A Fine Blog

Back, Finally, Here Are Some Links

2009-11-10T09:38:00.002-05:00

Wow that was long 10 days, but feeling nearly completely recovered from my suspected H1N1 case. Not the worst flu in the world, but long lasting for sure. Glad to be back in the saddle.
Wall Street Bonuses Rise As Big 3 May Pay $30 Billion (Bloomberg)
Fewer New Yorkers In Negative Equity Trap (Crains)
From Boats To Boogie Boards, More Madoff Possessions Hit The Auction Block (USA Today)
Solaria Condo In The Bronx Hits The Auction Block Next Week (NYDN)
StuyTown Deal Looks "Defaultier" Than Ever (Observer)
Lincoln Center Renovation Gets Sodded (Curbed)

Friday Update, Post-ish Swine

2009-11-06T09:41:00.002-05:00

Wow, quite a few days. A whole family laid up with probable swine. Still have a couple fevers in the house nearly a week later, but it seems like we are getting over the hump, slowly. So, what did I miss? Before I went down, I was preparing to write a post on how the rental market is still a disaster. I guess I will get to that at some point, but the take away is that the rental market has gotten worse, not better over the past couple of months. For many this is good. Prices are down further and incentives abound.
The jobs report this morning interesting. While the unemployment rate popped up to 10.2%, the worst since 1983, the number of jobs lost in October (190,000) and the 3 month moving average (178,000) has improved markedly since the beginning of the year. While newspaper headlines will scream the headline number and possibly dent fragile consumer confidence to some extent, things still seem to be tracking towards positive job growth some time in the spring. The effect on the NYC real estate industry? In my opinion, such news will only extend the window of opportunity to purchase at compelling prices. It is not a question of if the residential market will recover, but when. While such seemingly bleak news may scare some heading into the dead of winter, be mindful that the comps that we are up against vs. last winter's virtual freeze are weak. Don't be surprised if you start seeing news of apartment sales in NYC up 40% vs. last year in the first quarter. It will sound better than it is. Still, half the battle is psychological, and the weak comps should aid confidence in the NYC market.
Back with more soon..

2009-11-04T15:22:00.001-05:00

Sorry bout the lack of bloggage the past couple days, dealing with a mini-pandemic here at home. Hopefully up and running here over the next couple of days.

Rat Attacks Empire State Building!

2009-11-02T15:34:00.005-05:00

King Kong, beware!

(Photo Credit: Neil Mori, 11/2/09)

Monday Morning Links

2009-11-02T12:18:00.003-05:00

The Tale Of The Rockrose Split, Heads or Tails That Is (NY Times)
Agents Turn To Teamwork (NY Times)
GM Building Naming Rights Open To Highest Bidder (Observer)
West End Avenue A Historic District (Observer)
To Spur Sales Developers Bring In Show Homes (Crain's)
What Happens When You Qualify But Your Apartment Doesn't (NY Mag)
The Allure Of The Wreck (NY Times)
Recovery Or Bump? The Debate Is On (NY Times)
National Luxury Real Estate Wrap (Luxist)

2009-10-30T16:40:00.001-04:00

No links Friday. Busy day in the field!

Thursday Morning Links

2009-10-29T08:40:00.002-04:00

Kinda light on great real estate news today, so I guess I'll have to go out and drum up some fresh content!
LIC Gets Props From NY Post (NY Post)
Jersey City Hopes For A High Line Of Its Own (Curbed)
Observer Editor Quits During Owner's Honeymoon (Observer)
Kimora Lee Simmons Looks To Trade Huge Saddle River Mansion For City Living (The Real Deal)
Bloomberg Saw Development As The Future, And The Future Has Stalled (NY Times)

Spooky: Gravestone Found During Washington Sq. Reno

2009-10-28T14:34:00.003-04:00

(Photo: NYC Dept Of Parks and Recreation)
An interesting find the other day at Washington Square Park. A backhoe working on the renovation of the park dug up a gravestone for one James Jackson, an Irish immigrant who died in 1799 at the age of 28. Jackson was from George Street (now named Market Street) in Manhattan. Finding bones and skulls on site is not uncommon, since nearly 20,000 bodies where buried there years ago when the area served as a potters field for the indigent. What is more mysterious however is why someone who could afford a gravestone would be buried in a potters field? Anyway, if you are spending your time in the Village this Halloween, perhaps this will make your day just a bit more spooktacular!
Gravestone From 1799 Is Found In Washington Square Park (CityRoom/NY Times)

Wednesday Links

2009-10-28T12:09:00.002-04:00

New Home Sales Slip For First time In Six Months (Crain's)
Fire Sale In Commercial Sublease Market (NY Times)
Gottlieb Feud Intensifies (The Real Deal)
No New Leases At StuyTown (Observer)
How A Lawyer Found An Arcane Rent Rule And Shook New York Real Estate (Observer)
Ace Hotel Bar Spars With Neighboring Mosque (Observer)
Hunters Point Mega-Project Gets Signage (Curbed)
Dueling Arrested Development Lists (Curbed)
Bronx Building Features Wind Power (Daily News)

Tuesday Morning Links

2009-10-27T08:43:00.002-04:00

Nada mucho in real estate news from the past 24 hours. Perhaps today will be more exciting!
SL Green Revenue Down 7%, Beats Expectation (Reuters)
Photos: Ivanka Weds (People)
"The Charles Will Rise When Construction Loans Resume" (Post/last item)
Willets Point/ Iron Triangle Plan Actually Progressing (Curbed)
Glass Sliver Building on 87th And Park Sees Price Slice (Curbed)

Monday Morning Links

2009-10-26T09:17:00.002-04:00

Your New Condo Leaks? Join The Club (NY Times)
A Weapon Called Fine Print (Barbanel/ NY Times)
Hammer To Fall On Condos (NY Times)
Shock! Landlords Will Survive StuyTown Verdict (Crain's)
National Luxury Real Estate Wrap (Luxist)
Fun With Nouvel's West Chelsea Jigsaw Puzzle (Curbed)
Bloomberg Initiatives Aim To Build NYC Green Economy (Media Newswire)

Featured Apartment: Piercingly Bright, Renovated, Doorman 1 Bed On 65th, Reduced To $437,500.

2009-10-23T16:19:00.006-04:00

Every now and then there is a need for a little promotion. After all, I can't sit here and blog all day, I still have to make a little coin to float the boat! So, here is the featured apartment of the week:
435 East 65th Street #7D, $437,500, mt. $782..

What's not to love? This apartment was completely renovated just two years ago, and everything from the kitchen to the bath to the floors, even the sub-floors were completely replaced. The apartment features bright south exposure, new oak hardwood floors, marble and stainless kitchen, subway tiled bath, ample California closets, and even built-in woodwork to conceal the heating and air conditioning units.

The building features 24 hour doorman, garage, roof deck, laundry and common garden. The maintenance is low at $782. and the building is in the enviable position of only having 4 years left on the underlying mortgage. Pied-a-terres and co-purchasing is allowed, but sorry, no dogs.

The seller has reduced the price to below market for a quick sale. We'll be having an open house this Sunday from 12-3, call Andrew at 917-856-8112 or email admin@afinecompany.com to r.s.v.p..

Not To Be Out-Glassed: John Jay Gets Shiny On West End

2009-10-23T15:36:00.006-04:00

Renderings Courtesy: John Jay College, Turner Construction, Skidmore, Owings & Merrill.

The hulking steel structure between 58th and 59th on West End has been in place for months, but now we have glass! John Jay College is building a 600,000 sf 14 story tower, plus 5 story "urban campus" with the help of Turner Construction and Skidmore, Owings, & Merrill.

I think that I have figured out what I like about glass curtains. It is not the curtains themselves that are nice, they have become exceedingly ubiquitous, but the reflection of light, sky, and clouds are pleasant. Now that I have that figured out, I guess I can just find some open space and enjoy nature without the help of sheet glass.

3 Columbus Circle, Two Faced

2009-10-23T10:16:00.007-04:00

Made it to Columbus Circle this week to see what's new. Apparently at 3 Columbus Circle, everything old is new gain! The 1923 classic is well on it's way to join the gotta have glass class. It least the contrast during the metamorphosis is interesting, we'll see how the final product turns out. Anyone care to wager that 20 years from now they'll strip off the glass and restore the old look?

Friday Morning Links

2009-10-23T09:27:00.000-04:00

Vornado's Roth Buys Bernie's Beach House (WSJ)
Neighbors Wrangle Over New St. Vincent Park Space In West Village (Villager)
Swig Dealt Another Setback In Court (The Real Deal)
Commercial Real Estate The Worst Part Of The Economy (Bloomberg via TRD)
Battery Park Gets Battered (The Real Deal)
Hotel Ludlow, Stalled For Ages To Become Cheap Studio Rentals (Curbed)

Rendering vs. Reality, 200 West 72nd A Pretty Good Match

2009-10-22T15:04:00.000-04:00

(L) Reality, (C) Rendering (Courtesy Metro Green Business), (R) Mini-Canti

200 West 72nd Street, Gotham Construction's Green 196 unit rental building is quickly nearing completion. Funny thing, the rendering and the reality, pretty good match! The cantilever- not much to talk about there- Isis, and The Brompton are more impressive, and, of course Linden 78 takes the gravity defying cake!

Thursday Links- Breaking: Tishman Loses Monumental StuyTown Case!

2009-10-22T13:22:00.000-04:00

The late links today turned out to be a blessing, as the BIG news broke late this morning that Tishman Speyer has lost to a group of tenants in a monumental court case that will likely cost the company at least $200 Million and will make default on the project an absolute certainty. There have been countless articles lately about Tishman being on "the brink" of default, well let me tell you there is no white knight in this scenario. With a property purchased at the height of the market for $5.6 Billion now being appraised by some at $2 Billion or less, the writing is on the wall.
More importantly though are the implications for landlords throughout New York who will be negatively impacted by the courts sudden re-interpretation of the J-51 program. For years property owners have been using the J-51 to improve properties, and part of the improvement was (like it or not) to renovate rent stabilized apartments, many to the point that they become market rate. This ruling opens a Pandora's box for owners throughout the city that have used the program and now face the potential that tenants will win rent decreases, re-regulation, and refunds. Hundreds, if not thousands of buildings (and owners) could be affected. While I will admit my pro-capitalist bias, there seems be be a stench of unfairness here. Haven't the rules been changed in the middle of the game? We'll soon find out.
Wow! Tishman Loses StuyTown Court Battle(NY Times)
"Seismic Implications" For Tishman Speyer (Observer)
Tishman And Black Rock Move Closer To Default (NY Times)
Billy Joel Sells Half Of Perry St. Townhouse To Ex (Observer)
Is The Worst Over For Hamptons Market? (The Real Deal)
650 Sixth Avenue Changes Name And Broker (Curbed)

Aldyn Continues Ascent

2009-10-21T16:37:00.001-04:00

Again, sorry for the funky photo format- still adjusting to the new blog program. Clockwise from the top left: Aldyn, Rushmore, and new Extell rental building together, next: field of green on Riverside Blvd from 65th and up, Aldyn from East, and finally, left is the rental building again from the north).

Things are sure moving along over at Extell's Aldyn at 64th and Riverside Blvd. The building on the water that will be the condo is about 3/4s glassed up, and the rental, in brown brick seems to be windowed up to the top. Also noticed a pretty impressive several block stretch of green grass that stretches from 65th Street for several blocks north on Riverside. Additionally, There is a 2 block long expanse of dirt about 50 feet down between about 65th and 63rd that will be additional park land (eventually). Combine that with the ribbon of green on the Hudson River, and it is getting downright suburban over there! But enough about the grass, The Aldyn is quickly getting glassed up, and that is downright exciting isn't it?

Wednesday Links

2009-10-21T10:44:00.003-04:00

I guess I can't call it morning links today, but it was worth the few miles on foot to get a bunch of new blog material. Here is your Wednesday serving of all the pertinent headlines worth reading. Oh, the phone booth? That's on 66th and West End, one of only 4 remaining functional stand-up phone booths left in Manhattan. And, the phone works!
Steve Madden Overpays For East Side Coop (Observer)
Home Of Rangel, Paterson Seeks Expansion (Observer)
Hotel Builders Turn To City Bonds For Financing Of Last Resort (Observer)
Vornado "Hoarding Cash", Ready To Spend? (NY Post)
Did The Mets Profit From Madoff? (NYDN)
4 Reasons To Buy NYC Real Estate (Nuwireinvestor)
East River Plaza, The East Harlem Mall, Crawls To The Finish Line (NY Times)
Women Charged With Faking Sex Abuse To Win Rent Subsidies (NY Times)
At East River Plaza, Planning Commission Hates America, Or Maybe Betsey Ross (Curbed)
Fulton Transit Center Showing Signs Of Life (Curbed)
Hudson Yards Gets Okay (Architect's Newspaper via Curbed)
Construction Spending Tanks (The Real Deal)
NYC Sees Sharp Drop In New Troubled Loans (The Real Deal)

10-17 Jackson: Fresh Renderings

2009-10-20T16:21:00.000-04:00

My friends over at Studio V were nice enough to share some more renderings for the much anticipated (by me at least) 10-17 Jackson. They would like me to note a couple of changes- the kitchens will actually have granite counters and the vanities in the bath will be smaller with storage underneath.
The lobby, though small will be double height with green/gold quartzite floors, walnut walls at the elevators and distinctive perforated aluminum sheeting on the walls of the rest of the lobby. The sheeting as pictured will also cover the majority of the exterior of the building, so the current appearance of the building should be far different in just a few weeks. Other finishes of note are solid walnut floors that are nailed down (not glued), and the cove lighting above the kitchen which the generous ceiling heights (9'4"- 11'4") afford. The cove lighting allows a more natural and evenly diffused light reflected by the white laminate cabinets. Heck, beats the heck out of a big fluorescent light any day.
According to Studio V, the building is just weeks from completion (expected by year end). Then, comes the big decision by the owner- to move forward with condos, rent the apartments or come up with another scheme. I would encourage the owner to look at the quiet, yet runaway success of it's triangular sister 10-63 Jackson down the street. If priced right, 10-17 should have similar success, even in a tougher environment.
Other small factoids: 33 units- 6 2 bedrooms, 27 1 bedrooms. You begin to clear all the neighboring buildings starting at the 4th floor.

Think Coffee Coming To Union Square

2009-10-20T10:01:00.001-04:00

Saw the awning going up last night on Fourth Ave between 12th and 13th Streets. Think Coffee, which many claim to be the best in the city, is coming to Union Square, and according to someone inside the store, could open by Thursday. While I haven't tried Think yet, I am excited by the prospect of more good coffee options near my office. My personal favorite is "Joe The Art Of Coffee" on 13th between Fifth and University which makes a great cup of java, an ass-kicking americano, and tasty homemade lemonade in season. Think's new location is pretty large, I would guesstimate at least 1600 sf or larger, with ample seating. The way Starbucks packs them in on the east and west side of the square, it would be no surprise if Think is a hit. Welcome to the neighborhood!

Tuesday Morning Links

2009-10-20T09:34:00.000-04:00

High Line "Spur" (30th-34th) Could Be Saved (Curbed)
Soho Mews: Prices Fall, Garden Grows (Curbed)
Stuy Town Inspecting Apartments For Illegal Walls (Observer)
Growing Retailers Seize Recession Opportunities (Crain's)
Removal Of Graffiti Along High Line Vexes Some (CityRoom)
Interests Push For Extension Of First Time Home Buyer Credit (Reuters)

Hamptons Market Upticks

2009-10-19T14:42:00.000-04:00

After suffering a correction of 25% (give or take), the Hamptons market saw signs of life in the Third Quarter with median prices rising by 4.5% and sales of $2 Million-plus homes rising 44%. While far from out of the woods, stabilizing financial markets, and the return of the bonuses could right the ship.
Hamptons Home Prices Rise As Buyers Return To $2 Million Deals (Bloomberg)

Monday Morning Links

2009-10-19T13:08:00.000-04:00

Way late on the links today, but better late than never! Nothing particularly earth shattering in the headlines this weekend. Sure, there was some media regurgitation about the market finding a bottom, but we've run all those stories already. The market does seem to be in a bottoming mode, but it is hard to tell if we have made it. One positive harbinger is the lack of inventory in the Village. I've been chasing 1 bedrooms in the $700k-$850k range only to have been beat out or outbid a number of times recently. That kind of action smells like times of old, but those instances are isolated. The sub- $1 Million market has been active for months and is becoming competitive, but I have yet to see any great spillover into the $1Mil.-$5Mil. range. I was expecting a little more action in that category after Labor Day, but considering the number of holidays since, it is still too early to read.
Gotta Have Faith: 30 Minutes With Faith Hope Consolo (NY Times)
Oil Exec Trades Up On Park, Candela For Candela (NY Times)
Price Insurance For Real Estate? (NY Times)
Former Limelight Club May Go Retail (Crain's)
Woman Who Sued For Harassment At 270 Park, Dies Day Before Hearing (NYDN)
Ivanka: Nepotism Had Little To Do With Her Rise (Phily.com)

Friday Morning Links

2009-10-16T10:17:00.000-04:00

Data Shows Citywide Housing Recovery (Crain's)
What Went Wrong With StuyTown? (The Atlantic)
Dolly Lenz Calls A Bottom For Condo Market (The Real Deal)
Shuttered Virgin Store In Union Square To Be Temporarily Converted To 3 Story Outdoor Theater (NY Post)
Gisele, Whoopi Move Their Properties (WSJ Blogs)
Daniel Radcliffe Buys Captain's Townhouse On West 12th (Observer)
No Khadhafi: Queens Man Lives In Tent Irritates Neighbors (Queens Crap Video via Curbed)
Coop Revokes Misbehaving Cancer Patient's Lease (Curbed)