The Real Deal - August 2008 - (Page 1) www.therealdeal.com Tinkering with 421-a THEREALDEAL Brokering in good Faith Faith Hope Consolo is known for her larger-thanlife personality. 18 21-year-old wiz stacks up deals 24 Property ads debut on cab TV screens 38 So long, Starbucks 42 Garment District gets building blitz 54 South Americans skip Miami for NYC NEW YORK REAL ESTATE NEWS Vol. 6 No. 8 August 2008 $3.00 FACT Although the city’s divorce rate has held steady, appraisals for divorce cases are up 17 percent. Experts said couples disagree more about prices in weak markets. See page 136. State legislators consider moving boundaries again BY SARAH RYLEY If the fight over the 421-a tax abatement rules seems like ancient history, guess again. The new rules enacted by the city and state last year (and bemoaned by many real estate developers) have been in place for just a month. But state legislators are already considering changes that could make many in the industry unhappier. See story on page 26 Retail star draws press attention, barbs from competitors BY ADAM PIORE Most real estate brokers don’t show up at cocktail parties with a publicist in tow. But then again, probably only one has been quoted in the press some 75 times since the beginning of the year. The New York Times calls Faith Hope Consolo the “highest-profile practitioner of the art of matching stores and storefronts.” The New York Post AT A GLANCE Agents frustrated by too few comps Pricing apartments when sales are thin leaves brokers without key benchmarks. See page 50. Summer doldrums have hurt more than usual as open house traffic slows and sellers drop prices. See page 15. PROFILE said she’s the “queen of retail.” A number of her competitors use other words to describe Prudential Douglas Elliman’s mediasavvy chairwoman of retail real estate; none of those words are printable here. See story on page 110 How long will downturn last? Economy may inhibit market through 2009 BY ALISON GREGOR The residential real estate market in New York City is showing clear chinks in its armor. The average Manhattan apartment sales price in the second quarter fell for the first time since the fall of 2006, and some analysts expect the bumpy ride to be a rather long one. The hit being sustained by the financial sector should make itself apparent in coming months. See story on page 16 Smaller spaces help office market Office leasing in Manhattan is being propped up by an abundance of smaller space deals. See page 22. Brokers say penny pinching by tenants could help increase activity. See page 86. 111 Kent Avenue Where players landed after the credit market debacle BY LAUREN ELKIES A year ago this month, the credit markets erupted and since then it has been rough SPECIAL REPORT going. While the wheel of fortune always turns — there will forever be some real estate players on top while others take hits — this year many of the stories are related to credit crunch woes. Because it is the anniversary month of the subprime mortgage crisis, The Real Deal has chosen to look at some of the year’s biggest winners and losers. New York City players whose stars have risen or fallen run the gamut from heads of real estate firms to architects to investors to brokers to politicians. See story on page 45 Who got crunched Waterfront condos vie in Williamsburg A new waterfront condo at 111 Kent Avenue in Williamsburg takes on the Edge and Northside Piers. See page 34. A doorman will greet residents at a new Williamsburg rental, a first for the neighborhood. And rental brokers in the area jack up commissions. See stories page 20. Playing nice as sales slow Hailing other Competitors return calls, cooperate more on co-brokes BY VANESSA WEIMAN If there is a silver lining to be found in the current slower real estate market, it lies within the brokerage community, which is experiencing a kinder, gentler working environment as of late. Many brokers have noted that interactions with their competitors are noticeably less cutthroat than during the boom times of the past few years. Instead, brokers report they are cooperating far more on co-brokes, returning calls and accommodating each other’s schedules. In other words, playing nice. See story on page 52 holiday spots While Hamptons hurting, other locales draw interest BY JILL GARDINER For many New Yorkers, getting out of the city on summer weekends is an inalienable right. With the Hamptons market hurting but still pricey, smart investors are evaluating other nearby destinations with even better deals. This month, The Real Deal checked out the Catskills, the Jersey Shore, Long Island’s North Fork and Montauk to see how they are faring. See story on page 76 Staying afloat outside New York New York is not the only city that’s surviving the credit crunch. A few lower-profile cities like Charlotte, Little Rock and El Paso still have solid housing markets. See page 61. What makes Diane Ramirez angry See page 138. PHOTO CREDITS ARE HERE www.TheRealDeal.com ILLUSTRATION BY JAMES BARRY; CONSOLO AND RAMIREZ PHOTOGRAPHS BY HUGH HARTSHORNE http://www.therealdeal.com http://www.TheRealDeal.com
Table of Contents Feed for the Digital Edition of The Real Deal - August 2008 The Real Deal - August 2008 Lucky few try for more Short on age, long on deals Upping fees to match expectations Can I get the door, hipster? Stitching up a residential neighborhood The Credit Crunch When comps fall short Looking Back National Deal Sheet summary The Real Deal - August 2008 The Real Deal - August 2008 - The Real Deal - August 2008 (Page 1) The Real Deal - August 2008 - Short on age, long on deals (Page 18) The Real Deal - August 2008 - Can I get the door, hipster? (Page 20) The Real Deal - August 2008 - Stitching up a residential neighborhood (Page 42) The Real Deal - August 2008 - The Credit Crunch (Page 45) The Real Deal - August 2008 - The Credit Crunch (Page 46) The Real Deal - August 2008 - When comps fall short (Page 50) The Real Deal - August 2008 - Looking Back (Page 56) The Real Deal - August 2008 - National (Page 66) The Real Deal - August 2008 - Deal Sheet summary (Page 99)
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.