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Fourth quarter drop in Manhattan home prices breaks 10-year streak
Tuesday, January 06, 2009
This fall's Wall Street meltdown barreled into the Manhattan residential real estate market, ending a decade-long period of skyrocketing home prices, fourth quarter market reports released today show. For the first time in 10 years -- with the exception of a brief blip in 2006 -- the median price of resale apartments fell from the prior year quarter, said Jonathan Miller, president of real estate appraisal firm Miller Samuel, and preparer of Prudential Douglas Elliman's Manhattan market report.
more By Candace Taylor
November construction spending better than predicted
Monday, January 05, 2009
Construction spending in the U.S. fell less than expected in November, as commercial and government building increased, counteracting the residential slump. Construction spending declined 0.6 percent in November, the Commerce Department said today, compared to the 1.4 percent decline that economists had estimated. The downturn in residential construction is likely to continue, economists said. Non-residential construction, including public projects, increased 1 percent in November and was 9.2 percent greater than it had been a year earlier.
Libeskind alludes to 9/11 in design, reviewer says
Monday, January 05, 2009
One Madison Avenue, architect Daniel Libeskind's proposed tower next to Madison Square Park, will have gashes in the sides, which architecture reviewer James Russell says is a reference to 9/11. Libeskin also plans to create balconies with greenery and shrubs, which Libeskind said is an attempt to extend Madison Park into the sky. Most of the building's floors would open onto gardens. Russell calls the preliminary design for the Elad Properties-developed building "the most daring feat of engineering and construction proposed by a developer in years."
Home sales fall in Queens, Brooklyn
Monday, January 05, 2009
The number of home sales in the outer boroughs are falling fast. Sales of one-, two-, and three-family homes in Brooklyn fell 37.5 percent last year, according to the Daily News, and in Queens, home sales fell 34.8 percent last year. The Richmond Hill neighborhood in Queens saw home sales fall from 938 sales to 665 in 2007. In Astoria, the average number of days a home sat on the market doubled in the past year, reaching 120 days on the market. In Brooklyn, Nancy Pecoraro, a vice president at Fillmore Real Estate, said she has been selling far fewer homes in Sheepshead Bay because prices are down from a year ago, but many sellers are still unwilling to lower prices.
Remaining One Hanson Place units go rental
Monday, January 05, 2009
Most of the 190 units at One Hanson Place have sold, but the remaining units are now available for rent. On Stribling Marketing Associates' Web site, 19 units are listed as rentals, with monthly rents ranging from $3,400 to $4,900. Three other units have been listed for-rent-by-owner since the fall. One Hanson Place was converted into a residential building in 2006 by Dermot Company and the Canyon-Johnson Urban Funds.
Brooklyn inventory on the rise
Monday, January 05, 2009
The supply of rental units available in several Brooklyn neighborhoods at the end of 2008 in Brooklyn increased compared to the same period in 2007, according to the 2008 rental market report from Brooklyn-based residential and commercial firm Ideal Properties Group. There were 13 percent more studios available for rent, 54 percent more one-bedrooms, 53 percent more two-bedrooms and 74 percent more three-bedrooms in the fourth quarter of 2008 than there had been in the fourth quarter of 2007. The report looked at Boerum Hill, Brooklyn Heights, Carroll Gardens, Clinton Hill, Cobble Hill, Fort Greene, Gowanus, Park Slope, Prospect Heights and Windsor Terrace. TRD
City's affordable housing plan delayed, Queens Caffe evicted ... and more
Monday, January 05, 2009
  • 1. City plan for low- and moderate-income housing delayed [NYT]
  • 2. Armand Quadrini-designed building rising on Fourth Avenue and Carroll Street [GL]
  • 3. City Planning hearing for Gowanus spot rezoning scheduled for Wednesday [GL]
  • 4. City evicting Queens' Caffe on the Green [Queens Crap]
  • 5. A look back at Atlantic Yards in 2008 [AY Report]
  • 6. State judge upholds permit for Trump Soho [NYT]
  • 7. Economist who denied housing bubble now admits to being wrong [Business Week]
  • 8. Do sellers really have inflated expectations when they list their homes? [Seeking Alpha]
  • 9. Mayor Michael Bloomberg wants to shorten the Uniform Land Use Review Procedure [Queens Crap]
  • 10. Coney Island is falling apart [GL]
  • 11. A Willets Point business leader said the city probably won't move any businesses out until 2011 [Queens Crap]
  • 12. Legislatures across the country might curb property tax increases [WSJ]
  • 13. More retail bankruptcies nationwide on the way [Post]
  • 14. Robert Knakal's recap of 2008 [Massey Knakal Reel]
  • 15. New York City ranked seventh for multi-family housing market strength [PR Newswire]
  • 16. Brooklyn property auction brings $3 million [Brooklyn Eagle]
Two Plaza units list below purchase prices
Monday, January 05, 2009
Two apartments in the Plaza Hotel are being offered for sale at prices far below what they were originally purchased for. The 1,212-square-foot unit 1505 is being offered for $4.9 million, 16 percent below its July 2007 sale price of $5.873 million, according to city property records. The other unit, number 1707, is a 2,841-square-foot apartment that is being offered for $14.5 million, close to $200,000 less than its May 2008 sale price of $14.674 million, records showed.
more By Adam Pincus
Lender alleges Swig defaulted on 25 Broad loan, inflated Sheffield stake
Monday, January 05, 2009
A Manhattan-based private equity firm filed suit against developer Kent Swig in late December alleging he defaulted on more than $39 million in loans and inflated his stake in the Sheffield57 condominium. In a suit filed in New York State Supreme Court, Square Mile Capital Management claimed that in March 2007 it loaned $18.4 million to 25 Broad Mezz Preferred, a Swig Equities subsidiary that invested in Swig's failed conversion of 25 Broad Street, a luxury rental building in the Financial District. Square Mile claimed that the 25 Broad Street conversion began to run into financial difficulties in the summer of 2007, and that both loans were restructured at Swig's request.
more By David Jones
Extell plows ahead
Monday, January 05, 2009
From the January issue: Three years ago, an up-and-coming real estate firm called Extell Development Company was denied the right to develop the controversial Atlantic Yards site, despite outbidding rival Forest City Ratner by $100 million. Now, the world has completely changed for both companies, with fortunes rising for one and falling for the other. The credit crisis has halted the $6 billion Atlantic Yards project in Brooklyn for Forest City Ratner, while Extell has emerged as the most active developer in the rehabilitation of Manhattan's West Side. If Extell's chief executive Gary Barnett is accurate, when the market finally reaches bottom in the near future, he might emerge as one of the last men standing in New York City real estate. "In most of our completed projects, we don't owe the banks a dollar," said Barnett. "We are not under pressure to sell, and have a lot more flexibility to [ride out] today's market."
more By David Jones
New York Housing Plan Is Delayed

Monday, January 05, 2009

Tight financing has pushed back an initiative to create or preserve 165,000 residential units.

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As Vacant Office Space Grows, So Does Lenders’ Crisis

Monday, January 05, 2009

Rising vacancy rates across the country could make it hard for building owners to pay their mortgages.

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Living In | Suffern, N.Y.: When the Town Line Is the State Line

Monday, January 05, 2009

Suffern, a two-square-mile village in the town of Ramapo along the New Jersey border, has a coziness reminiscent of the village from an earlier era.

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Ventures: Office Demand Is Down, and So Are the Deals

Sunday, January 04, 2009

The credit crisis and recession crushed deal making in office buildings in 2008.

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Posting: A Cleaner Way to Keep the City Running

Sunday, January 04, 2009

A new building with affordable rents in the Bronx will be powered partly by 10 wind turbines, which should cut its utility bills for common areas in half.

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The Come-Hither Lobby

Saturday, January 03, 2009

In a difficult market, developers are turning to ambitious art and design plans to entice buyers and, hopefully, make a sale.

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In the Region: All the Home’s a Stage

Saturday, January 03, 2009

A home manager is essentially a live-in stager, as well as a caretaker and cleaner extraordinaire who helps sell a vacant property.

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Havens | Elephant Butte, N.M.: Blue Skies, a Small Town and a Big Lake

Saturday, January 03, 2009

Second-home owners who crave the outdoor life are attracted to the temperate climate, semirural location and lakeside living in this southern New Mexico town.

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Mortgages: An Erratic Year for Mortgage Rates

Friday, January 02, 2009

When it comes to mortgage rates, 2008 may be remembered as the year the market went haywire.

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Streetscapes | 110 West 40th Street: Midtown High-Rise, Flight Plans Included

Friday, January 02, 2009

Edward W. Browning planned a runway on the roof of the 1913 World’s Tower Building at 110 West 40th Street for airplanes.

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Habitats | Boerum Hill, Brooklyn: After All Those Brownstones, a Blank Canvas

Friday, January 02, 2009

Serine Hastings, who lived in prewar apartments her first three decades in New York, decided her next home should be in new construction.

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The Hunt: Apartment Hunters Chart New Territory

Friday, January 02, 2009

Mattias Johansson and his girlfriend, Diane Tider, decided to buy in Jersey City after one day of apartment hunting.

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Big Deal: Someone Still Has Money

Friday, January 02, 2009

City records show that deals are still being done, but often far below the asking price, and bankers and hedge-fund types, who once drove prices ever higher, are a fleeting presence.

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Big Deal: Signs of a Silver Lining

Friday, January 02, 2009

Nimble buyers have begun to take advantage of the faltering real estate market.

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In Poland, Renovating a Town House

Friday, January 02, 2009

Edgar Baker and his wife, Anna Sosnowska-Baker, restored a home in a 17th-century town house in Kazimierz Dolny, which popular with artists and writers.

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Catskill Home Prices: How Low Will They Go?

Friday, January 02, 2009

Second-home prices in the Catskills have dropped — some by a third or more — and still buyers are scarce.

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High & Low | Canmore, Alberta: Still Glowing From the Olympic Flame

Friday, January 02, 2009

Canmore, in the Bow Valley of Alberta, nestles between Kananaskis Country to the east, which includes nearly a dozen provincial parks and as many ecological reserves, and Banff National Park.

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Breaking Ground: Four Seasons Resort Vail & Green Homes at the Greenbrier

Thursday, January 01, 2009

A resort and residential development in ski country and a new neighborhood at a historic resort.

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Your Second Home | Winter on the Shore: Experiencing a Cold Wave

Thursday, January 01, 2009

If you like peace and quiet, Provincetown, the Jersey Shore and Montauk are wonderful in winter.

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Square Feet: A Renter’s Market for Manhattan Offices

Thursday, January 01, 2009

After the financial markets collapsed, companies that were looking for space found accommodating deals.

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Property Values: What You Get for ... $150,000

Wednesday, December 31, 2008

A one-bedroom, one-bath set of buildings in the Sonora Desert, a three-bedroom house in Indian Lake, N.Y., and a home in Leadville, Colo.

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International Real Estate: For Sale in ... Lisbon

Wednesday, December 31, 2008

A three-bedroom 18th-century apartment in the Principe Real neighborhood of Lisbon for 790,000 euros ($1,113,000).

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Breaking Up Is Harder to Do After Housing Fall

Tuesday, December 30, 2008

With homes worth less than the mortgage owed, some divorcing couples fight not to get the house.

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