A little-noticed provision in President Bush's plan to alleviate homeowners' mortgage debt will provide a windfall for cooperatives across the city.
Northbrook Partners LLC paid more than $300 million for nine buildings on the Upper West Side and the West Village from a family firm that owned them for more than six decades.
Bernanke has thus far been unable to reinstill a sense of confidence. His faith in modern forecasting models notwithstanding, he failed to foresee that the sudden rise in homeowner defaults, which triggered the crisis, would have such far-reaching effects.
Stock markets plunged on Thursday 1/17 as investors confronted a troubling manufacturing report and new indications of the depth of subprime losses and housing woes. The Dow Jones industrial average lost more than 300 points.
Re:Construction is a public art campaign unveiled in November 2007. Its three pilot components already have spruced up downtown's most heavily trafficked blocks.
The cover story in the NY Times, with more punditry about the 2008 market, notes that despite the slump in many parts of the nation, 2007 ended with the pundits being all wrong; the average price of a Manhattan apartment rising to a new record $1.4 million.
Manhattan buyers, concerned about the difficulty of obtaining a loan in the wake of the subprime mortgage crisis, are more reluctant to purchase apartments without a mortgage contingency clause in place.
Starck, as part of his collaboration with developer John Hitchcox in Yoo by Starck, will design the interiors for the 505 rental apartments in the office building conversion at 95 Wall Street, owned by the Moinian Group
St. Vincent's Catholic Medical Centers has filed its application with the Landmarks Preservation Commission requesting permission to demolish two of its Seventh Avenue buildings.
Sales volume for Manhattan apartments reached a high in the first quarter of the year with 1,703 sales, the greatest number recorded since at least 1989, according to appraiser Jonathan Miller.
New Yorkers could see their tax bills rise next year if Mayor Bloomberg decides to roll back a 7% property tax cut and end a $400 property tax rebate for homeowners to help close a projected $3.1 billion budget gap in the city.
Economic worries have sent mortgage rates plummeting to their lowest levels since September 2005, according to Bankrate.com.
The subject of this story comments about the use of eminent domain by an elite private institution, “this is about right and wrong. Why should Columbia get to take my property? And why, now that there has been a change of zoning, shouldn’t I be able to stay here side-by-side with Columbia and develop my own properties?”
Presenting a bleak picture of a deteriorating national economy, Ben S. Bernanke, chairman of the Federal Reserve has strongly suggested that the Fed would cut interest rates soon, perhaps by a large amount.
New York residents are being hit with an unusual combination this week: unseasonably warm weather and maddeningly large heating bills.
Bank of America announced that it will pay about $4 billion in stock to acquire Countrywide Financial, the troubled lender that became a symbol of the excesses that led to the subprime mortgage crisis.
Few toilets if any have ever received the level of government and media fanfare that greeted the new public pay potty that opened today in Madison Square Park.
Realogy's OpenHouse.com soon will be a resource for any and all brokers to add exposure for their open houses. The site previously was open only to Realogy-brand brokers (operating under the Century 21, ERA, Coldwell Banker and Sotheby's brands)
I was pleased to see this piece about Chelsea, which is where my office is based. Over the last decade, large high-rises started going up in West Chelsea, and the pace picked up in 2005 with the city’s rezoning of about 15 blocks to encourage more residential construction. Many of these new buildings become available for occupancy this year.
From across the pond in England comes this report, which says that the US housing market may mean some bargains for overseas investors.
There are now two new ways for a property to qualify for co-op status and their tax breaks: If 80 percent or more of the total square footage of the property is used for residential purposes; and if 90 percent or more of expenditures are for the benefit of tenant-shareholders.
Tucked into the Mortgage Forgiveness Debt Relief Act of 2007, is a provision that could enable some co-ops to realize much more revenue.