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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.

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

Insuring Your Board’s Decisions

The ABC’s of D&O

By Lisa Iannucci

Good afternoon—and welcome to the board. Your mission should you choose to accept it is to make decisions to better your building. The residents may not like you and, more importantly, may not like those decisions. Nevertheless, keep doing the job you’re doing. In a worst-case scenario, you will be sued. Perhaps more than once. Should anything go wrong, don’t worry; you’re protected by the board’s D&O insurance. Good luck.”

On-the-Job Protection

You volunteer to be on your co-op or condo association’s board. You do your best to help make the right decisions and make your building a great place to live. Unfortunately, one of your fellow residents doesn’t like a decision you made and takes you and the rest of the board to court. They are suing for thousands of dollars—maybe even millions. Your home, life savings and other assets are at risk if you lose.

With stakes like that, it would be virtually impossible for co-op and condo boards to find volunteers if there wasn’t some form of protection from lawsuits resulting from the decisions made by board members in the course of doing their job. Fortunately, that protection exists, in the form of Directors and Officers, or D&O insurance.

Full Article Here:

New Tourism Campaign Puts Focus on Lower Manhattan

The campaign will spotlight downtown's recovery since September 11, 2001
The campaign will spotlight downtown’s recovery since September 11, 2001

Starting next month, a new large-scale tourism campaign will help drive more visitors to Lower Manhattan — spotlighting the area’s remarkable recovery in the nine years since the 9/11 attacks.

Set to begin June 1st, the global initiative will promote downtown neighborhoods, restaurants, shops, museums, and open spaces among local and international tourists in New York City. The campaign will include new tour itineraries, special offers at local hotels, multimedia advertisements, and discounts at shops, attractions, and the new “Downtown Culture Pass.”

Announced by Mayor Michael Bloomberg last week, the NYC & Company-designed campaign is launching in anticipation of a major tourism surge downtown — where the 10th anniversary of 9/11 already is drawing scores of visitors to the World Trade Center area.

“In less than four months time, the eyes of the world will be on Lower Manhattan, as we commemorate the 10th anniversary of 9/11 and open the Memorial,” said Bloomberg. “An important part of the story of 9/11 is how Lower Manhattan has come back in the past 10 years. Today Lower Manhattan is one of the most vibrant neighborhoods in New York City. Our new campaign will help ensure visitors from around the world know about that vibrancy and have an opportunity to take advantage of all that Lower Manhattan has to offer.”

Full Article Here:

Port Authority gets LED makeover

The new lighting design as seen from 42nd and 8th Ave. Courtesy GKD-USA/A2aMEDIA

By the end of June, the Port Authority Bus Terminal will be awash in graphics and light when a 6, 000 square foot stainless steel fabric embedded with LED lights wraps its way around the corner of 42nd Street and Eighth Avenue.  The technology, known as Mediamesh, was developed by GKD-USA, a collaboration between a German light engineer firm and an American metal fabric manufacturer. The product is only four years old and allows LED imagery to wrap around buildings without disrupting interior views to the outside. But in the case of the Port Authority, the mesh allows exhaust fumes to escape while masking several giant X-trusses, a facade hasn’t exactly endeared itself to New Yorkers.

Full Article Here:

City, real estate sector post January job gains

alternate text
(source: Eastern Consolidated)

New York City lost fewer jobs than previously estimated as it emerged from the recession, shedding 141,300 jobs between April 2008 and September 2009, instead of the 179,000 previously reported, according to the January 2011 employment report from Eastern Consolidated. Since that September 2009 low, the city has experienced a net gain of 50,700 jobs — 18,000 of which were added in January 2011 — putting city employment levels at 2.4 percent below the April 2008 peak. The city’s real estate industry gained 600 jobs in January, putting employment in the sector at 5.4 percent, or 6,600 jobs, below peak levels from April 2008. Nationwide, employment across all industry is also 5.4 percent below its January 2008 peak, having shed 7.48 million jobs since then.

via TRD

Congress: Cap ATM fees at 50 cents

By David Ellis

NEW YORK (CNNMoney.com) — As Congress debates the new rules of the road for the U.S. banking industry, some lawmakers have an ambitious proposal: They want to cut ATM fees.

Last week, a trio of Democratic senators led by Iowa’s Tom Harkin proposed capping automated teller machine fees at just 50 cents.

chart_atm.03.gif

Currently, banks and other ATM operators are free to charge consumers whatever they want for using their machine. And backers of the amendment maintain that those who tend feel the brunt of those fees are lower- and middle-income Americans, precisely those who can’t afford it.

Full Article Here:

A Tough Time for Self-Employed Borrowers

By BOB TEDESCHI

MOST borrowers are facing a much tougher mortgage environment than a few years ago, but for those who are self-employed or own small businesses, maneuvering through a loan application can be even more arduous.

Before 2008 these borrowers, many of whom have difficulty documenting their income, often used what are known as stated-income loans. Lenders focused on credit histories and earnings estimates, circumventing the need for pay stubs or W-2s.

But during the mortgage crisis, stated-income loans became known as “liar’s loans,” because some borrowers falsely inflated their incomes, and qualified for more than they could afford.

Today, stated-income loans have nearly disappeared. Those still available through regional lenders like Hudson City Savings Bank come at a cost: interest rates around a quarter of a percentage point higher than conventional loans and down payments of at least 30 percent.

The self-employed borrower’s only choice, mortgage brokers say, is to submit two years’ tax returns and hope that they qualify for a conventional loan.

Full Article via NYTs

Superfund Designation: Good for Gowanus?

EPA designation might help real estate values, brokers say March 31, 2010

By C. J. Hughes

At left: The canal, a narrow 1.8-mile, tilde-shaped waterway, includes bits of neighborhoods like Park Slope and Carroll Gardens. At right: The EPA plan would curb runoff and remove the sludge in the Gowanus Canal.

Last month, Brooklyn’s Gowanus Canal became one of the most polluted places in the country, at least in the eyes of the federal Environmental Protection Agency, which named it to the infamous “Superfund” cleanup list.

While that environmental scarlet letter may not make for the most compelling marketing gimmick — New York’s Love Canal, whose toxicity led to the creation of the Superfund in 1980, is hardly prime real estate today — Gowanus probably won’t see its property values dip, according to many brokers, landlords and developers.

There are a couple of reasons for that counterintuitive assessment. For one, the neighborhood around the canal, a narrow 1.8-mile, tilde-shaped waterway, includes bits of established neighborhoods like Park Slope and Carroll Gardens.

What’s more, mopping up the mess from oil refineries, tanneries and raw sewage, which have contaminated the Gowanus since it was dug in the 1860s, will likely mean better things to come.

Continue to Full Article

‘New Domino’ Project Gets Big Thumbs Down from Councilman

After receiving a resounding rejection from the local Community Board last week, another blow was dealt last night to an ambitious $1.2-billion plan to turn the landmark Domino Sugar Refinery site in Williamsburg into a residential complex with 2,200 apartments and four acres of public park on the waterfront. At a public hearing held by Brooklyn Borough President Marty Markowitz, freshman City Council member Steve Levin came out against the project, which could spell much bigger trouble for developers than the Community Board’s vote, because Council members typically defer to the local councilmember on land-use issues. At last night’s hearing, an aide read from a statement explaining Levin’s objections:

The project is simply too big. Too big, too high, too many people. The plan would introduce over 6,000 new residents to the neighborhood, a nearly 25-percent population increase for the half-mile area surrounding the site. How does everyone get to work? [The L] train is over capacity during morning rush hour as it is.

An environmental impact study found the development would increase rush hour subway ridership in the area by 1,350 people and have a “significant adverse impact” on the transit system. Domino developers insist that increased ferry service to Manhattan would reduce that impact, as would a potential MTA plan to replace the M train with the V, theoretically giving Domino residents a direct link to midtown from Marcy Avenue and alleviating pressure on the L.

Continue Full Article Here

When Not to Pay Down a Mortgage

By RON LIEBER

This week, the Federal Reserve reaffirmed its intention to stop buying mortgage-backed securities, signaling the likelihood that the mortgage rates you can get today are as good as they’re going to be for a long while. Once the Fed stops buying, after all, rates are likely to go up.

And current rates are quite good. At about 5 percent, in fact, they’re so good that they’ve helped change the age-old debate over whether homeowners should make extra mortgage payments to pay off their debt well before their loan periods are up.

Back when rates ran at 7 or 8 percent, making extra payments offered what amounted to a guaranteed return on your money. When you’re ridding yourself of debt that costs you much less, however, it’s easier to imagine a future when you could more easily earn a higher return by investing those potential extra mortgage payments someplace else.

Meanwhile, at a time when just about everyone knows someone who is unemployed or who owes more on a home loan than the house is worth, keeping extra cash someplace more liquid than a mortgage seems like a safer approach.

So is the case against extra payments closed for good, given that so many people have locked in rock-bottom mortgage rates for the long haul?

The answer depends on two things: how likely you are to leave the extra money in savings and how good it would feel to wipe your debt out years earlier than your mortgage requires.

Full Article

Home-Buyer Tax Credit Countdowns Begin

By Dawn Wotapka

Time is almost up on the federal home-buyer tax credit, the government’s gift of up to $8,000, crafted to jump-start a stalled housing market. Just about six weeks remain for buyers to get those contracts inked. Home builder Lennar has a bright countdown on its Web site. “TIME IS RUNNING OUT,” warns KB Home (yes, it is in all caps), which is tracking the expiration to the millisecond.

For those just now getting into the market who want the cash, “you’re going to have to move quickly,” says Walter Molony, a spokesman with the National Association of Realtors, one of the trade associations that pushed hard for this credit and its two extensions in February and December 2009.  “You’ve got to be prepared to make quick decisions.”

In honor of the countdown, here are six things to keep in mind:

  1. This round is actually an extension, but it doesn’t just cover first-time buyers.  Move-up buyers are also eligible, though they only qualify for up to $6,500.
  2. Only the contract has to be signed on or before April 30. The home purchase must be completed by June 30. Real-estate experts advise signing the contract as soon as possible and leaving plenty of time for closing, given lenders remain extra careful these days. Don’t try to squeeze in a July 1 deal. It won’t work.
  3. The definition of a first-time buyer isn’t as limiting as the words indicate. In this case, the “buyer” hasn’t owned a principal residence in three years. For married taxpayers, both parties can’t have owned.
  4. It might seem genius to “buy” a home from your parents, but skip any such notion. You can’t purchase a home from most family members: Parents, children, grandparents and grandchildren are excluded.
  5. Consider that prices might fall after the credit expires: Buyer traffic will undoubtedly decline once this enticement goes away. As sellers adjust to this slower new reality-they’ll be more than likely to shave prices.
  6. Of course, there’s talk of another extension, given housing’s recovery remains choppy. (Mr. Molony says the NAR isn’t advocating for a third round.) Some think the time has come to end the program. Mark Zandi, chief economist at Moody’s Economy.com pushed to extend the tax credit last fall but he said last month it’s time to let it expire. “It’s worn out its benefit,” he said. “If you extend it again, it isn’t going to do much, and what you’re doing is providing a tax break to folks who bought anyway.”

Article Here

Dodd Financial-Reform Bill Earns Praise From GOP—But Not Votes

Senate Banking Committee Chairman Christopher Dodd’s draft bill for sweeping financial reform will consolidate banking regulators, as well as create a systemic risk council and a new consumer watchdog agency within the Federal Reserve, according to a source familiar with the contents of the legislation scheduled to be unveiled Monday.

US  Sens. Christopher J. Dodd (right) and Bob Corker.
Orlando Sierra | AFP | Getty Images
US Sens. Christopher J. Dodd (right) and Bob Corker.

Senator Bob Corker (R-Tenn.) who’s been working with Dodd on a bipartisan bill for more than a month, told CNBC.com Sunday evening that he expected Dodd to “introduce a bill that will be to the left of where we were — close, but left.”

Corker called Dodd’s draft “a much better bill” than the one the Connecticut Democrat offered in November, but added “he knows that will be a bill I cannot support.”

“Hopefully we can offer some amendments in committee and get it back into the middle,” he said.

Continue Reading at CNBC

By: Albert Bozzo Senior Features Editor

Manhattan To get It’s Own MLS

Please go to The Real Deal for the article-

Halstead Property announced today that it has completed the process of instituting a VOW, or “Virtual Office Web site,” making it the first major city brokerage to do so.

According to Diane Ramirez, the president of Halstead, the company has received approval from the Real Estate Board of New York for a VOW, a new type of Web site expected to have far-reaching consequences for the industry. That means that Halstead customers may now search all of the industry’s listings — provided directly by REBNY — without leaving an individual Halstead agent’s Web site. In the past, site visitors could see only Halstead exclusives.

Tenants Questions Answered in Stuyvesant Town Conference Call

While the settlement agreement between the Tenants Councel and the defendants Tishman-Speyer has not yet concluded a conference call was held today for the tenants association members.
Questions had been previously emailed by the tenants and those present on the call to illuminate the facts were Council member Dan Garodnick, Councel for the plaintiffs Alex Schmidt and Congresswoman Carol Maloney.
It is now known that the highest court in New York ruled in favor for the tenants whose apartments had been improperly deregulated by managing partners Tishman-Speyer to receive re-regulation and refunds.
The settlement is still under negotiations all of which were elucidated in today’s conference call.
1. The settlement: Until the settlement has been finalized there will be an interim agreement lasting 7 weeks, a 7 week stay, if the defendants stipulate that this is a class action suit that interim agreement may be extended until July.
2. The new billing: Tenants will begin to receive their new rent stabilized rent bills in the next few days for the January billing cycle.
3. The rates: The calculations will be based from when the apartment was last stabilized plus the allowed 20% vacancy rate increase plus the allowed capital improvement increase of 1/40th of the cost of improvement plus the rent guideline board yearly rate increase (usually 3%) this will determine the rate of your new apartment. An example may be- $1500 last stabilized rent plus $300 vacancy rate plus $1000 (example for $40,000 capital improvements) plus 3% annual increase ( we will say 3 years for this example) equals $3059. This will be your new rate. However, if you pay less than this example that could be attributed to your actual apartment then the lesser number takes precedent. In some cases the market rate you pay may be lower than the stabilized rate.
But once you’re rate is calculated that will become your new stabilized rate. No one will receive any increases.
It has been estimated that 30-40% of all market rate tenants will not receive a reduction. In part because so many have re-negotiated their rents since the economic collapse began last September 2008.
So to summarize the agreement made was that whatever number is lower will be paid for the balance of the lease.
4. Tenants ready for their lease renewal:For people who renew their leases in the interim period they may be affected and will pay a higher rent. The maximum increase will be subject to the rent guideline board (usually 3%).
5. The 1/40th rule: This is a legal provision. A landlord can make improvements and charge this number. Currently it is an indefinite law to receive the costs even after the costs have been recouped. Counsel members are looking to change this to a 1/84th rule in addition to a limitation on recouping costs. They will argue to have costs limited once they have been fully recouped. Currently there is no limitation for landlords due to the current law which enables them to charge for capital improvements indefinitely.
6. How do you validate the capital improvement costs?: How can a tenant certify the investment made by the landlord? Invoices will be subpoenaed for MCI’s. An independent expert/consultant will be part of the scrutiny efforts. As negotiations continue in the settlement more legislative evaluation is to be considered. Going forward- newly rent stabilized tenants will be subject to the MCI increases.
No MCI’s have been calculated in the current rent stabilized rates- meaning in the future there could be additional charges factored in to these rents. However there is a State 2 year rule – state law has a statute of limitations if a landlord did not factor in the MCI charges during that period.
7. Apartments with forced vacancies: Vacancy rates entitle the landlord to receive a 20% increase but artificially created vacancies may affect the estimated rate. The landlord could be forced to roll back the rate. That is vacancies forced through deregulation would have received an improper increase. Each unit will be scrutinized to determine the proper rate.
8. The 10 step formula: An independent expert/consultant will be part of the scrutiny efforts to determine what exactly is the correct number to be appropriated for each affected market rate apartment.
9. Acceptance of the new rent rate:Do tenants waive their rights if they accept the final rental rate? No was the quick answer to this. The settlement agreement will bound all parties but tenants have the right to opt out of the settlement and may pursue litigation.
10. The refunds:Monies have been placed into an escrow account and have been turned over to joint custody to Tishman/and the attorney for the tenants. The attorneys for the tenants are looking to gain full control of the funds. Once this has been negotiated the refunds will be returned. Councel for the tenants hope this will be concluded by the end of January. The distribution of the funds has not been fully determined at this time. The retroactive discussions continue but will not be litigated while the 7 week or extended stay is in effect. Councel for the tenants stipulated that the defendants must agree to retroactive payments or there will be no settlement.
11. Former tenants: How can they make sure to participate fully? They should send an email which was suggested as better than a phone call to:liskow@whafh.com or doster@whafh.com
Please give your name/ current contact info-former address at PCVST- and the dates you lived there.
You will be made automatic members of the class action suit. There is no limitation at this time. But you must be placed in the databank. You are only eligible to receive escrow funds if you had been a resident after April 1 2009.
12. Tishman and foreclosure or bankruptcy: This case will be preserved as by New York State law. Damages and claims will be preserved.
13. Tenants in restored units: This question was asked by a tenant living in a restored apartment which is not the same as a renovated apartment. Councel remarked that this was a category worth investigating. But that it was likely to be the same process as with a renovated unit, the 1/40th rule.
And so after 90 minutes the conference call had concluded. It has been a terrific victory for affordable housing and on behalf of all the tenants, for which I am in that category I would to thank our advocates and legal Councel for their tremendous diligence and hard work. I will report on the first rent bill I receive in the coming days.

Celebrity and Alpha Human Real Estate Deals

Manhattan’s most notable real estate news courtesy of Cityfile.

Real Houswives star Jill Zarin and her husband, Bobby, put their apartment on the market just six weeks ago. But they’ve already been forced to drop prices. The three-bedroom condo at 401 East 60th Street, which the Zarins put up for sale for $3.2 million in July, is now $2.995 million. [Cityfile, PDE]
• Former Treasury Secretary W. Michael Blumenthal and his wife, Barbara, have purchased an apartment at 1095 Park Avenue. The couple, who sold their former home at 550 Park Avenue to socialite Phyllis Mack in January 2008, paid $5.6 million for the two-bedroom apartment. [Cityfile]
• Fortress Investment Group co-founder Randal Nardone has dropped the price of his 4,456-square-foot condo at 240 Riverside Boulevard, six months after putting it on the market for $11.75 million. The former billionaire, who picked up a massive apartment at 101 Warren Street last November for $22 million, has listed his former pad for $10.95 million. [Cityfile, Corcoran]

What NYC Real Estate Can You Buy For $800K

NY1 - August 10th Real Estate Report

NY1 - August 10th Real Estate Report

The delightful Jill Urban reports.
Listed by Elaine Reimer of Halstead
or call 212 501 3500 for further details.

Show Me The Numbers.
303 east 57th street – (Co-op)
1970 converted to Co-op
$825,000
$2302 maintenance
2 bedrooms
1.5 bathrooms
1400SF
15lbs – weight of dogs allowed