The tallest residential tower to be built downtown, will be at 99 Church Street at the crossroads of Tribeca and the Financial District. Developer Larry Silverstein announced that the property would be operated by luxury hotelier The Four Seasons as their second New York City location, just at the edge of the World Trade center site. Built on the site of the 11 story former home of Moody's (now tenants at Silverstein's 7 World Trade Tower) the lower half of the building will house a 175 room Four Seasons Hotel with the remainder dedicated to 143 private condominium residences of up to 6500 square feet, with hotel services.
January 25, 2008
Now available for download is the 2007 Year End Corcoran Report. It's a snapshot of the past year's tends in residential Manhattan real estate. It shows that sales continued to demonstrate strength last year, especially in luxury properties.
January 24, 2008
This talk about the marketplace, technology and brokerage practice was one of the many highlights at the InmanConnect Conference held earlier this month in New York City was this segment, with three of the most informed people working in the world of real estate, Lockhart Steele, founder & publisher of Curbed.com, Pam Liebman, president & CEO of my affiliated brokerage The Corcoran Group; and moderated by InmanNews founder Brad Inman, who helped keep the discussion lively. Enjoy!
January 24, 2008
It's been quite a week. Stock markets around the world showed sharp declines on Monday; on Tuesday, the Federal Reserve cut its benchmark interest rate by three-quarters of a percentage point. The rate cut helped stem the losses on some indexes, but by January 23, the volatility had returned. The obvious fear is one of recession a possibility that the White House and Congress are trying to avert by coming up with a stimulus package that will keep the economy off life support. Are we headed into a recession?
January 21, 2008
This is a fascinating report by Bradley Hope at The Sun about a lost work by Keith Haring which was recently uncovered during the redevelopment of a loft at The American Thread Building in my neighborhood of Tribeca.
January 17, 2008
This video of architect Frank Gehry being interviewed by TED's founder, Richard Saul Wurman, was shot in 2002 in Monterey, but just released. Mr. Ghery speaks about his work. From the TED website: "Frank Gehry wanted to be a scientist when he grew up. But after blowing up a part of his house, at age 14, he decided against it. He's gone on to create some mindblowing buildings, including the Guggenheim at Bilbao and LA's Walt Disney Concert Hall. This wildly entertaining conversation with Richard Saul Wurman (then host of TED) touches on many topics, including the power of failure, the importance of collaboration, and the need for architects to bring personal expression to the table."
January 15, 2008
I get to sit in the editor's chair today as we welcome Lexington Blood posting his debut entry here on comitini.com. Lex gives us some insight into why real estate development is going green. I had a customer ask to see only green buildings for the first time this week, a sign to me that consumer sentiment may be transforming right now. A better understanding of green buildings will lead to greater consumer demand, and change that can be sustained in the marketplace too. The benefits of green development are something that we'll be looking at on comitini.com even more so in the future. There is a lot to gain for everyone.
January 9, 2008
The Mortgage Forgiveness Debt Relief Act of 2007 contains a provision which specifically affects co-operative housing by changing the criteria to qualify for co-op status known as the "80/20 rule". The rule used to mean that co-operative buildings were required to get 80% of their income from tenant-shareholders, and could not show revenue of more than 20% from other sources, like collecting commercial rents on retail or office space in the same building. Under the new law almost all NYC co-ops look like they will qualify under one of these new criteria.
January 2, 2008
Happy New Year! Please welcome once again Barbara Corcoran answering questions about avoiding capital gains on the sale of a primary residence and more, in an excerpt from 'Ask Barbara' in the New York Daily News