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A fight in Flushing
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Angel architect, devil developer
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Pocket listings on the rise
Urban Compass comes on strong
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A home that passes the smell test
THEREALDEAL
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Holliday time The SL Green CEO is eating Vornado’s lunch
BY HITEN SAMTANI Since Marc Holliday joined SL Green 15 years ago, the company has mushroomed from a mid-sized landlord into a behemoth. And now it’s surging even farther ahead of Vornado and other rivals.
N EW YO R K R E A L E S TATE N E W S
Vol. 11 No. 6 June 2013 $3.00
Top of the NYC heap The Manhattan agents selling the most property Manhattan’s Top 10 listing agents include (clockwise from top): John Burger, Serena Boardman, Paula Del Nunzio, Deborah Grubman, Leonard Steinberg and Carrie Chiang
The Hamptons priciest sales
AT A GLANCE An unusually high number of “hybrid” apartment-hunters, who are open to both buying and renting, are making the always-tight summer rental market even more competitive. See page 16.
Luxury sellers discount homes to get deals done
BY C. J. HUGHES Luxury homes in the Hamptons are still selling for less than their boom-time SPECIAL REPORT prices. The 10 biggest Hamptons sales of the past year ranged from $17.5 to $45 million — high prices, but far short of the massive Manhattan run-up.
No optimism in office leasing Americans are feeling better about the country’s financial outlook, but companies in the city are still cutting office leasing costs to keep profits healthy. See page 24.
See story on page 62
From Foster, a new kind of skyscraper
Crane control
A look at the most obstinate union battling developers
See story on page 38
State Division of Licensing records show 952 complaints filed against real estate brokers in 2012. Half involved “untrustworthiness.” See page 34.
“Hybrid” clients look for sales and rentals
See story on page 30
BY DAVID JONES The crane operators’ Local 14 is one of the most powerful unions in North America, and some say a firewall in the fight for workers’ rights. But to New York City developers, the group is blocking what could be a full-fledged building boom.
FACT
BY HAYLEY KAPLAN dustry. While nearly all of Manhattan’s top 10 broWith a bevy of über-pricey homes on the market — kers have fewer properties on the market than last a Pierre Hotel triplex is listed for $125 year, most have a higher dollar value of F EATURE S TORY listings, according to The Real Deal’s million — Manhattan’s top brokers aren’t feeling the inventory squeeze as much as their annual ranking of Manhattan’s top 75 listing agents. colleagues in other segments of the residential in- See story on page 43
Architect Norman Foster’s design for the new 425 Park Avenue could change the way New York builds office towers, says critic James Gardner. See page 66. 425 Park Avenue
Manhattan vs. Brooklyn New York City’s Brooklyn home prices are climbing faster than Manhattan’s, closing the gap between them
Ken Horn on dating co-workers See page 114.
PHOTO CREDITS ARE HERE
BY KATHERINE CLARKE With sale prices and rents rising sharply in Brooklyn, many home-seekers find that popular neighborhoods across the river no longer come at much of a Sizing up the boroughs discount from Manhattan. This Brooklyn vs. Manhattan month, TRD analyzed market price growth: 14% vs. 6% data to find out how prices in prime Brooklyn neighbor- Williamsburg vs. Lower East Side prices: $585K vs. $490K hoods compare to their Manhattan counterparts. The reBrooklyn vs. Manhattan rents: sults may surprise you. $2,560 vs. $3,195 See story on page 52
new investors
Meet the most active young firms snapping up property BY ADAM PINCUS As New York recovered from the paralyzing real estate downturn, scores of investors launched companies and funds to scoop up distressed assets here. New firms like Meadow Partners and Imperium Capital have since succeeded in landing big deals and cobbling together portfolios, despite stiff competition. This month, TRD looks at the most active new players. See story on page 55
Tech firms struggle to find space Tech firms are the darlings of New York City office leasing, but their unique needs still make it hard for startups to find space. See page 18.
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TOP AGENTS ILLUSTRATION BY WARREN GEBERT; HORN PHOTO BY MARC SCRIVO