Today, we are the largest and most-respected real estate-focused publication in the U.S., following the money in a \\$60 trillion dollar industry.Spreading out from our roots in New York, we’ve got a staff of 100 people and cover the market from coast to coast.\xa0 We’ve won more than 50 journalism awards. We’ve written books (our most recent, “The New Kings of New York,” was named one of the best books of 2022 by the New York Post) and produced documentaries for PBS.\xa0
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I’m most proud that we’ve helped develop editorial talent, and we’ve sent countless reporters and editors to the most respected publications. It’s a two-way street — our staff now also hails from some of the most prominent news outlets around.
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Leading up to this 20th anniversary, though, I really didn’t want to think about any of it. The passage of time and all that. I was too busy. \xa0
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And there is always the nagging feeling that we should have done more.For an industry this size, we are still pretty small. We’ve made every mistake along the way, from bad hires to (arguably) not taking financing to grow. And no Pulitzers yet.
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If I slice it another way, though,that feeling of “it’s never enough” keeps driving us forward.It’s the same impulse that pushes real estate developers to build further up to the heavens each year, that causes brokerages to want to expand nationally and that compels investors to keep amassing bigger fortunes. It’s the ambition of our big cities and of the real estate industry. And it has served us well. \xa0
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With time, I’ve gotten (a bit) better at realizing the main thing about what we do:It’s fun.It’s fun to get scoops, to think big-picture and write long, juicy yarns or books. It’s fun to chronicle how money and power work through the lens of real estate. The characters are outsized and (often) shameless and therefore fun to write about.\xa0
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There's all that and more in this issue.There is a\xa0package of stories\xa0about our two decades recapping the crazy world of real estate. And oh yeah, there was a banking crisis this past month that has major ramifications for real estate — see “Nine Days in Hell.”\xa0
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Plus,there’s our annual ranking of\xa0NYC’s top residential brokers, the new type of\xa0sprawl growing in Texas\xa0and the quiet rise of billionaire\xa0Michael Dell’s MSD Capital\xa0to become one of the biggest real estate players nationwide, leveraging his already substantial tech fortune into more money. Because it’s never enough.\xa0
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Enjoy the issue!And thank you for these first two decades.\xa0
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