How stupid is the MTA? Well, just when you thought they were as stupid as stupid gets, we are reminded how much more stupid stupid can be….. As we all know by now, the MTA is building an extension to the #7 subway line from Midtown all the way over west to a new stop… [Read More]
IAN SCHRAGER SPEAKS OUR LANGUAGE
At yesterday’s REAL DEAL FORUM Ian Schrager spoke the words that resonate with us most: “There’s always an opportunity for something special and unique.” We couldn’t agree more. And more importantly, we think the vast percentage of real estate developed is so hideously, grotesquely, boringly un-special, it almost deserves to stagnate and be discounted. Unfortunately,… [Read More]
DEVELOPMENT SUFFOCATION: OUT-OF-CONTROL GOVERNMENT BENEFITS?
Why are important projects now unaffordable? This morning the New York Times reports how earlier in the 20th century, when the federal and state governments were much smaller, they had the means to undertake gigantic new projects, like the Interstate Highway System and the space program. But now, when governments are bigger, they don’t. These… [Read More]
BRACE YOURSELF: 2010 WALL STREET BONUS BONANZA COMING!
2010 Bonus pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal……so brace yourself for a real estate boost this coming Winter in New York. About three dozen of the top publicly held securities and investment-services firms—which include… [Read More]
WASHER/TREADMILL/DRYER: THE LATEST BUILDING AMENITY?
For all those body-perfect-obsessed, O.C.D.-a-la-Joan-Crawford-clean-freaks, how about a treadmill sandwiched between the washer and the dryer? This perfect example of a combination gym/laundry in Brooklyn either talks to a lack of space in New York, or New Yorkers obsessive compulsive behavior. The perfect new building amenity for a real estate market desperate for something new… [Read More]
WEEKEND HOMES: NEW THINKING? NEW LOCATIONS?
The Financial Times reports that weekenders are becoming more adventurous in their quest for a second home. Where once a cottage in the countryside was de rigueur, today’s budget airlines mean that a new breed of buyer can get to the house of their dreams quickly and cheaply. “In the UK,” says Georgina Richards of… [Read More]
BANK OF AMERICA EXITS RESIDENTIAL MORTGAGE MARKET
As first reported on LUXURYBLURB a few days ago, Bank of America has exited the wholesale residential lending market, cutting off its business with mortgage brokers, the bank announced yesterday. “After receiving $ 45 BILLION in TARP funding from the US Governemnt/taxpayers, BOFA was one of the first banks to re-pay this debt,” says Leonard… [Read More]
REAL ESTATE RUSH
Real estate sales in Manhattan generally pick up after Labor day, although in the past 3 years, the pick up was rather tepid. This year however, the pick up is certain, and aggressive. “We are seeing a level of activity and bidding that we have not seen in many, many months,” says Leonard Steinberg, managing… [Read More]
IS BANK OF AMERICA ABANDONING RESIDENTIAL MORTGAGES?
Just to-day, Bank of America withdrew a loan that had been completely signed off on and referred it to another lending institution…..word on the street is Bank of America may be exiting the residential mortgage market….. “Its amazing how many smaller banks and untraditional lenders are eating away at the market share of the more… [Read More]
NEW YORK ADDS MORE JOBS IN AUGUST.
The city’s faster-than-expected recovery continued in August: the local economy added 6,500 private sector jobs, continuing to surpass the nation’s growth rate. Jobs were added mostly in the real estate and banking arenas. New York’s August unemployment rate held steady at 9.4%, according to a report released Thursday by the state Department of Labor. The… [Read More]