Euphoria. That’s probably the most apt description of the mood in New York real estate at the moment, with a frenzied demand for luxury condos on the residential side and a number of billion-dollar sales and pricey lease deals on the commercial front. Real estate players may be singing from the rooftops, but are there warning signs on the horizon that the market should consider? This month, Hiten Samtani and Hayley Kaplan asked industry insiders and observers that very question, in a cover story, “Red flags for real estate” for the August issue, now available online.
A commercial broker leads a high-octane life, with long days full of big-ticket deals, financing proposals and oceans of data. Money – a lot of it – helps compensate for the pressure and hard work, of course, but what other factors go into making a broker satisfied, and how do they choose where to take their talents? Katherine Clarke used extensive interviews with veteran brokers, as well as detailed surveys of perks and amenities at each of the top firms, to determine New York City’s best commercial firms.
Queens developer Tommy Huang was the epitome of the American dream, until it all came to a rude halt in June when him and his wife pleaded guilty to charges of felony securities fraud. David Jones chronicles the ascent and fall from grace of the man who was recently described as “the poster child for illegal and unsafe construction.”
SAC Capital Advisors founder Steven Cohen is in the middle of one of the biggest insider-trading cases ever, all while ramping up his real estate holdings in the Hamptons and Manhattan. Guelda Voien peers into the troubled waters the hedge fund shark has found himself in .
Finally, in our Closing interview, Brookfield Office Properties’ CEO Mitch Rudin discusses Occupy Wall Street, his hobbies and how he sizes people up.
To see the complete issue, click here or on the “Magazine” tab at the top of the website. Enjoy! — Hiten Samtani