Together with Moynihan Station to the east, Hudson Yards is one of the largest land grabs in New York history.
Federal Reserve reports that owners' home equity drops to barely above 50 percent, falling home prices are a factor. Economists expect this figure, equal to the percentage of a home's market value minus mortgage-related debt, to tumble even further as falling home prices eat into equity.
Former New York Giants star Tiki Barber has launched a program with the Related Companies to buy and restore older affordable housing developments around the country. He plans extensive work in NY and NJ.
This plan makes for good headlines and may very well make the general public feel as if the government is doing something to address the mortgage crisis. However, that doesn’t change the fact that the plan will be of limited efficacy and is out of touch with the reality behind the mortgage crisis.
Many borrowers with subprime mortgages have reasonably good credit and may be able to refinance into a less costly mortgage by taking advantage of government programs, Eric Rosengren, president of the Federal Reserve Bank of Boston, said in a recent speech.
A housing court judge has dismissed eviction proceedings against a group of tenants at the famed Manhattan House building on the Upper East Side, a decision that could set back one of the biggest condo conversions in the city's history.
Feature story on William Zeckendorff Sr. As New York City ushers in an era of vast development projects this is a take on a developer whom "presaged the current climate for grandiose planning".
Some homeowners are complaining that the Bush administration's plan to give subprime borrowers a break on their mortgages, isn't fair to borrowers who didn't overextend themselves. Others argue that the government shouldn't be involved in perpetuating a housing bubble that needs to deflate.
U.S. stocks climbed for a second day, led by financial shares, on expectations a government plan to limit subprime mortgage defaults will boost bank profits.
The Bush Administration will announce that an agreement has been reached to freeze the interest rates on certain adjustable subprime mortgages for five years in what will probably amount to the first of many fingers being stuck in the "housing dike", formerly known as the "housing boom".
The Bloomberg administration has succeeded where even Robert Moses failed, as its long-disputed plan to redesign Washington Square Park can now proceed, a judge ruled yesterday.
The West Side rail yards competition has pitted some of the biggest developers in the city against one another in an intense race to win the right to build 12 million square feet of office, residential and retail space. The developers bidding for the West Side rail yards all boast Bloomberg administration ties. But it’s the M.T.A. they’ve got to get chummy with
Building buyers see a potential for greater profits through investing in even the ugliest ducklings on the unlikeliest blocks.
At a panel discussion on development in the city, multiple community organizers and the Reverend Calvin Butts, pastor of Harlem’s Abyssinian Baptist Church, criticized the process of forming community benefits agreements (CBAs) in order to bolster public and governmental support for large development projects.
The city will provide $2.8 million to launch the largest municipal program in the nation to advise property owners caught in the subprime mortgage crisis how not to lose their homes.
Organized by the Coney Island Development Corp., the meeting was expected to include an in-depth review of the city's plan to redevelop and rezone the amusement mecca; But three days before the meeting, State Sen. Carl Kruger called on local groups in a bid to enlist members to storm the meeting and raise questions about how the city planned to fund the project.
Now, brokers say, they see a stalemate developing between buyers and sellers in Manhattan, especially for apartments in the $1 million to $5 million range.
Silverstein Properties, in a joint venture with CalSTRS, last week won negotiations to buy the Paramount Group’s one million-square-foot tower at 1177 Avenue of the Americas for more than $1 billion
The Real Estate Board of New York held a luncheon at the Sheraton in midtown today, with members of a panel stacked with CEOs coming to a general consensus that the market’s temperature has dropped substantially from the searing hot days of early 2007.