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newsreal
peter's bookmarks on real estate and new york city in the media
Saturday, January 19, 2008 | The New York Sun

Bush Sets Windfall for Co-ops in City

A little-noticed provision in President Bush's plan to alleviate homeowners' mortgage debt will provide a windfall for cooperatives across the city.

Saturday, January 19, 2008 | The New York Sun

Family Firm Sells Off Nine Manhattan Buildings

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.

Saturday, January 19, 2008 | New York Times

The Education of Ben Bernanke

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.

Saturday, January 19, 2008 | New York Times

Co-ops Reap Unexpected Bonanza

A change in the law modified the 8-20 rules late last year, and co-op boards are now busy making sure they are getting every penny possible from their commercial space. Also see our recent post on the changes.

Thursday, January 17, 2008 | New York Times

Dow Plunges More Than 300 Points on Grim Outlook

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.

Monday, January 14, 2008 | LowerManhattan.info

Bridging Creativity and Construction Through Art

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.

Sunday, January 13, 2008 | New York Times

What’s Next for New York?

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.

Friday, January 11, 2008 | The Real Deal

Mortgage contingency: Not buying without a net

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.

Friday, January 11, 2008 | The Real Deal

Philippe Starck does interiors at rentals, Jersey condos

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

Friday, January 11, 2008 | The Real Deal

St. Vincent's asks Landmarks to OK demolition

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.

Friday, January 11, 2008 | The Real Deal

2007 is a record year in NY Real Estate

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.

Friday, January 11, 2008 | The New York Sun

City Is Facing Big Hike in Property Tax

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.

Friday, January 11, 2008 | Newsday

Mortgage rates lowest since 2005

Economic worries have sent mortgage rates plummeting to their lowest levels since September 2005, according to Bankrate.com.

Friday, January 11, 2008 | New York Times

Pushing Back as Columbia Moves to Spread Out

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?”

Friday, January 11, 2008 | New York Times

Fed Chief Signals Further Rate Cut

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.

Friday, January 11, 2008 | New York Times

New Yorkers Pay More to Keep Their Homes Warm

New York residents are being hit with an unusual combination this week: unseasonably warm weather and maddeningly large heating bills.

Friday, January 11, 2008 | New York Times

Bank Agrees to Buy Troubled Loan Giant for $4 Billion

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.

Thursday, January 10, 2008 | New York Times

New Yorkers, You May Be Excused: A Pay Toilet Opens

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.

Wednesday, January 9, 2008 | Inman Real Estate News

Realogy opens OpenHouse.com

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)

Tuesday, January 8, 2008 | New York Times

Galleries and High-Line Views

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.

Monday, January 7, 2008 | Telegraph

Buying property in America: time to make a fast buck?

From across the pond in England comes this report, which says that the US housing market may mean some bargains for overseas investors.

Wednesday, January 2, 2008 | Habitat

New law enables NYC coops to generate more revenue and relieve monthly maintenance fees

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.

Wednesday, January 2, 2008 | New York Times

Co-ops Get a Break on Revenue Rules

Tucked into the Mortgage Forgiveness Debt Relief Act of 2007, is a provision that could enable some co-ops to realize much more revenue.

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