Wednesday, July 22, 2009

Wednesday Morning Links

There are some bright spots in today's news. First, the auction of scammer extraordinaire, Marc Dreier's apartment at One Beacon Court sold at $2700/per square foot or $8.2 Million. While nearly 25% below Drier's purchase at the market peak of 2007, still a pretty solid price, especially for an auction. Second, it seems that both spaces on Union Square South, vacated by bankrupt Circuit City and Virgin Records are now spoken for. Best Buy and Nordstrom's Rack will be taking the spaces. These are two large big box spaces and they were filled rather quickly. Finally, we have a report from TREGNY, that the peak rental season just isn't happening. I'm not sure about how they are doing, but my peak rental season is in overdrive. Granted, I am dealing with alot of families scrambling for school zones on the UES and UWS, but at this point there are not enough hours in the day. In my daily travels, I am hearing the same from brokers at Elliman, Halstead, AKAM, Corcoran and others. In fact, it has been a couple of months since I've heard anyone crying the blues about lack of rental business.
Dreier Home Sells At Auction For $8.2 Million (The Real Deal)
Discount Version Of Nordstrom, And Best Buy To Open On Union Square South (PR Newswire)
Rentals Not So Hot This Summer, According To One Broker (Curbed)
East River Science Park Gets Its First Tenant (CityRoom)
Gary Barnett, The Busiest Man In Real Estate (Observer)
Penn Club On The Way To Landmark Status (Observer)
Second Avenue Subway Pushed Back To 2016 (Curbed)

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