10/12/08

June 2008
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Condos on the chopping block

As sales have slowed and inventory has grown, developers are clamoring to move new development condo units, many by adjusting prices...
By Lauren Elkies

Adding it all up

This feature story is part of a package on the numbers behind new development, including which foreigners are buying where and what’s happening at the very top end of the market.
By Lauren Elkies

For banks, foreclosed homes pile up

In the last year, banks and investors have started building up large inventories of REOs, largely because they are having trouble unloading them in a stagnating market where property values are no longer appreciating and where credit for mortgages is harder to come by.
By Alex Ulam

Office tenants waiting for market to bottom

Despite a slowdown in leasing and an increase in vacancy in Manhattan's office market, asking rents continued to increase in April, according to data from Colliers ABR.
By James Kelly

Opportunities knock around the world

A flurry of reports indicates many housing markets around the world are experiencing the same downturns affecting many American cities. Despite this, not all the news is gloomy; a number of markets are showing surprising resilience. We've chosen to highlight some of these emerging real estate areas.
By Dorn Townsend

Looking for Magic in Greenpoint

Basketball icon Earvin "Magic" Johnson Jr.'s development at 110 Green Street in Brooklyn is preparing to open its doors to potential buyers this summer, but brokers don't know what to expect in terms of sales success for the much buzzed-about building.
By Lisa Abramowicz

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Surf's up for Swig

Over the last five years, Swig has poured hundreds of millions of his family's real estate fortune into New York City buildings. And last month, he announced plans for one of his most ambitious and certainly his most high-style projects yet.
By Adam Piore
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Should all co-op applications be the same?

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Some real estate pros think the co-op application process could be simplified with a standardized application. REBNY decided at its May meeting to form a subcommittee that will work on the uniform application in September, when the council reconvenes.
By Lauren Elkies

Modern prefab comes to NY

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Prefabricated homes, a largely West Coast phenomenon, are popping up in the New York City area for the first time. Led by Resolution: 4 Architecture (RES4), a New York City-based firm building the "Bronx Box," and Rocio Romero, who built a home in Gallatin, N.Y., modern prefab is stirring interest among price- and eco-conscious consumers.
By Jen Benepe

John Jacob Astor: The making of a hardnosed speculator

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Astor's appetite for New York real estate appears to have had no limits. On his deathbed in 1848, he is said to have exclaimed, "Could I begin life again, knowing what I now know, and had money to invest, I would buy every foot of land on the island of Manhattan."
By Alex Ulam

Discouraged by 421-a changes, developers sell sites

While many developers have been racing to get started on projects before changes in the 421-a tax abatement take effect, another group has thrown in the towel, tripped up by the deadline and the faltering economy. As a result, dozens of development sites with approved plans for condominiums are on the market all over the city. By Sarah Ryley

At Brooklyn's new priciest condo


Last month, a $7 million-plus sale at Dumbo's One Main Street, the centerpiece of David Walentas' empire and the building he also calls home, beat out a unit at One Brooklyn Bridge Park for the most expensive condo ever sold in Brooklyn. One Main Street is one of only three condominium buildings in the borough with units in contract for amounts exceeding $4 million. By Sarah Ryley

Former Elliman brokers suing for their salary

Two former Prudential Douglas Elliman agents, Jane Klaris and Diana Cannon, filed a federal lawsuit claiming that they were treated by the firm as full-time employees but didn't receive the annual salary plus commissions they expected for working on-site at a new development.
By Lauren Elkies

Brokers lament high inventory

With the traditionally sluggish summer season upon us, the advent of the credit crisis not too far behind and inventory piling up, real estate brokers are bracing themselves for what could be a particularly slow few months.
By Lauren Elkies

The Closing: Elizabeth Stribling

President of Stribling & Associates, a high-end New York City residential firm with 200 brokers, including her daughter Elizabeth Ann Kivlan. The company does about 600 deals annually totaling more than $1 billion. The company is the exclusive sales agent for the Plaza Hotel Residences. Stribling founded the company in 1980 with partner Connie Tysen.

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