the real estate industry — from the landlords who were hit hardest to the brokers who’ve found displaced residents new homes to the developers who are most likely to cash in on the rebuilding efforts.
Looking ahead, the storm is a source of uncertainty for New York — as are a host of other events on the horizon. In “What’s ahead in 2013,” reporter Tom Acitelli provides a primer on the year to come, from the upcoming Mayoral race to fiscal cliff negotiations to deals at One57, the Barclays Center and One World Trade.
Also, for the first time, reporter Adam Pincus ranks Manhattan’s top commercial building sales for 2012 by their estimated return on equity. Typically, investment sales deals are ranked by the sale price, but that emphasis hides the figure that real estate players truly care about most: how much money the deal made.
Also in the issue: We profile Ruby Schron, the “anything but glitzy” septuagenarian investor who could become the city’s next billionaire landlord; we survey the history of 432 Park Avenue; and we scope out a $50 million Rothko with Kramer Levin attorney Jay Neveloff.
Finally, in our Closing interview with Doug Steiner, the developer and film studio owner discusses a rare moment he got star struck.
To see the complete issue, click here or on the “Magazine” tab at the top of the website. — Leigh Kamping-Carder