Copyright 2008 The New York Sun Wed, 24 Sep 2008 21:33:28 -0400 http://blogs.law.harvard.edu/tech/rss Michael Stoler :: Stories from The New York Sun http://www.nysun.com/authors/Michael+Stoler istoll@nysun.com (Ira Stoll) webmaster@nysun.com en-us MICHAEL STOLER http://www.nysun.com/real-estate/wall-st-woes-give-rise-to-talk-of-black-september/86555/ Thu, 25 Sep 2008 00:00:00 EST As layoffs begin on Wall Street as well in the professional service industries, the real estate industry is bracing for a wave of office space to hit the market, followed by a precipitous fall in rental rates and a surge in vacancy. Even the most optimistic real estate executives are finally beginning to worry, with many dubbing this month "Black September." "Due to the recent events, rents are down by at least 10% to 15% and trending downward," the president of Newmark Knight Frank, James... MICHAEL STOLER http://www.nysun.com/real-estate/fannie-freddie-and-the-multifamily-market/86102/ Thu, 18 Sep 2008 00:00:00 EST The world of commercial real estate has been in a state of disarray amid the subprime crisis and the resulting foreclosures, rising unemployment, and the dislocation of the securitization and capital markets. Now, investors and lenders are debating the implications of the federal government's rescue of mortgage giants Fannie Mae and Freddie Mac. While some say that the bailout is enabling the multifamily real estate sector to proceed at a healthy pace, others worry that the companies will be so... MICHAEL STOLER http://www.nysun.com/real-estate/hostile-lending-environment-weighs-on-investors/85612/ Thu, 11 Sep 2008 00:00:00 EST The skies are ominous for real estate investors, especially those seeking financing. Take the failure last week of Silver State Bank of Henderson, Nev., which had about $2 billion in total assets. The bank's collapse — the 11th such failure so far this year — follows an announcement last month by the Federal Deposit Insurance Corp. that the number of banks on its "problem list" rose 30% during the second quarter of 2008. At the end of June, there were 117 banks on the agency's watch list, up... MICHAEL STOLER http://www.nysun.com/real-estate/pros-optimistim-amid-doom-and-gloom/85187/ Thu, 4 Sep 2008 00:00:00 EST Real estate executives, building owners, and leasing brokers are anxiously watching the start of the fall season, as September marks a time when office leasing activity often picks up after the summer doldrums, setting the tone for remainder of the year. Unfortunately, the credit crisis and dislocation of the capital markets is persisting. According to trade sources, Wall Street investment banks failed to securitize even a single dollar of collateralized mortgage-backed securities over the... MICHAEL STOLER http://www.nysun.com/real-estate/ny-educators-planning-expansions/84819/ Thu, 28 Aug 2008 00:00:00 EST Note: Correction appended. New York is home to a larger number of students than any other American city, according to the city's Economic Development Corp., and colleges and universities are planning to spend more than $15 billion in expansion costs meet their growing needs. Much of the construction is set to start during the next several months. At the City University of New York, one of the nation's largest urban public universities, construction for the first phase of the CUNY-Wide Advanced... MICHAEL STOLER http://www.nysun.com/real-estate/retail-is-pillar-of-strength-in-cracking-economy/84328/ Thu, 21 Aug 2008 00:00:00 EST Bankruptcies have plagued the retail sector this year, with a number of prominent stores in New York closing, including the Sharper Image, Bombay Co., Steve & Barry's, Comp USA, Linens 'N Things, Fortunoff, and Bennigan's. Last month, Starbucks Coffee Co. announced it plans to close 600 stores nationwide, 11 of them in New York City. Despite all this negativity, retail experts are bullish: "Yes, the economy is going to be experiencing challenges, and other economic factors demonstrate signs of... MICHAEL STOLER http://www.nysun.com/real-estate/summer-doldrums-sales-of-condos-down-sharply/83866/ Thu, 14 Aug 2008 00:00:00 EST As we approach the end of summer, the sales volume of New York City condominiums is way down, and it is harder than at any time in recent history for purchasers to qualify for residential mortgages, most developers and brokers say. Still, many are hopeful that the situation is merely a case of the summer doldrums, and that activity will pick up again in the fourth quarter of 2008. "The indicator which sticks out most for condominium sales for 2008 is that the total number of transactions are... MICHAEL STOLER http://www.nysun.com/business/commercial-real-estate-financing-becomes-needle/83388/ Thu, 7 Aug 2008 00:00:00 EST It is getting increasingly difficult to secure financing for commercial real estate, and the crisis in the credit market and dislocation of the capital markets is having a dramatic effect on investment sales. Through the second quarter of this year, sales activity for Manhattan properties worth at least $10 million dropped 59%, to $13.8 billion, compared with the period a year ago, according to a report by the New York Capital Markets Group of Cushman & Wakefield released last week. The sales... MICHAEL STOLER http://www.nysun.com/real-estate/sovereign-wealth-funds-gain-ground/82964/ Thu, 31 Jul 2008 00:00:00 EST Sovereign wealth funds are emerging as contentious players in the financial markets, and analysts and industry leaders say that as real estate companies' valuations fall and capital becomes more constrained, such funds will be making major investments in the real estate investment trusts. According to a report issued by the international capital group of Jones Lang LaSalle, the second-largest sovereign wealth fund, Norway Government Pension Fund, recently allocated 5% of its assets to real... MICHAEL STOLER http://www.nysun.com/real-estate/reasons-to-be-bullish-about-citys-hotel-industry/82513/ Thu, 24 Jul 2008 00:00:00 EST Some veteran executives of the hospitality industry are bullish on the state of the hotel market, while others are cautioning that investors are cognizant of the serious problems with America's economy, including the reeling airline industry, the loss of values in the domestic and European stock markets, and the possibility of rapid inflation. Last week, tens of thousands of visitors came to New York City to attend Major League Baseball's All-Star festivities. At the end of August, the city... MICHAEL STOLER http://www.nysun.com/real-estate/how-crimping-fannie-freddie-could-harm-american/82029/ Thu, 17 Jul 2008 00:00:00 EST While Fannie Mae and Freddie Mac have been the subject of intense press coverage in recent days, there has been little discussion that these government-sponsored enterprises are responsible for financing billions of dollars in multifamily rental housing. These GSEs provide for the financing of apartment buildings, condominiums, and cooperatives containing five or more individual units through Delegated Underwriting and Servicing and other lenders. Freddie Mac said it has bought more than $189... MICHAEL STOLER http://www.nysun.com/real-estate/specialty-lenders-thrive-in-a-challenging-economy/81571/ Thu, 10 Jul 2008 00:00:00 EST In this summer of discontent for the commercial real estate marketplace, many investors are finding that their most difficult task is securing financing to purchase or refinance commercial properties. This is especially true for the relatively young or inexperienced developer. There are, of course, traditional lenders such as commercial banks and insurance companies that will lend under new terms and conditions — leverage is no longer at 90% with interest only and little or no amortization. But... MICHAEL STOLER http://www.nysun.com/real-estate/real-estate-investors-may-resort-to-prayer/81173/ Thu, 3 Jul 2008 00:00:00 EST With the pace of investment sales for commercial property down about 80% since the beginning of the year, real estate investors might find it worthwhile to go on a two-month holiday and hope and pray the investment market and capital markets return to a level of normalcy. As the president of Silverstein Properties, Larry Silverstein, recently remarked on my television show: "The capital markets' dislocation in real estate is the worst I have seen in my 55 years in real estate." The dislocation... MICHAEL STOLER http://www.nysun.com/real-estate/from-condominiums-dormitories-may-rise/80715/ Thu, 26 Jun 2008 00:00:00 EST To meet the housing needs of an increasing student population in the more than 100 colleges and universities in New York City, many institutions as well as private and public corporations are seeking sites to develop dormitories and student housing. Fordham University is aiming to increase the population at its Lincoln Center campus by 2,500 students, to 10,500; New York University's long-term plan calls for 1,000 new students locally, and the City University of New York has reported record... MICHAEL STOLER http://www.nysun.com/real-estate/new-health-care-facilities-planned-in-ny/80315/ Thu, 19 Jun 2008 00:00:00 EST To meet the needs of residents of the tristate region, health care institutions are planning and developing new facilities. "With an aging population and surging improvements in medical technology, health care leaders in the United States have urged a one-third increase in physicians. By 2020, just 12 years from now, the U.S. population is slated to grow by over 33 million, which is more than New York State's current population," a state senator and the chairman of the Senate Health Committee... MICHAEL STOLER http://www.nysun.com/real-estate/ikea-leads-a-retail-renaissance/79864/ Thu, 12 Jun 2008 00:00:00 EST A major retail expansion is under way in Brooklyn, especially in Red Hook and downtown. The emergence of more retail stores comes in response to rising local incomes, growing demand for quality goods, and a national consolidation of retail into urban areas to avoid high energy costs, experts say. After more than six years of planning, next week consumers will descend on New York City's first Ikea store. The furniture outlet is at 1 Beard St., on a 22-acre site along the waterfront in Red Hook... MICHAEL STOLER http://www.nysun.com/real-estate/assessing-the-hospitality-industry/79321/ Thu, 5 Jun 2008 00:00:00 EST More than 2,500 professionals from around the world were in attendance this week at the 30th Anniversary New York University International Hospitality Industry Investment Conference, and the topic du jour was whether the city's hospitality industry can maintain its strength and resilience during the economic turmoil of 2008. The stagnant economy and rising inflation and fuel costs have created an unhealthy dependency on foreign travelers in the hotel and restaurant industries, experts said, and... MICHAEL STOLER http://www.nysun.com/real-estate/investment-sales-market-has-pros-thinking/78845/ Thu, 29 May 2008 00:00:00 EST For many real estate executives, 2008 is the year of radical changes. Building sales through the first five months of the year in New York's investment sales market have been moving at a snail's pace. Investment sales executives are marketing plenty of office and residential properties, yet very few are actually closing and investment sales are down by as much as 80%. The signs of the downturn were apparent a year ago. In a column headlined "Credit Changes Could Usher in Return of 'Reality... MICHAEL STOLER http://www.nysun.com/real-estate/excessive-demand-buoys-rental-apartment-market/76879/ Thu, 22 May 2008 00:00:00 EST Despite the cloudy economic forecast and the nearly 80% drop in investment sales of commercial office properties in the first quarter of 2008, industry leaders are bullish on the value of residential rental apartments in New York City and nearby New Jersey. "Multi-family residential rental apartment buildings in New York City with values under $50 million are not coming down in price," the chairman of Massey Knakal Realty Services, Robert Knakal, said. "The volume of sales in this niche is down... MICHAEL STOLER http://www.nysun.com/real-estate/gauging-the-slowdowns-impact-on-office-space/76485/ Thu, 15 May 2008 00:00:00 EST The biggest question in the minds of real estate executives is what effect the Wall Street layoffs and the prospect of a recession will have on New York City's commercial office marketplace. "Nearly 50,000 Jobs Slashed This Year: More Lehman Pain" a headline warned in the May 10 edition of the Wall Street Journal. On Tuesday, JPMorgan Chase announced that 50% of employees at Bear Sterns would be axed, and the bank announced plans to eliminate about 1 million square feet of its office space in... MICHAEL STOLER http://www.nysun.com/real-estate/believe-it-condo-sales-slow/76027/ Thu, 8 May 2008 00:00:00 EST Very little correct information is being floated about the state of the New York City condominium marketplace. The glossy, full-page advertisements for luxury condominiums that are liberally sprinkled throughout local publications project strong sales, while the regular quarterly reports on the state of the local market suggest the city has been relatively immune to the real estate downturn that has crippled other cities. In reality, nervousness about the economy, falling consumer confidence... MICHAEL STOLER http://www.nysun.com/real-estate/even-in-weak-economy-citys-retail-sector-is-a-buy/75676/ Thu, 1 May 2008 00:00:00 EST Even though the list of negative economic news is long and varied — consumer confidence in April fell to its lowest point in five years and consumer spending is falling as inflation is on the rise; food prices have risen between 10% and 15% in the last six months and prices are rising for nearly every commodity; clothing imported from Europe is selling at its highest prices ever — the retail real estate sector is strong in the tri-state region, and many projects are in various stages of... MICHAEL STOLER http://www.nysun.com/real-estate/is-there-a-silver-lining-to-the-doom-and-gloom/75251/ Thu, 24 Apr 2008 00:00:00 EST Each week the picture gets darker, with layoffs, predictions of doom and gloom, and stagnation in the investment sales marketplace. This year started with a thud, as total transactions closed and under contract for the first quarter of 2008 was $5.1 billion, 80% below last year's levels. Last week, some of America's leading real estate and business leaders gave their assessments of the state of the real estate market. "Real estate is getting worse," the chief executive officer of JPMorgan Chase... MICHAEL STOLER http://www.nysun.com/real-estate/hospitality-industry-weathers-real-estate-storm/74834/ Thu, 17 Apr 2008 00:00:00 EST One segment of the real estate market that appears to be weathering the storm is the hospitality industry. While investors have been reluctant to purchase commercial real estate in New York City, where prices have dropped between 10% and 15% as a result of the credit crisis and the dislocation of the capital markets, hotels are being planned and are under construction around Manhattan. Still, industry leaders warn that like the rest of the real estate market, financing for new hotels has all... MICHAEL STOLER http://www.nysun.com/real-estate/financing-market-worst-in-20-years/74469/ Thu, 10 Apr 2008 00:00:00 EST During the first quarter of 2008, fear of recession and a scarcity of financing are causing a significant reduction in investment sales, perhaps the most precipitous drop in decades. It is difficult to comprehend that during the first 90 days of the year contracts for sale were signed for only two prominent office buildings: Murray Hill Properties' purchase of the 39-story, 748,000-square-foot office building at 1250 Broadway for $310 million (which is scheduled to close in May) and Ben... MICHAEL STOLER http://www.nysun.com/real-estate/office-space-glut-talk-of-the-industry/74069/ Thu, 3 Apr 2008 00:00:00 EST The million-dollar question facing developers is whether New York City can absorb all of the office space that will materialize over the next three to five years. At least 10 million square feet of office space is in various stages of construction or planning in the city, even without taking into consideration Tishman Speyer's planned build-out of the West Side Rail Yards and the World Trade Center development. Probably the largest obstacle is whether these planned developments would be able to... MICHAEL STOLER http://www.nysun.com/real-estate/shortage-of-housing-threatens-city-institutions/73748/ Thu, 27 Mar 2008 00:00:00 EST New York City is struggling more and more to house the students, researchers, professors, and medical residents at its world-class education and health care centers, and the shortage of professional housing could threaten the quality of the institutions they serve, institutional leaders and real estate executives familiar with the industry say. "The absence of affordable student, post-doctorate, resident, and faculty housing is a major detriment to the recruitment and retention of the best... MICHAEL STOLER http://www.nysun.com/real-estate/how-philanthropy-builds-new-york/73275/ Thu, 20 Mar 2008 00:00:00 EST Philanthropy is fueling the development of major commercial projects throughout the region, but due to the credit crisis and the turmoil in the stock market, in addition to major losses incurred by financial services firms, the big question now is whether nonprofits will be able to survive. "The current conditions will have a significant effect on nonprofits' fund-raising," the president and CEO of the Mount Sinai Medical Center, Dr. Kenneth Davis, said. "Nevertheless, New Yorkers will continue... MICHAEL STOLER http://www.nysun.com/real-estate/real-estate-leaders-bank-on-a-sunny-spring/72872/ Thu, 13 Mar 2008 00:00:00 EST Leading voices in the real estate industry say they hope that the arrival of spring will inspire a change in the glum perspective of owners, investors, and lenders on the state of the commercial real estate market. "The national economy is the strongest business and financial market the world has ever seen, and New York City is the nation's strongest business and financial market," a managing member and co-founder of Murray Hill Properties, Norman Sturner, said. "Do not underestimate our... MICHAEL STOLER http://www.nysun.com/real-estate/impossible-dream-of-rental-development/72416/ Thu, 6 Mar 2008 00:00:00 EST Real estate experts say the development of residential rental apartment buildings is grinding to a halt in New York City. Limited availability of financing, high land and construction costs, the elimination of the 421-a program, and limitations on tax exemption financing has led to conditions that make building unprofitable for developers, even as the demand for new rentals is greater than ever. "Developing rentals is the impossible dream," the chairman of Douglaston Development, Jeffrey... MICHAEL STOLER http://www.nysun.com/real-estate/divide-between-manhattan-other-boroughs/72033/ Thu, 28 Feb 2008 00:00:00 EST With "stagflation" the buzzword of the month, the price of oil rising past $100, an increase in the consumer price index, turbulence in the stock and capital markets, and general uncertainty in the minds of investors, the fate of New York City's residential condominium market — the ever present symbol of the latest real estate boom — is cloudy. As thousands of condominium units are being developed across the five boroughs, members of the banking community, brokers, and developers have divergent... MICHAEL STOLER http://www.nysun.com/real-estate/residential-rental-buyers-adapt-to-todays-market/71584/ Thu, 21 Feb 2008 00:00:00 EST As the second month of 2008 comes to an end, members of the real estate community are beginning to accept the fact that the market has seen a price correction. Purchasers of residential rental property in New York City have had to adopt a whole new terminology, with phrases like "all-cash purchaser," "seller financing," "full and limited recourse," "higher debt service coverage," "lower loan to values," and "personal guarantees." Despite the new rules now in place, investors are actively... MICHAEL STOLER http://www.nysun.com/real-estate/new-rules-for-property-investment-sales-game/71266/ Thu, 14 Feb 2008 00:00:00 EST While the credit market may have grown much tighter, industry leaders say there is significant equity available to bid for Class A office building assets, including the significant holdings of the Macklowe Properties portfolio, from real estate investment funds, investment trusts, hedge funds, pension funds, local and foreign investors, and real estate investment trusts. As we move through the second month of the year, few industry leaders expect 2008 to be a record breaker for Manhattan... MICHAEL STOLER http://www.nysun.com/real-estate/financing-availability-key-to-rental-building/70879/ Thu, 7 Feb 2008 00:00:00 EST Because of the crisis in the credit markets, few industry leaders expect 2008's residential rental buildings sales velocity to reach anywhere near last year's record levels. The only avenue to finance the purchase of rental properties, they say, is from balance sheet lenders and federal agency programs. Adding insult to injury, many owners of rental properties who are contemplating the possibility of selling are in denial about the current credit market and the limitations on financing. Last... MICHAEL STOLER http://www.nysun.com/real-estate/citys-hospitality-industry-inspires-cautious/70534/ Thu, 31 Jan 2008 00:00:00 EST On top of fears that there may be too many new hotel rooms in New York City's development pipeline, some industry experts are warning that if the credit crisis spurs a global recession, the hospitality industry could be further damaged due to a drop-off of foreign tourists visiting America to take advantage of the weak dollar. Still, even though financing for new hotel projects is all but dried up except for longtime local operators and certain national chains, some real estate experts say the... MICHAEL STOLER http://www.nysun.com/real-estate/heady-real-estate-days-are-behind-us/70068/ Thu, 24 Jan 2008 00:00:00 EST There is fear in the eyes of investors, lenders, leasing brokers, owners, and virtually everyone involved in commercial real estate. Some industry leaders worry that the heady days of megadeals are behind us. Others see great opportunities for buyers in 2008 because the credit crisis and a turbulent Wall Street could depress prices. Almost everyone agrees that the volume of sales will be way down from record levels in 2006 and 2007. As the chairman of the Lightstone Group, David Lichtenstein... MICHAEL STOLER http://www.nysun.com/real-estate/back-to-basics-in-2008/69716/ Thu, 17 Jan 2008 00:00:00 EST Records were shattered in 2007 in the commercial real estate arena, with more than $50 billion of commercial sales recorded in Manhattan alone. The office vacancy rate was at an all-time low; Taconic Investment Partners and New York State Retirement System sold its Class A office building at 450 Park Ave. for a record $1,560 a square foot, and residential condominiums in developments including the Plaza Hotel and 15 Central Park West reached $4,500 a square foot. That was 2007. "I think we can... MICHAEL STOLER http://www.nysun.com/real-estate/new-masters-of-the-lending-universe/69294/ Thu, 10 Jan 2008 00:00:00 EST In the last few years, Wall Street has dominated the real estate lending scene, serving as the undisputed force behind several record-setting quarters of commercial transactions. Big banks like Morgan Stanley, UBS, Wachovia, Credit Suisse, and RBS Greenwich Capital provided most of the real estate capital before the recent credit crisis and market turbulence. Looking ahead, the tables have turned, and the balance sheet lenders, made up of insurance companies, savings banks, commercial banks... MICHAEL STOLER http://www.nysun.com/real-estate/strong-signs-of-health-for-medical-facilities/68887/ Thu, 3 Jan 2008 00:00:00 EST The commercial and residential real estate construction boom in New York City in the last several years is being mirrored by a record-setting expansion in the city's health care sector, with billions of dollars pouring into the construction of new hospital and research facilities around the region. NewYork-Presbyterian Hospital, one of the world's most comprehensive health facilities, is composed of two renowned medical centers, NewYork-Presbyterian Hospital-Columbia University Medical Center... MICHAEL STOLER http://www.nysun.com/real-estate/commercial-real-estate-rules-changed-in-2007/68643/ Thu, 27 Dec 2007 00:00:00 EST For owners, operators, and developers of commercial real estate, 2007 will be remembered for the serious changes that have taken place in "the rules of the game." The turmoil in the credit markets resulted in a decrease in transactions in the fourth quarter and gave further credence to the expression "cash is king" when purchasing an asset. In addition, the market started to reward "relationship banking," and investors who failed to maintain excellent relationships with their investment bankers... MICHAEL STOLER http://www.nysun.com/real-estate/very-exciting-time-for-retail-in-new-york/68431/ Thu, 20 Dec 2007 00:00:00 EST Retail is as hot as a just-fired pistol in Manhattan and the other boroughs, and the credit climate and the weakened economy are not affecting the new retail developments planned throughout the city and the region. Industry experts say the weak dollar and the floods of European tourists are driving record-high rents. Last month, Cushman & Wakefield reported that retail rents on Fifth Avenue reached more than $1,500 a square foot. "The environment in New York City, partially sparked by tourism... MICHAEL STOLER http://www.nysun.com/real-estate/sales-records-shattered/67979/ Thu, 13 Dec 2007 00:00:00 EST Amid doom-and-gloom reports about the national economy, records will be shattered this year for investment sales of commercial real estate in Manhattan. For the first 11 months of 2007, according to a report issued by Cushman & Wakefield, more than $50.26 billion — yes, 50 billion dollars — in sales and contracts for commercial properties were closed in just the borough of Manhattan. That's about a 164% increase versus the first 11 months of 2006. In 2005, commercial sales in Manhattan amounted... MICHAEL STOLER http://www.nysun.com/real-estate/market-turmoil-alters-financing-landscape/67638/ Thu, 6 Dec 2007 00:00:00 EST As the year winds down, there is considerable disagreement among industry leaders about whether we are headed for a national recession, spurred by turmoil in the global capital markets and the spillover effect on the financing of real estate transactions in America and abroad. Last week, in an address to the 40th annual New York University Conference on Capital Markets at the Waldorf-Astoria, the managing director and chief U.S. economist of Deutsche Bank Securities, Joseph LaVorgna, said: "The... MICHAEL STOLER http://www.nysun.com/real-estate/amid-boom-a-fear-of-glut-in-hotels/67165/ Thu, 29 Nov 2007 00:00:00 EST The credit crisis and the turmoil in the capital markets are definitely affecting the sale of office and residential properties in New York City, but one sector of the city real estate market that so far appears immune to the economic turbulence is hospitality. Still, some hotel experts fear that an oversupply of rooms in the pipeline could lead to a drop in prices and that a decrease in the availability of financing could spur a downturn for the booming industry, despite the fact that... MICHAEL STOLER http://www.nysun.com/real-estate/concerns-rise-over-brooklyn-boom/66516/ Thu, 15 Nov 2007 00:00:00 EST It is hard to imagine that 14,300 new apartments are now under construction or in the pipeline for downtown Brooklyn. Business leaders who have made a positive commitment to this area are bullish on the future of the area, but others worry that a number of the planned developments there will be delayed because of the turmoil in the credit market, as well as the tightening of underwriting standards by financial institutions and the recent changes in the 421-a tax abatement program. On the... MICHAEL STOLER http://www.nysun.com/real-estate/downtown-brooklyn-finally-arrives/66134/ Thu, 8 Nov 2007 00:00:00 EST Downtown Brooklyn boasts more than 100,000 office workers, 35,000 students, 80,000 residents, 14 subway lines, 15 bus lines, and the Long Island Rail Road. On its own, the borough is the fourth-largest city in America, and its commercial district is one of the nation's busiest and most dense. But the area has not attracted a critical mass of offices, stores, and apartments to transform it into a 24/7 community. That is, many say, until now. There is now more than $9 billion worth of development... MICHAEL STOLER http://www.nysun.com/real-estate/hospitality-industry-soars-as-dollar-drops/65712/ Thu, 1 Nov 2007 00:00:00 EST With the euro and the pound at record highs, visitors are flocking to New York City, making the hospitality industry one of the fastest-growing segments of the commercial real estate market. Local and international investors are searching all areas of the city for sites to build hotels, and existing hotels are trading at record prices. According to information compiled by the brokerage CB Richard Ellis, at least 15,000 rooms are under development or in planning stages for more than 100 new... MICHAEL STOLER http://www.nysun.com/real-estate/all-signs-pointing-up-in-downtown-manhattan/65237/ Thu, 25 Oct 2007 00:00:00 EST In Lower Manhattan and nearby TriBeCa, every segment of the real estate market is hot as a pistol. Thousands of tourists from around the world, yuppies and eco-boomers, financial service executives, and construction crews are active in the revitalization of the nation's third-largest business district — the fastest growing residential market in New York City. A principal of Thompson Hotels, Michael Pomeranc, who is developing the Smyth Tribeca on Chambers Street and the Gild Hall at 15 Gold St... MICHAEL STOLER http://www.nysun.com/real-estate/rules-of-rental-building-buying-game-have-changed/64786/ Thu, 18 Oct 2007 00:00:00 EST For at least the past six years, investors including wealthy individuals, institutional and foreign investors, real estate investment funds, and real estate investment trusts have been actively pursuing ownership of residential rental apartments in New York City. Billions of dollars of rental apartments have been sold at financing terms never before witnessed. Tens of thousands of units have changed hands in part due to the widespread availability of attractive, low-cost financing. Then, the... MICHAEL STOLER http://www.nysun.com/real-estate/property-sales-outshine-the-gloom-and-doom/64385/ Thu, 11 Oct 2007 00:00:00 EST Despite the doom and gloom predictions spurred by the credit crunch and the evaporation of cheap debt, the real estate record books have been shattered through the first three quarters of 2007. Few expected that an office building in Manhattan would trade at a price of $1,560 a square foot, which Somerset Partners is paying for 450 Park Ave. It is well known that people from around the world want to reside in Manhattan, yet few would expect a joint venture of Mann Realty and Africa Israel...