Archive for January, 2010
The Hunt: Wooed, and Finally Won Over
January 30th, 2010
Posted in New York City Real Estate News, Real Estate News
Living In | Civic Center: The Verdict: Change and Chinese Food
January 30th, 2010
Posted in New York City Real Estate News, Real Estate News
Warehouse 11 races against clock
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News

David Maundrell, founder and president of Aptsandlofts.com, and Warehouse 11 at 214 North 11th Street
Another city landlord hit with rent deregulation suit
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Stuy Town rent agreement set to expire Sunday … and more
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
2. Environmental groups claim Battery Park City doesn’t follow through on its green claims [Downtown Express]
3. Once-troubled Downtown Brooklyn retail nabe sees rebirth [Post]
4. Potential Whole Foods site in Gowanus showing little activity [Brownstoner]
5. Brooklyn Cyclones and KeySpan end naming arrangement [Crain’s]
6. Brand Z For Less discount store shuttering in Sheepshead Bay [Sheepshead Bites]
7. Trial-mod applicants may be required to submit more paperwork under new guidelines proposed [CNNMoney]
8. Stuy Town rent agreement between rent-stabilized tenants and landlords set to expire Sunday [Crain's]
9. Harry Macklowe close to selling Rivertower rental building to Sam Zell [Post]
10. Art show chronicles experience of squatting at East 3rd Street building and a building history [NYT]
In the Region | Long Island: Warming Up to Modern
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Mortgages: F.H.A. Lending Standards Tightened
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Toren approved for FHA financing
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Square Feet | The 30-Minute Interview: Daniel R. Tishman
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Habitats | St. Nicholas Avenue: Tea and Uncertainty for a Busy Family
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Goldman offering mortgages as perks to bonus-less bankers
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
In the Region | New Jersey: Builders Reassess the Market
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
In the Region | Connecticut: Between a Castle and a Cottage
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
At the desk of: Leonard Boxer
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Merger appears likely for financially-strapped Cobble Hill hospital
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Treasury relaxes paperwork requirements for loan mods
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Landlord sues state over electric billing
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News

From left: Manhattan Borough President Scott Stringer, Representative Carolyn Maloney, City Council member Jessica Lappin, and State Assembly member Micah Kellner
Major multi-family owner Urban American is suing the state Public Service Commission over electric billing in thousands of units of mostly rent-stabilized apartments in Manhattan. The New Jersey-based company filed a lawsuit Jan. 15 in State Supreme Court in Albany to overturn a ruling by the commission that blocked the company from individually billing tenants in four Manhattan apartment complexes for electric usage, known as submetering. Currently the electrical charges are folded into the rent bill based generally on the apartment size, not on actual usage. The case is being closely followed by elected officials including Rep. Carolyn Maloney and Manhattan Borough President Scott Stringer, who urged the state to block the submetering until certain conditions were fulfilled.
Relocation firm relocates to Elliman
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Friday Diversion: Stephanopoulos Buys in the Hamptons, Anderson Cooper’s New Firehouse
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Renting could become housing’s “new normal,” but here is a look at luxury homes being bought and sold this week:
George Stephanopoulos, co-host of ABC’s “Good Morning America” show and a former adviser to President Bill Clinton, buys a home in East Hampton, N.Y., for $3.5 million, about 7% less than its asking price. The 4,500-square-foot shingled home was built in the 1890s and expanded in 1993. It has five bedrooms, four-and-a-half bathrooms, three fireplaces, a pool, an outdoor shower and a separate guest cottage. Photos. (WSJ)
Interior designer Cindy Rinfret, whose clients include fashion mogul Tommy Hilfiger and television personality Regis Philbin, lists her Greenwich, Conn., home for $14.5 million. Located on more than five acres, the Tuscan-style home measures roughly 14,000 square feet and has six bedrooms and six bathrooms. Built and designed by Ms. Rinfret in 2005, the home features French limestone fireplaces, a home theater, herb and perennial gardens, a bocce court and outdoor kitchen, dining and living rooms. Photos. (WSJ)
Daria Zhukova, editor of the British fashion magazine Pop and girlfriend of Russian billionaire Roman Abramovich, pays $19.5 million for a Tuscan-style home in Los Angeles’ Hollywood Hills. She paid 11% less than the $21.9 million listing price. The newly built home is about 9,700 square feet and has six bedrooms and eight-and-a-half bathrooms, as well as a pool, a billiards room, a movie theater and a wine cellar. Photos. (WSJ)
CNN’s Anderson Cooper plans to move into a former firehouse in New York City’s Greenwich Village. The New York Board of Fire Underwriters sold the four-story building in September for $4.3 million. Mr. Cooper has hired architect Cary Tamarkin to convert it into a home, but plans for the construction have not yet been filed. The Beaux Arts-style building measures 8,240 square feet and has its original spiral staircases and brass fire poles. (New York Post)
A penthouse on the 76th floor of the Time Warner Center in Manhattan, once rented by Jay-Z for $40,000 a month, hits the market for $38 million. Jay-Z rented it from real-estate investor Michael Hirtenstein, who paid $15.7 million for the home. Mr. Hirtenstein later sold the four-bedroom unit for $27 million in early 2007. (Curbed)
A Las Vegas mansion that Michael Jackson rented sells for $3.1 million in cash. Mr. Jackson paid $1 million to rent the 15,000-square-foot home for six months in 2006 and 2007. The property includes seven bedrooms, a tennis court, a basketball court and a 20-seat theater. (Bloomberg)
Performer Ashlee Simpson-Wentz lists her 7,100 square-foot home in Los Angeles’ Beverly Hills area for $4 million. The Mediterranean-style villa is walled and gated and has hillside and canyon views. It also has five bedrooms, six-and-a-half bathrooms, cathedral-beamed ceilings, an eat-in kitchen, a fitness room, a media room, a swimming pool, a spa and a meditation garden with a fountain and fire pit. The property also includes a two-story guesthouse. (Los Angeles Times)
Katie Lee, Billy Joel’s ex-wife, lists her Manhattan townhouse for $12.9 million. The 4,000-square-foot home has four bedrooms, four bathrooms, four fireplaces, an elevator and a pool. The home was previously owned by Johnson & Johnson heir Seward Johnson. (New York Post)
Co-op Buyer Looks for a ‘Bridge’
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
I own a co-op in Forest Hills. I am waiting to buy a bigger unit – now owned by the sponsor – when it becomes available. I don’t want to sell my place until this larger one is for sale. My mortgage broker told me that banks no longer give bridge loans. I thought of offering to pay rent for the new apartment until I sell mine. Is this possible?
When Apartments Make You Sick
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Six months ago I bought a co-op apartment in Bayside, Queens. I am susceptible to mold, so before closing I had the apartment inspected by a specialist who didn’t find any mold. Days after the closing I felt sick in the apartment and brought this to the attention of management. I never received a response. Is the co-op responsible for correcting the problem?
What Constitutes a Board Vacancy
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Our Brooklyn co-op has a five-member board of directors. One of them notified the board that he was “suspending” himself for an unspecified period of time, but was not resigning. There are five months before the next election. What should our board do until then?
Cuomo gets big campaign bucks from real estaters
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News

Some of Cuomo's big contributors in the real estate industry, from left: Jerry Speyer, Jeff Blau, Aby Rosen, Andrew Farkas, Richard LeFrak, Kent Swig, and Shaya Boymelgreen
Attorney General Andrew Cuomo is emerging as the real estate industry’s darling, as he prepares his bid for the gubernatorial race, which could include potential candidates Rick Lazio and current Governor David Paterson, with developers and other real estate bigwigs throwing cash behind the potential candidate. The industry has been so fiscally generous to Cuomo that it’s ranked as the Attorney General’s top giver, according to the New York Times. Cuomo has raked in around $18 million in funds donated from real estate executives, including some troubled figures. Three top executives from Tishman Speyer Properties, the erstwhile owner of Stuyvesant Town and Peter Cooper Village, have donated a combined $151,000, while Shaya Boymelgreen has given $8,000 and Kent Swig has forked over $15,000 in the past two years.
Mendlowits’ UWS tenement gets receiver
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Update: Is New York Ready for ‘Trump Town’?
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News

- Getty Images
- Mr. Trump in August
Donald Trump, the real-estate developer and outspoken reality television personality, could be headed downtown. The New York Post reports that Mr. Trump is interested in buying or managing Manhattan’s sprawling Stuyvesant Town/Peter Cooper Village.
As we’ve reported, a group led by Tishman Speyer Properties opted for its own version of jingle mail, dumping the 11,000-unit development - for which it paid a stunning $5.4 billion at the top of the market in 2006 - on its creditors.
That’s created a rare opportunities for developers looking to manage what was once considered a Big Apple jewel. The shine might be off, but The Donald still faces plenty of competition. Other interested parties reportedly include: Related Cos.; the LeFrak Organization in partnership with private-equity firms Centerbridge Partners and W.L. Ross & Co.; current tenants; Stonehenge Partners; Prudential Douglas Elliman; and WinnCompanies, the nation’s eight-largest apartment manager.
Mr. Trump, not known for humility, tells the Post: “No one has a better track record running properties.”
Mr. Trump made news in November for abandoning his bid to regain control of three New Jersey casinos bearing his name. He began developing casinos in the 1980s and has sought bankruptcy protection for them three times.
In New York City proper Mr. Trump’s put his name on a number of glitzy high-end residential towers. Stuy Town, with its working class look and feel (some have dubbed it Moscow on the East River), is decidedly more down market.
Is New York ready for “Trump Town”?
Late Friday, Crain’s New York Business pointed out that an interim agreement dropping the complex’s rents to stabilized levels for January and February expires Sunday, adding even more drama to the situation.
Follow Dawn on Twitter at www.twitter.com/dwotapka
Goldman’s Latest Perk: Offering Mortgages to ‘Cash-Strapped’ Bankers
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Bankers are feeling squeezed these days. Their employers, facing public anger and political retaliation, have curtailed cash bonuses. And the new pay culture is hurting bankers with hefty mortgage payments and private-school tuition bills, according to this Journal story Thursday.
But banks want to help. Bank of America Corp. and Citigroup Inc. are doling out shares that employees can sell within monthsmuch sooner than normally allowed. Other giant banks, including Goldman Sachs Group Inc. let certain employees borrow money to relieve personal cash crunches.
In a fascinating follow-up to the WSJ story, Gawker looks at New York City property records to see if Goldman hooks up employees with, what it calls “no-hassle” mortgages. “The answer is yes, for a few people at least.”
Goldman is listed as a party in a handful of residential transactions–17 in the last decade–all after mid-2008, when the credit markets froze.
Goldman is listed as the secured party, for instance, for a $2.1 million co-op that Lancelot Braunstein, who manages banking technology for Goldman, purchased with his wife in September 2009. Just yesterday [Wednesday], Goldman became the secured party for Goldman managing director T. Clark Munnell’s $6.6 million Park Avenue apartment. Likewise, it is the secured party for the $1.9 million Chelsea apartment that Goldman vice president Justin Lee purchased on January 5. Same with vice president Annamaria Timofte-Pelfrey’s Queens apartment, purchased last month, and the two units in an Upper East Side building that managing director David Perez bought in August.
One juicy tidbit:
Goldman lent $4 million to Rodney O. Martin, the COO of AIG’s life insurance unit. Martin and his wife purchased a $4 million apartment in 15 Central Park West just as the bottom was falling out, and none other than their new neighbor Lloyd Blankfein, who also lives in that building, supplied them with a 30-year mortgage, which was interest-only for the first ten years.
Rates and terms weren’t made public, but we’re guessing that these loans were recourse–minimizing the chances that a disgruntled ex-Goldman employee “walks away.” Of course, with perks like million-dollar mortgages in the offing, we’re guessing disgruntled Goldman bankers are as hard to come by as a 30-year mortgage for us regular folks.
Downtown’s office market holds — for now
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News

State Sen. Daniel Squadron has criticized the FDIC’s decision to leave its home at 20 Exchange Place for the Empire State Building.
George Stephanopoulos buys in Hamptons
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
George Stephanopoulos buys in East Hampton
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Trump, Related eyeing Stuy Town takeover
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Battery Park City Authority approves $11 M in contracts for Pier A renovation work
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Battery Park City Authority approves $11.1M in contracts for Pier A renovation work
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
Construction company slapped with violation after debris falls off Beekman Tower, the Distrikt Hotel to open Feb. 1 … and more
January 29th, 2010
Posted in New York City Real Estate News, Real Estate News
2. The Distrikt Hotel to open Feb. 1 [Hotel Chatter]
3. Vogue's Anna Wintour writes to Landmarks Commission calling proposed 178 Bleecker Street building "out-of-scale, inappropriate" [Post via Downtown Express]
4. The worst is over for hotels, PFK research shows [National Real Estate Investor]
5. Museum of Contemporary African Diaspora Arts unveils Brooklyn gentrification exhibit [Brooklyn Paper]
6. The case against rent stabilization [Post]
7. Cobble Hill special education program will be forced to close after failing to find new home [Brooklyn Paper]
8. Education council chooses Option 2 for Lower Manhattan school rezoning [Downtown Express]
9. Van Leeuwen owner said to be opening brick and mortar ice cream shop next to Manhattan Inn within weeks [Eater]
10. A full list of Downtown apartments eligible for rent stabilization following court ruling on 421-g tax breaks [Downtown Express]
11. Citigroup reportedly negotiating to sell global real estate investment unit [Bloomberg via BusinessWeek]
12. Worker falls at new Battery Park City ballfield towers site [Downtown Express]
13. Largest off-site airport parking operator in country files for Chapter 11 [Reuters]
14. Neighbors concerned about safety following power shutdown at 60 Hudson Street [Downtown Express]
15. Should you hire an engineer to inspect your potential new home? [NYDN]
Residential Sales Around the Region
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
Number of serious delinquencies on the rise, Freddie Mac reports
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
State insures $38M mortgage for Bushwick rental conversion
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
Outlook still grim for Florida real estate
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
Retailers jump on lower rents in east Midtown, Hudson Hotel club to open in time for Fashion Week … and more
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
2. Droves of supporters turn out for proposed Sheepshead Bay mosque [Sheepshead Bites]
3. Retailers jump on lower rents in east Midtown [Crain’s]
4. Short-term office space company, Green Desk, expanding to Brooklyn [Brownstoner]
5. Lincoln Center renovations progressing speedily [My Upper West]
6. NYC restaurants racing against the clock to open space [NYT]
7. Alicia Keys reportedly buying Lenny Kravitz’s 30 Crosby Street home for $14.5M [Post]
8. Famed chef David Bouley set to open new restaurant, BrushStroke, in early July [Grub Street]
9. New Hudson Hotel club slated to open its doors in time for Fashion Week next month [Post]
10. Heartbeat Digital signs 10-year lease at 200 Hudson Street [GlobeSt]
11. Luxury market grows stronger in New Jersey [Post]
12. Major renovation effort underway at 125th Street retail spaces [Harlem Bespoke]
13. Five Napkin Burger is firming up plans to open a second location at 2315 Broadway on the corner of 84th Street [Zagat]
14. Facebook group emerges in protest of the NYC Board of Standards and Appeals [Brownstoner]
Downtown retail goes down market
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News

Winick’s Diana Boutross and Darrell Rubens in front of 30 Broad Street.
Bloomberg calls for drop-in center, public pool closures in budget talk
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
Hotel Biz May Lack Luster, But W Hollywood Opening Is All Glam
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News

- Tim Street Porter
- The lobby of the W Hollywood
This isnt exactly the best environment for opening a hotel. Still developer Gatehouse Capital Corp. and hotel operator Starwood Hotels and Resorts Worldwide Inc. are rolling out their new Hollywood hopeful on Thursday: The 305-room W Hollywood hotel in the center of Tinsletown.
In a style fitting the location, the hotels unveiling wont lack for glitz and glam. A day after the hotels opening, a civic recognition event on Friday is expected to draw 300 to the hotel, including Los Angeles Mayor Antonio Villaraigosa. The event will include appearances by late-night television host Jimmy Kimmel and singer Robin Thicke. This weekend, the W will host the Grammy Awards post-event party for EMIs Capitol Records, which is headquartered across the street from the hotel.
The fete was a long time coming for Gatehouse Chief Executive Officer Marty Collins. He drafted plans for the W Hollywood in the late 1990s and spent the next decade haggling with various local and regional government agencies and building the hotel at a cost of $350 million. In addition to the hotel, the project has 143 residences priced at $500,000 to $7 million. Of those, 43 are under contract.
Occupancy at hotels in Los Angeles has declined by nearly 11 percentage points since 2007 to 64.3%, according to Smith Travel Research. Revenue per available room declined by 20% to $73.46 in the same span. And hotel projects offering pricey condos have found few buyers in this economy. But Mr. Collins is undaunted.
Today the economy is less robust than it was three years ago, he concedes. But, relative to what it was 12 years ago when I started (the W project), this neighborhood has exploded.
Gatehouse Capital is the projects developer and minority owner. The majority owner is HEI Hotels & Resorts, based in Norwalk, Conn. German bank HSH Nordbank AG provided the projects $250 million construction loan. The hotel is the 36th to carry Starwoods trendy W brand.
Located at the intersection of Hollywood Boulevard and Vine Street, the W is within walking distance of the Pantages, Hollywood Palladium and Avalon theaters. It contains a Bliss spa, the Drais Hollywood nightclub and the Delphine restaurant. The Ws rates range from $219 for a 400-square-foot room to $2,000 to $4,000 for a 1,650-square-foot room.
We say internally that were introducing the newest star on the boulevard, said Jim McPartlin, the hotels general manager. So, you take the training wheels off and see what happens.
Panel approves charter school expansion within Red Hook’s P.S. 15
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
Housing’s ‘New Normal’: More Renters, Slowing Home Appreciation
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News

- Superstock
- Dreamland no more: The disillusionment over homeownership could last for decades, Mr. McIlwain writes.
With so much focus on determining whether housing has finally hit bottom, little thought has been given to the future of housing, post bubble. Here’s a potentially sobering prediction: “The old ‘normal’ will not return,” predicted John K. McIlwain, senior resident fellow at the Urban Land Institute, at a presentation in Washington this week.
It must have been a grim talk. Mr. McIlwain said overall home prices will likely fall another additional 10% this year, fueling even more foreclosures and underwater mortgages, which could hit 21 million by the end of the year. With more people owing more than their home is worth “the growing number of consumers who are choosing to walk away from those mortgages suggests a fundamental change from the long-held notion of homeownership as the ultimate American Dream,” Mr. McIlwain predicts. “This disillusionment over homeownership as a way to build wealth could persist for decades to come, as those entering the housing market will be more apt to rent longer, and to place more emphasis on buying for shelter rather than investment purposes.”
In the decade ahead, he thinks home appreciation will slow to 1% or 2% annually, while the home ownership rate of 67% will fall as low as 62%. “The age of suburbinization and growing homeownership is over,” he says. That, of course, means more people will stick with renting - whether by choice or necessity. Mr. McIllwain says that housing in and around major cities will remain unaffordable for many who work there. (We’ve previously reported that some 42% of those who once purchased, but don’t currently own, do not think they’ll own again.)
Mr. McIlawain’s presentation comes from this 24-page report, brimming with interesting housing stats and discussion.
Readers, do you agree with Mr. McIlwain? How do you picture the new landscape?
Follow Dawn on Twitter at www.twitter.com/dwotapka
Cuomo plans to sue landlord Vantage
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News

From left: New York Attorney General Andrew Cuomo and Neil Rubler, president and CEO of Vantage Properties
NYU snaps up 12th Street building for $134M
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
Discount stores score sweet deals in the Bronx
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
Haitian devastation thwarts development
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
Neighbors protest new Bed-Stuy housing facility for recovering addicts
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News
How Will the White House ‘Step Up’ Refinancing?
January 28th, 2010
Posted in New York City Real Estate News, Real Estate News

- Getty Images
In his State of the Union address, President Barack Obama said the administration would step up mortgage refinancings. But how?
Mr. Obama devoted just three lines of his State of the Union address to housing on Wednesday night: [W]ere working to lift the value of a familys single largest investmenttheir home, he said. The steps we took last year to shore up the housing market have allowed millions of Americans to take out new loans and save an average of $1,500 on mortgage payments.
That much is true. With mortgage rates at below 5% for much of the year, many borrowers were able to refinance into much lower rates.
More interesting was what Mr. Obama said next: This year, we will step up refinancing so that homeowners can move into more affordable mortgages.
Now, square that with Wednesdays release of data from the Mortgage Bankers Association. Mortgage rates stood at 5.02% last week, up slightly from 5% the week before (though still near record lows). Nonetheless, refinance applications were down 15% from the previous week.
“Although rates remain low, there appears to be a smaller pool of borrowers who are willing and able to refinance at today’s rates, said Michael Fratantoni, MBA’s Vice President of Research and Economics.
There are plenty of reasons for that.
- Mortgage rates have been at record lows for much of the past year, so most borrowers who have been able to take advantage of low rates probably have.
- Save for through the Home Affordable Refinance Program, or HARP (which hasnt had nearly the effect that the administration said it would), many borrowers cant refinance because they dont have enough equity.
- Credit standards are tight (except for loans insured by the Federal Housing Administration), so many of the most marginal borrowers may not be able to qualify for a refinancing. Fannie and Freddie charge add-on fees for borrowers with less than pristine credit or for riskier loans, such as those for condos. That can drive up the cost of refinancing to the point that it’s not really worth it.
But consider: rates arent going down this year, certainly not if the Federal Reserve stops buying up mortgage-backed securities as scheduled. So just how is the administration planning to step up refinancing?
Safe to say, its not likely to be through conventional means. That makes it a reasonable bet to expect some new modification effort or refinements to existing programs, such as HARP, Hope for Homeowners, where investors reduce the borrowers principal and refinance them into an FHA-backed loan, or the administration’s loan modification program, Home Affordable Modification Program.







