A crane towering over a high-rise construction site on the East Side of Manhattan collapsed in a roar of rending steel on Saturday afternoon, raining death and destruction across a city block as it slashed down on an apartment building, broke into sections, crushed a town house and cut away a tenement facade.
Low bidders are sharpening their pencils in the New York suburbs. Sometimes, they meet with success.
Potential buyers began circling Bear Stearns after it was given a secured line of credit, and policy makers may spend the weekend dealing with the fallout.
A committee formed by the Real Estate Board of New York is attempting to iron out the kinks of selling apartments in new developments. The new development committee, which consists of new development marketers, property developers, pro bono lawyers and some resale agents, has met twice since late last year. Its goal is to standardize the procedures for sales in new developments.
Steven Van Zandt, a guitarist in Bruce Springsteen's E Street Band and an actor on the The Sopranos, has closed on a condo at Novare, a converted church at 135 West Fourth Street
Leading voices in the real estate industry say they hope that the arrival of spring will inspire a change in the glum perspective of owners, investors, and lenders on the state of the commercial real estate market.
Members of the city's Planning Commission were loudly denounced for approving a controversial proposal Monday to rezone Harlem's legendary 125th St.
Two major Manhattan development projects, already challenged by the credit crisis, may face new problems in the wake of Mr. Spitzer's resignation.
The changes include tougher disclosure requirements for banks and Wall Street firms, a nationwide licensing system for mortgage brokers and new rules for credit rating agencies, which have been widely criticized for failing to recognize major problems with mortgage-backed securities and for having potential conflicts of interest.
Park Avenue Between 83rd and 84th Street a collection of old and new buildings offer a distinctive view of life on upper Park Avenue.
Sellers are working harder, and buyers are taking their time to make decisions. Both sides seem willing to negotiate, as buyers and sellers take a more deliberate approach to reaching deals.
Brokers, developers, and the media have been trumpeting the resilience of Manhattan’s condo and co-op market for nearly a year, and now even the Federal Reserve has singled it out in the latest installment of its regional survey known as the “Beige Book.” The bright spots in the Beige Book are few and far between, but New York’s apartment market is one of them.
The economy shed 63,000 jobs in February, the government said. A report showing the fastest fall-off in the labor market in five years raised anticipation on Wall Street that the Federal Reserve will lower interest rates sharply later this month.
Defaults on home mortgages touched another historic high late last year as foreclosures on adjustable-rate mortgages surged. The figures are expected to increase pressure on policy makers and the mortgage industry to move faster to contain losses and help homeowners.
Mr. Solow's development calls for the construction just south of the United Nations of six soaring residential towers with about 4,000 apartments, one office tower, and more than 500 public parking spaces.
Some 1,000 artists and arts organizations are now working in the Dumbo section of Brooklyn, courtesy of the developers David Walentas and his son, Jed, partners in Two Trees Management. Operating on the principle that cultural ferment makes a neighborhood hot, Two Trees has offered creative people rents that they cannot refuse.
"Districts that reported home prices all saw overall declines; one exception was the Manhattan coop and condo market, where prices increased 5% compared with a year ago," the Federal Reserve writes in its publication summarizing national economic conditions.
The chairman of the Federal Reserve, Ben S. Bernanke, urged mortgage lenders and investors on March 3rd to reduce the principal on loans for many people whose homes are no longer worth as much as the amount they still have to repay.
Rem Koolhaas and his Rotterdam-based firm, the Office for Metropolitan Architecture (OMA), will design a luxury 22-story mid-rise building with a ground-level screening room on East 22nd Street. The building is scheduled to be completed in 2010.
Doorman buildings in Manhattan now average $1.37 per square foot in maintenance fees or in the case of condos, real estate taxes and common charges, according to Miller Samuel. Buildings without a doorman average $1.22 per square foot. Many brokers selling in Manhattan’s prime residential areas put the range higher — at $1.40 to $1.60 for a doorman building to more than $3 a square foot for ultraluxury buildings.
In the small former whaling village of Sag Harbor, on the South Fork, officials who are faced with what they acknowledge as the area’s acute need for affordably priced housing instead seem on the verge of accepting a developer’s plan to build multimillion-dollar luxury condominiums.
Corcoran's CEO Pam Liebman was interviewed by CNN's Gerri Willis about choosing a realtor. Its a pretty good primer.