22
Inside the Kleiers’ command center
32
Harney on the hot U.S. market
77
Architects get busy with condo plans
124
a t : rid or DE SI lo p IN F e h R ut et S o ar k M
20
Massive LES projects on tap
Broker tattoo time
THEREALDEAL N EW YO R K R E A L E S TAT E N E W S
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NYC’s top firms TRD’s annual ranking of brokerages ,
including two new lists of power players BY KATHERINE CLARKE, HAYLEY KAPLAN AND ADAM PINCUS With inventory tight, Manhattan’s top residential brokerages have less on hand to sell than in typical years. But that doesn’t prevent some from outperforming others. This month, we bring you our annual ranking of biggest firms and boutique firms along with two never-before published lists, one on mid-sized firms and another looking at closed transactions for 2012. See stories beginning on page 38
Vol. 11 No. 5 May 2013 $3.00
An office building boom Competition for tenants heats up as more new towers start to rise on Far West Side Cushman & Wakefield’s Bruce Mosler at the site of Brookfield’s Manhattan West mega-project.
Brokers woo buyers With a scarce number of sellers in the market, NYC residential brokers are taking on more buyers as clients. Several agents told TRD that within the last few months the number of apartment-hunters they’re working with has shot up by 50 percent. See page 16.
After a scandal, hotelier Ed Scheetz is back on the NY scene with big plans BY DAVID JONES After running Ian Schrager’s Morgans Group, Ed Scheetz disappeared from the city’s hotel scene because of a headline-grabbing scandal. But he’s re-emerged at the helm SPECIAL REPORT of the boutique startup King & Grove. With the backing of investor Joe Chetrit, the company has already embarked on an ambitious plan to develop 3,000 hotel rooms over the next 36 months in New York, Miami and other cities.
Hedge funds profit one home at a time Big-ticket investors like hedge funds have been buying up distressed single-family homes in places like California for a while. Now they’re looking to the NYC area for deals. See page 18.
See story on page 72
More developers going global
432 Park: beauty in its ‘freakish thinness’
Who’s most actively building abroad BY HAYLEY KAPLAN American developers have long gone overseas seeking profitable returns. But recently, they’ve started investing with even more force in countries like China, India, Mexico and Brazil. Inside, a look at which U.S. and New York developers have emerged as the most active in each area.
BY ADAM PINCUS space on the Far West Side. But the projects Only a few times in modern Manhattan histo- (and it’s not just Related’s Hudson Yards) are ry has an entirely new office disFEATURE STORY in fierce competition to land antrict sprung up all at once. This is chor tenants in order to get conone of those times. Developers are planning struction in motion. This month, TRD looked nearly 15 million square feet of new office at the biggest West Side rivalries.
See story on page 52
See story on page 49
The big squeeze
See page 126 PHOTO CREDITS ARE HERE
Class A office space on Lexington Avenue has a shockingly high availability rate of 26.6%, versus 13.5% in Midtown overall. See page 24.
AT A GLANCE
Scheetz, uncovered
Jon Tisch: I’m the Susan Lucci of my generation
FACT
Developed by Harry Macklowe and the CIM Group, 432 Park will be the city’s tallest residential building when complete. Critic James Gardner says there’s a beauty in the “freakish thinness” of the Rafael Viñoly designed tower. See page 74.
RXR’s reckoning
A close-up on Manhattan’s inventory shortage by nabe
Rechler goes on buying binge, aiming for repeat of boom
BY C.J. HUGHES It’s become the defining feature of the NYC residential market: the much-discussed inventory crunch. And none of the major Manhattan neighborhoods have been spared, according to an analysis of data provided to TRD by StreetEasy. Inside, a breakdown of which areas have seen the sharpest drop in homes on the market. You may be surprised.
BY ADAM PIORE Only in recent months has it become fully possible to evaluate who’s benefited the most from the downturn and recovery. Near the top of that list: Scott Rechler. Not only did he sell his former company at the top of the market to SL Green, he’s one of the most frenzied buyers of NYC commercial real estate today. And he sees more room for growth in the market ahead.
See story on page 56
See story on page 30
A rendering of 432 Park Avenue
A guide to ICSC A tick-tock of the must-attend events at this month’s mega retail conference — from panels to poolside parties. See page 69.
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MOSLER AND TISCH PHOTOGRAPHS BY MARC SCRIVO; INVENTORY ILLUSTRATION BY PETER BONO