44
NYC’s red light rentals
50
Blossoming of Boerum Hill
64
Brokers on boards: Pros and con(flicts)
68
NYU expansion a boon to the Village
112
Single real estate moms
THEREALDEAL
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Who’s hiring?
NYC real estate jobs on rise, especially in private equity
BY SARAH EVELYN HARVEY While there are still more applicants than open jobs, real estate firms are starting to hire. The real estate programs at Columbia and NYU both report an uptick in companies—especially private equity firms— scouting for talent.
N EW YO R K R E A L E S TAT E N E W S
Vol. 10 No. 5 May 2012 $3.00
Burkle’s billions Business tycoon Ron Burkle ramps up NYC real estate buys
Inventory shrinks as homebuyers multiply
Breaking down the monthly nut
While NYC brokers have bemoaned the scarcity of quality listings for a while, worries have now reached a fever pitch. Compounding the situation, buyers are getting hungrier to make purchases. See page 16.
A price analysis on renting vs. owning in Manhattan
BY LEIGH KAMPING-CARDER It’s the question New Yorkers love to mull: to buy or not to buy? But the choice is becoming blurrier as SPECIAL REPORT NYC rents skyrocket while interest rates remain at historic lows. This month, TRD examined the “monthly nut,” looking at a cross section of Manhattan neighborhoods and unit types to determine whether it costs more per month to rent or to own.
Drought breaks in NYC office leasing Two big new office deals — one by Viacom, another by Morgan Stanley — have provided a lift to NYC’s leasing market. But small deals still make up the bulk of activity. See page 24.
See story on page 40
Hospitality’s strength creates new barriers for NYC buyers
BY JAKE MOONEY The window for New York hotel investment may be closing. The strength of the sector is now making it prohibitive for new investors to get in on the action. See story on page 18
See page 114.
Does reality TV pay?
Billionaire Ron Burkle has been deploying some of his fortune in NYC real estate lately.
BY GUELDA VOIEN purchase of the Meatpacking District building ocRon Burkle is known for many things — the billions cupied by Soho House and another nearby prophe made in the grocery business and his relationship erty, which he’s attempting to flip. That’s on top of with President Bill Clinton among them. last month’s opening of his NoMad Hotel. FEATURE STORY One source said he’s now “one of the first But until recently, NYC real estate wasn’t on that list. Lately, however, Burkle has made some calls people make” when looking for capital. high-profile Manhattan investments, including his See story on page 46
NYC’s retail royals
Danny Meyer dishes on fast-food rivals
Vacation homebuyers are back. Hamptons sales shot up 18% in the first quarter from a year ago and prices increased. See page 20.
AT A GLANCE
See story on page 48
Hotel investors cool their heels
FACT
Reality shows like “Selling New York” and “Million Dollar Listing New York” revel in showing off NYC’s swankiest apartments. A look at if the exposure translates into higher prices and more sales activity for those units. See page 30.
Stribling: the next generation
TRD pinpoints Manhattan’s top brokerages and those dominating the busiest leasing corridors
Firm aims to shed ‘stuffy’ image with brand overhaul
BY ADAM PINCUS Manhattan retail firms While Fifth Avenue, Madison Avenue with the most and Times Square still hold the mantle deals in past year for the city’s most expensive retail spots, brokers are headed Downtown because Newmark 560,017 sf that’s where the deals are. This month, RKF & Assoc. 511,183 sf TRD conducted an analysis of Manhat- Cushman 498,446 sf tan retail deals in the past year, cover- Source note: See page 60. ing 3 million square feet of activity. The ranking not only looked at which firms did the most business, but also who dominated in the city’s most-active retail areas — including Soho and, surprisingly, the Lower East Side. See story on page 60
BY KATHERINE CLARKE Elizabeth Stribling, founder of the eponymous high-end residential firm, made headlines in 2009 when she moved from the Upper East Side to Brooklyn. Now her firm, Stribling & Associates, is following suit, revamping its buttoned-up image and targeting clients outside its traditional base. Is it working? See story on page 33
Fredrik Eklund of “Million Dollar Listing New York”
Dying for cash More NYC homeowners are tapping their life insurance to help refinance mortgages. Find out why. See page 28.
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BURKLE PHOTOGRAPH BY BRAD TRENT; MEYER PHOTOGRAPH BY MARC SCRIVO