Archive for October, 2009

Big Deal: Applying Realism to the Apartment Hunt

October 31st, 2009    Posted in New York City Real Estate News, Real Estate News
 
Steve Eisman, the hedge fund manager who bet heavily against subprime mortgages, has come back into the Manhattan co-op market to buy a larger, more gracious apartment.

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Big Deal: Room for the Eight-Legged

October 31st, 2009    Posted in New York City Real Estate News, Real Estate News
 
Louise Bourgeois, the French-born sculptor, who lives in a 15-foot-wide town house on West 20th Street, is about to get some additional elbow room.

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Big Deal: A Season of Adjustment

October 31st, 2009    Posted in New York City Real Estate News, Real Estate News
 
Scott Bessent's 11-room duplex apartment at One Sutton Place South could be considered a bellwether for the fall season and the possible recovery of the Manhattan real estate market.

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Streetscapes | The Evelyn: The Building Denies It Ever Met That Showgirl

October 31st, 2009    Posted in New York City Real Estate News, Real Estate News
 
The Evelyn, an 1885 apartment house, wasn’t named after Stanford White’s mistress, Evelyn Nesbit, despite the rumors.

1 Comment

Habitats: A Makeover as Homage to the Past

October 31st, 2009    Posted in New York City Real Estate News, Real Estate News
 
Instead of moving, Helen Pearlstein renovated her Brooklyn home.Helen Pearlstein, an ebullient blonde in her 60s, is one of the best-known residents of Concord Village, her Brooklyn co-op.

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Square Feet: Alabama Pension Fund Plows Millions Into Property in Its Own Backyard

October 30th, 2009    Posted in NYC Commercial Real Estate
 
The Retirement Systems of Alabama has spent $650 million so far on construction projects in Mobile, investments designed to create cultural changes in the state.

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$1,111,000 1 BR in Wall St/Seaport/Battery Park

October 30th, 2009    Posted in City Apartments New York For Sale, City Apartments New York Homes, City Apartments New York Sales, Condos For Sale
 

New York NY Wall St/Seaport/Battery Park (Chambers and down)

Web ID#: 23988
Property Type: Hi-rise
Beds: 1
Baths: 1
Price: $1,111,000


view full listing
You first saw it in the horizon. Following the serene inner guidance, you set out looking for living this life of…… tranquility in elegant luxury…

INCOMPARABLE LOCATION, VIEW with EXQUISITE DESIGN: contemporary luxurious yet elegantly timeless…
In the HEART of down town Manhattan, the oldest, most historic and vibrant neighborhood of residential, culture, and commerce, steps to a ring of parks; incredible water and city view;
EXQUISITELY designed condo home, spa, dinning, sensational club living.

CLUB SERVICES and RESORT STYLE AMENITIES: luxury serene – a simple and calm living granted by sensual lavish services…
It’s designed to deliver whatever you DREAM, DESIRE or DEMAND, from five-star dinning in your home or in the private club, to private film screenings, lavish spa service, lushly landscaped rooftop lounge relaxation. Everything is available and all things are possible.
Some of the examples of the service features are: full concierge services, business center, fitness center, climate controlled wine cellar, indoor and outdoor roof lounge, lavish spa service and treatments.

SUMPTUOUS SPACE and SPLENDID FINISHES: a sanctuary of seamless combination of luxury, beauty, and pampering comfort…
wherever it lands, your gaze will be met by rich and exotic materials and top of the line features and finishes CRAFTED into each home. Each room is equipped with state-of -the-art telecommunications capacities including kitchen and baths.
high cellings;
washer and dryer
oversized walk-in closet

CONGRATULATIONS! Finally, YOU FOUND IT – it’s your home, your paradise…..now please allow me to usher you in….

For a private viewing contact Alexander @ 646.309.1898 or via e-mail alexd@nestseekers.com
Amenities

* Doorman
* Concierge
* Health Club
* Roof deck
* Elevator

* Washer/Dryer
* A/C units

Alex Dietrich
direct: 646-309-1898
alexd@nestseekers.com
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$760,000 1 BR in Long Island City

October 30th, 2009    Posted in Queens Real Estate | LIC
 

New York New York Long Island City

Web ID#: 23987
Property Type: Mid-rise
Beds: 1
Baths: 2
Price: $760,000


view full listing
Most Amazing Penthouse you can find under 1 Million.

Dining Area; Kitchen: New/ Eat In; Windowed; Dishwasher; Bathroom: New/ Stall Shower; Washer/ Dryer; Balcony: 16sqft; High Ceiling; Wood Floors; Floor To Ceiling Windows; Fitness Room; Laundry Room.

Alex Dietrich
cell: 646-309-1898
alexd@nestseekers.com
No Comments

$850,000 1 BR in Long Island City

October 30th, 2009    Posted in Queens Real Estate | LIC
 

New York New York Long Island City

Web ID#: 23986
Property Type: Hi-rise
Beds: 1
Baths: 1
Price: $850,000


view full listing
This is a one of a kind loft home with the best view of Manhattan skyline and East river from your living and bedroom as well as from your private backyard.

Open gourmet chefs kitchen with Pietro Concordia stone counters, Sub Zero fridge, Viking range and microwave, wine refrigerator , Bosch dishwasher and Grohe fixtures. Luxurious Spa bath with marble slab walls, Tumble marble mosaic floors, soaking tub and glassed enclosed shower, spacious double sinks and fixtures by Grohe.

**GE Washer/ dryer.**

All the homes here include access to a 35000sqf roof top garden with barbecues grills, Bocce ball court, Glass enclosed heated pool, Professional gym, Serenity Spa, Owners lounge with chefs kitchen and dining room, Party room with dance floor, Game room, Professional screening room, Garage. Organic food grocer, Drug store, Wine merchant, Fusion Restaurant and Bar lounge. One subway stop from Grand Central Station.

Alex Dietrich
direct: 646-309-1898
alexd@nestseekers.com
No Comments

Fitch downgrades CMBS deals backed by Stuy Town

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Fitch Ratings today downgraded three CMBS deals backed by Stuyvesant Town and Peter Cooper Village following the Court of Appeals ruling earlier this month that the owners illegally converted rent-stabilized apartments to market-rate units and must refund more than $200 million to current and former tenants. In a landmark 4-2 decision, the court upheld a lower court ruling that rent-stabilized tenants could not be forced to pay market rates in buildings receiving so-called J-51 tax incentives from the city. Tishman and its investment partner, BlackRock Realty, were dependent on that additional income to finance their massive $5.4 billion acquisition of Stuy Town and Peter Cooper Village in 2006. The property had already been in serious financial trouble due to the commercial credit crisis and national recession, and this ruling could deliver a major blow to the sponsors.


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1 BR $829,000 Trump Place

October 30th, 2009    Posted in City Apartments New York For Sale, City Apartments New York Homes, City Apartments New York Sales, Condos For Sale
 

Trump Place
220 Riverside Blvd

New York NY Upper West Side (59-96)

Web ID#: 23985
Property Type: Hi-rise
Beds: 1
Baths: 1
Price: $829,000


view full listing
The new property offers very spacious rooms, soaring high ceilings, large windows making it very airy and bright, beautiful herringbone wood floors, and great closet spacious, perfect as an investment or for any first time home buyer.

220 riverside blvd exuded luxury, elegance, comfort with a high level of service and amenities. Enjoy everything from your own reading area, billiards room, fitness facility with sauna and swimming pool, children’s playroom, outdoor courtyard, garage and private security staff.

David Tobon
direct: 646-443-3716
cell: 347-992-6645
davidt@nestseekers.com
Michael Arcos
direct: 646-443-3739
cell: 917-602-3111
michaela@nestseekers.com
No Comments

Africa Israel signs agreement to sell former NYT building, Israeli Web site says

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
An Israeli business Web site, Globes, is reporting that Lev Leviev's Africa Israel Investments has signed an agreement to sell the former New York Times building at 229 West 43rd Street. The business site, citing sources, said an agreement for the sale had been signed and an official announcement would come within days. No sale price was given, but the sale would increase the shareholders' equity of Leviev's publicly-owned Israeli company by 1.5 billion shekels, or $427 million. Additionally, Leviev has reached an agreement with Africa Israel's bondholders to inject 750 million shekels, or $200 million, into the company. Despite the infusion of cash, his stake in the company will decline to 52 percent from 75 percent.


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4 BR $1,995,000 Claremont

October 30th, 2009    Posted in City Apartments New York For Sale, City Apartments New York Homes, City Apartments New York Sales, Condos For Sale
 

Claremont
255 West 85th Street

New York NY Upper West Side (59-96)

Web ID#: 23984
Property Type: Hi-rise
Beds: 4
Baths: 3
Price: $1,995,000


view full listing
SOUTH Facing four bedroom, three full bath home, in the heart of the Upper West Side! This magnificent home features over 2000 square feet of wall-to-wall HIGH END finishes. You will be amazed at the ONE-OF-A-KIND details that make this stunning home a true STAND-OUT.

Just stepping into the GORGEOUS CHEF’s kitchen will inspire you to cook incredible dinners to be served in your intimate dining alcove. Floor to ceiling custom fitted cabinetry in peppercorn cherry wood, is accented by silver accent cabinets with frosted glass. The whole look is pulled together with Imported Italian Alcorense porcelain floor tiles in metallic bronze, beveled granite counters, pale blue Terra glass back splash and under mount lighting.Stainless steel appliances include: Jennair Gas Range, Frigidaire side by side refrigerator, and Bosch dishwasher.

The MASTER BEDROOM wing includes over sized walk-in closet designed in mahogany by CALIFORNIA CLOSETS, which is a luxury in and of itself! The stunning EN-SUITE master bathroom boasts full length mirrored closet, large vanity and separate make-up area. Relax in your deep soaking Bain Ultra Jacuzzi, and then step out into floor to ceiling Saint Agostino Pietre D’Italia tile, soothed in three separate lighting areas on dimmers. You’ll feel surrounded by greenery in your private bedroom, which overlooks neighboring gardens.

Throughout the apartment, enjoy custom track lighting and designer glass fixtures, from Tech Lighting, Access, and PLC. Imported and hand painted tiles highlight the hall and en suite bath in second bedroom. The apartment also features, Crown Moldings, Central Air (new HVAC units throughout), over sized double pane windows (many are brand new), and sumptuous African Rosewood flooring through out. OWN MIELE WASHER / DRYER in utility closet. The STORAGE is absolutely incredible, and includes, utility closet, two hall closets for coats,linens, even a bike! Each of the three bedrooms has ample closet space — ALL CUSTOM DESIGNED BY CALIFORNIA CLOSETS. Custom fitted Hunter Douglas blinds compliment each room.

PRIME Upper West Side Location! The Claremont is an impeccably maintained FULL SERVICE Doorman building just steps to the “1″ train and Crosstown Bus. Steps away to Pharmacies, Movie Theaters, Barnes and Noble, Restaurants, Zabaars, Fairway, and Riverside Park.

Sabrina Seidner
direct: 646-443-3799
cell: 917-805-9475
sabrinas@nestseekers.com
Susan Eley
direct: 646-443-3786
cell: 917-453-4081
susane@nestseekers.com
No Comments

Today’s real estate news distilled into 50 seconds

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 


CNBC’s Diana Olick reports that Simon Property Group, the largest U.S. shopping mall owner, saw a 9.7 percent decline in its profit in the third quarter. Meanwhile, Ty Warner, the creator of the popular plush stuffed animals Beanie Babies, is unable to get loan extensions on a $345 million securitized mortgage. Warner’s four luxury hotels, including the Four Seasons Manhattan, have faced financial troubles in the downturn.


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In the Region | Westchester: Agents Find Benefits in Teaming Up

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Real estate agents who once plied their trade solo under the aegis of their companies are increasingly joining teams.

No Comments

Square Feet | The 30-Minute Interview: Charles S. Cohen

October 30th, 2009    Posted in NYC Commercial Real Estate
 
Mr. Cohen is the president and chief executive of the Cohen Brothers Realty Corporation, which owns more than 12 million square feet of office and design center properties nationwide.

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Yankee Stadium demolition underway, scariest buildings in the city revealed … and more

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
1. Old Yankee Stadium demolition underway [Curbed]
2. Drama in Bed-Stuy water shut-down saga heats up [Brownstoner] 
3. In honor of Halloween, a list of NYC’s top 11 scariest buildings [Curbed] 
4. Former church for sale in Greenpoint [Brownstoner]
5. Ground Zero arts center plans close to dwindling [NYT]
6. W Union Square hotel a default risk [Bloomberg]
7. In Hamptons, haunted houses not a hot ticket [Curbed] 
8. In the Bronx, Grand Concourse redesign ideas reexamined [NYT] 
9. So-called “big box retail” opportunities popping up in unexpected real estate [Curbed] 
10. Mass transit actually worse than originally acknowledged [NYT] 
11. The number of vacant homes in U.S. climbs slightly [Bloomberg via Realtor Mag]
12. Ferrari in talks to begin its own brand of luxury real estate [Cityfile]
13. More Fannie Mae figures show growing portfolio, rising delinquencies [Reuters] 
14. Fate of the Home Valuation Code of Conduct hangs in the balance [Washington Post via Realtor Mag]
15. Bank regulators warn of commercial real estate bust, again [Reuters] 
16. NAR says extending higher FHA loan limits good for market [NAR via Realtor Mag]


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Yankee Stadium demolition underway, scariest buildings in the city revealed

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
1. Old Yankee Stadium demolition underway [Curbed]
2. Drama in Bed-Stuy water shut-down saga heats up [Brownstoner] 
3. In honor of Halloween, a list of NYC’s top 11 scariest buildings [Curbed] 
4. Former church for sale in Greenpoint [Brownstoner]
5. Ground Zero arts center plans close to dwindling [NYT]
6. W Union Square hotel a default risk [Bloomberg]
7. In Hamptons, haunted houses not a hot ticket [Curbed] 
8. In the Bronx, Grand Concourse redesign ideas reexamined [NYT] 
9. So-called “big box retail” opportunities popping up in unexpected real estate [Curbed] 
10. Mass transit actually worse than originally acknowledged [NYT] 
11. The number of vacant homes in U.S. climbs slightly [Bloomberg via Realtor Mag]
12. Ferrari in talks to begin its own brand of luxury real estate [Cityfile]
13. More Fannie Mae figures show growing portfolio, rising delinquencies [Reuters] 
14. Fate of the Home Valuation Code of Conduct hangs in the balance [Washington Post via Realtor Mag]
15. Bank regulators warn of commercial real estate bust, again [Reuters] 
16. NAR says extending higher FHA loan limits good for market [NAR via Realtor Mag]


No Comments

4 BR $1,995,000 Claremont

October 30th, 2009    Posted in City Apartments New York For Sale, City Apartments New York Homes, City Apartments New York Sales, Condos For Sale
 

Claremont
255 West 85th Street

New York NY Upper West Side (59-96)

Web ID#: 23984
Property Type: Hi-rise
Beds: 4
Baths: 3
Price: $1,995,000


view full listing
Buyers are flocking to this extremely WELL PRICED CONDO! What’s not to like? It’s Sunny, Spacious and READY for Move-in!

SOUTH Facing four bedroom, three full bath home, in the heart of the Upper West Side! This magnificent home features over 2000 square feet of wall-to-wall HIGH END finishes. You will be amazed at the ONE-OF-A-KIND details that make this stunning home a true STAND-OUT.

Just stepping into the GORGEOUS CHEF’s kitchen will inspire you to cook incredible dinners to be served in your intimate dining alcove. Floor to ceiling custom fitted cabinetry in peppercorn cherry wood, is accented by silver accent cabinets with frosted glass. The whole look is pulled together with Imported Italian Alcorense porcelain floor tiles in metallic bronze, beveled granite counters, pale blue Terra glass back splash and under mount lighting.Stainless steel appliances include: Jennair Gas Range, Frigidaire side by side refrigerator, and Bosch dishwasher.

The MASTER BEDROOM wing includes over sized walk-in closet designed in mahogany by CALIFORNIA CLOSETS, which is a luxury in and of itself! The stunning EN-SUITE master bathroom boasts full length mirrored closet, large vanity and separate make-up area. Relax in your deep soaking Bain Ultra Jacuzzi, and then step out into floor to ceiling Saint Agostino Pietre D’Italia tile, soothed in three separate lighting areas on dimmers. You’ll feel surrounded by greenery in your private bedroom, which overlooks neighboring gardens.

Throughout the apartment, enjoy custom track lighting and designer glass fixtures, from Tech Lighting, Access, and PLC. Imported and hand painted tiles highlight the hall and en suite bath in second bedroom. The apartment also features, Crown Moldings, Central Air (new HVAC units throughout), over sized double pane windows (many are brand new), and sumptuous African Rosewood flooring through out. OWN MIELE WASHER / DRYER in utility closet. The STORAGE is absolutely incredible, and includes, utility closet, two hall closets for coats,linens, even a bike! Each of the three bedrooms has ample closet space — ALL CUSTOM DESIGNED BY CALIFORNIA CLOSETS. Custom fitted Hunter Douglas blinds compliment each room.

PRIME Upper West Side Location! The Claremont is an impeccably maintained FULL SERVICE Doorman building just steps to the “1″ train and Crosstown Bus. Situated in the heart of the Upper West Side, it’s steps to Pharmacies, Movie Theaters, Barnes and Noble, Restaurants, Zabaars, Fairway, and Riverside Park. The Claremont Condo is an intimate 49 unit building with very high owner occupancy (approximately 90%)!
assessment through 2010: $268.40/month
Broker-owner

Sabrina Seidner
direct: 646-443-3799
cell: 917-805-9475
sabrinas@nestseekers.com
Susan Eley
direct: 646-443-3786
cell: 917-453-4081
susane@nestseekers.com
No Comments

Wilbur Ross: Commercial crash on its way

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
A massive U.S. commercial real estate crash is in its beginning stages, billionaire Wilbur Ross said today. The WL Ross & Co. CEO, who is also working on a government program to rid banks of their toxic assets, said he is practicing extreme caution on the commercial real estate investments front, especially with regard to office spaces, which are rapidly shedding tenants. Though the Public-Private Investment Program has made $1.5 billion in pooled government and private funds available to his company for purchasing banks' distressed assets, Ross said he had used less than $100 million of those funds by Oct. 15, and that the money he spent went toward residential mortgage-backed securities rather than commercial properties. Earlier this month, WL Ross, along with several other firms led by Starwood Capital Group and TPG, agreed to buy $4.5 billion in real estate from the seized Corus Bankshares, after the bank's investments in construction loans for condominiums went sour. [Bloomberg]


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Wilbur Ross: Commercial crash on its way

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
A massive U.S. commercial real estate crash is in its beginning stages, billionaire Wilbur Ross said today. The WL Ross & Co. CEO, who is also working on a government program to rid banks of their toxic assets, said he is practicing extreme caution on the commercial real estate investments front, especially with regard to office spaces, which are rapidly shedding tenants. Though the Public-Private Investment Program has made $1.5 billion in pooled government and private funds available to his company for purchasing banks' distressed assets, Ross said he had used less than $100 million of those funds by Oct. 15, and that the money he spent went toward residential mortgage-backed securities rather than commercial properties. Earlier this month, WL Ross, along with several other firms led by Starwood Capital Group and TPG, agreed to buy $4.5 billion in real estate from the seized Corus Bankshares, after the bank's investments in construction loans for condominiums went sour. [Bloomberg]


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Openings and closings: Wine shop on East 9th Street opens, Daydream closes

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 

From left: An unnamed wine shop at 341 East Ninth Street, Daydream at 110 Third Avenue

In Tribeca, Reade Street Animal Hospital is open at 146 Reade Street between Greenwich and Hudson streets. Calypso has shuttered at 407 Broome Street near Cleveland Place and a wine shop will open in the space. In the East Village, a new wine bar is slated to open at 341 East Ninth Street between First and Second avenues. Daydream frozen yogurt shop has shuttered at 110 Third Avenue between 13th and 14th streets. A hair salon will open in the space. In the Chelsea Market at 75 Ninth Avenue between 16th and 15th streets, the Nut Box kiosk will open Nov. 1 along with a second kiosk called Nut Box Spices. One Lucky Duck will also open in the market, selling raw fruits and juices. In the West Village, Harlem eatery Recette will open a second location at 328 West 12th Street at Greenwich Street. Karaoke Boho has opened at 186 West 4th Street. Russian restaurant Mari Vanna has opened at 41 East 20th Street between Park Avenue South and Broadway in the Flatiron District. The Yard will open in the old Porky’s space at 55 West 21st Street between Fifth and Sixth avenues. On the Upper East Side, Elk Candy Company has reopened its online store after closing its storefront years ago at 1628 Second Avenue between 84th and 85th streets. According to a press release, menswear retailer Camicissima has signed a lease to open its first U.S. store at 509 Madison Avenue near 53rd Street.


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Openings and closings: Wine shop on Broome Street opens, Daydream closes

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 

From left: 341 East Ninth Street, 110 Third Avenue

In Tribeca, Reade Street Animal Hospital is open at 146 Reade Street between Greenwich and Hudson streets. Calypso has shuttered at 407 Broome Street near Cleveland Place and a wine shop will open in the space. In the East Village, a new wine bar is slated to open at 341 East Ninth Street between First and Second avenues. Daydream frozen yogurt shop has shuttered at 110 Third Avenue between 13th and 14th streets. A hair salon will open in the space. In the Chelsea Market at 75 Ninth Avenue between 16th and 15th streets, the Nut Box kiosk will open Nov. 1 along with a second kiosk called Nut Box Spices. One Lucky Duck will also open in the market, selling raw fruits and juices. In the West Village, Harlem eatery Recette will open a second location at 328 West 12th Street at Greenwich Street. Karaoke Boho has opened at 186 West 4th Street. Russian restaurant Mari Vanna has opened at 41 East 20th Street between Park Avenue South and Broadway in the Flatiron District. The Yard will open in the old Porky’s space at 55 West 21st Street between Fifth and Sixth avenues.

On the Upper East Side, Elk Candy Company has reopened its online store after closing its storefront years ago at 1628 Second Avenue between 84th and 85th streets. According to a press release, menswear retailer Camicissima has signed a lease to open its first U.S. store at 509 Madison Avenue near 53rd Street.


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Upstart Brooklyn broker buys out Frank Manzione

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Four year-old Realty Collective, a Brooklyn brokerage, has purchased Frank P. Manzione Real Estate, the veteran Red Hook/Carroll Gardens firm. Realty Collective will take over Manzione's Columbia Street offices, though Manzione plans to stay on with his new colleague, 28-year-old founder Victoria Hagman, a former music industry booker who seeks out creative real estate agents who aren't "creepy" and promises to walk her clients' dogs. The merger tripled Realty Collective's listings. "It's like we bought the Yankees," agent Tina Fallon said of the move. [Brownstoner] and [Brooklyn Based]


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$1,450,000 1 BR in Chelsea

October 30th, 2009    Posted in City Apartments New York For Sale, City Apartments New York Homes, City Apartments New York Sales, Condos For Sale
 

New York NY Chelsea (14-34 West 5th Ave)

Web ID#: 23983
Property Type: Mid-rise
Beds: 1
Baths: 1
Price: $1,450,000


view full listing
This building is a ten-floor low-rise building with 22 duplex apartments divided in one bedroom, two bedrooms and three bedrooms apartments. Residences will be welcomed the 24-hour by the doorman.

Chelsea is a vibrant Manhattan neighborhood with many restaurants, bars and shops. This building is close to the Meatpacking District, one block away from the Hudson River, close to Chelsea Park, and within walking distance of a subway station.

The apartments have modern interiors and lots of amenities like a bicycle room, a garden, private storage room, double-height ceilings, expansive multi-panel steel windows, an open floor plan, built-in recycling station in the kitchen, washer and dryer and a dishwasher.

Please call 917 903 3356 for a viewing

Christian Gonzalez
direct: 212.252.8772 ext 750
cell: 1917 903 3356
chris@nestseekers.com
No Comments

Mortgages: Fraud Watch for Homeowners

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
A new online service offers free help to keep homeowners safe from a form of fraud known as “house theft.”

No Comments

Elliman sues Hamptons power broker for back pay

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
alternate text
Andrea Ackerman, Hamptons broker
When Hampton Style interviewed Bridgehampton power broker Andrea Ackerman in May 2007, her outlook on Hamptons real estate was glib. "Things may level-off, but nothing ever loses value here," the long-time broker told the magazine. "No matter when you buy, in retrospect it always looks like you made a great deal." As she and many homebuyers have since discovered, that wasn't necessarily the case. Two years later, Hamptons home prices have tumbled 38.6 percent from their peak and Ackerman is in the midst of a legal struggle with former employer Prudential Douglas Elliman over nearly $150,000 in back pay. Elliman filed suit Oct. 22 in New York State Supreme Court against Ackerman, who is now at Brown Harris Stevens, claiming that she owes the company some $148,000. As the financial crisis has dried up real estate profits across the region, a slew of lawsuits have popped up as agents and brokerages fight over commissions.


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It’s OK to Walk Away, A Law Professor Argues

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 

Many Americans are enraged by the thought that some people are simply “walking away” from their homes—in other words, ceasing to make monthly loan payments and waiting for the lender to foreclose. How irresponsible! How unfair to those of us who do pay our bills!

Brent T. White, an associate professor of law at the University of Arizona, has a different perspective: “Homeowners should be walking away in droves,” he writes in a new discussion paper entitled “Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis.” (Read the full paper.)

A failure to grasp the true economics of the situation is holding back many Americans whose home values have dropped far below the amount they owe and who would be better off renting, Mr. White says. Fear, shame and guilt also are preventing rational decisions, he believes. And, he says, those “emotional constraints” are encouraged by politicians and bankers, who ruthlessly and amorally follow their own economic interests while telling Joe Soggy Homeowner he has a moral duty to pay his debt so long as he possibly can.

How many people decide to walk away or, in other words, default “strategically” rather than by necessity? Mr. White quotes research—a study by Luigi Guiso, Paola Sapienza and Luigi Zingales, “Moral and Social Constraints to Strategic Default on Mortgages”—as estimating that only about a fourth of homeowner defaults are “strategic.” The rest are due to such things as divorce, job losses or other financial calamities  that prevent people from meeting payments.

“The real mystery is not—as media coverage has suggested—why large numbers of homeowners are walking away, but why, given the percentage of underwater mortgages, more homeowners are not,” the professor says.

Mr. White figures some people keep paying because they  overestimate the difficulty of repairing the damage to their credit record that would be inflicted by a foreclosure. Some may be overly optimistic about the value of their homes or the potential for a near-term rebound in prices. Others, of course, may simply like their homes and not wish to move into rental housing.

At the same time, there is still a stigma that comes with failing to pay bills. “Nobody wants to be identified as a deadbeat,” Mr. White writes, and a high credit score can be seen as a sign of moral fiber.

The fear of trashing their credit scores helps prevent some people from making rational decisions, Mr. White believes. That plays into the interests of the banks or loan investors, who want as many homeowners as possible to keep sending in those checks.

The professor wants to “level the playing field” between bank and borrower. How? One way, Mr. White says, would be to amend the Fair Credit Reporting Act to bar lenders from reporting mortgage defaults to credit bureaus. With that threat removed, he says, homeowners would have more leverage with banks and so would be more likely to work out a deal, such as a reduction in the principal due on homes whose value has plunged far below the loan amount. The bank and the borrower both screwed up in making a bad bet on real estate; now they could share the pain.

“It is time to put to rest the assumption that a borrower who exercises the option to default is somehow immoral or irresponsible,” Mr. White writes.

So is Mr. White walking? No, he says. He believes he is “just barely” under water on his house in Tucson, 3% to 5%. That’s “not enough that walking would make sense,” he says. Still, with refreshing modesty, he adds: “I can’t claim to be free from emotional and cognitive biases.”


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NYC brokers debate first-time homebuyer tax credit as expansion of program looms

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
alternate text
From left: Prudential Douglas Elliman brokers Leonard Steinberg and Tamir Shemesh
While the question over whether to extend and expand the first-time homebuyer tax credit rages on, New York City brokers are offering mixed reviews of the senate proposal. The senate won't vote on the proposal until next week -- at the earliest -- but many industry experts in the Big Apple have already made up their minds. As far as the naysayers are concerned, the current tax credit program, set to expire at the end of November, has done little to help the housing market in the city and they doubt an expanded program could change that. “It would be divine if our stupid, idiotic federal government would see the difference in the cost of living in Ardmore, Okla. and New York City,” Leonard Steinberg, a managing director at Prudential Douglas Elliman and a broker specializing in luxury listings, said. While Steinberg believes the right stimulus program could help the Manhattan market he, like several other brokers who spoke to The Real Deal, said that even the proposed expansion of the homebuyer tax incentive is too restrictive in its income limits to have a significant effect on Manhattan home buying. “It’s not going to have any effect on the Manhattan market unless they raise the income limit [a lot],” Steinberg said. He suggested that a program with no income cap might even work. At a bare minimum, Steinberg said that the homebuyer tax credit needs to take into account the disparity between different states' financials. "How much do New Yorkers contribute to the federal coffers and how much do we get back in return? Less than half of what New Mexico does."


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Madoff victim buys $1.4M UES apartment from Nixon’s grandson

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Former president Richard Nixon's grandson, Christopher Nixon Cox, has sold his Upper East Side co-op to a victim of Bernard Madoff's Ponzi scheme. The two-bedroom, two-and-a-half bathroom apartment on East 70th Street between Madison Avenues and the Park overlooks the Frick Museum gardens. Gerald Berkman of Boca Raton, Fla. purchased the 1,000-square-foot spot for $1.4 million after a price reduction. Rica Tarnoff of the Corcoran Group had the listing. [Curbed]


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$5,495,000 4 BR in Upper East Side

October 30th, 2009    Posted in City Apartments New York For Sale, City Apartments New York Homes, City Apartments New York Sales, Condos For Sale
 

77th Street

New York NY Upper East Side (59-96)

Web ID#: 23975
Property Type: Hi-rise
Beds: 4
Baths: 3.5
Price: $5,495,000


view full listing
Financials
Price: $5,495,000
Common Charges: $2,854
Real Estate Taxes: $382
Financing: 90%
Details
Size: Four Bedroom
Ownership: Condominium
R/B/B: 6/4/3.5
Neighborhood: Upper East Side
SF/SM: 2553
Apartment Features
Kitchen: New; Dishwasher; Bathroom: New; Window: Oversized Windows; Washer/ Dryer; Penthouse; Balcony: 806 SF; High Ceiling; Powder Room;
Building Description
Cross Streets: Second Avenue and First Avenue.
Concierge; Elevator; Post-war; Built 2009; Mid-rise; 18 Floors; 32 Apartments.
Building Amenities
Alarm System; Rooftop Deck;
• 32 Units, 18 Story Building
• Just 2 units per floor, one full floor 4 bedroom unit
• 421 (a) Tax Abatement
• Financing Available for Qualified Buyers
• April 2010 Occupancy
• Full Time Doorman
• Roof Top Terrace
• GREAT VIEWS!
Top of the line Subzero and Viking appliances, Poggen Pohl cabinetry, quartz countertops and W/D
Steam shower and radiant heat flooring in Master Bathroom, oversized windows and hardwood floors
Great light and air, and private terraces/balconies in some.

R.S.V.P. For a preview:
Jamie Knuckles
Direct: 646-443-3760
Cell: 347-323-8671
Email:jamiek@nestseekers.com

Jamie Knuckles
direct: 646-443-3760
cell: 347-323-8671
jamiek@nestseekers.com
Howard Henzel
direct: 646.443.3767
cell: 917.836.8272
howardh@nestseekers.com
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Former home of JFK sibling sees price chop

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
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Patricia Kennedy Lawford and One Sutton Place South (Building photo source: PropertyShark)
Scott Bessent, who founded the Bessent Capital hedge fund, has taken a major hit on his duplex co-op on the Upper East Side. Bessent, best known as a protégé of famed economist and investor George Soros, reportedly purchased the home at One Sutton Place South between 57th and 56th streets for $12 million two years ago. In October last year, the home, which once belonged to Patricia Kennedy Lawford, younger sister of John F. Kennedy, went up for sale with an asking price of $12.5 million. After languishing on the market for a year, the home just sold this month, Cityfile reports, with a closing price of $9.5 million.


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Former home of JFK sibling, hedge fund manager sees price chop on market

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
alternate text
Patricia Kennedy Lawford and One Sutton Place South (Building photo source: PropertyShark)
Scott Bessent, who founded the Bessent Capital hedge fund, has taken a major hit on his duplex co-op on the Upper East Side. Bessent, best known as a protégé of famed economist and investor George Soros, reportedly purchased the home at One Sutton Place South between 57th and 56th streets for $12 million two years ago. In October last year, the home, which once belonged to Patricia Kennedy Lawford, younger sister of John F. Kennedy, went up for sale with an asking price of $12.5 million. After languishing on the market for a year, the home just sold this month, Cityfile reports, with a closing price of $9.5 million.


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Downtown Brooklyn pedestrian plaza drawing community praise

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
The pedestrian plaza at the corner of Hoyt and Schermerhorn streets in Downtown Brooklyn is nearing completion. The 17 by 70-foot plaza, which includes a pedestrian area secluded from traffic, along with bike paths and plantings, took just a $5,000 investment from the city to complete. Even so, the advocacy group Transportation Alternatives, is saying that the small investment is making a big difference in the neighborhood. "It's some much-needed room to breathe on a very crowded sidewalk," Wiley Norvell, a group spokesperson, said. "Previously, this is space that was sitting under parked cars the entire day while pedestrians squeezed onto a few feet of sidewalk." The project will be completed and opened to the public ahead of schedule, according to the Department of Transportation.


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Columbia construction hampering academic efforts

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Cosmic-minded Columbia students with aspirations of other-planetary study may be out of luck. The Village Voice reports that the university's new Northwest Corner building at 120th Street and Broadway is obscuring students' view from Rutherford Observatory on the roof of Pupin Hall, where astronomy pupils and amateurs outside the university have been observing the cosmos for decades. Star enthusiasts are reportedly up in arms over the new building, which is still under construction, because the observatory was one of the few places in New York City from which you could view the heavens unobstructed. "Astronomers need the sky in the same way that chemists need chemicals or geologists need rocks," Cameron Hummels, an astronomy Ph.D. student and outreach director for the department, said. "If we have this bright wall next to us, it's impossible for our eyes to ever adjust to the dark conditions to be able to see some of these faint objects that are still visible from New York."


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Madison Square Park area hotel-condo hit with foreclosure

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Inland Mortgage Capital filed suit earlier this week to foreclose on a luxury hotel-condominium project near Madison Square Park. The suit, filed in New York State Supreme Court, alleges the developers defaulted on $27.2 million, which includes $22.75 million in loans, plus interest and penalties. The developer, 241 Fifth Avenue Hotel, led by investors Dan Shavolian and Jack Hazan, originally bought the building in 2007 for $26.5 million from Avraham Sibony, who had acquired the building, at 241 Fifth Avenue, between 27th and 28th streets, for $10.8 million in 2005. Sibony had originally planned to build a 19-story luxury condo with 76 rooms, but flipped the building to Shavolian’s group after obtaining approvals from the city’s Landmarks Preservation Commission.


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Madison Square Park area hotel-condo hit with foreclosure

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Inland Mortgage Capital filed suit earlier this week to foreclose on a luxury hotel-condominium project near Madison Square Park. The suit, filed in New York State Supreme Court, alleges the developers defaulted on $27.2 million, which includes $22.75 million in loans, plus interest and penalties. The developer, 241 Fifth Avenue Hotel, led by investors Dan Shavolian and Jack Hazan, originally bought the building in 2007 for $26.5 million from Avraham Sibony, who had acquired the building, at 241 Fifth Avenue, between 27th and 28th streets, for $10.8 million in 2005. Sibony had originally planned to build a 19-story luxury condo with 76 rooms, but flipped the building to Shavolian’s group after obtaining approvals from the city’s Landmarks Preservation Commission.


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1 BR $639,000 Greenwich Club Great Investment Opportunity In Downtown New York

October 30th, 2009    Posted in City Apartments New York For Sale, City Apartments New York Homes, City Apartments New York Sales, Condos For Sale
 

Greenwich Club Great Investment Opportunity In Downtown New York

New York NY Wall St/Seaport/Battery Park (Chambers and down)

Web ID#: 23974
Property Type: Hi-rise
Beds: 1
Baths: 1
Price: $639,000


view full listing
The building features a huge lobby out-fitted in rich chocolate marble that welcomes you the moment you come in; library with a piano and fireplace; billiards room; the Harbour Room for water views, dining and entertaining; have breakfast at The Cafe; relax on th Skydeck; stay in shape at the on-site Gym. Everything you need is just a few feet away. Close to mass transportation.

Building Amenities
Courtyard
Health Club
Laundry Room
Valet
Private Lounge
Rooftop Deck
High Speed Internet
Business Center

Howard Henzel
direct: 646.443.3767
cell: 917.836.8272
howardh@nestseekers.com
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When a Super Is a Requirement

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 

Is there a New York City law that a co-op building must have a specific number of units to necessitate a live-in superintendent?

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Legal Responsibility for Worker’s Damages

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 

If a co-op’s contractor damages an apartment while conducting work for the co-op, who is responsible for paying for the damages, and what action can a shareholder take?

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Co-op Applications and Confidentiality

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 

A co-op board member’s wife says that she is an expert in her building’s workings and implies that she participates in the board’s review of sales of units. Does this merely seem unethical, or is it?

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Former Yankees reporter now among Elliman’s top brokers

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Penny Crone, the Emmy award winner best-known for her lively New York Yankees reporting, is watching the World Series from her Midtown apartment this year. The former television sports reporter, 62, isn’t spending her retirement from the baseball world idling and nostalgic, though. Instead, she’s selling real estate with Prudential Douglas Elliman -- very successfully. She is in the top 5 percent of brokers at the firm, having done more than $15 million worth of deals and winning a Chairman’s Circle Gold Award in 2008. Steven James, president of Elliman in Manhattan, said Crone has learned to tone down her big personality to get the deal done. “I watched her on a complicated deal where her personality just couldn’t be at the forefront, and she did it. She actually pulled it off. She took the back seat, the quiet role, which I’m sure was very unfamiliar terrain for her.”


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Former Yankees reporter now among Elliman’s top brokers

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Penny Crone, the Emmy award winner best-known for her lively New York Yankees coverage, is watching the World Series from her Midtown apartment this year. The former television sports reporter, 62, isn’t spending her retirement from the baseball world idling and nostalgic, though. Instead, she’s selling real estate with Prudential Douglas Elliman -- very successfully. She is in the top 5 percent of brokers at the firm, having done more than $15 million worth of deals and winning a Chairman’s Circle Gold Award in 2008. Steven James, president of Elliman in Manhattan, said Crone has learned to tone down her big personality to get the deal done. “I watched her on a complicated deal where her personality just couldn’t be at the forefront, and she did it. She actually pulled it off. She took the back seat, the quiet role, which I’m sure was very unfamiliar terrain for her.”


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Chang hit with subpoenas in construction company investigation

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Sam Chang, a prominent budget hotelier, has been hit with a subpoena as part of a state attorney general’s office investigation into the construction contractor he used to build at least six of his 37 New York City hotels. The company, EMC Contracting, is alleged to have underpaid immigrant workers who were forced to work 70-hour weeks, and to have calculated their wages based on race. A civil suit filed by Attorney General Andrew Cuomo this month charges that EMC paid white workers $25 per hour, while black workers were paid $18 and Latino workers got $15. The investigation began after a protest by EMC workers got out of hand at a Chang construction site in 2006. Chang, who owns properties like the Holiday Inn Express, Hampton Inn, and Comfort Inn, will be required to provide records, documents, and correspondence relevant to his relationship with the company, and to testify on Nov. 11. Chang told the New York Times that he knows very little about the case, and that he stopped hiring EMC for his projects after the 2006 incident, but the subpoenas show that action could be taken against him and his companies.


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Sam Chang, NY budget hotelier, hit with subpoenas in construction company investigation

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Sam Chang, a prominent budget hotelier, has been hit with a subpoena as part of a state attorney general’s office investigation into the construction contractor he used to build at least six of his 37 New York City hotels. The company, EMC Contracting, is alleged to have underpaid immigrant workers who were forced to work 70-hour weeks, and to have calculated their wages based on race. A civil suit filed by Attorney General Andrew Cuomo this month charges that EMC paid white workers $25 per hour, while black workers were paid $18 and Latino workers got $15. The investigation began after a protest by EMC workers got out of hand at a Chang construction site in 2006. Chang, who owns properties like the Holiday Inn Express, Hampton Inn, and Comfort Inn, will be required to provide records, documents, and correspondence relevant to his relationship with the company, and to testify on Nov. 11. Chang told the New York Times that he knows very little about the case, and that he stopped hiring EMC for his projects after the 2006 incident, but the subpoenas show that action could be taken against him and his companies.


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Florida condominium sales climb

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
From the South Florida Web site: The Florida Association of Realtors said September condo sales rose 77 percent statewide from a year ago. It was a 9 percent climb from August, with about 5,000 units changing hands. The median price for the one-year period is down by one-third to $102,500. All but one of the state's metropolitan areas showed a gain in condo sales, and a majority of those have posted increased sales for 15 consecutive months.


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Geithner: Economy Can Withstand Commercial Real-Estate Woes

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 

From Real Time Economics:

U.S. Treasury Secretary Timothy Geithner on Thursday expressed confidence that the deepening problems of the commercial real-estate sector wouldn’t drag the economy back down.

The commercial property sector has emerged as the latest concern for lenders and policy-makers amid a tide of write-downs and sliding asset values that some lenders don’t expect to peak until mid-2010.

“I think the economy can handle it,” Geithner told an audience in Chicago when asked if commercial property could reverse a domestic recovery, though he acknowledged that it was a difficult problem for policy makers to address directly…

Continue reading on Real Time Economics


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New York landlords among those charged with cheating government out of $350,000 in Medicaid benefits

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
Nineteen New York and New Jersey residents have been indicted for falsifying residence information and lying about their assets in order to cheat the government out of more than $350,000 in Medicaid benefits, Manhatan District Attorney Robert Morgenthau announced Thursday. The individuals allegedly claimed to fall under the low-income bracket necessary to receive the benefits, when in fact, many owned millions of dollars worth of New York real estate. Among those indicted were Steven Colucci, a Manhattan man who owns and leases two waterfront Hamptons properties, Diana Downing, an Upper East Side landlord who claimed to manage one of the buildings she actually owns in exchange for free rent, and Brian Bomeisler, a well-known art instructor who owns apartments in Soho and on the Lower East Side, worth at least $1 million each. Bomeisler is said to have received $37,554.53 in public health benefits between 2002 and 2008. Downing and Colucci received $38,161.84 and $16,112.68, respectively, between 2005 and 2008. TRD


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Real Estate News: Tax Credit Extension, Luxury Ski Freeze

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 

Real Estate News compiles a daily wrap-up from each morning’s Wall Street Journal and other news sources.

Expanded Tax Credit A Good Deal? (WSJ): An expanded tax credit could make buying a house a better deal — but only if there are low prices and slumping mortgage rates, writes Brett Arends.

Luxury Ski Areas Hit Big Freeze (WSJ): This fall, the biggest ski deals aren’t just on lift tickets; they’re on custom-built homes with views and slopeside condos with Jacuzzi tubs.

Stimulus Helps Fuel Expansion (WSJ): The U.S. economy would have turned in a far worse performance in the third quarter without government help. Now the question is whether growth can continue without that support.

Federal Home Loan Banks Post Losses (WSJ): Five of the 12 regional Federal Home Loan Banks reported losses for the third quarter, reflecting further write-downs on mortgage-backed securities.

U.K. Home Prices Rise Again (WSJ): U.K. house prices rose less than expected on a monthly basis in October, but still posted their first increase in annual terms for 19 months.


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Mary Kate and Ashley Olsen go house-hunting in Chelsea, Bed-Stuy library branch closing for repairs again

October 30th, 2009    Posted in New York City Real Estate News, Real Estate News
 
1. Tombstone uncovered during Washington Square Park renovation, just in time for Halloween [Villager]
3. Renters feel less safe, study shows [Realtor]
3. Mary Kate and Ashley Olsen were house-hunting in Chelsea [NYDN, 1st item]
4. Silverstein: WTC project needs the private sector [Downtown Express]
5. Volunteers help clean up foreclosed properties [Realtor]
6. 9/11 Museum CEO: Construction on track for opening by 10th anniversary [Downtown Express]
7. Bed-Stuy library branch closing for repairs again [NYDN]
8. Ask a realtor anything [Realty Times]
9. Downtown temporary zoning may replace elementary school lottery system [Downtown Express]
10. Park Slope, Riverdale among the sweetest, safest NYC nabes for trick-or-treating [NYDN]
11. REIT’s have not reached a bottom [Realty Times]
12. In Park Slope, 211 23rd Street developers try guerilla marketing [NYDN]
13. Architects group decorates subway walls with recent NYC projects [NYDN, 2nd item]
14. Moodys will take action following RMBS loss projections [Housing Wire]
15. Economy starting to grow, but recovery could still be at risk [Yahoo]
16. Legislation proposed to prevent future bailouts [MSNBC]
17. Limited number of distressed properties on the market, panel says [GlobeSt]
18. Port should guarantee Silverstein's loans on new WTC towers, says resident [Downtown Express]
19. FHA-backed 203(k) rehab loan becoming an increasingly popular option [Realtor]
20. Mortgage insurers react to extending the first time homebuyer tax credit [The Street]
21. Forest City Enterprises closes on $90M refinancing for Mass. office buildings [ABC]
22. Housing activists celebrate 50 years of community work [Villager]
23. Chinese drywall reports still inconclusive [ABC]


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