40
A history of reality TV and real estate
48
Rental brokers get ditched
70
Private equity: who’s ahead
112
One57 buyers become renters
112
Manhattan comes to Miami
THEREALDEAL
www.TheRealDeal.com
Lutnick’s big market hedge Can BGC make real estate derivatives work here?
N EW YO RK R E A L E S TAT E N E WS
Vol. 10 No. 3 March 2012 $3.00
Power behind the throne The lieutenants pulling the strings for NYC’s top real estate chiefs
banks to cough up more money in NY per borrower than in any other state. See page 20.
AT A GLANCE Spring sales surge The unusually balmy weather is already translating into springlike activity in Manhattan’s residential market. And the city’s currently low housing inventory is expected to rise, which could further pave the way for an increase in sales. See page 16.
See story on page 54
Hamptons firm racks up nearly $1B in listings
BY LEIGH KAMPING-CARDER Just three years after opening, Andrew Saunders’ East End brokerage has almost $900 million in exclusives. As the Hamptons season gets started, a close-up on a firm straddling the mom-and-pop and corporate worlds. See story on page 34
The recent $26B mortgage settlement requires five mega-
BY ADAM PINCUS Howard Lutnick’s BGC Partners said last month it would buy distressed commercial firm Grubb & SPECIAL REPORT Ellis. That was mere months after it closed on its buy of Newmark. But neither of those deals compare to Lutnick’s big plan to bring derivatives to NYC’s real estate industry. Still, past attempts have failed, and others are now racing to do the same.
Saunders stakes his beachhead
FACT
Right-hand man: Janno Lieber (forefront), Silverstein Properties’ president, with company head Larry Silverstein.
On the waterfront
BY C.J. HUGHES consummate inside operators are well-known powThe real estate industry in New York is famous for its er players to a small circle of insiders, but the rest outsized personalities. But for every of the industry rarely hears about F E AT U R E S T O R Y them. Inside, The Real Deal looks at boldface frontman, there’s a behindthe-scenes wizard who is running day-to-day opera- some of the top wingmen in the business. tions or shaping the direction of the company. These See story on page 60
Developers citywide — including Young Woo and Related— are taking advantage of government sweeteners to finally build on long-dormant sites. In the process, they’re remaking the city’s waterfront. See page 30. Gem Tower rendering
Agency blood battles Delays worsen at DOB
Ranking the Big Six commercial firms on wooing landlords
Developers say slowdowns are hurting their projects
BY ADAM PINCUS In the NYC office leasing world, battles to represent buildings are a blood sport. This month, TRD conducts a first-time ranking of which firms won the most assignments last year and estimates how much those wins are See story on page 66 worth in potential commissions.
BY KATHERINE CLARKE The city’s Department of Buildings has never been known for its speedy response times. But recently, developers say, delays have worsened, due in part to procedural changes dating back to the crane collapse aftermath See story on page 18 and the Robert Scarano scandal.
Lazenby’s 007 moment Bond kid, Elliman broker comes out guns blazing
Billy Macklowe on his ‘outlaw’ in-laws See page 114.
BY CANDACE TAYLOR Until recently, Elliman broker Melanie Lazenby was best known as the daughter of a one-time James Bond actor. But she’s recently taken the residential world by storm with a $31.5-million, record-breaking sale and the priciest-ever Manhattan rental listing. Still, it’s been a long and challenging road for this Bond girl. See story on page 26
Survival of the fittest
Examining the job market for brokers in New York, including who’s earning what and who’s switching firms BY LEIGH KAMPING-CARDER Jobs, jobs, jobs: for months, even years now, the topic has been front and center in the minds of Americans. Yet for NYC real estate brokers, getting an accurate picture of their corner of the job market is difficult, since most brokers operate more like small businesses than employees. This month, TRD dissects the city’s real estate labor force, from the latest brokers to switch firms to changes in incomes and employment rates during the boom, bust and recovery. See stories beginning on page 43
NYC’s bling building The Skidmore Owings Merrill-designed International Gem Tower, which is rising in the Diamond District, is a dull structure architecturally, but it has a jazzy surface, critic James Gardner says. The Extell building is set to be complete this year. See page 68.
Charity cases More firms and sellers — like Sandy Weill — are using philanthropy to help them stand out from the crowd. Does it impact pricing? See page 50.
www.TheRealDeal.com SILVERSTEIN-LIEBER PHOTOGRAPH BY JOE WOOLHEAD; MACKLOWE PHOTOGRAPH BY MARC SCRIVO