Archive for March, 2010

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$696,000 2 BR in Long Island City

March 31st, 2010    Posted in Apartments New York, Queens Apartments, Queens Real Estate
 



New York New York Long Island City

Web ID#: 26690
Property Type: Mid-rise
Beds: 2
Baths: 2
Price: $696,000


view full listing		 Stands out as the first Green Certified New Development in Hunters Point, offering spacious loft-like living with a true sense of intimacy. Upon entry of the building, its sleek and sophisticated lobby reflects the contemporary and luxurious style of the individual units. 9ft ceilings and huge thermo pane windows allow a tremendous amount of natural light that accentuates the uniqueness of each home. Along with their open and flexible layouts these spaces are beautifully polished with high-end finishes and appliances for luxury living. This 1,009 sq ft 2bd/2bth w/ a private 96sf glass enclosed balcony includes bamboo wood floors, an open kitchen with custom cabinets with brushed nickel hardware, Energy Star Rated stainless steel appliances, imported Italian tiles, stainless steel Blanco double sink & blizzard Caesar Stone counter tops. A fresh blend of porcelain, limestone & glass accent the bathrooms. This home also comes with an LG washer/dryer. APPROVED 15YR 421-A TAX ABATEMENT. Amenities include a doorman, health-club, children’s playroom, 7,000 sf fully furnished green roof deck w/ an outdoor movie theater, private storage, underground parking and ground floor retail stores. Located in the heart of LIC just two blocks away from the Vernon/Jackson stop, off of the 7 Train, in the midst of the best restaurants, bars, and cafes. Being only steps away from the waterfront, you can also enjoy breathtaking views of the Manhattan skyline

Call us now for a showing

Olivier Pomedio
direct: 212.252.8772
cell: 646 496 5017
olivierp@nestseekers.com
Loic Kessl
direct: 212.252.8772
cell: 917.340.5627
loick@nestseekers.com
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$410,000 1 BR in Long Island City

March 31st, 2010    Posted in Apartments New York, Queens Apartments, Queens Real Estate
 


Queens New York Long Island City

Web ID#: 15947
Property Type: Unknown
Beds: 1
Baths: 1
Price: $410,000


view full listing		 Brand new high-rise with pre-construction prices.

An exciting opportunity for New York's most exciting neighborhood...Long Island City, Queens, NY. Although known in the past for its industrial roots, L.I.C. has repositioned itself as an artistic and cultural community, truly a neighborhood on the rise. L.I.C is located on the East River waterfront with jaw dropping views of Midtown. It is just one subway stop over from Manhattan, with the 59th St Bridge and the Midtown Tunnel also providing easy access.

Building features:

- Roof deck
- Pool
- Fitness Center
- Recreation Room
- Children's Play Room
- Screening Rooms
- Concierge/Doorman

Residences Include:

- Hardwood Floors
- Top of the Line Appliances
- Outdoor Spaces in Selected Units
- Over sized Windows with Amazing Views

LIC's cultural highlights include many museums and galleries, such as MoMa (Museum of Modern Art), PS1 an affiliate of MoMa, Naguchi Museum, Socrates' Sculpture Park, The Museum of the Moving Image, The Museum of African Art, The Sculpture Center, 5 Points, and countless others.


Beth Lustbader
cell: 917.445.3327
bethl@nestseekers.com
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$1,395,000 1 BR in Union Square

March 31st, 2010    Posted in Apartments New York, New York Apartments, New York Apartments For Sale, New York Properties, New York Sales
 



New York NY Union Square

Web ID#: 26689
Property Type: Mid-rise
Beds: 1
Baths: 1
Price: $1,395,000


view full listing		 IMMEDIATE OCCUPANCY *Sponsor to pay a total of 5 years Real Estate Taxes at closing based on current tax assessment.* With Interior Design. New concept in urban living, where classic architecture is given an edge. New York's great downtown loft tradition gets a modern twist with Pods: jewel-like lacquered boxes that seem to float in each residence. Must see this Building !
Contact me now for a viewing !

==> Click To See My Other Listings <==
Loic KESSL
Nestseekers International
917 340 5627
loick@nestseekers.com

Loic Kessl
direct: 212.252.8772
cell: 917.340.5627
loick@nestseekers.com
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Freddie Mac Eases Rules for Some Florida Condos

March 31st, 2010    Posted in Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, New York Sales
 

Freddie Mac said on Wednesday it would relax some rules that have made it harder to get mortgages for condominium units in Florida. The move could make it easier for some owners to sell their units.

Last year, Freddie Mac and its larger rival Fannie Mae tightened lending rules for condos, reducing financing options for buyers in troubled buildings, including those where a high share of borrowers were renting out units or were delinquent on association dues.

On Wednesday, Freddie said it would waive some of those rules over the next year on units where the mortgage was already owned or backed by the company. Real-estate agents have complained that tougher financing rules have put even greater pressure on prices by limiting the pool of potential buyers to those who can make big down payments. The change shouldn’t require Freddie to take on any more risk because it will simply trade one mortgage for another.

Fannie Mae, which allows exceptions to its rules on a case-by-case basis for established buildings that meet its standards, said in January it would institute a review of all Florida condos to provide a special designation for “sufficiently stable” buildings that would automatically exempted from tighter rules.


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Bed-Stuy renovation leads to big debt

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
When a Bedford-Stuyvesant brownstone saw one of its walls collapse during a dubious renovation in January, few could have anticipated the community conflict that would emerge from the accident. While homeowner Robert Providence said that the unlicensed work that led to the collapse, which was being conducted in the basement of his $770,000 townhouse at 329 MacDonough Street, was done without his permission, the onus fell on him to restore his home in Bed-Stuy's historic district. Although city officials had originally ordered the building be demolished due to safety concerns, neighbors successfully lobbied to keep it around. Providence has since wound up with hundreds of thousands of dollars in debt, but preservationists are happy -- even if they can't show their enthusiasm monetarily. "No one has the money to help," Providence said.


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Sales up, prices down in Manhattan housing market

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
The number of Manhattan sales dropped 45 percent to 7,430 between 2007 and 2009, according to The Real Deal's 2010 Data Book (see the entire residential housing market history section from the Data Book below), but rose 8.4 percent between fourth-quarter 2008 and the last three months of 2009. The median sales price in the fourth quarter of 2009 was down 10 percent to $850,000 in the prior-year quarter. The average sales price in fourth-quarter 2009 was also down, by 12.7 percent to $1.3 million year-over-year. Meanwhile, there was a steep decline in inventory in the fourth quarter in the borough, attributed to pent-up demand, low interest rates and lower prices, according to the data book. "We saw fewer price cuts, and those price cuts were not as deep," said Sofia Song, vice president of research at Streeteasy. To purchase the 2010 Data Book, click here or see the link at the top of The Real Deal Web site. TRD


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$2,400,000 2 BR in Wall St/Seaport/Battery Park

March 31st, 2010    Posted in Apartments New York, New York Apartments, New York Apartments For Sale, New York Properties, New York Sales
 


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

Web ID#: 26686
Property Type: Hi-rise
Beds: 2
Baths: 3
Price: $2,400,000


view full listing		 Apartment Features
AC: Central; Kitchen: Dishwasher; Window: Oversized Windows; Washer/ Dryer; High Ceiling;

Exposure / View
North; East

Building Description
Cross Streets: Pearl Street and Water Street.
Concierge; Elevator; Post-war; Built 1987. Converted to Condominium in 2008; High-rise; 36 Floors; 347 Apartments.

Building Amenities
Courtyard; Laundry Room; Rooftop Deck;

Building Policies
Pied-A-Terres Allowed. W/D Allowed. Sublets Allowed.
Broker Summary Hi ceilings are 10 feet high and 6 foot tall windows offer great light and awesome views of the Manhattan the rivers and bridges. The homes feature wide planked oak flooring, individual heat pump HVAC systems and Washer/Dryer in each home. Multi-media outlets are located throughout the homes and some units feature overhead storage cabinets.
Access

Building Notes:

CALL BRUCE FOR AN APPOINTMENT:
CELL< 212-714-0717

Bruce Mishell
direct: 212.714.0717
brucem@nestseekers.com
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New documentary promises to expose alleged Lennar fraud

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
National home builder Lennar is getting the Hollywood treatment with a new film by former securities fraudster-turned-producer Barry Minkow. But based on the just-released trailer, Lennar execs won't be shining their shoes for their moment on the red carpet any time soon. In "Too Big to Go to Jail: The Lennar Story" Minkow's Fraud Discovery Institute promises to "reveal a disturbing pattern of apparent fraudulent behavior by Lennar ranging from the falsification of government documents to the utilization of joint ventures to conceal debt and siphon cash from unwitting joint venture partners." Lennar has denied the accusations and sued Minkow for libel. The documentary is slated for an initial, limited release in the "communities most devastated by Lennar," Minkow said, and he told the Wall Street Journal that he's in talks with cable networks for a special that could air this summer. TRD


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Canada beats U.S. in real estate recovery … and more

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
1. Signage goes up at Andaz Fifth Avenue [Hotel Chatter]
2. Obama adviser cautions about underperforming banks [AFP via Yahoo!]
3. State construction projects suspended [AP via Post]
4. Residents blue over Westchester views marred by tree cutting [Bloomberg]
5. Mortgage rates to climb, analysts say [Herald Tribune]
6. Real estate recovery stronger in Canada than US: report [Seeking Alpha]
7. BofA tower owners want to refi, again [Crain's]
8. Brooklyn waterfront development has far-reaching, polarizing effect [NYO]
9. Tour operator opens up shop in Midtown [Crain's]
10. UES home hits market for $28 million [Realestalker]


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$1,100,000 1 BR in Wall St/Seaport/Battery Park

March 31st, 2010    Posted in Apartments New York, New York Apartments, New York Apartments For Sale, New York Properties, New York Sales
 


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

Web ID#: 26681
Property Type: Hi-rise
Beds: 1
Baths: 1.5
Price: $1,100,000


view full listing		 Apartment Features
AC: Central; Kitchen: Dishwasher; WBFP; High Ceiling; Powder Room; WIC;

Exposure / View
West/ City; Open

Building Description
Cross Streets: Beaver Street and Exchange Place.
Full Service; Elevator; Post-war; Built 1986. Converted to Condominium in 2007; High-rise; 30 Floors; 167 Apartments.

Building Amenities
Fitness Room; Lounge;



Building Policies
Pied-A-Terres Allowed. Sublets Allowed.

Broker Summary
The Building was originaly built in 1986 and has been converted to a beautifully designed luxury condominium with great city and water views.
Call Bruce Mishell for an Appointment:
Cell: 212-714-0717

Bruce Mishell
direct: 212.714.0717
brucem@nestseekers.com
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PropertyShark.com bought by California real estate software company

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 

From left: PropertyShark founder Matthew Haines and Gordon Morrell, Yardi’s executive vice president and COO
Yardi Systems, a 28-year-old California-based company that specializes in software for real estate investment and property management, announced today that it has acquired the data Web site PropertyShark.com. Yardi said it plans to integrate PropertyShark.com’s real estate data into the Yardi suite of software, but that initially at least, PropertyShark.com will remain as an independent Web site.  The current staff will remain in place in their Brooklyn office, said Gordon Morrell, Yardi’s executive vice president and COO. In fact, more staff will be hired as the company expands. “The intent is to help them grow from a regional database to a national database,” said Morrell, who did not disclose the price of the acquisition. While PropertyShark.com will provide useful information to clients of Yardi, those clients will be also able to feed information to PropertyShark.com’s database, he said, though the details of how that will work haven’t yet been worked out. “The data would flow both ways,” Morrell said. A few months ago, Yardi Systems purchased two then defunct real estate publications, Multi-Housing News and Commercial Property Executive, with plans to re-launch them. Morrell said that acquisition is not related to this one.


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$2,390,000 2 BR in Wall St/Seaport/Battery Park

March 31st, 2010    Posted in Apartments New York, New York Apartments, New York Apartments For Sale, New York Properties, New York Sales
 


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

Web ID#: 26680
Property Type: Hi-rise
Beds: 2
Price: $2,390,000


view full listing		 Call For An Appointment
Bruce Mishell Cell: 212-714-0717
Beautiful loft Resideces
Starting at $599.000.
up to 15,000,000
Apartment Features
Kitchen: Dishwasher; Bathroom: Marble; Window: Oversized Windows; Washer/ Dryer; High Ceiling; WIC; Abundant Closets; Custom Closets; Beamed Ceilings; Surround Sound System;

Exposure / View


Building Description
Cross Streets: Exchange Place and Wall Street.
Full Service; Elevator; Pre-war; Built 1914. Converted to Residential in 2005; Loft; 40 Floors; 382 Apartments.

Building Amenities
Fitness Room; Exercise Studio; Basketball Court; Pool; Laundry Room; Rooftop Deck; Private Storage; Business Center; Cinema Room;

Building Policies
Pied-A-Terres Allowed. W/D Allowed. Pets Allowed. Sublets Allowed.

Bruce Mishell
direct: 212.714.0717
brucem@nestseekers.com
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Core wins termination fee at stalled site

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 

From left: Shaun Osher, head of Core Group, the site at 158 Madison Avenue and the exterior of the building at 158 Madison Avenue (building photo source: PropertyShark)

Shaun Osher's Core Group Marketing won a 17-month battle for a $113,800 termination fee it said it was owed after being fired in 2008 as the exclusive sales and marketing agent on a stalled condominium project at 158 Madison Avenue. The ruling may be hollow, however, because investors in the vacant, T-shaped parcel that has frontage on Madison Avenue and 32nd and 33rd streets, are fighting a private lender seeking to recover $33 million from a loan that is in default on the property. In October 2008, Core residential real estate brokerage sued the property owner, an affiliate of John Rice and Joseph Ingrassia's Capstone Business Credit for the termination fee, calculated at $27,777 per month as laid out in a written agreement from when it was hired in November 2007 until it was fired in March 2008. State Supreme Court Justice Marcy Friedman sided with Core against the ownership entity, 158 Madison Ave Associates, awarding the $113,800 fee plus interest and legal expenses, the ruling published March 25 shows. The amount of money was just a fraction of the potential $4 million that Core could have earned had the project gone forward, the decision says.


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Openings and closings: the Psychic Boutique opens, Ellen closes … and more

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 

From left: the Psychic Boutique at 497 Myrtle Avenue and Ellen at 122 Ludlow Street

A new taco truck called El Camioncito has opened near Penn Station at the corner of 31st Street and Seventh Avenue. Nearby, the Empire Room, a ground-floor bar in the Empire State Building at 350 Fifth Avenue between 33rd and 34th streets, has opened. A new Irish gastro-pub has had its soft opening at 247 West 30th Street between Seventh and Eighth avenues, with an official opening date planned for April. ?Farther west, the Ink48 hotel at 653 11th Avenue on the corner of 48th Street has opened its new rooftop lounge. In the East Village, two recently-vacated neighboring spaces at 105 Avenue A and 103 Avenue A between 6th and 7th streets are reportedly reopening as one, larger eatery. A new Peruvian restaurant called Bar Paya is opening in the neighborhood as well, on Second Avenue near 4th Street.


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Some Regions Never Felt Housing Boom, or Bust

March 31st, 2010    Posted in Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, New York Sales
 

From the WSJ’s Real Time Economics blog:

By Phil Izzo

The U.S. still is feeling the effects of widespread housing bust, but a new report serves as a reminder that large swaths of the nation didn’t experience a boom in home prices and hasn’t suffered from the bust.

Click for larger map.

New York Federal Reserve staffers Jaison R. Abel and Richard Deitz released a report highlighting the stability of upstate New York’s housing markets. The research notes that while the rest of the U.S. saw a real-estate boom and bust, upstate New York was largely insulated from the cycle.

“Despite upstate’s long-term weak economic growth and population loss, Buffalo, Rochester, and Syracuse all ranked in the top 10 percent of metro areas in terms of home price appreciation in 2009, with Buffalo ranking sixth overall,” the authors wrote.

But upstate New York isn’t alone in bucking the national trend. “Most U.S. metro areas actually experienced more moderate increases in house prices than the nation between 2000 and 2006. In fact, 249 of the 383 metropolitan areas tracked by the Federal Housing Finance Agency saw price increases below the national rate of 8.1% during the boom,” Abel and Deitz said. Many of these areas, in turn, didn’t experience the resulting bust…

Continue reading on Real Time Economics


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Do you think it’s ill-advised to end the first-time homebuyer tax credit so shortly after the Fed backs out of the mortgage market?

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 

The Real Deal is looking for your feedback on market-related issues. To read an item about the Fed backing out of the mortgage market, click here. Please comment below. If you have questions you'd like posted, please e-mail news@therealdeal.com.


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Williamsburg to get new mixed-use complex

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
Williamsburg is getting a large new retail and housing complex on the site of a former Shell Station on 351 South 1st Street, the triangular plot surrounded by Keap Street, Grand Street and Borinquen Place, according to Brownstoner. The area is already being fenced in for the planned demolition. The developers, Meier and Albert Babaev, said they're looking to build a retail strip small in the first phase, after which they'll erect an apartment tower.


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$495,000 in Wall St/Seaport/Battery Park

March 31st, 2010    Posted in Apartments New York, New York Apartments, New York Apartments For Sale, New York Properties, New York Sales
 
John Street

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

Web ID#: 26676
Property Type: Hi-rise
Baths: 1
Price: $495,000


view full listing		 Take advantage of this great deal. Brand new everything. Center of Financial District - LUXURY FULL-SERVICE BUILDING

APARTMENT FEATURES:

Spacious Studio
Cable Ready / High-Speed Internet Access
Loft High-Ceiling
New Hardwood Floors
New Kitchen applances and Baths
85sf Private outdoor space

BUILDING AMENITIES:

24H Concierge/Valet Service
Tenant Lounge and landscaped roofdecks
High speed elevators
Fitness center
Laundry room

- Low Common Charge
- Tax Abatement


All major Subway trains stops are just around the corner. 5 minutes walking distance away from South Street Seaport. Close to mega store Centry 21, TiffanyTiffany & Co, Hermes, Gucci, Bvlgari and Parada are moving into this area in the near future.


Call David 917 302 2489 to schedule an appointment

David Hsu
direct: 917-302-2489
cell: 917-302-2489
davidh@nestseekers.com
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LOFT HIGH CEILING Studio $495,000

March 31st, 2010    Posted in Apartments New York, New York Apartments, New York Apartments For Sale, New York Properties, New York Sales
 
John Street

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

Web ID#: 26676
Property Type: Hi-rise
Baths: 1
Price: $495,000


view full listing		 Take advantage of this great deal. Center of Financial District - LUXURY FULL-SERVICE BUILDING

APARTMENT FEATURES:

Spacious Studio
Cable Ready / High-Speed Internet Access
Loft High-Ceiling
New Hardwood Floors
New Kitchen applances and Baths
85sf Private outdoor space

BUILDING AMENITIES:

24H Concierge/Valet Service
Tenant Lounge and landscaped roofdecks
High speed elevators
Fitness center
Laundry room

- Low Common Charge
- Tax Abatement


All major Subway trains stops are just around the corner. 5 minutes walking distance away from South Street Seaport. Close to mega store Centry 21, TiffanyTiffany & Co, Hermes, Gucci, Bvlgari and Parada are moving into this area in the near future.


Call David 917 302 2489 to schedule an appointment

David Hsu
direct: 917-302-2489
cell: 917-302-2489
davidh@nestseekers.com
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Manhattan U.S. attorney steps up mortgage fraud crack down

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
The office of the Manhattan U.S. Attorney is boosting its efforts to crack down on financial fraud with the launch of a new civil frauds unit, U.S. Attorney Preet Bharara announced today. The new unit, headed by Sean Cenawood, the office's former affirmative civil enforcement coordinator, will target mortgage fraud, bank fraud, and fraud related to federal stimulus spending, among other white collar crimes. More than two dozen attorneys will be devoted to working with the new civil frauds unit and another recently-established unit targeting complex frauds, "using every weapon…to combat financial fraud and to vindicate its victims," Bharara said. The new unit will be located at the U.S. District Attorney's Office at 86 Chambers Street. TRD


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C21 expands with move from Madison Avenue to near Grand Central

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 

Marc Lewis, president and CEO of Century 21 NY Metro and his company's new office at 228 East 45th Street (building photo source: PropertyShark)
Century 21 NY Metro is relocating to a 13,000-square-foot office at 228 East 45th Street, the company announced today. The sales and rental company, which has around 150 agents and staff, will vacate its current space at 575 Madison Avenue June 1, according to President and CEO Marc Lewis. The new office is some 40 percent larger and can house up to 200 people, Lewis said. The asking rent for the new space is listed on Costar as $29.50 per foot per month. Lewis would not comment on the taking rent, but said it was comparable to what the company is paying now. Since the recession hit, a number of real estate companies have switched locations to take advantage of lower rents for office space. Aside from offering more space for a comparable price, Century 21’s new office -- on 45th Street between Second and Third avenues -- is “in a much better location,” Lewis said.


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Commercial execs pessimistic about 2010

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
Market analysts aren't the only ones pessimistic about commercial property's outlook, according to a survey from financial services firm Deloitte, which found that the majority of real estate executives expect rents to continue falling through the end of the year. Approximately 76 percent of respondents to the report, which surveyed 327 executives from real estate companies and corporate tenants, said they expect commercial properties to decline through 2010, while 73 percent said they predict asking rents to drop through the end of the year as well. On the upside, E.J. Huntley, a principal with Deliotte, said that the down market may spur some executives to invest. "A recovery of the commercial real estate market from its current contraction will be protracted," Huntley said. "As a result, many commercial real estate executives are contemplating opportunistic investments." TRD


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As traditionally strong rental season kicks off, Tapestry starts leasing

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 

From left: Jonathan Rose, head of Jonathan Rose Companies, a rendering of the Tapestry at 245 East 124th Street, and two images from the building's model units

The leasing office at Tapestry, a 185-unit green residential building in East Harlem, is opening April 1, one of several new rental buildings hoping to take advantage of the traditionally stronger rental season. Residents at the 12-story building, located at 245 East 124th Street at Second Avenue, will be able to move into the building in May. For the 92 market-rate units, rents start at $1,850 for studios, $2,050 for one-bedrooms, $2,800 for two-bedrooms and $3,900 for three-bedrooms. All of the units are currently being offered with one-month free and a broker OP, or owner pays (the broker fee), according to Seth Rosner, managing director at Nancy Packes, the real estate company handling the leasing. The building, which will be complete by the move-in date, was developed by Jonathan Rose, the president of Jonathan Rose Companies, along with Lettire Construction.


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Movie of the Week? The Lennar Story

March 31st, 2010    Posted in Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, New York Sales
 

In his latest salvo against builder Lennar Corp., controversial gadfly Barry Minkow has gone Hollywood.

Mr. Minkow’s Fraud Discovery Institute Inc. just released a trailer for “Too Big to Go to Jail: The Lennar Story,” a drama that seems worthy of a Lifetime movie. The film promises to show “a disturbing pattern of apparent fraudulent behavior . . .ranging from the falsification of government documents to the utilization of their joint ventures to conceal debt and siphon cash from unwitting joint venture partners.”

The 70-minute show, Mr. Minkow promises, is professional quality and “not done cheesy with my father’s rent-a-camera.” It will initially be released in a handful of theaters in and around the three “communities most devastated by Lennar”: Hunters Point in San Francisco, El Toro in Irvine, Calif., and Hutto in Texas. Mr. Minkow says he’s in discussions for a cable special that could air this summer. He didn’t reveal the specific networks.

Mr. Minkow’s life could even make for a movie: After serving a seven-year jail sentence for securities fraud, he vowed to smoke out corporate misdeeds upon his 1995 release. He also says he always sells short, meaning he profits from stock declines, any company he is reporting on.

Miami-based Lennar, which declined to comment on its movie-star status, has previously denied the accusations. Early last year, Mr. Minkow’s campaign caused a 20% plunge in Lennar’s shares. The company, one of the nation’s largest builders, took the unusual step of issuing a release on the matter. Lennar sued Mr. Minkow, accusing him of libel and extortion in spreading “false and scurrilous” claims.

“When you get sued you know you are right,” he told the Journal at the time. “We are just getting started.” Looks like he keeps his word.

Follow Dawn on Twitter @dwotapka


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Often reviled, Gluck seen in new light by city officials

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
Laurence Gluck, a low- and middle-income housing landlord widely scorned for his handling of the Riverton Houses complex in Harlem, could emerge from his semi-pariah status, according to the New York Times, as city and federal officials scramble to find an owner for the Tivoli Towers residential building in Crown Heights. Gluck, who had once angled for ownership of the 33-story affordable housing development, only to be thwarted by city officials, is in talks to buy the building for $11.25 million. The deal comes with a couple caveats: he has to complete approximately $15 million worth of needed renovations and pledge to keep the building affordable for the next 30 years. But while Gluck might be an appealing option for officials, Tivoli tenants express trepidation. "There are great concerns about Laurence Gluck taking over this property," Alice Mitchell, a tenant at Tivoli, said. "It seems he's a predatory developer." Dina Levy, a director with the Urban Homesteading Assistance Board, described the scenario as somewhat of a Faustian bargain for residents. "They have to make a choice between getting desperately needed repairs and taking their chances living under Larry Gluck," Levy said, "or fighting the deal and risking that the building sits in limbo, with no repairs getting done."


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Forget Manhattan — NYC jewelers launch first store in Palm Beach

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
While some business owners flock to Manhattan for retail space, a new group of retailers is picking the warm environs of Palm Beach, instead. New York-based sisters and entrepreneurs Lisa Renk and Kim Dryer are launching their first retail outpost outside of the city, following the Worth Avenue debut for fashion designers Mark Badgley and James Mischka in the fall in Palm Beach. Renk and Dryer own a New York-based jewelry firm, Sequin. The store will open at 330 S. County Road, the first retail store for the company. The jewelers, and other like-minded business owners, said that the location offers year-round business. [Palm Beach Daily News]


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Will Fed back out lead to double dip?

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
As fears over a real estate double dip swirl, the Business Insider pegs the anxiety to a few main sources: the end of the Federal Reserve’s mortgage buy-up and Fannie Mae’s reluctance to finance certain home loans. And with the mortgage market officially ending a “post-Fed period,” as reporter Jon Weisenthal calls it, April 1, industry experts are wondering just how much pain the market will endure. From Weisenthal’s perspective, this could directly lead to the double dip, with “higher rates, higher mortgages, slower sales.”


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Feds hunt for new landlord at former Sunset Park Navy warehouse

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
Sunset Park’s Federal Building No. 2, the former Navy warehouse near the waterfront, could be the largest vacant building for sale in the city at 1.1 million square feet. The city’s Economic Development Corporation, which is trying to turn the property into an affordable manufacturing space for the city’s displaced industrial tenants, issued a request for proposals in December and has since received six bids from parties including the Clarett Group and Industry City Associates, ranging from $500,000 to $10 million. But between extensive and necessary renovations, zoning restrictions and property taxes of $1 million per year, taking on the 94-year-old structure will prove difficult for whoever winds up with the keys. Under Industry City’s proposal, the city’s idea of leasing space to light manufacturers would be expanded to include technology start-ups and art studios, in order to stir up enough interested tenants. The last time the federal government tried to sell the building was in 2006, when the winning bidder, Time Equities, withdrew from the deal after spending $1.5 million in engineering and architectural fees to create the plans because of economic concerns. Time Equities did not submit another proposal this time around, said chairman Francis Greenburger, because “our reading of the market hasn’t really changed.” [NYT]


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Mortgage Rates Up, Along with Applications for New Loans

March 31st, 2010    Posted in Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, New York Sales
 

Mortgage rates rose slightly to 5.04% last week, from 5.01% the previous week, during the last full week that featured the Federal Reserve as a buyer of mortgage-backed securities. The Fed’s $1.25 trillion in mortgage purchases is set to end today, and though analysts remain split over how much rates may rise in the coming weeks, many say that the Fed’s withdrawal could introduce more volatility into mortgage markets.

Also, keep an eye on this: the Mortgage Bankers Association’s weekly survey recorded a 6.8% jump in purchase applications. Applications for new mortgages are now back where they were at the end of last October, when home buyers were rushing to get loans to take advantage of the first-time home buyer tax credit, which had been set to expire.

“We may be seeing a similar pattern now,” says Michael Fratantoni, the MBA’s vice president of research and economics. The current home buyer tax credit is set to expire on April 30.

A possible uptick in demand from first-time buyers would explain that large share of mortgage applications for government-backed loans such as those from the Federal Housing Administration. The government share of purchase applications reached 47.2% last week, also the highest level since last October.

Meanwhile, in Wednesday’s WSJ we take a look today at new efforts to help unlock the market for securities backed by mortgages that don’t have any government backing. Redwood Trust Inc., a Mill Valley, Calif., mortgage-investment manager could launch as soon as next week a private-label securities offering that, if successful, would be the first such sale in more than two years.

The market for private-label mortgage securities—those without backing from a government-related entity—evaporated in August 2007 when rising defaults sapped investor demand. The Redwood securities would be backed by jumbo mortgages that are too big for government backing and could mark a small but important step towards healing the broken private-label securities market. Jumbo volume has fallen sharply as banks have to make those loans and keep them on their books.

http://online.wsj.com/article/SB10001424052702303601504575154380408019498.html?mod=WSJ_Real+Estate_LeftTopNews


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Boston Properties scores 200,000 sf lease renewal at 125 West 55th Street

March 31st, 2010    Posted in Apartments Brooklyn, Apartments New York, Manhattan Apartments News, New York Apartments, New York Real Estate News, News
 
Katz Media Group is taking over more than one-third of the office space at Boston Properties’ 125 West 55th Street under a lease renewal that extends until mid-2027, with an option to stay an additional five years after that. Katz, a division of radio company Clear Channel Communications, already occupies the third through seventh floors and will take over the 11th and 12th floors, plus some basement space, for roughly 200,000 square feet in total. Boston purchased the 591,000-square-foot building for $444 million from Macklowe Properties in 2008 in a deal that included the GM Building, 2 Grand Central Tower and 540 Madison Avenue. Asking rents were estimated in the $50s per square foot, sources told the Post. The Katz deal, along with leases with other tenants like Macquarie Holdings and Air France, helped Boston Properties get a new $207 million mortgage on the property through MetLife. [Post]


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