the real deal

Luxury Rental Building NYC Directory – 10 Hanover Square

 Luxury Rental Building  NYC Directory- 10 Hanover Square

10 Hanover Square has an open, light filled lobby that features terrazzo floors with granite inserts, warm wood paneling, a 24/7 concierge and valet services.  The lower level has a Great Room with its own catering kitchen, large screen plasma TV and business center.  The Great Room is open to all or can be rented for special events.  The spectacular 30,000 square foot Fitness Complex truly rivals the very best first-class, private membership fitness clubs in The City — a two-story rock climbing wall, a sea of weight training and cardio equipment, a spinning room, yoga and aerobics rooms, therapy rooms, saunas, steam rooms, spa-style men’s and women’s locker rooms and showers.  Arrive in your street clothes and the staff will provide you with shirts, shorts, socks and towels.  Personal training and private massage are avaliable.  Play and lounge on the roof terrace.

For appointments call 212-227-0021

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Stuyvesant Town Tenants Wins Court Decision-A Resident Speaks

Something For The Wanna Have’s.

The battle between The Tenant’s association and PCVST management company Tishman Speyer ended yesterday with the highest court in New York ruling in favor of the The Tenants.  This was the last possible appeal from Tishman after an Amicus brief was prepared which served to prove Tishman’s double dipping in the form of receiving J-51 tax breaks and market rate rent hikes. The law clearly bars deregulating units “which became or become subject to [stabilization] by virtue of receiving tax benefits” under the city’s J-51 program. This was a huge victory for the lower and middle class. During this time of excessive corporate greed and massive bonus payments justice was served today with a very clear message; You can’t expect to break the law, make a profit while also receiving tax benefits and not be punished. You can’t have it both ways and enjoy a capitalist compensation and a socialist compensation while you screw the people in the community. That’s called exploitation. This was a risk taken to earn a profit and the risk has not paid off. The beauty of which is pure capitalism. There are some commentator’s and journalists out there who see this as an unjust verdict. One of which is Steve Cuozzo in his NY Post article. He suggests that Jerry and Rob Speyer had another interpretation of the law (yeah no kidding) and writes “With so much hanging on the meaning of “by virtue of,” Jerry and Rob Speyer nonetheless rolled the dice. Now the court has made things far worse for them and for the entire decontrol cause, which too briefly offered a way out of the system’s socialist-style deathlock on the rental housing scene.” My answer to that is, Are you friggin serious Steve? So you’re supporting tax theft at the very least? This was a victory for pure capitalism and justice. If you take a profit gamble and you fail due to what is written in law then it’s game over. And the fallout from this can neither be protected or rationalized. If other landlords profit margin were based on the same expectations then that too is their big gamble. For the record I am a resident in Stuyvesant Town making $150,000 a year and I cannot save any money. This is a true victory also for the middle class. We deserve a victory after all our money has been either stolen from us or simply gobbled up by credit card companies and rent.

The final question I have is, now what? What happens from here with the decision. How will the money be parceled up for the victors? I live in a market rate apartment but I signed a lease agreeing to those terms.  While it’s true that 4,352  apartments are now market rate, I signed my lease agreeing to pay that rate.  I have asked employees working for Tishman Speyer whether I will receive a new re-regulated apartment and at this time it is not certain what the costs will be to TS or the re-structuring of the leases. I do not expect pro rated rent payments to be awarded but an apartment rate that could help me save would be nice.

Experts weigh in on how to fix industry crises…

The biggest problems in New York City real estate

Following criticism, Attorney General Andrew Cuomo has vowed to crack down on shoddy construction and is instituting greater scrutiny of developers who break the rules. He is also trying to speed up the new condo approval process, and has introduced reforms targeting the appraisal industry.
By Dorn Townsend

In the wake of the subprime and credit crises, problems are becoming apparent even in New York City’s usually buoyant real estate market. Although real estate in New York City has escaped some of the ravages the rest of the country has suffered, cracks in the façade are starting to show. 

For this supplement, The Real Deal has chosen to bring some plaster: First, we home in on macro difficulties, as well as some less-discussed problems. We then weigh in with the advice of experts on ways to solve these issues. 

We take a look at the problem of the liquidity crisis. In the article Crisis or Correction, financial whizzes contemplate how they think the financial markets can ultimately return to a state of normalcy. For example, experts say the only way for the broader housing market to recover is by restoring confidence in lenders’ processes to securitize their mortgages. 

At the heart of the matter is the role of independent appraisers. Without appraisers capable of standing up to pressure from mortgage brokers to price unrealistically, it will be hard to restore confidence. Insiders consider how to make this happen in Restoring credibility to appraisers

Besides impacting banks and their ability to make informed investments, the present crisis is triggering fear among homeowners that they may lose their homes. In How New Yorkers spell foreclosure relief, we probe what’s being done to control the growing number of foreclosures — and experts share their views on whether the present actions are sufficient. 

In addition to these sweeping problems, the city’s real estate industry is facing some more local conundrums. One lingering difficulty is the manner in which different real estate firms arrive at different outcomes in their market reports. In Making sense of market reports, analysts reflect on whether the city needs a comparison-providing multiple listing service. Another growing difficulty emanates from spiraling energy costs, and the responses of commercial landlords to those costs. When it comes to energy costs, landlords over a barrel shows that many are turning to alternative energy sources and long-term fixed contracts as solutions. 

Finally, no problem has had a more tragic impact and received more recent coverage than accidents at construction sites stemming from crane malfunctions. In Shoring up construction safety, we review suggestions for reforming the city’s Department of Buildings and creating a culture of safety and accountability.

Two other stories discuss the mysterious flexibility of offices’ floor area over time and the new wave of scrutiny shoddy developers could soon see from the Attorney General’s office and the Department of Buildings.

 

RELATED LINKS:

http://ny.therealdeal.com/articles/making-sense-of-market-reports

http://ny.therealdeal.com/articles/crisis-or-correction

http://ny.therealdeal.com/articles/restoring-credibility-to-appraisers

http://ny.therealdeal.com/articles/how-new-yorkers-spell-foreclosure-relief

http://ny.therealdeal.com/articles/when-it-comes-to-energy-costs-landlords-over-a-barrel

http://ny.therealdeal.com/articles/shoring-up-construction-safety

http://ny.therealdeal.com/articles/cracking-down-on-shoddy-condos

NYLS Commentary:

This countries economic crises and the  government “recovery” plan (aka. the bailout) has rocked Wall Street this month and will undoubtedly affect NYC’s residential real estate market. As banks continue to fail and confidence continues to waiver, real estate in NYC remains as good an investemnt option as any for those who deposit more than the $100,000 limit in FDIC insured banks. Real Estate remains a great way to preserve money over time.

There are some great examples of this over time. During the most severe recession post WW2 (1975 to 1981) Markets slowed dow with interest rates reaching highs of 18% and declining home values of close to 30%. The market rebounded nicely during the 1980’s with home prices rebounded by as much as 400% and interest rates declined to around 8%. The best way to preserve money over time and hedge against inflation remains Real Estate. Again after the attacks of 9/11 real estate declined slightly (10%-15%) in Lower Manhattan yet over the past 7 years those who bought in Lower Manhattan neighborhoods (FiDi, TriBeCa, Battery Park) have seen their investments triple in value.

A look at buyers and sellers

A look at buyers and sellers

A snapshot of how buyers and sellers are reacting to the bleak economy — and to each other

 

 By Lauren Elkies

The bleak economy and credit crunch have claimed their share of victims in the New York City real estate world, but under the surface they have also shifted the foundations that buyers and sellers became accustomed to when the market was peaking.

This month, The Real Deal offers a series of stories about how buyers and sellers in the five boroughs and in the surrounding suburbs are dealing with one another and with the new financial terrain a little over a year into the crunch.

While prices have softened in some neighborhoods, first-time buyers are having more trouble than ever securing mortgages and getting a piece of the action (see Amid mortgage woes, first-time buyers seek solutions).

As their purchasing power has decreased, the pace of sales of the smaller units they tend to buy has slowed, creating a pileup of inventory. In Manhattan, there has been a sharp drop in sales of studios and one-bedrooms this year.

Meanwhile, some buyers fear more foreclosures could result in a growing number of vacant buildings, particularly in fringe areas of the city, which could contribute to an uptick in crime (see Watching for broken windows).

Experts weigh in on whether the so-called “broken windows theory,” which suggests that crime increases in areas of neglect, will play out in places like Crown Heights, Bedford-Stuyvesant, Bushwick and other neighborhoods with high foreclosures rates. Crime, of course, can put a damper on the appeal of a neighborhood and depress prices, driving away potential buyers.

In more prime areas, foreign buyers, who have been capitalizing on the weak dollar and propping up sales activity in the city, are now starting to pull back. As the dollar has started to rebound (at least a little), brokers say those with primary addresses in other countries are finally starting to hesitate and wait for deeper price cuts (see Fewer foreign clients buying).

On the seller side, market conditions and anxiety about the economy are causing some to drop asking prices to increase their chances of a sale, and prompting others to take their listings off the market altogether and wait until the market swings back (see Sellers feeling the pressure).

Even buildings are being put through the wringer. Co-ops have long put potential buyers through a rigorous board approval process. But now, lenders are turning the tables on them and more closely scrutinizing their books.

And, whether at a co-op or condo, gentrification continues to cause tension between existing board members and new residents, especially when the newbies push for expensive cosmetic upgrades for the building (see New buyers clashing with the condo board).

In the Financial District, the credit crunch has translated into fewer buyers at open houses (see Open house traffic hits wall in Financial District). And in the South Bronx, it has put activity on hold. The difficulty in securing cash has made it harder for small investors to buy into the area and stymied new residential development and rehabs there (see South Bronx buzz fizzles).

Beyond New York City, in suburbs like Westchester and Nassau and Fairfield counties, foreclosures on the rise are helping depress the overall market for sellers (see New York City’s suburbs slip).

And in parts of New Jersey and Long Island, there’s a real estate domino effect taking hold for so-called “trade ups” (see Trading up slows down).

Experts told The Real Deal that some sellers looking to unload their “starter homes” are out of luck, in large part because the buyers they need are unable to secure mortgages. And, until they pull their equity out of their homes, they don’t have the money to become buyers themselves.

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