Matthew Elo

New York

Research Director at The Real Deal

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Articles

Ryan Serhant on Compass: “It’s Barnes & Noble”

4 days ago | therealdeal.com | Sheridan Wall |Matthew Elo

Ryan Serhant says Compass is wagering on the “real estate model of yesterday.”The celebrity broker took aim at the residential giant at The Real Deal’s New York City Showcase + Forum on Wednesday. Joined on stage by other cast members of his Netflix reality TV show, “Owning Manhattan,” Serhant criticized the firm’s strategies, including an acquisition tear and a battle over private listings with platforms and the National Association of Realtors.
Brooklyn-based Developers To Convert Clermont Armory Into Condos

1 week ago | therealdeal.com | Sheridan Wall |Matthew Elo

A once-abondoned armory in Fort Greene is turning into condos. Brooklyn-based developers Hesky and Samy Brahimy filed plans in April to convert the property at 167-171 Clermont Avenue, known as the Clermont Armory. The building currently houses 110 rental units and ground-floor commercial space. The Brahimys are partnering on the project with John Frezza of the Strategic Development and Construction Corporation.
The Real Deal Ranks Top Architects in New York City

1 week ago | therealdeal.com | Jake Indursky |Matthew Elo |Joseph Jungermann

For architects, 2024 was a tale in two parts. They spent the first half stuck in the mud as developers waited for housing policy clarity and the second half in a welcome return to form. “In the second half, we started getting some movement — some market-rate housing, office conversions into housing and different things like that — as people started to learn about these new abatements and new affordability programs,” Aufgang principal Ariel Aufgang said.
Top developers see opportunity amid uncsertainty

1 week ago | therealdeal.com | Elizabeth Cryan |Matthew Elo

For developers, 2025 appears to be a banner year as they look past federal policy uncertainty to the long-awaited good times. “New York City is very much on the rebound,” Two Trees’ Jed Walentas said. The state passed a revamped version of its affordable housing policy. The Federal Reserve began cutting interest rates slightly. A real estate guy was elected president. The City Council adopted City of Yes.
The Real Deal's Top NYC General Contractors of 2025

1 week ago | therealdeal.com | Suzannah Cavanaugh |Matthew Elo |Joseph Jungermann

Tariffs have dominated the headlines and terrified Wall Street, but the city’s biggest general contractors insist they’re not feeling the pain. “I haven’t paid a tariff yet,” boasted Bernard Ruf, president of Broadway Builders, which ranked 12th in TRD’s annual count of the city’s top construction firms. It has 1.5 million square feet under development. “Right now, it’s still just a discussion,” echoed Eli Weiss of Joy Construction, which took 10th place with over 1.8 million square feet.
Office buildings land New York City’s top real estate loans

2 weeks ago | therealdeal.com | Elizabeth Cryan |Matthew Elo

As office leasing wrapped up a blockbuster first quarter, lenders put big money into Manhattan office buildings last month. The asset class accounted for the two biggest real estate loans made in March, including at Milstein Properties’ rebranded 22 Vanderbilt in Midtown. Another large loan refinanced the office portion of the landmarked Woolworth Building in Tribeca.
What are NYC’s most expensive neighborhoods?

2 weeks ago | therealdeal.com | Sheridan Wall |Matthew Elo

The first three months of 2025 brought a bit of a shakeup to New York City’s most expensive neighborhoods. While Hudson Yards held on to the crown, Little Italy — absent from the top 50 list for nearly a year — reappeared to claim the No. 2 title on Property Shark’s quarterly report on closed sales during the period. The neighborhood nabbed a median sale price of $4.6 million across just seven deals.
Supermodel Irina Shayk sells West Village condo

3 weeks ago | therealdeal.com | Sheridan Wall |Matthew Elo

Irina Shayk has finally parted with her West Village condo. The Russian supermodel sold her apartment at 166 Perry Street for $3.25 million, or roughly $1,300 per square foot, according to public records. The deal came nearly a decade after Shayk initially sought to offload the duplex and was $1 million less than she asked for the unit when it hit the market again last summer.
Who’s keeping New York’s rental brokers in check?

3 weeks ago | therealdeal.com | Sheridan Wall |Matthew Elo

New York City is cracking down on brokers’ fees, but by all appearances, renting in the five boroughs is still the Wild West. The Department of Consumer and Worker Protection proposed levying fines starting at $750 against brokers and landlords charging a fee to tenants who didn’t expressly hire the agent, Crain’s New York reported.
How Much Do You Need to Earn To Buy a New York City Home?

1 month ago | therealdeal.com | Sheridan Wall |Matthew Elo

A broker once told me he objected to the term “luxury” to describe one segment of the New York City market — with the steep cost of housing across the five boroughs, owning a home at all is a luxury. It was an especially grounded take for an agent who’s built his career selling eight-figure townhouses in the West Village, and one echoed in a recent Redfin report measuring the gap between the income required to purchase a home versus rent across New York, Newark and Jersey City.