last updated today at 02:50PM
Icon files $6M lawsuit against 985 Park contractor
Aug 20, 2008 02:50 PM
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985 Park Avenue The Icon Group, developers of the luxury 15-story condominium tower at 985 Park Avenue, filed a $6 million lawsuit in state court last week claiming the project's general contractor was to blame for a fire and a 10-month delay. The slim, Costas Kondylis-designed building at 83rd Street has five duplex units, a triplex garden unit and a triplex penthouse. The closings for the sold-out building were in late 2007, with prices ranging from $5.175 million for a duplex to $7.25 million for the penthouse triplex, city records showed. more
By Adam Pincus

Ratner to build first housing tower in Brooklyn
Aug 20, 2008 02:43 PM
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80 DeKalb Avenue Forest City Ratner is building its first residential building in Brooklyn. The developer announced today that it closed on financing for a 335,000-square-foot rental building at 80 DeKalb Avenue in Fort Greene. The 34-story building, designed by Costas Kondylis, is planned to have 365 studio, one- and two-bedroom apartments. It won't be far from Ratner's massive Frank Gehry-designed Atlantic Yards project, which has been delayed and downsized. more
By Jovana Rizzo

Developers say Fair Housing Act ignores NYC rules
Aug 20, 2008 01:14 PM
Developers are protesting that the U.S. Department of Housing and Urban Development recognizes 10 different building codes or design manuals to satisfy the Fair Housing Act, but the New York City requirements for wheelchair accessibility are not recognized. Federal housing officials said that the city and developers made no attempt to get the regulations approved by the HUD. Violators of the act can be fined up to $110,000, and courts can order the apartments to be retrofitted for disabled tenants. The Justice Department has filed suit against Avalon over its Lower East Side building and could sue other developers over accessibility.

Building permits down nationwide
Aug 20, 2008 12:42 PM
Nationwide in July, 937,000 building permits were authorized for privately-owned housing units, according to the U.S. Census Bureau and Department of Housing and Urban Development. The permits issued were down 17.7 percent from June, and down 32.4 percent from the permits issued in July 2007. About 584,000 single-family building permits were issued, 5.2 percent lower than June, and 318,000 permits were given to buildings with five units or more. TRD

'Liar loans' worsen mortgage crisis
Aug 20, 2008 12:19 PM
Another wave of losses in the housing market is coming from so-called "liar loans," mortgages approved without requiring proof of a borrower's income or assets. The loans are defaulting in record numbers, with the most loans concentrated in California, Florida, Nevada and Arizona. About 13 percent of borrowers were at least two months behind on payments in May, nearly four times higher than the same time last year, and losses could total $100 billion.

Apartment buildings predicted to see losses
Aug 20, 2008 11:46 AM
Apartment buildings around the U.S. are starting to see rents and occupancy rates fall in many cities because of job losses. The Down Jones Resident REIT subindex is up 14 percent so far this year, but the overall REIT index is down 1.8 percent. About 1.5 million rental units have entered the market in the past year, and some developers are preparing for lower revenue by canceling or delaying projects.

100 Eleventh Ave. needs to refinance
Aug 20, 2008 10:45 AM
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100 Eleventh Avenue Work may have to stop on the new condo 100 Eleventh Avenue next month if its developers cannot refinance its construction loan. People familiar with the project say lender iStar Financial is forcing the developer, Cape Advisors, to refinance a $110 million first-mortgage construction loan with higher rates. The project is about $50 million over budget and a year behind schedule.

Fifth Ave. remains healthy
Aug 20, 2008 10:22 AM
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Fifth Avenue Brokers say that because of foreign tourism, Fifth Avenue is operating like there's no recession in sight. The upscale shopping district on the avenue between 49th and 60th streets has seen four new leases already this year, including Diesel and Tommy Hilfiger, while only one new retailer leased space last year, and two new retailers leased space in 2006. Asking rents there have risen to as much as $2,500 per square foot, up from $1,500 per square foot last year.

Is this the bottom for Miami?
Aug 20, 2008 09:51 AM
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Miami From the August issue: Miami's real estate sector has been in a slump for nearly two years. According to a July report by data provider RealtyTrac, the Miami area ranks 10th in the country in percentage of foreclosures. About one house in 62 is in foreclosure. Because of continuing oversupply of units, tightened lending standards and would-be buyers waiting for further price declines, the overall picture has become even more muddied. So what do experts on the spot think it will take for the market to rebound? 
more By Robyn A. Friedman

Hip-hop mogul faces foreclosure
Aug 20, 2008 08:53 AM
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Jay-Z and Damon Dash Damon Dash, co-founder of Roc-a-Fella Records, faces foreclosure over a $7.3 million mortgage taken on two Tribeca properties, at 25 North Moore Street and at 79 Laight Street. Eastern Savings Bank claims Dash hasn't paid his $78,500-a-month mortgage since January. The suit says Dash has $100,000 in federal tax liens against his properties. 

Current Issue
Cover

From The August Issue

Brokering in good Faith

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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. More

Who got crunched and who didn't

A year ago this month the credit markets erupted, and since then it has been rough 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 appear to be related to credit market woes. More

State considers moving 421-a boundaries again

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. More

How long will downturn last?

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. More

Hailing other holiday spots


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. More

As sales slow, brokers play nice

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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. More

A look at the good, the bad and the ugly housing markets

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For this month's supplement, we check out a bunch of markets across the country that are actually in good shape. More

Holding open houses for rentals

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In what some brokers contend is a sign of a softening rental market, open houses for rentals, once rare, are now proliferating. More

Summer sales slower than usual

July was hot, and buyers were not bothered -- at least when it came to buying Manhattan real estate. Open house attendance was down, beyond the usual summer ebb, and price adjustments were more frequent -- both indicators of a weakened housing market. More

Can I get the door, hipster?

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When was the last time you saw a doorman in a rental building in Williamsburg? Probably never. But that is changing. What is likely to be the first rental in Williamsburg to have a doorman is scheduled to open in September. More


Special Reports

The biggest problems in New York City real estate
Experts weigh in on how to fix industry crises
Developers falling into a Catch-22
Residential developers in bind with slow sales
In Hamptons, it's no vacation
Building permits drop, spec homes sit and restaurateurs grow wary amid slowdown
Condos on the chopping block
Prices come down to help move new projects
Adding it all up
A tally of numbers that matter: construction costs, the high-end market, and foreign buyer migration
Manhattan's biggest firms
Our annual survey of the top Manhattan firms
New terrain forces brokers to adjust
How brokers are shifting strategy in a more challenging market
Heading back to school
The state of the real estate education industry



A d v e r t i s e m e n t s