10/06/08

April 2008

Watching Wall Street

With last month's death knell of the nation's fifth largest investment bank and over 20,000 job cuts expected in the industry, the city is nervously waiting to see how Wall Street's state of imbalance will impact the real estate industry...

Developers afraid to break new ground

Developers said projects slated to start up in 2008 will be virtually nonexistent. "Everything coming up now is a '09," said Daren Hornig, managing partner at SAXA.
By Melissa Dehncke-McGill

How mortgage scammers make their mark

From November 2003 to April 2005, Maurice McDowall helped push through 80 home mortgages or equity loans worth a total of more than $20 million. But those loans often happened to be for more money than the homes underlying them were actually worth.
By Jennifer Gould Keil

Big banks scrap tower plans

In the last few months, several major banks have called off plans to build new towers in Manhattan, providing yet another sign that the days of Wall Street's flush expansion are over.
By Dan Ackman

Dear condo owner: pay up

As the housing market sputters, condo buildings are increasingly seeing residents fall behind on their payments of common charges.
By Annika Mengisen

Madison Avenue glitz marches north

Madison Avenue might be the quintessential American luxury shopping strip. But as rents continue their steep rise and the dollar remains weak, many domestic retailers are looking north of the traditional ultra-exclusive span from 57th to 72nd streets.
By Vanessa Weiman

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Luxe gets pinch of reality: A look at Manhattan's top sales

While sellers of lower- and mid-priced homes have suffered, some real estate watchdogs maintain that the market for trophy properties has remained insulated from price fluctuations.
By Lauren Elkies
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Following Tishman bid win, developers forge ahead on far West Side

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Between the pending extension of the No. 7 subway line, the tabled expansion of the Jacob K. Javits Center, the fragile economy and Governor Eliot Spitzer's shocking resignation last month, there are a lot of balls in the air for development on Manhattan's far West Side.
By Katherine Dykstra

Lewis Rudin: Hanging on in jittery times

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Given the bleak economic outlook and uncertain times for New York City real estate, the late developer Lewis Rudin's steadfast belief in hanging on to all his holdings may serve as an encouraging example for jittery developers in a slumping market.
By Alex Ulam

The Closing: Howard Michaels

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Founder, chairman and CEO of international real estate investment banking firm the Carlton Group. Founded in 1991, Carlton specializes in equity and debt placement, investment sales and commercial and residential loan sales. In 2007 alone, the company closed more than $7 billion in transactions. Some of its more notable deals include the 2007 financing of the $350 million Trump Soho; the $825 million equity and condo conversion financing of Manhattan House in 2005; and the $1.7 billion recapitalization of the GM Building in 2004.

Solow courts new battles

Over the course of a career spanning nearly six decades, Sheldon Solow's determination and self-assurance have carried him to the pinnacle of the real estate world. His 10-year effort to win approval for the East River development is nothing if not a testament to his tenacity. By Adam Piore

Foreigners crossing pond and the river to Brooklyn

Over the past decade, Brooklyn has attracted an ever-growing flood of ex-Manhattanites drawn to its cheaper prices and its continually gentrifying neighborhoods. But now, the borough is attracting a new kind of transplant: the international apartment hunter. By Lisa Abramowicz

Gauging the repercussions of Bear Stearns' meltdown

While last summer's credit crisis pushed some homebuyers to the sidelines, recent news has prompted even more buyers to put off their plans indefinitely.
By Lauren Elkies

Investment banks limp away from financing

Investment banks, which for many years fed the real estate boom by offering easy credit, then packaging loan deals together in securities and selling them to investors at a profit, have limped away from that market.
By Adam Piore

Undaunted by spec building

With 40 stories and 1.1 million square feet of Class A office space to lease, including 53,000 square feet of retail, SJP Properties has its work cut out for it at 11 Times Square. The $1.2 billion development at 42nd Street and Eighth Avenue is the largest speculative, or spec, building under development in New York City.
By Lauren Elkies

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