Two editors from The Real Deal, myself included, did a Zoom call Monday morning with public relations representatives of some major real estate companies.
It was productive, as these kinds of meetings usually are. PR staffers generally want to know where to send pitches (click here) and how to tailor them. When we reject story ideas, they also want to know why, so they can tell their client — lest the client blame the PR firm.
To that end, I wrote a piece in January headlined, “How to get your news into The Real Deal.” Everyone on the call had read it. But there’s much more to say, which is why PR shops and newsrooms should break bread every so often.
Good PR people understand how individual publications operate, and good journalists know that PR teams have their own marching orders, some of which are unreasonable. Familiarity helps.
On occasion, a spokesperson who is not familiar with our publication will make a ham-handed attempt to kill a story. Recently, one tried to claim our pending article wasn’t true, and upon being presented incontrovertible evidence that it was, offered to trade us information in exchange for not publishing.
Real journalists never make such deals, but I didn’t blame the spokesperson for trying. Press people answer to their bosses and clients, not to the media. We can usually tell when they are getting yelled at for an article over which they have no control. That stress is part of the job — and one reason they make more money than journalists.
Among the most aggressive press offices I’ve dealt with was Andrew Cuomo’s, when he was governor. Early in his tenure I worked on a story about his micromanaging. The press team tried desperately to talk us out of it, knowing one article can create a narrative that is repeatedly cited in future stories. Which is exactly what happened.
But the true culprit was Cuomo’s micromanaging, not the article. The hardest stories to kill are the ones that are true.
What we’re thinking about: How often is it necessary to default on a real estate loan, or let it go to special servicing to negotiate a workout? Email me at eengquist@therealdeal.com.
A thing we’ve learned: There are nasty people on social media, as demonstrated by several responses to my tweet last week asking if the Coalition to End Apartment Warehousing were named to match tenant activist Cea Weaver’s first name and second initial. Some questioned why an editor would ask such a question. But, as it turns out, the answer was yes, and some on the left were not happy about it. “As a fellow socialist who fully supports this work, not overly impressed with this stunt,” one wrote.
Elsewhere…
— A retail report Monday from the Real Estate Board of New York says the market is doing pretty well in the city, noting that secondary corridors are benefiting from spillover because so few spaces are available in prime areas. But it also cites headwinds, noting that “delays in permitting and licensing, elevated buildout costs, and restrictive lending also inhibit lease completion and store openings.”
“Delays in permitting” seemed like a reference to the Department of Buildings, but an agency spokesperson said, “Our service level wait times in 2024 remain close to historic lows. Average wait times at the agency for work application reviews are currently still just five days.”
The agency offers one-on-one support for small businesses navigating the construction permitting process. But food and drink establishments also need Fire Department sign-off for fire alarm systems and cooking range hoods, permits and certificates from the Department of Health, and liquor licenses from the State Liquor Authority. Those can take a while.
— The state used to provide free housing at its West 20th Street and 11th Avenue campus, but will charge rent after redeveloping it, Gov. Kathy Hochul announced Monday. On the plus side for tenants, they will now be allowed to come and go as they please. Also, it will no longer be called Bayview Correctional Facility. Read more here.
Closing time
Residential: The priciest residential sale Monday was $8 million for a 3,187-square-foot condominium at 215 East 19th Street in Gramercy. Ryan Stenta, Joan Swift, and Jason Walker of Douglas Elliman had the listing.
Commercial: The largest commercial sale of the day was $30.4 million for a portfolio of multifamily properties in Hamilton Heights. Sentinel Real Estate Corporation sold 66-74 St. Nicholas Place, 75 St. Nicholas Place, 76 St. Nicholas Place, and 853 St. Nicholas Place to a company tied to RockLedge CRE.
New to the Market: The highest price for a residential property hitting the market was $39 million for a 13,000-square-foot townhouse at 214 Lafayette Street in Soho. Keith Copley, Daniel Jenner and John Gomes of Douglas Elliman have the listing.
Breaking Ground: The largest new building application filed was for a 51,400-square-foot, eight-story residential building at 860 Longwood Avenue in Woodstock. Fernando Geremia of Fred Geremia Architects & Planners filed the permit.
— Matthew Elo