News: Spotlight Content

Faith Hope Consolo of Prudential Douglas Elliman

What was your greatest professional accomplishment in 2011? Leading my team to what not only is a record year, but a record-shattering, Rod Laver 1969 Grand Slam year! Our deals spanned the globe, covering tenants and clients from Europe to South America to Asia to Mexico. We placed them all over the city ­and the U.S. They also spanned category types. Our team showed the breadth of our services and dedication to the client. Most notable project/deal transaction: The most newsworthy deal, by far, was the sale of the former Elizabeth Taylor/Felissimo townhouse on West 56th St. to Carlos Slim for $15.5 million for a number of reasons: the price; the purchaser and the provenance. It was a whirlwind for all of us, as it came together in just days. It was a challenge for those of us marketing the property but ultimately satisfying, as it made our client, the seller, extremely happy, and introduced us to an exceptional man in Mr. Slim. Predictions for commercial real estate in 2012: Compared with many other areas in the country, New York City has bounced back completely: commercial rents exceed 2007 levels, and leasing has once again expanded beyond the traditional retail thoroughfares to new neighborhoods and side streets. I fully expect that to continue, and for stores to look even farther afield to the outer boroughs as they seek growth and our affluent established neighborhoods. Nationally, we'll still see some challenges; retail follows rooftops, and we need the housing market to settle down before we'll see a total recovery in cities such as Las Vegas and Phoenix. Resolutions for 2012: Unfortunately, I always say the same thing - to take time to smell the roses, exercise more, etc. And I never do, because I'm fulfilling my other resolution - to continue to find new retailers and new locations, and to find new ways to serve the real estate community at large through organizations like ICSC and NYCREW. So I suppose the resolution is MORE!
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Over half of Long Island towns vote to exceed the tax cap - Here’s how owners can respond - by Brad and Sean Cronin

When New York permanently adopted the 2% property tax cap more than a decade ago, many owners hoped it would finally end the relentless climb in tax bills. But in the last couple of years, that “cap” has started to look more like a speed bump. Property owners are seeing taxes increase even when an
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Oldies but goodies:  The value of long-term ownership in rent-stabilized assets - by Shallini Mehra

Oldies but goodies: The value of long-term ownership in rent-stabilized assets - by Shallini Mehra

Active investors seeking rent-stabilized properties often gravitate toward buildings that have been held under long-term ownership — and for good reasons. These properties tend to be well-maintained, both physically and operationally, offering a level of stability
How much power does the NYC mayor really have over real estate policy? - by Ron Cohen

How much power does the NYC mayor really have over real estate policy? - by Ron Cohen

The mayor of New York City holds significant influence over real estate policy — but not absolute legislative power. Here’s how it breaks down:

Formal Legislative Role

Limited direct lawmaking power: The NYC Council is the primary
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The strategy of co-op busting in commercial real estate - by Robert Khodadadian

In New York City’s competitive real estate market, particularly in prime neighborhoods like Midtown Manhattan, investors are constantly seeking new ways to unlock property value. One such strategy — often overlooked but