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(Illustration by The Real Deal) With global supply chains, an inherent need for on-site workers and a client base that depends on optimism, construction firms faced challenges on several fronts when the pandemic shook the world economy last spring. Suppliers scrambled to secure materials, rapidly shifting regulations shut down projects for months, and economic uncertainty led to a plunge in new starts as many developers opted
From left: Compass’ Robert Reffkin; Corcoran Group's Pam Liebman; Brown Harris Stevens’ Bess Freedman; Douglas Elliman’s Howard Lorber; Sotheby’s International Realty’s Philip White (Photo-illustration by The Real Deal; photos via Getty Images) Last year, there were no winners â€' just brokerages that suffered less than the rest. The coronavirus pandemic crippled New York City’s residential real estate market in 2020. Agents were banned from showing homes
68 Gold Street with CW Realty CEO Cheskie Weisz and 1340 East Bay Avenue (Google Maps) UPDATED, July 1, 10:37 a.m.: CW Realty’s purchase of a property in Vinegar Hill that it will develop into a luxury rental building was among the city’s two mid-market investment sales last week. The other was for a development site in the Bronx acquired by Wildflower. Here are the details: 1.
NAR Pending Home Sales Index Up Record 44 Percent in May Pending home sales in May sported the biggest monthly gain since the National Association of Realtors (NAR) began keeping track. The NAR’s Pending Home Sales Index (PHSI) in May jumped 44.3 percent over the April level. That doesn’t mean activity is back to usual levels â€' May pending home sales were still about 5 percent
Corcoran's Pam Liebman, Compass's Robert Reffkin and Elliman's Howard Lorber jockey for position atop the resi rankings. (Illustration by Nate Kitch) Sometimes you can lose and still win. Douglas Elliman’s Manhattan sales dropped more than 23 percent last year from an eye-popping 2018 total of nearly $9 billion, but it still retained its No. 1 spot on The Real Deal’s tally of closed sales for 2019. Elliman
With all the carnage in the real estate job market that has happened and is expected to happen, many leaders have announced that they will slash their own salaries in solidarity. But for those at the top, the salary is just a piece â€' often a small piece â€' of total compensation, as The Real Deal's E.B. Solomont and Eddie Small found in a new analysis.
"In moments of crisis," the legendary developer Big Bill Zeckendorf was fond of saying, "one’s world tends to become simplified." Even those with big dreams (pretty much every successful real estate professional) get down to the basics: survival. This is a crisis unlike any we've ever seen. The world has stopped. "It's the first time ever that we've had a chain of supply shock to the
It’s not every year that a landmark piece of Manhattan’s skyline trades hands. But that’s what happened last spring when trophy collector Aby Rosen and his partners gained control of the famed Chrysler Building in April. Even more eye popping was the price tag: Rosen and his overseas backers paid just over $150 million to buy the ground lease controlling the Art Deco trophy tower and
(Illustration by Yann Bastard) It was hard to miss the near mass hysteria that overtook social media in October when the beloved upstate supermarket chain Wegmans opened its first New York City location at the Brooklyn Navy Yard. And the enthusiasm surrounding the grand opening was a much-needed reprieve for the city’s retail sector. It came sandwiched between the bankruptcy filing of fast-fashion pioneer Forever 21
(Illustration by Isabel Espanol) Prewar. Park Avenue. Spacious. The four-bedroom co-op with a beamed ceiling and library on the Upper East Side seemed to check a lot of boxes. But buyers yawned. First listed in 2014 for nearly $13 million, the unit at 941 Park Avenue sat unsold as the market weakened. Then, in 2016, Douglas Elliman’s Lauren Muss took over the listing and slashed the
Top row: Serena Boardman, John Gomes, Fredrik Eklund and Ryan Serhant. Bottom row: Adam Modlin, Charlie Attias, Richard Steinberg and Carrie Chiang Listings, particularly on the high end, are not easy to unload. Nonetheless, landing a listing when the seller has yet to come to terms with a realistic price is often a necessary evil in the residential real estate world. This month, with help from real
This month, in addition to ranking the top general contractor firms throughout New York City, The Real Deal did a close up on which firms doing ground-up construction dominate in each borough. Check out the chart below MANHATTAN NEW BUILDINGS Source: TRD analysis of initial new building (NB) permits issued between April 1, 2018 and March, 31, 2019, by the NYC Dept. of Buildings. New building construction was ranked by
Want to keep up with projects being constructed in New York City? Check out The Real Deal’s interactive construction map, which tracks projects that have received an initial permit between April 1, 2018 and March 31, 2019. These projects can be new building, ground-up construction, or renovations.
This month, The Real Deal ranked the top 30 general contractors doing renovation work. Check out the chart below: Source: TRD analysis of initial alteration (A-1 and A-2) permits issued between April 1, 2018 and March 31, 2018 by the NYC Dept. of Buildings. Renovations, including interior and facade work, were ranked by initial estimated costs listed on DOB permits, which include general construction, structural materials and mechanical
This month, The Real Deal ranked the top 30 general contractors doing ground-up construction work. Check out the chart below: Source:  TRD  analysis of initial new building (NB) permits issued between April 1, 2018 and March, 31, 2019, by the NYC Dept. of Buildings. New building construction was ranked by square footage. The data includes work permitted by the DOB and excludes work approved by other agencies. It only
(Illustration by Andrew Colin Beck) Two blocks north of the portion of Hudson Yards that opened in mid-March on Manhattan’s Far West Side, another massive project is getting started. Foundation work on the Spiral, Tishman Speyer’s 65-story office tower designed by the Bjarke Ingels Group, began just last year. And Turner Construction, one of the city’s largest general contractors, has been tapped to manage the $3.7
This month, in addition to ranking the Manhattan firms that leased the most office space, The Real Deal  did a close up on the Brooklyn market. Below is our subscriber-exclusive ranking of the top Brooklyn firms of 2018.
(Illustration by Tiago Galo) When Hudson Yards opened in the middle of last month, roughly 82 percent of the 8.9 million square feet of office space at the megaproject was already spoken for. “I think it’s much higher than anybody would have ever thought,” said Jeff Peck, a broker at Savills who has done two office deals for tenants in the neighborhood. And that high level of
The Real Deal ranked the top performing architects in Manhattan, Brooklyn, Queens and the Bronx by square footage of projects between 2008 and 2018. Read more: NYC's architects re-angle Check out the charts below to see who's leading in each borough.
(Illustration by Nate Kitch) Last year, residents began moving into TF Cornerstone’s massive new rental tower at 606 West 57th Street in Hell’s Kitchen, where some units were asking as much as $8,000 a month. For SLCE Architects, the project with more than 1,000 apartments underscored one of the 150-person firm’s specialties: serving as executive architect alongside a big-name designer â€' in this case, Miami-based