The Real Deal Tri-State

August 2019 Issue

How viable is the American Dream?

The long-awaited New Jersey mega-mall and entertainment complex is something of an extreme test case in a tanking retail market

Life, liberty and the pursuit of shopping. So goes the American Dream — the mall-slash-amusement park in New Jersey’s Meadowlands that has weathered three developers, two designs and one calamitous recession. Indeed, the first phase of the $5 billion, 3 million-square-foot complex is finally poised to open in late October with a portion of the shops and restaurants launching alongside several nonshopping attractions, including an indoor ski slope dubbed Big … [more]

Landlords racing upstate face a long haul

Investors are on the hunt for fresh opportunities north of the Hudson Valley, but radicalized tenants are already fighting for rent stabilization from Schenectady to Rochester

When Marcus & Millichap’s Charles “Chip” Collins listed a 97-unit Schenectady rental property for just over $10 million in June, he said, he was shocked by the number of investors … [more]

Land banks: a developer’s savior?

In the inventory-strapped Northeast, nonprofits tasked with revitalizing abandoned residential and commercial sites are creating opportunities for builders, one parcel at a time

Over the years, businessman and developer Vincent Trapani often had occasion to drive past an abandoned power generation plant at 1600 Fifth Avenue in Bay Shore on Long Island. Closed … [more]

B&Be careful

Hotel, motel, Holiday Inn — no matter what the hospitality project, developers must pack it with unique bells & whistles to compete with Airbnb and counter decreasing demand across the region

The developer behind Westchester County’s largest hotel project in 20 years, D’Wayne Prieto, is naturally optimistic about growth in the suburbs. The principal of Dobbs Ferry-based Ward Capital Management has … [more]

E-commerce’s industrial strength in the Tri-state

On the heels of Blackstone’s nearly $19B warehouse bet, New Jersey and other markets see investment frenzy hit new heights

Call it industrial-size investment. If there was any lingering doubt about the newfound primacy of warehouse space in and around New York and other major metro areas, Blackstone Group’s $18.7 … [more]

The Mack Daddy

Michael DeMarco, the CEO of Jersey City-based REIT Mack-Cali, on the firm’s $2B divestment of tri-state office properties and why it’s betting big on the Hudson County waterfront

Despite Mack-Cali’s recent board member defections and a $22 million net income loss posted in the second quarter, company CEO Michael DeMarco characterized this moment as a time no busier … [more]

Not your mama’s staging job

Amidst a slow sales market, soup-to-nuts “showcasing” is trending. Brokers hope that outfitting listings with everything down to the flatware scores points with buyers

There’s staging and then there’s “showcasing.” Ignore the difference between the two at your peril, Hamptons brokers. Rather than staging — which East Hampton designer Greg McKenzie described as setting … [more]

Slash and grab

An abundance of high-end listings is clogging the Hamptons resi market, but bidding wars are still waged when the price is right

UPDATED September 4, 10:50 p.m. When a seven-bedroom waterfront mansion in Water Mill was listed three years ago, its sellers expected to quickly find a buyer willing to shell out … [more]

The marvelous Macy’s makeover…maybe

The seas of parking surrounding the Manhasset store presents a new opportunity for development — if it ever gets approved

Surrounded by acres of parking lot asphalt, the Macy’s in Manhasset reflects the retail norms of yesteryear. With an eye on the future, a developer is now looking to bring … [more]

LI’s Gold Coast loses its luster

Taxes and shifting buyer preferences keep dragging the luxury market down

The stretch of old-money communities that inspired F. Scott Fitzgerald’s “The Great Gatsby” seems to be losing its luster among buyers. Across the “Gold Coast,” scores of multimillion-dollar listings have … [more]

Goodbye HFF, hello JLL

Amid JLL’s $1.8 billion acquisition of his firm, longtime HFF broker Jose Cruz shares his experience of joining former rivals and explains why investors are more gung-ho on tristate assets

In early July, Jones Lang LaSalle closed on its landmark deal to acquire one of its biggest competitors in the office and multifamily markets. While the $1.8 billion acquisition of … [more]

NJ’s biggest O-Zone trades

The last six months have yielded high-dollar deals in the state’s Opportunity Zone tracts, with Newark as the biggest winner — but how many projects will boost the local economy?

Newark, once written off by investors as a forever blighted city, is now a rising star for investment, thanks, in part, to the federal Opportunity Zone program, which provides tax … [more]

The priciest pads in Westchester

The most expensive listings in the county are offering deluxe amenities at reduced prices

To list a high-end property in Westchester these days is an exercise in lowering one’s expectations. When TRD took a look at the priciest local listings back in September 2015, … [more]

Beating a benchmark

Behind Robert Martin Company’s monster portfolio buy — plus Westchester’s other priciest (though way cheaper)office trades

When Mack-Cali announced in 2015 that it would start selling off its Westchester holdings, Robert Martin Company was elated. Robert Martin — an Elmsford-based real estate firm that has developed … [more]

A crime in Connecticut?

Fotis Dulos, CEO of Farmington development firm Fore Group, is at the center of a case involving the mysterious disappearance of his wife

The only thing certain in the mystery involving a Connecticut developer is that after more than two months, Jennifer Farber Dulos has yet to be found. On the morning of … [more]

The salesman

Fresh off of Sotheby’s International’s acquisition of his Greenwich firm, former brokerage head David Ogilvy speaks on returning to his first love: being a broker

In Greenwich, perhaps no name has been as synonymous with the luxury real estate market as David Ogilvy, the head of David Ogilvy & Associates, which he founded in 1985. … [more]

Editor’s note: Sweet ‘Dream’ or beautiful nightmare?

Whether the “American Dream” is more than a marketing ploy goes beyond the 2020 presidential race. It’s now also a question for the real estate industry — one that’s likely … [more]