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SPECIALTHE HAMPTONS SECTION p39 May 2021 National Real Estate News TheRealDeal.com COLONY’S How MARC GANZI NEW bet the CRE giant’s future Will reform +ever come to WORLD New York co-ops? p30 NYC’s biggest general on the next-gen economy p70 contractors p59 The case of the vanishing RE attorney ORDER p74 Wait until you see the pool house. elliman.com © 2021 DOUGLAS ELLIMAN REAL ESTATE. EQUAL HOUSING OPPORTUNITY. 575 MADISON AVENUE, NY, NY 10022. 212.891.7000. Immediate Occupancy Now Available! studios from $695,000 1 bedrooms from $995,000 2 bedrooms from $1,425,000 3 bedrooms from $1,935,000 4 bedrooms from $3,400,000 Visualizations by binyan studios. tHE C oMPlEtE oFFERinG tERMs aRE in an oFFERinG P LAN aVAILABLE FR oM sPONSOR. F ilE no. C d18-0132. residence features More than 55,000 square › Two distinctive residence interior finish palettes — Classic and Heritage feet of unrivaled indoor and › Latch™ smart entry door locks outdoor amenities. › Smart wifi enabled thermostats › 10'-0" ceilings (typical) › Integrated USB outlets in select locations › In-residence washer/dryer Global design, rooted in Brooklyn. › 7" wide plank American White Oak flooring building features › Private driveway, motor court, and porte-cochere Architecture by Studio Gang. › Coffee bar and co-working lounge › Outdoor dog park Interiors by Michaelis Boyd. outdoor and park amenities › Fitness deck Landscape by Hollander Design. › Quiet lawn › Active lawn › Interactive children’s play area › Outdoor lounge › Private dining with barbecues › Sun deck › Hot tub › Wooded forest walk park club amenities › 13,000 square-foot, state-of-the-art fitness, spa, and aquatic center designed and curated by The Wright Fit, including: • Cardio and weight training areas • Yoga and group fitness studio • Squash court • 75-foot indoor saltwater lap pool with adjoining outdoor sundeck • Men’s and women’s locker rooms with steam showers and saunas • Private massage treatment and relaxation rooms › Salon lounge with adjoining outdoor barbecues and private dining › Co-working lounge with coffee service and private meeting rooms › Games room with table tennis, foosball, and classic board games › Children’s playroom › Maker studio › Catering pantry sky club amenities › Private dining room with demonstration bar and kitchen › Catering and prep kitchen › Library › Sky Lounge with fireplace and billiards table › Screening room and performance space › Music rehearsal studio › Study nooks › Card room and cocktail lounge › Golf simulator and virtual gaming room Sales Gallery 11 Hoyt Street, Brooklyn, NY Contact [email protected] +1 (718) 858-6408 11hoytbrooklyn.com 31118 BROAD BEACH ROAD 33740 PACIFIC COAST HIGHWAY 33800 PACIFIC COAST HIGHWAY 3903 CARBON CANYON ROAD $100,000,000 | 5 Bed | 14 Bath $45,000,000 | $275,000/month | 6 Bed | 8 Bath $44,500,000 | 4 Bed | 5 Bath $35,000,000 | 6 Bed | 9 Bath 30385 MORNING VIEW DRIVE 28926 CLIFFSIDE DRIVE 32852 PACIFIC COAST HIGHWAY 0 TRANCAS ROAD $29,995,000 | 8 Bed | 9 Bath | Rendering $27,500,000 | $85,000/month | 4 Bed | 5 Bath $24,500,000 | $110,000/month | 4 Bed | 4 Bath $24,000,000 | Approx. 24.88 Acres 29130 CLIFFSIDE DRIVE 22102 PACIFIC COAST HIGHWAY 22160 PACIFIC COAST HIGHWAY 6708 WILDLIFE ROAD $22,995,000 | 5 Bed | 6 Bath $22,995,000 | 4 Bed | 4 Bath $22,000,000 | 4 Bed | 5 Bath $19,450,000 | $150,000/month | 6 Bed | 7 Bath 11902 ELLICE STREET 6020 BONSALL DRIVE 30708 PACIFIC COAST HIGHWAY 27454 WINDING WAY $16,995,000 | $74,950/month | 5 Bed | 6 Bath $15,995,000 | 7 Bed | 8 Bath $10,995,000 | 4 Bed | 3 Bath $9,995,000 | 6 Bed | 10 Bath 31616 BROAD BEACH ROAD 6851 FERNHILL DRIVE 21340 PACIFIC COAST HIGHWAY 27445 WINDING WAY $9,450,000 | 5 Bed | 5 Bath $8,995,000 | 5 Bed | 4 Bath $8,995,000 | 3 Bed | 3 Bath $8,450,000 | 7 Bed | 8 Bath | Rendering 4102 ENCINAL CANYON ROAD 33127 PACIFIC COAST HIGHWAY 6917 GRASSWOOD AVENUE 23907 MALIBU ROAD $8,000,000 | Approx. 135 Acres $7,995,000 | 5 Bed | 6 Bath $6,995,000 | 3 Bed | 3 Bath $6,850,000 | Approx. 4.36 Acres | Rendering 1085 CAROLYN WAY | BEVERLY HILLS 31478 BROAD BEACH ROAD 31569 SEA LEVEL DRIVE 6307 VIA CATALDO STREET $6,695,000 | 5 Bed | 7 Bath $6,450,000 | 3 Bed | 4 Bath $5,495,000 | 4 Bed | 4 Bath $4,995,000 | 4 Bed | 3 Bath CHRIS CORTAZZO 310.457.3995 [email protected] DRE 01190363 6180 BUSCH DRIVE 29934 CUTHBERT ROAD 3030 ENCINAL CANYON ROAD 6100 VIA ESCONDIDO DRIVE $4,695,000 | 4 Bed | 4 Bath $2,995,000 | Approx. 2.3 Acres | Rendering $2,395,000 | Approx. 12 Acres $1,795,000 | Approx. 4.42 Acres 0 SOUTH FOOSE ROAD 0 OLD CHIMNEY ROAD 23402 MALIBU COLONY ROAD 24834 PACIFIC COAST HIGHWAY $1,250,000 | Approx. 5.05 Acres $869,000 | Approx. 3.27 Acres $300,000/month | 6 Bed | 7 Bath $200,000/month | 5 Bed | 8 Bath 24434 MALIBU ROAD 6238 BONSALL DRIVE 28936 CLIFFSIDE DRIVE 28946 CLIFFSIDE DRIVE $175,000/month | 5 Bed | 6 Bath $100,000/month | 8 Bed | 9 Bath $100,000/month | 5 Bed | 4 Bath $100,000/month | 5 Bed | 6 Bath 32960 PACIFIC COAST HIGHWAY 27348 PACIFIC COAST HIGHWAY 26714 LATIGO SHORE DRIVE 26901 SEA VISTA DRIVE $100,000/month | 5 Bed | 6 Bath $85,000/month | 4 Bed | 4 Bath $75,000/month | 3 Bed | 3 Bath $75,000/month | 6 Bed | 9 Bath 6345 TANTALUS DRIVE 24608 MALIBU ROAD 31666 BROAD BEACH ROAD 23618 MALIBU COLONY ROAD $70,000/month | 6 Bed | 8 Bath $65,000/month | 5 Bed | 5 Bath $55,000/month | 4 Bed | 5 Bath $50,000/month | 4 Bed | 3 Bath 24212 MALIBU ROAD 27082 MALIBU COVE COLONY DRIVE 31220 BROAD BEACH RAOD 3000 DECKER CANYON ROAD $50,000/month | 3 Bed | 3 Bath $45,000/month | 4 Bed | 5 Bath $40,000/month | 4 Bed | 6 Bath $40,000/month | 5 Bed | 6 Bath 23901 MALIBU KNOLLS ROAD 33406 PACIFIC COAST HIGHWAY 6651 ZUMIREZ DRIVE 6228 TRANCAS CANYON ROAD $40,000/month | 4 Bed | 4 Bath $37,500/month | 4 Bed | 4 Bath $35,000/month | 5 Bed | 5 Bath $30,000/month | 4 Bed | 3 Bath Compass is a real estate broker licensed by the State of California and abides by Equal Housing Opportunity laws. License Number [01991628]. All material presented herein is intended for informational purposes only and is compiled from sources deemed reliable but has not been verified. Changes in price, condition, sale or withdrawal may be made without notice. No statement is made as to accuracy of any description. All measurements and square footage are approximate. CONTENTS p20 Mixed signals New federal rent relief guidelines could disrupt NY’s 70 distribution plans How MARC GANZI transformed the CRE behemoth into a digital-first player p22 Limited equity COLONY’S Social housing models for affordability are gaining NEW WORLD momentum, but scaling up remains a challenge ORDER p26 74 Defending data Cyberattacks are on the rise — is real estate doing enough to protect its clients? p30 VANISHING ACT ‘Not our kind’ Discrimination persists in New York When attorney MITCH KOSSOFF vanished last month, co-ops, prompting it triggered lawsuits, allegations of forgery and a search for the millions calls for reform in escrow funds he was holding 8 TheRealDeal.com May 2021 ISTOCK, SONYA REVELL (MARC GANZI) 000_TOC_May21.indd 2 5/12/21 5:52 PM 59 p82 p34 Life in the Open office plans fast lane How the return Miami real estate to the workplace pros are giddy is changing about what the workspace Formula One could mean for the high-end market BUILDING BACK BETTER We rank the general contractors that were p66 most active over the past year and see how construction South Florida’s firms have adapted to the new normal hotel conundrum p83 Leisure travelers are keeping hotels afloat, Explosive charges Landlords cry foul but recovery hinges as two dozen on the return of identical lawsuits conventions, cruises The Douglas slam apartment Elliman president complex talks office 94 politics, the future of residential brokerage and his childhood as a country boy p76 Leggo my escrow p84 The Kossoff case highlights Mind the gap Reconciling the major flaws in unexplained gaps the regulation in Manhattan of escrow funds brokerage reports THE CLOSING p80 SCOTT Cap and trade A carbon credit market could give NYC landlords room DURKIN to meet looming COVER PHOTOGRAPHY emissions limits BY SONYA REVELL ISTOCK, GETTY IMAGES, RELATED, REDWOOD URBAN, AXEL DUPEUX (DURKIN) TheRealDeal.com May 2021 9 000_TOC_May21.indd 3 5/12/21 5:52 PM CONTENTS 39 Take a deep dive off the East End with our special section exploring the hottest real estate market in the tri-state THE PRICIEST SALES AND LISTINGS As buyers open their checkbooks, sellers are thinking big A MAD DASH FOR RETAIL Restaurateurs and luxury brands are hustling to find available locations NORTH STAR Bidding wars abound in the sizzling North Fork housing market ARRESTED DEVELOPMENT High demand and material shortages have made homebuilding more expensive than ever NO RESERVATIONS Shinnecock Nation rolls the dice on a casino in Southampton GROUND SWELL A seasonal influx of city residents becomes a year-round occupation CAULDWELL WINGATE 84 Rent-roll report: 85 Omicrom One Park Avenue microscope A look at who's paying A close look at the firm's what at the NYU-anchored four-property mixed-use Vornado property portfolio in suburban Boca Raton 85 Buyer bait Which New York condo and co-op developments are offering the sweetest incentives to move units EDITOR’S NOTE.............................................................................14 IN THEIR WORDS.............................................................................16 NATIONAL NEWS..........................................................................18 COMINGS & GOINGS.......................................................................86 OBITUARIES..........................................................................................88 380 LEXINGTON AVENUE | NEW YORK, NY 10168 | 212.983.7150 WE HEARD.......................................................................................90 CAULDWELLWINGATE.COM 10 TheRealDeal.com May 2021 GETTY IMAGES 000_TOC_May21.indd 4 5/12/21 5:52 PM Did you know? Real estate agents can help their clients get special pricing on their next mortgage.
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