The Real Deal Tri-State

November 2019 Issue

The suburban S.A.L.T. shakeout

After a year, brokers assess the new cap on deductions for state and local taxes — aka S.A.L.T. — that many warned would wreak havoc on the region

UPDATED: 12:29 p.m. November 25. For Vicki Gaily — co-owner and marketing director of the Special Properties Division of the northern New Jersey-based brokerage Brook Hollow Group — this year is shaping up to be far better than 2018. Gaily’s firm, which is affiliated with Christie’s International Real Estate, has closed 45 residential deals at an average price of nearly $2 million so far this year, she said. That’s up … [more]

Brokers secretly conspire to launch a Hamptons-only MLS

A battle for a comprehensive listings portal in the Hamptons has been going on for years, and behind closed doors one faction is plotting its next big move

UPDATED January 8, 12:22 p.m. Secret meetings are being held in the Hamptons. Brokers have quietly been drawing up plans to protect their market share in one of the priciest … [more]

NYC firms push deeper into ‘burbs in hunt for marketshare

With the pressure on to churn out more deals, NYC’s residential firms are on the hunt for new footholds around the tri-state

UPDATED Nov. 22 3:20 p.m. As the ring around New York City attracts more and more buyers — many of them priced out of Manhattan and Brooklyn — Gotham’s residential … [more]

Local landlords pulling strings, but could end up in knots

This Westchester trade group aims to overturn New York’s new rent law on its own, but some say a “united front” is needed

On a weekly radio program in October, Jeff Hanley made an appeal to his suburban audience. “The changes to the rent laws affect landlords and managers of thousands of rent-stabilized … [more]

Retail wreckage piles up

National brands are continuing to topple, leaving landlords from Westchester to Connecticut to New Jersey to contend with store vacancies

Discount retailers. Luxury department stores. Children’s stores. Home goods giants. The retailers that have filed for bankruptcy so far in 2019 — and those on experts’ watch lists — have … [more]

The Gilded guru

The Greystone Mansion Group talks about his modern-day Gilded Age estates, the buyer who asked for a “Sex and the City”shoe closet and his next project in the Hamptons

Andy Todd is not afraid of a soft luxury market. But that may be because his ultra-luxe Greystone on Hudson development in Tarrytown has had a banner year, closing on … [more]

How Westchester home flippers manage to turn huge profits

Renovating and selling homes bought on the cheap remains a profitable venture — but only for those well-funded investors with the capital to compete in Westchester’s perennially pricey market

For Danielle Longhitano, a listing for a co-op unit in White Plains served as the launching pad for a new career. After procuring the one-bedroom for $310,000 in September 2011, … [more]

All eyes are on the last new mall of the Northeast: Norwalk’s SoNo Collection

Fresh off its opening, retailers and landlords are carefully watching the Norwalk mall’s performance before making any moves

After more than five years of development, and much fanfare and nail-biting along the way, Brookfield Properties’ SoNo Collection opened in October in Norwalk, Connecticut. To say that a mall … [more]

Inside Berkshire Hathaway’s tri-state expansion strategy

The brokerage bigwig says NYC feeds tri-state sales and that acquisitions make more sense when redundancies can be eliminated and costs shaved

The residential market may be sluggish in Fairfield County and other parts of the tri-state area, but Berkshire Hathaway HomeServices is doubling down on the region. While the brokerage business … [more]

Today’s Northern New Jersey office trade sales volume is double that of 2018

Sales of office buildings in Northern New Jersey are nearly double what they were a year before, as investors wake up to the bargains to be had outside Gotham

The gateway to the Gateway City is about to get a makeover. Newark’s Gateway Center opened in 1972 promising urban renewal for a blighted city. Encompassing a mall, hotel and … [more]

In and around Newark’s Ironbound projects proliferate and rents rise

In and around Newark’s Ironbound district, ambitious developments are driving up enthusiasm — and commercial rents — for the area

There was the New Newark. And then the New New Newark. But now, as development ramps up in and around the city’s Ironbound section, one of New Jersey’s largest cities … [more]

How healthcare is single-handedly saving the Long Island office and retail markets

Ever-expanding medical tenants are keeping retail and office spaces occupied on Long island, but the amount of desirable properties is dwindling as development remains a struggle

Traditional retail may indeed be dead. Big local companies such as Newsday may have recently downsized to offices with smaller footprints. And sure, millennial workers could actually be ditching Long … [more]

Stuck in the middle

As entry-level homes fly and luxury listings linger, the middle markets in Nassau and Suffolk are feeling the squeeze

Melanie Mazzeo, a Douglas Elliman agent who sells mostly within the Harborfields Central School District in Huntington, said she recently closed on a four-bedroom ranch house on Suan Court for … [more]

Jet-setting to follow the money

East End brokers hit Aspen, Art Basel and polo grounds to mine for clients as market slows in cold months

When the yachts go south and it becomes less of a feat to get a reservation at the East Hampton Grill or other local haunts, the residential brokers in the … [more]

TRD’s fall tri-state issue is live to subscribers!

Welcome to the fall edition of The Real Deal‘s Tri-state magazine! Here’s an overview of a few of the highlights in the issue, which subscribers now have access to:  — … [more]