Best of New York Real Estate 2011

The Real Deal staff’s picks for top real estate stories of 2011

We look back at Occupy Wall Street, Europe’s debt crisis, major deals and booming brokerages

December 30, 2011 04:13PM
By Leigh Kamping-Carder

New York real estate faced a whirlwind year in 2011, and numerous contenders surfaced when The Real Deal sat down to pick our favorite stories of the year.
There was the limping recovery of the residential sales market, coupled with several standout deals and the runaway revival of the rental market. Developers snapped up distressed properties, such as One Madison Park, while other stalled projects like the Azure cond-op tower came back to life.
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Real Estate Pros who've made the Forbes list

Top row from left: Solow Building Owner Sheldon Solow, Boston Properties Chairman Mort Zuckerman, LeFrak Organization Chairman Richard LeFrak, investor John Paulson; Bottom row from left: Donald Trump, Tishman Speyer Chairman Jerry Speyer, Blackstone Group Founder Stephen Schwarzman, Red Apple Group CEO John Castimitidis and Related Companies Founder Stephen RossOf the 63 New York City residents to make Forbes new list of the 400 richest people in America at least 13 are closely tied to the real estate industry. For example, the third richest New Yorker, right after businessman David Koch and Mayor Michael Bloomberg, is John Paulson, who made billions betting against the housing market right before the crash. He's the 17th richest person in the country, according to Forbes, with a net worth of $15.5 billion.

The 60th richest American is New York City real estate magnate Richard LeFrak, who is worth $5 billion thanks in part to the large housing developments he owns.
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Jay-Z snags buyer for record breaking Time Warner Center Condo

Clockwise from left: the apartment at the Time Warner Center, Jay-Z and buyer Taek Jho Low

The buyer of Jay-Z's former Time Warner Center pad has been revealed as an entity linked to Malaysian party boy Taek Jho Low, according to the New York Post. At $31 million, or more than $6,400 per square foot, Low paid more than anyone else has ever paid at the luxury site.

This is not an unusual purchase for Low, who has partied regularly with Linday Lohan, Megan Fox and Paris Hilton. He has owned various trophy properties, including a $33 million penthouse, formerly owned by Donald Trump, on Central Park West, which he sold for a $3 million loss last year.

Insiders told the Post that a "bevy of beautiful Asian women trailed by American men in suits" toured the glamorous 76th-floor condo several times during the negotiations. Low personally toured the property two years ago, when it was first put on the market. Raphael and Claudine De Niro of Prudential Douglas Elliman had the listing. [Post]
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