Secret Streets: A Map to New York City’s Hidden mewes

Friday, November 18, 2011

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In the 19th century, when the preferred method of transportation was the horse-drawn carriage, the city was full of mews—rows of stables, often with accompanying carriage houses. The mews also frequently had living quarters for servants built above them, and were constructed around a paved courtyard. When, in the early 20th century, automobiles began to replace carriages, the mews were demolished, put to commercial use, or converted into residences. Today, few of them remain, but the ones that do—most of which are protected landmarks—exist as little pockets of seclusion in a loud, bustling city, and, as such, are prime real estate. And, since they’ve all been around for over 150 years, many of them largely unchanged compared to the surrounding areas, they contain quite of bit of history. We put all of the remaining mews we could find into a handy map.

Link Thru 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

Triggers for Rejection -Mortgages

The New York Times
By VICKIE ELMER
Published: October 6, 2011

“WE regret to inform you…” Nobody applying for a new mortgage or a refinancing wants to see or hear these words. But last year more than two million people were turned down for home loans, according to federal data, often because they didn’t meet certain lender requirements or because their applications were incomplete or otherwise problematic.

And that number, from the Federal Financial Institutions Examination Council, doesn’t even include those who abandon the often-complicated mortgage qualification process. The Mortgage Bankers Association estimates that about half of those who try to refinance and 30 percent of buyers are either denied or drop out.

“A lot of people have credit banged up,” said Michael Fratantoni, the association’s vice president for research and economics.

Lenders’ underwriting criteria have become more rigorous in recent years; some banks have tightened up beyond federal requirements. Here are the six biggest triggers for rejection, according to industry experts.

INSUFFICIENT INCOME Lenders want to make sure you can afford to make the mortgage payments. Someone who earns, say, $40,000 a year need not bid on a $750,000 apartment, unless there’s a trust fund with quarterly payouts or other money available. Also, lenders typically look for at least a two-year track record of income, which could hurt those who may have switched jobs recently. “It’s common to get turned down if you have a gap in employment history over the last two years,” said Erin Lantz, the director of the Zillow Mortgage Marketplace, an online loan-matching service.

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The Contraption That Wants to Replace Central Park Horses

By EMILY B. HAGER
A model of the faux-vintage electric car that horse advocates say could replace carriage horses in New York, with Ed Sayres, left, and Steve Nislick of NY-CLASS, the group that sponsors the cars.Marilynn K. Yee/The New York TimesA model of the faux-vintage electric car that horse advocates say could replace carriage horses in New York, with Ed Sayres, left, and Steve Nislick of NY-Class, the group that sponsors the cars.

The faux-vintage electric car that horse advocates want to replace Central Park’s carriage horses has classic white-walled tires, running boards, mahogany and an “ah-hoogah” horn.

On Thursday, in a fourth-floor conference room of Manhattan’s Hippodrome — where circus horses once performed — Jason Wenig set a model of it across the table from the car’s sponsors.

“Brass is going to be everywhere, and it’s going to be shiny and beautiful,” said Mr. Wenig, who runs a customized car design shop in Fort Lauderdale, Fla.

NY-Class, a nonprofit group that lobbies for the removal of the carriage horses from New York City, revealed the car for the first time on Thursday.

NY-Class, which stands for New Yorkers for Clean, Livable and Safe Streets, paid $12,500 to have the two-foot-long lime green model built. It is based on turn-of-the-20th-century cars. Lanterns perch on its sides. Tiny baskets that would carry a driver’s lunch or extra blankets hang from it. Its convertible top rolls back in sections. The car is intended to hold up to six tourists.

Full Article Here

MTA Unveils Weekend Service Map

Sunday, September 18, 2011, by Bilal Khan0

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The MTA just rolled out The Weekender, their map for any and all weekend service changes. Nothing groundbreaking, but everyone loves a new subway map to look at! According to their site, “The subway keeps New York moving 24/7, and keeping the subway moving takes maintenance. We do most of that work on weekends, necessitating service changes that can sometimes be confusing. So to help you get where you want to go, we created The Weekender. You’ll find it at mta.info every weekend, starting Friday afternoons.” So, yes, weekend subway service will still be the bane of your existence.
· The Weekender [MTA]

New York City’s Bike Share Will Be 10,000 Strong, Stretch from UWS to Crown Heights

The city has been in the thrall of a bicycle backlash for the past year, after the city’s Department of Transportation ran lanes through the East Village, Upper West Side and, most controversially, along Prospect Park West, which led to a lawsuit filed by neighbors living on the thoroughfare.

Things seem to be finally calming down—the lane lawsuit was defeated, recent polls have put bike lane support north of 60 percent—but how will the city react when the Department of Transportation and its love-her-or-hate-her Commissioner Janette Sadik-Khan roll out a massive bike sharing program across Manhattan and Brooklyn next summer?

Comprising roughly 600 stations with 10,000 bikes, the scheme will, according to two people briefed on the plans, stretch from the Upper East and Upper West sides down to the tip of Manhattan and over the bridges into Brownstone Brooklyn, reaching as far as Greenpoint and Crown Heights. “The whole point is it needs to be dense,” a city official told The Observer. “It needs to serve a lot of different trips in order to be viable.”

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: