12/02/08

September 2008
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A look at buyers and sellers

This month, The Real Deal offers a series of stories about how buyers and sellers in the five boroughs and in the surrounding suburbs are dealing with one another and with the new financial terrain a little over a year into the crunch...

South Bronx buzz fizzles

For years there was a buzz about the potential of a residential boom in the South Bronx, but with the credit crunch making it nearly impossible for small-scale investors to obtain financing in the area, any sort of explosion appears to be on hold. Local brokers said that while calls from potential homebuyers have increased exponentially over the last few years, the neighborhood they've dubbed SoBro still lacks an inventory of renovated properties appealing to buyers seeking deals on the fringe.

Living in ivory towers

Condo prices in Manhattan continue to edge up at the top end of the market, but in the outer boroughs it is a different story. Prices have flattened in most areas; however, a look at the top 10 most expensive condos in the outer boroughs reveals some bright spots.

Some landlords mark down advertised rents

While it's fairly well known that the market has been showing a decline in taking rents, the bottom line after price negotiations and accounting for concessions, the summer months may have brought the first of a surge in owners marking down the advertised price on spaces.

Checking in with Bobby D.

In recent years, Robert De Niro has developed a global profile among foodies through his partnership in the Nobu restaurant chain. Now De Niro and his partners want to leverage their brand by creating Japanese-themed developments with chichi hotels and residences throughout Europe, Asia, the Middle East and Africa, among other places.

Fewer foreign clients buying

Foreign apartment buyers are disappearing from New York City. It's not the plot of a science fiction or horror film, but the influx of foreigners taking advantage of the weak dollar has slowed down as the dollar has started to rise.
By Lauren Elkies

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Mort Zuckerman gets last laugh

Mort Zuckerman, the perma-tanned media tycoon, his low-key partner Ed Linde and the other green eyeshades at Boston Properties watched placidly from the sidelines as moguls like Harry Macklowe and the folks over at Broadway Partners spent money like overindulged housewives with platinum cards. Now, with some of the boom's biggest buyers in dire financial straits, Zuckerman and his crew are on the offensive.

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Sit down with Robert Shiller: A dark look ahead

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In "The Subprime Solution: How Today's Global Financial Crisis Happened and What to Do about It," a book out this month, noted economist Robert Shiller dissects the current housing-market collapse and offers suggestions for a broader recovery. He recently took time to speak with Alison Gregor for The Real Deal.
By Alison Gregor

Edward S. Gordon: Dragging commercial brokerage into the 20th century

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Back in the days when brokerage was a meet-and-greet business, broker Edward S. Gordon had a more white-shirt, corporate vision: He led a generational transformation within the business of office leasing and sales in New York City, modernizing the "space chucker" mentality into a sophisticated industry based on Wall Street–style management and consulting.
By Adam Pincus

The Closing: Julien Studley

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Founder of the eponymous commercial real estate firm then called Julien J. Studley in 1954. Studley sold his shares to younger associates in 2002 and then founded Studley New Vista Associates, which manages properties he and his Studley associates own.
By Lauren Elkies

Figuring out a financial fiasco

The Real Deal looks at loan syndication and other ways real estate finance is reacting to the squeeze on credit and the faltering mortgage market. First, we investigate some of the macro issues facing the industry, then we zero in on how these constraints are shaping deals in New York City.

Gobbling up smaller firms

In New York City, the frozen credit markets and subprime fallout are beginning to take a toll on commercial activity. Manhattan sales volume dropped by nearly 60 percent in the first half of 2008, compared to the same time last year. Meanwhile, as of the end of July, Manhattan leasing activity had fallen more than 10 percent compared to the same period last year.

Burst of activity ahead?

The calendar says back to school, and for the real estate industry that means back to business and an end to the summer doldrums. Watch for the end of the month to be marked by closings of spring deals, an influx of homes being listed (or re-listed) and buyers taking out their checkbooks. But although fall is typically when the market goes on an upswing, this year, buyers are still expected to be hesitant to pull the trigger, and September data is expected to be somewhat off from years past as economic uncertainty lingers.

Lower East Side: Staying affordable despite the hype

In The Real Deal's Q & A this month, brokers said the Lower East Side and the East Village are drawing those who want to remain in Manhattan but can't afford prices that other Downtown areas are commanding. They said average price per square foot, at least on the Lower East Side, is the lowest south of 96th Street, which is drawing first-time buyers in particular.

Retail condos: Getting in on the ground floor

Commercial brokers are seeing strong demand for retail condos despite slumping sales of almost every other type of investment property. Brokers said they consider this type of property a safe harbor for investors, as prices and deals show an increase over last year.
By Kerri Linden

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