Author: NY Living Solutions

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531 Manhattan Ave – Two Family Townhome for Sale

531 Manhattan Ave – Two Family Townhome for Sale

This Harlem Townhome is located just East of Morningside Park and a short walk to Columbia University. This highly desirable location, is home to a well maintained Two-Family.

2nd, 3rd & 4th Floor Triplex: Features – Two Bed / Three Bathrooms, Kitchen, Living Room, Den/Home Office, Three Fireplaces (One on each floor) and two Skylights on the top Floor. This space currently has the only access to the garden, via a spiral staircase off the den.

Garden Level: One Bedroom & One Bathroom features Large Living Room with Open Kitchen, Generous Bedroom with a walk-in closet. Ceiling fans located in the living room and bedroom. The bedroom in the rear of the unit has two west facing windows with garden views. This unit currently has no access to the garden.

Basement: Laundry space for the one bedroom tenant, plenty of dry storage space. This area houses all of the properties Mechanicals: Boiler, Water Tanks (2), and Separate Electric & Water Meters.

Lot Size: 15×80
Building Size: 15×55 – Approx. 4100Sf including basement
Building Can Be Delivered Vacant.
Currently Configured: Triplex (2Bed/3Bath) & One Bedroom (1Bed/1Bath)
Steps to fine restaurants, reputable jazz clubs, shopping centers, bookstores and movie theaters.
Transportation: A, C, D & B @ 125th Street MTA Stop & M60 Bus to
LaGuardia Airport – 2 Blocks Away
Low Taxes

$2,500,000 FOR SALE
4,100 ft²$609 per ft²7 rooms 3 beds3 baths

 

Airbnb Slows Hiring Overseas, Shifts Strategy

Fast-Growing Online Rental Service Is Trying Not to Move Too Quickly Abroad

Airbnb Inc. is trying to avoid becoming another cautionary tale in international expansion.

image

Airbnb, which is run by CEO Brian Chesky, will centralize certain services in a yet-to-be named European hub.

One of technology’s hottest startups, with a valuation of $2.5 billion, the online-accommodation rental service has recently slowed down hiring in its international operation, according to several people with direct knowledge of the matter.

Airbnb, which has about 600 employees world-wide, has also shifted its strategy abroad. The company is assigning scores of employees to new roles and moving to centralize certain services in a yet-to-be announced European hub, these people added.

As a result, several employees—less than a dozen—have decided to leave the company, the company said. The creation of the hub, which may be set up in Dublin, one person said, will require relocation for some employees. Meanwhile, the changes in responsibilities will also require additional training.

A company spokeswoman confirmed the changes to its international strategy and added that it hasn’t made any layoffs in connection with these changes. She declined to comment on plans for a new European hub.

Pressing on the international brakes might seem counter intuitive for the five-year-old San Francisco based startup—a business that is now more global than domestic. But Airbnb and its chief executive, Brian Chesky, is trying to avoid the pitfalls that have befallen other highflying tech companies, like Groupon Inc., GRPN -1.54% which grew hyper-fast abroad early on but faced major difficulties after going public.

Full Article Here:

Via The WSJ

7-Eleven Goes High-Tech – FiDi

 7-Eleven has gone high-tech.

New Lower Manhattan 7-Eleven

The chain’s expansive new Financial District outpost, which sits at the corner of John and Pearl streets, boasts touch-screen ordering, free Wi-Fi, a huge flat-screen TV and even an Amazon Locker — a kiosk where Amazon customers can pick up their online-ordered goods.

The new 7-Eleven opened last week —  just in time to celebrate the chain’s annual “Free Slurpee Day” on July 11 — and looks more like a cafe than a convenience store, with enough space to seat about 25 people.

The Stack: NYC First Prefabricated Building

INWOOD — One of the city’s first prefabricated residential building to come to Inwood is near completion.

The Stack, a 38,000-square-foot, seven-story concrete and steel building, was shipped to 4857 Broadway in 56 separate modules. Placement of the modules started in late June and will be completed Wednesday by an eight-person crew and one crane.

Full Article Here:

Via DNAinfo New York

Introducing Wired City, a New Channel Where Commercial Real Estate and Broadband Come Together

wiredcity logo copy

New York City is inching ever closer to rival Silicon Valley as the epicenter of the tech world—and commercial real estate has to match its pace. With more tech start-ups moving to New York, and requiring high-speed Internet to do their jobs—or at least watch cat videos with minimal buffering—the presence of a broadband Internet connection can transform a pedestrian property into a hot commodity.

That’s why fellow Observer Media property The Commercial Observer has launched Wired City, a savvy new channel that explores the intersection of infrastructure, real estate, and broadband Internet. If you enjoy Betabeat’s coverage of New York’s quest for world domination, we think Wired City will be right up your alley.

Put simply, broadband Internet means high-speed Internet—in other words, anything that’s not that annoying dial-up connection you had around the dawn of the interwebs. It encompasses everything from DSL—which transmits information at a relatively slow six Mbps—to the much-desired fiber broadband, which transmits information at speeds up to 150 Mbps.

Full Article Here:

Via BetaBeat – The Lowdown on High Tech

City Council approves Hudson Square rezoning

Hudson Square

The City Council voted Wednesday to approve the rezoning of Hudson Square in Lower Manhattan. The rezoning will allow developers — including the area’s dominant player Trinity Real Estate — to move forward with several large-scale hotel and residential projects.

As part of the approval process, Speaker Christine Quinn secured a commitment for a vote on landmark status for the adjacent South Village Historic District, according to a statement from Greenwich Village Society for Historic Preservation, a preservation group. But community activists were concerned that the city did not discuss any landmark designations for sites south of Houston Street, which is home to nearly half of the proposed district.

“The landmarking commitment only covers about half the endangered area and won’t take effect until nine months after the rezoning, allowing developers ample time to knock down historic buildings,” Andrew Berman, executive director of the Greenwich Village group, said in a statement.

Earlier this month, two key council committees approved a controversial part of the proposal, which would let developers build 2,000 to 3,000 new apartments — many of them affordable — in the neighborhood. —Hiten Samtani

Domino developer promises bikes, yoga, veggies, books

By Danielle Furfaro via The Brooklyn Paper
Courtesy of Two Trees Management Company
This is what Jed Walentas wants to build on the Domino Sugar factory site.

Here’s one way for a developer to ingratiate himself with the new neighbors.

Jed Walentas, the new owner of the Domino Sugar factory, will temporarily hand over a football-field-sized lot on his massive Williamsburg site for use as an urban farm, bike course, yoga studio, and reading room until the builder gets around to developing the property.

The east end of the Kent Avenue lot between S. Third and S. Fourth streets will be run by community space guru Bobby Redd and will include an all-weather reading room, a community farm headed by North Brooklyn Farms and a green space that will be used for activities including yoga, aerobics, and public events.

“We plan to establish a community green space where all are welcome,” said Redd. “We have had immense success working with the Bushwick community over the past 14 months and we look forward to working together with our new neighbors in South Williamsburg.”

The west side of the lot, which will be run by Jessica Kocher of Ride Brooklyn, will include a practice cycling space for young riders, beginner and intermediate bike tracks, and a pump track, which is a small course set up with bumps, jumps, and berms.

Volunteers from the New York City Mountain Bike Association will oversee the courses, and Kocher said she hopes to get a handful of loaner bikes for children and possibly adults.

“The purpose of this is to have a place to mountain bike in Brooklyn,” said Kocher, who lamented the fact that Brooklyn is the only borough without mountain bike trails. “Personally, we wanted a place to ride.”

Redd and Kocher submitted separate proposals, but Walentas’s company, Two Trees Management Co., merged them together, creating an urban utopia for the fixed-gear, organic-dining set.

“We married them,” said Dave Lombino, director of special projects at Two Trees.

Two months ago, Two Trees announced it was searching for operators to take over the space across the street from the main refinery building while it pushed its new plans through the city’s land-use review process.

Two Trees will not charge the interim operators rent, said Lombino, but they will pay utilities.

The initial agreement with the operators is for one year, and it could be extended, depending on how long it takes Two Trees to get approval and finish the site design.

Walentas has said the company wants to build on the Kent Street lot first, but Lombino said ground will not be broken until late 2014 at the earliest.

“For us, it’s silly to have this site fenced off from the community,” said Lombino. “We want to signal to the community that we are creative and ambitious.”

Loans for a Niche Market

The New York Times By LISA PREVOST

If interest-only loans were issued too freely before the foreclosure crisis, their availability now is restricted to a privileged few.

A staple of the jumbo market, interest-only loans continue to be used by affluent borrowers to help them manage irregular cash flow, reap a tax benefit, or free up cash for investment elsewhere.

In particular, people in the financial services industry who derive most of their compensation from yearly bonuses commonly rely on interest-only loans to keep their mortgage payments manageable the rest of the year. “Then they take some of that bonus and pay down their mortgage each year,” said David Adamo, the chief executive of Luxury Mortgage in Stamford, Conn. “And their monthly payment then also goes down.”

Thus, interest-only loans have evolved into a financial tool, and no longer a means to affordability.

Freddie Mac stopped backing the loans in 2010 after suffering big losses; as a result, fewer lenders offer them. Those that do have strict qualifying standards. Lenders generally require that the borrower have at least 30 percent equity in a property, and a minimum FICO score of 720. Determination of ability to pay back the loan is based on the fully amortized payment, not the interest-only payment.

Additionally, “a lot of lenders will want to see assets to cover as many as 24 months’ worth of principal, taxes and insurance payments,” said Richard Pisnoy, a principal of Silver Fin Capital, a brokerage in Great Neck, N.Y.

Interest-only loans are primarily adjustable-rate products with an initial fixed period when only interest is due. Available in 5-, 7- or 10-year terms, they “are generally done for 10 years so there’s no payment shock in the near term,” said Tom Wind, the executive vice president for residential and consumer lending at EverBank, a national lender based in Jacksonville, Fla.

Interest rates are usually an eighth- to a half-percentage point higher than on fully amortized jumbo loans. After the fixed term is up, the mortgage re-amortizes, and both principal and interest are due.

Full Article Here:

Architecture review: Tootsie Roll conversion brings welcome change to Soho

DDG’s 325 West Broadway will bring condos to former chocolate factory

March 21, 2013 03:30PM
By James Gardner

325 West Broadway project rendering

A particularly ugly part of West Broadway in Soho will soon become unimaginably better. The best thing that can be said for the existing structure at 325 West Broadway, at Grand Street, is that in the days when things were still manufactured in New York City it used to be a factory that produced Tootsie Rolls — those delicious, caramelized confections that we all remember from our younger days.

Now I yield to no one in my reverence for Tootsie Rolls, but that does not obscure the fact that the drab and unadorned building from which so much joy once issued is itself an eyesore, confected out of bare, albeit vaguely caramel-colored, brick.

All of that is about to change: the development firm of DDG has gotten the go-ahead from the Landmarks Preservation Commission to tear down the factory and put up a luxury condominium. DDG revealed new renderings for the project earlier this month. Standing nine stories plus a rooftop penthouse level, the building will have seven units ranging from 3,000 to 6,000 square feet.

The planned building, designed by DDG’s in-house architect Peter Guthrie, consists of a cubic structure clad in a pristine glass curtain wall, covered in a cast aluminum façade screen, with an elegant glass façade at street level, given over to retail and to the building’s lobby, the renderings show. (Beyhan Karahan Architects & Associates designed an earlier plan for the project.)

The results, to be completed in 2015, will look especially good when viewed beside the drab 19th century pile to its left, which could also profit from the strenuous ministrations of a developer.

New Standards for ‘Safe’ Loans

By LISA PREVOST

Mortgages

New federal regulations require mortgage lenders to do what should go without saying: verify that prospective borrowers can pay.

Yet during the housing bubble, many lenders all but abandoned traditional underwriting standards, and the resulting wave of foreclosures has taken years to recede. An “ability-to-repay” rule, adopted last month by the Consumer Financial Protection Bureau and effective January 2014, is intended to protect borrowers from again falling victim to risky lending.

“The rule sets standards for what’s a safe loan and what isn’t,” said Kathleen Day, a spokeswoman for the Center for Responsible Lending, “and it takes away a lot of the tricks and traps that lenders were using to talk people into refinancing.”

Required under the Dodd-Frank Act, the rule prohibits the “no-doc” loans common during the bubble. Before making a loan, lenders must document the borrower’s job status, income and assets, debt, and credit history. Lenders must also calculate a borrower’s ability to pay the principal and interest over the length of the loan. They may not base their calculation solely on the payment due when an introductory “teaser rate” is in effect.

Via The NY Times

Full Article Here:

Manhattan the “New” Brooklyn (Again)?

By
 NEW YORK, NY - MAY 5: A group of musicians play their instruments in a Williamsburg subway station on May 5, 2012 in New York City. Over the past five years, Williamsburg has become a magnet for youthful artists, musicians, chefs, mixologists and fashion designers. (Photo by George Rose/Getty Images)

“It’s exploding with young people and tattoos,” a woman tells the Wall Street Journal today about the Upper East Side.”These hipsters were moving in — you could tell they were hipsters because I used to be one too, so they stand out — and they were moving a mounted moose head into their apartment.” Manhattan, she says, “has the charm that you would want in Brooklyn that is quickly disappearing.” Oh, Lord. The larger point she’s speaking to, supposedly, is that rents in Brooklyn (by which the Journal mostly means Williamsburg) are now high enough to drive young people back to Manhattan. It’s a renaissance or something! We’ve heard this one before.

Full Article Here via The New Yorker

Lowest stabilized rent increase in decade infuriates landlords, tenants

Rent Guidelines Board Chairman Jonathan Kimmel (credit: DNAinfo)

The Rent Guidelines Board voted last night on the lowest rent increases for the city’s 1 million-plus stabilized rent units since 2002, the New York Daily News reported, and no one’s happy. Landlords claimed the increase, totaling 2 percent for one-year leases and 4 percent for two-year leases, wouldn’t cover rising costs and property taxes. But tenants advocates argued that any increase was unaffordable considering the current economic climate.

Landlord representatives wanted 5 percent and 9 percent increases as property taxes rose 7.5 percent in the last year. Joe Strasburg, president of the landlord’s Rent Stabilization Association group, said the inadequate increases would hurt small property owners, in particular, as many of those buildings are exclusively rented to stabilized renters that already pay well below market rate.

Full Article Here:

New York Restores Apparel Sales-Tax Break on Items Under $110

By Elizabeth Ody – Mar 28, 2012 2:04 PM ET

Those shoes you’ve been eyeing at DSW Inc. (DSW) will cost you less starting April 1 when New York state raises the sales-tax exemption to $110 for clothing and footwear purchases.

Shoppers will get a break from the 4 percent state sales tax as well as a 0.375 percent Metropolitan Commuter Transportation District tax. In New York City, purchases under $110 have already been exempt from the city’s own 4.5 percent sales tax which makes a total of 8.875 percent or about $8.88 in savings on a $100 item.

“You can’t split a suit in half,” to meet the exemption, said Wayne Berkowitz, a partner and head of the State and Local Tax Group with Berdon LLP in New York. “If you’re buying five items and they’re all under-$110 items, you’re good.”

The full tax exemption returns after a more than one-year hiatus when it was amended to help close a state budget shortfall. From October 2010 to March 2011 there was no relief from the state sales tax or the commuter surcharge. Those breaks returned for items of less than $55 in price from April 2011 through March.

Full Article Here:

Co-op / Condo Group Sets Rally to Support Tax-Fairness Bill

Tax Revolt 2012:  By Frank Lovece

It’s a rite of spring, but this year the composer is Stavisky, not Stravinsky. With the New York City Department of Finance issuing its annual property-tax assessments, State Senator Toby Anne Stavisky is again attempting to level the playing field for co-ops and condos. A Queens activist group has thrown its weight behind the measure — urging board members from all boroughs to join in supporting a law to treat co-ops and condos like residential property, and not, as now, higher-taxed commercial real estate.
March 30, 2012 — The value of your co-op or condo is flat compared to last year. It might even be down. In fact, unless yours is one of those multimillion-dollar apartments that always seem to flip for millions more, your place almost certainly hasn’t seen any great increase in its value.Which makes 20- to 50-percent increases, which Bob Friedrich of the Presidents Co-op & Condo Council (PCCC) says the New York City tax department is assessing several Queens co-ops / condos this year, all the more difficult to understand.Except, not really. But whether it’s fair or not is another story.

“It’s counterintuitive that a condo unit you bought for 10 percent more than you could sell it for today has gone up in value,” admits Dept. of Finance spokesman Owen Stone. “But if the rental market is moving up, you’re still going see an increase in the value of your home.”

When a Home Is Not a Home

By “home” he means “co-op or condo,” not single- and two-family homes and townhouses. That’s because under New York State’s Real Property Tax Law Section 581, co-ops and condos are assessed as if they were “comparable” income-producing commercial properties — i.e., rental buildings. And rents generally tend to go up, regardless of what the sales market does.

Full Article Here:

The Most Expensive Real-Estate in the World

By Robert Frank

Associated Press Monaco

If you think real-estate in Manhattan or San Francisco is expensive, consider Monaco.

The price of real-estate in Monaco — the world’s most expensive locale — is now an average of $5,408 a square foot, according to a report from Citi Private Bank and Knight Frank, the London real-estate firm. Spending $1 million will get you a 200 square-foot closet – presumably without a water view.

The second most expensive locale is Cap Ferrat in the south of France, at more than $4,800 a square foot. That’s followed by London, at $4,534 a square foot, and then by Hong Kong, at $4,406 a square foot.

New York is a relative bargain, coming in at number 17, at more  than $2,161 a square foot (this seems to be a little  high, even for Manhattan). The only other U.S. locations on the top 50 are Aspen, at number 39, with $974 a square foot, followed by Telluride ($760 a square foot) and Miami, at about $580 a square foot.

Here is the list of the Top 10

LOCATION    AVG PRICE PSF

Monaco – $5,408

Cap Ferrat — $4,800

London — $4,534

Hong Kong (houses) — $4,406

Courcheval 1850 — $4,081

St. Moritz — $3,951

Gstaad — $3,701

St. Tropez — $3,600

Geneva  – $2,959

Hong Kong (apartments) — $2,625

Whole Foods, Brooklyn – City Council voting starts soon..

Whole Foods Market Inc. faces a series of City Council votes starting next week to win final approval for construction of a 52,000-square-foot supermarket next to a 140-year-old landmark in Gowanus, Brooklyn.

COIGNET

Eric Haugesag for The Wall Street JournalThe Coignet building today next to the planned Whole Foods grocery site

The new store is planned to wrap around two sides of the vacant Coignet building, the city’s earliest known concrete building, at the corner of Third Avenue and Third Street. After expected council approvals, the grocery chain would be allowed within five feet of the old building and wants to have its first Brooklyn store open in 2013.

Built in 1872 for the New York & Long Island Coignet Stone Co., the 2½-story building is the sole survivor of a five-acre industrial park built along the Gowanus Canal in the early 1870s.

The elegant Italianite mansion provided office space for Coignet and subsequent companies, including its longest-running tenant, the Brooklyn Improvement Co., from which Coignet leased the land for its stone works.

“It’s a lonely little building,” said Jennifer Gardner, a researcher at the Gowanus Institute, a local think tank. “To some degree, the plans for that site will limit the opportunity for the [Coignet] building, but also provides a potential draw for people to see it and appreciate it in a different way.”

The building received city landmark status in 2006. Two City Council panels overseeing landmarks and planning will vote next week on whether to reduce the Coignet building’s lot size to about 1,720 square feet from 6,250 square feet, a measure that’s already been passed by the Landmarks Preservation Commission. If approved, a full City Council vote on the measure is slated for April 18.

Full Article Here:

CIM, Macklowe submit plans for city’s tallest residential tower

March 29, 2012 06:30PM

Charles Garner, principal at CIM, and the proposed tower at 440 Park Avenue (center)

CIM Group and New York developer Harry Macklowe are making strides toward building the tallest residential building in New York City at the Drake Hotel site at 440 Park Avenue. They filed a plan examination request for the building, one of the first steps towards getting a development off the ground, with the Department of Buildings, according to a DOB filing dated March 26.

The California-based real estate investment trust filed its plans for an 82-story condominium tower for review to DOB, which will check if its plans are in compliance with building code, a DOB spokesperson confirmed, saying an examiner had not yet reviewed the filing. The filing cites the height of the building as 1,397 feet in total, which would make it the tallest residential building in the city; for comparison’s sake, One57, Extell Development’s planned condo tower on 57th Street will be 1,004 feet tall upon completion in 2013 and the Empire State Building, the tallest structure in the city, is 1,453 feet in height.

As previously reported, CIM, (which acquired the site for $305 million last year), and Macklowe plan to erect a slim condo and retail complex designed by Uruguayan-born architect Rafael Vinoly at the site. It is slated to have 128 units and 12-foot high ceilings. The $1 billion project will include a 5,000-square-foot driveway, golf training facilities and private dining and screening rooms, according to previous reports.

Neither CIM nor Macklowe immediately responded to requests for comment.
— Katherine Clarke

Making Architecture Accessible, Pretense and All

 

Is this architecture? (Getty)

To the general public, architecture simply means buildings, maybe the occasional shiny rendering displayed on a blog such as this one or inside the sales pamphlet for an as-yet-unbuilt condo. It might be some Frank Lloyd Wrigh models lining the rotunda of his Guggenheim Museum. For Tina DiCarlo, architecture is so much more.

“The fact of the matter is the general public equates architecture with buildings, so if you talk to them about an architect, let’s say Rem’s Exodus drawings from 1972, if you say that’s architecture, somebody would say, “Well, how, it’s on paper? It doesn’t make sense.” How is a book architecture? How is text architecture? How are Tschumi’s Manhattan Transcripts architecture? It’s just a drawing.”

Ms. DiCarlo hopes to broaden the public’s understanding of What Is Architecture through the creation of The Archive of Spatial Aesthetics and Praxis, or ASAP. Built out of a collection of different architectural materials, from models to manifestos, blueprints to blog posts, she and co-curator Danielle Rago hope to transform the dialogue not only about what constitutes architecture but where it fits into the greater realm of society and culture.

Full Article Here

Landmarked Pier A in Worse Shape Than Originally Thought

By Julie Shapiro, DNAinfo Reporter/Producer

BATTERY PARK CITY — The cost of the massive redevelopment of Pier A has ballooned and the project is slated to run behind schedule, as officials have discovered that the rotting landmark is in worse shape than initially believed, they revealed this week.

The overhaul of the 126-year-old landmarked building will now cost taxpayers $36 million, up from $30 million, and the pier will not reopen to the public until at least the middle of 2013, Battery Park City Authority officials said.

“There was a great deal more rot … than we had anticipated when the project started,” said Gwen Dawson, senior vice president of asset management for the authority, at a Community Board 1 meeting Tuesday night.

“There was a significant amount of water damage, rot and structural deterioration,” she said.

Crews working on Pier A are still continuing to find rot, Dawson said, which means that the work could be delayed even further.

Full Article Here: Via DNAinfo

LaGuardia Terminal Update Sought

By ANDREW GROSSMAN (WSJ)

[010612laguardia] Bloomberg NewsTravelers wait to check in at the Central Terminal at LaGuardia Airport in 2010. The Port Authority is planning to begin construction on a new terminal in 2014.

The Port Authority of New York and New Jersey is eyeing a 2014 start to construction of a replacement for the cramped, outdated Central Terminal Building at La Guardia Airport.

The authority is seeking proposals from private terminal operators, bankers and consultants to finance, design and build a replacement terminal, according to a request for information issued quietly last month.

NYLAGUARDIAmap

Plans are still tentative, and construction might not start by 2014. But the request for information is one of the most concrete steps yet toward replacing the terminal.

“I think the schedule is our best estimate to how the transaction or transactions could fall into place,” said Patrick Foye, the Port Authority’s executive director. “Obviously we’re going to be driven by the suggestions that come in from industry partners.”

The schedule calls for construction to be completed by the end of 2021 at a cost of about $3.6 billion.

Full Article Here: Via WSJ

NJ State Leads Nation in Down-Payment Size

BUYERS in New Jersey have the highest down-payment rate in the country, putting down an average 13.71 percent of the purchase price, according to a new report from LendingTree. That surpasses percentages in cities like Washington, and states like New York, Hawaii and California, though only by tenths of a point. In New York, the average down payment works out to 13.47 percent. The national average is 12.24 percent, for the year ending in November.

Of course, very few borrowers pay the average percentage, which is computed by figuring out the average down payment on conventional loans made by banks and government-insured Federal Housing Administration or Department of Veterans Affairs loans, which have down payment minimums of 3.5 percent.

Countrywide, about a quarter of all mortgage loans are government-backed, according to lending specialists.

Full Article Here:

Freddie Mac Raises Bar for Refinancing With Home-Equity Debt

By Jody Shenn – Nov 15, 2011 5:22 PM ET

Nov. 15 (Bloomberg) — Freddie Mac, the government- supported mortgage company, made it harder for some borrowers with second-lien home equity debt to refinance as it released guidelines for its version of the federal Home Affordable Refinance Program.

For a borrower with loan-to-value ratio of less than 80 percent, the McLean, Virginia-based firm will require total housing debt, including second loans, of less than 105 percent of a property’s current values, according to a notice to lenders posted on its website. Previously, there was no cap.

“The rationale is to manage risk better,” Brad German, a spokesman, said in a telephone interview.

President Barack Obama has said he directed Freddie Mac and rival Fannie Mae to expand their HARP programs to help ease the U.S. housing slump and aid consumers. The companies, which were seized by the U.S. in 2008, are detailing the changes today, after they were announced Oct. 24.

Full Article Here

Luxury Rental Building NYC Directory – 90 West Street

 NYC Directory – 90 West Street

Building  90 West Street’s neo-gothic architecture extends into the lobby where an original gargoyle now resides with wings spread to welcome you home along with a 24-hour doorman and valet.  Here a unique lifestyle akin to a private club greets you with lavish couches, pool table and WiFi.  Need an invigorating work-out?  A health center awaits you.  An inviting lounge with atrium garden, on-site attended parking garage, convenient laundry facilities and advanced building saftey systems are all here.

Apartments  Each one of the 410 apartments in this Cass Gilbert masterpiece is stylishly appointed with fresh bamboo floors, handsome stone countertops and bathrooms dressed in fine Italian tile and marble.  With views of the Hudson River or the lights of Lower Manhattan, 90 West offers an array of unique and spacious studios and one, two or three bedroom layouts.  Many of our larger apartments feature private washer and dryers.  Soaring ceilings, crisp, clean lines and contemporary details fuse the elegance of the past with the energy of the future in the heart of New York City.

Neighborhood  New York City’s Financial District radiates historic charm and teems with the powerful revitalization of Downtown.  Let the summer concert series at South Street Seaport, quaint outdoor dining on cobbled Stone St., and sunbathing in Battery Park brighten the warm months.  Stay cozy in the cooler months by persuing a myraid of museums, dining in world-class restaurants, and indulging at the annual downtown Brewfest.  When you crave more, fourteen subway lines within walking distance deliver immediate access to the rest of what the greatest city in the world has to offer.

For appointments call 212-227-0021

Rent to Own – 75 Wall Street

Luxury  Building  NYC Directory- 75 Wall Street

Residences  Residences designed by Rockwell Group.  Lofty ceilings over 10 feet high.  6 foot tall windows.  Wide planked cerused oak flooring.  Washer and dryer.  421-G tax abatement.

Amenities  24-hour concierge and doorman.  Dedicated bellhop for residences.  Refrigerated storage for grocery deliveries.  On-site building management.  WiFi in amenity spaces.  Parking on premises.  Bicycle storage.

 

Rooftop Lounge & Terrace  Glass-enclosed lounge with a bar and full kitchen.  Indoor and outdoor entertainment spaces.  Barbeque pits with outdoor dining.  Panoramic 360 degree Manhattan views. 

Neighborhood  Exceptional convenience.  Easy access to all major transportation lines, taxis at your doorstep, walk to work, new luxury boutqiues, grocery stores, restaurants, peaceful parks, waterfront access, cultural destinations – all just around the corner.

For appointments call 212-227-0021

Luxury Rental Building NYC Directory – 15 Cliff Street

NYC Directory – 15 Cliff

Plaza  The landscape plaza with foliage, trees and perennial flowers beds, is a great place to enjoy the outdoors.  Grab your laptop and ejoy a light meal al fresco at our on-site cafe.  The plaza leads  to your magnificent Art Deco, concierge-atteneded lobby.

Amenities  24 hour concierge.  Fitness center.  On-site cafe for light dining.  4,000 square feet of outdoor space with lush botanicals and lounges for your natural retreat.  32 stories above; panoramic river and city views.

Residences  All homes feature wood floors throughout and are fully wired.  Large windows infuse your residence with light while giving you the “big picture” of the outdoors.  Many homes feature corner living rooms or bedrooms.  Bathrooms are graced by Kohler fixtures and pedestal sinks.; many are windowed.  Honed absolute black granite countertops and white lacquered glass-front cabinetry create a clean functionality whether you order in or create your own culinary masterpieces.  Windowed kitchens in many homes.

Neighborhood  From exclusive boutiques to world-class retailers; the Bonsai Gallery to the Metropolitan Museum of Art Store, Hermes, Tiffany & Co., J.Crew, the Gap and Foot Locker, you are just steps from your indulgences and everyday necessities.

Views  The 32-story tower rises above the surronding area offering stunning views.  Many homes view the Brooklyn Bridge and the East River while others viewthe architectural icons of the New York City skyline.

 

For appointments call 212-227-0021