Virgin Megastore In Union Square To Close! Arrghh! I had a feeling that this was going to happen! Ok, I guess that is enough exclamation marks. The New York Times reports that the store will close at the end of May or early June. This leaves a gaping retail hole on the South end of Union Square between Broadway and 4th Avenue. The block will now be empty with Circuit City's closing next door. 2 Megastores, zero tenants. Ironically, the landlord, Related Companies (partnered with Vornado Realty Trust) owns Virgin Megastores. It's pretty bad when you own the shop, own the store that the shop is in, and still close up shop.

Weekend Update

New Semantics Downplay Excess (NY Times)
Divide And Conquer! Developer Fires Sales Office In Favor Of Individual Agents (NY Times)
New York's Rich Take Their Tax Lumps (Crain's)
What Ails Them? For Citigroup, Mortgages (Reuters)
NY Times To Launch Local Blog Networks (Courier Post Online)
Why New York Will Win The Recession (Gawker)
Deep Into The Marc Drier Scam (American Lawyer)
NYU Students Occupy Facility, Issue Manifesto (The Villager)
Unhappy With Finishes, Buyers Revolt In Chelsea (NY Post)

Just Asking- Anyone care to speculate on who the "professional basketball player" mentioned in the NY Times article on large deposit surrenders, in this case the penthouse at 304 Spring Street, would be? I was thinking Stephon Marbury, but he's a Brooklyn guy. At $7.8 Million, it could be just about any hoops player that isn't a bench warmer.

Friday Morning Links

Plenty of news today!
U.S. Agrees To Raise Stake In Citigroup (NY Times)
Some High Enders Walking On Close To Seven Figure Deposits (NY Times)
Golf, Green Roof, And Water Filtration Plant Mash Up In Van Cortlandt Park (Curbed)
Even The Doorman Wants Out At The Plaza (Cityfile)
Halstead Sues Levy Over Unpaid Fees At Park Columbus (The Real Deal)
Rosen Turns Down $60 Million For His Mansion On 71st Street, Twice! (Observer)
Manhattan Real Estate Developer Pleads Guilty In $27 Million Fraud (North County Gazette)

Water Taxi Beach To Open At South Street Seaport? On the heels of news that Water Taxi Beach is to open on Governors Island, word comes to us from DownByTheHipster.com via Curbed that another Water Taxi Beach is set for Pier 17 at the South Street Seaport. The location makes plenty of sense. It is near the downtown ferry hub, there are tons of tourists, and nobody has bought anything on Pier 17 in so long that they might as well turn to booze.

Helmsley Fortune Will Not Go Solely To The Dogs- A probate judge has ruled that Leona Helmsley's fortune will not go solely to the upkeep of her and other beloved pets. Trouble, Leona's dog, received death threats after news initial surfaced that he was to inherit Billions. That proved to be a bit of an overstatement as trustees were allowed a large degree of discretion in the will. Trouble still receives around $100,000 per year in care and security detail. While Leona was widely known as "the queen of mean", it should not be lost on people that she was one of the most charitable New Yorkers in our history. For full detail, check: Not All Of Helmsley's Trust Has To Go To Dogs (NY Times)

Thursday Morning Links

Traffic Be Damned! Bloomberg To Close Parts Of Broadway To Vehicular Traffic (NY Times)
Silver Proposes $2 Toll plan For East River Bridges (NYDN)
In Many Places It Is Now Cheaper To Own Than Rent (WSJ via TRD)
Park Avenue Sliver Building Gets Name: 1055 Park Ave (Curbed)
NYC Food Inspectors To Grade Restaurants, Force Them To Display Grade In Window (NY Times)
Gowanus Whole Foods Looks Like It's Alive Again (Brooklyn Paper)

"Fifth On The Park" Development Company Files Bankruptcy- From the email inbox this afternoon, comes word from Crain's New York, that developer Uptown Partners, whose buildings include Fifth On The Park, has filed bankruptcy. Co-founder and partner Lewis Futterman explains that this is a temporary situation and has noting to do with Fifth On The Park, which is quite healthy (better than 60% sold). Further he explains that "we had another debt due with severe consequences that we could not complete negotiation in time". He expects to pull the bankruptcy filing in the next week.

Flash: A-Rod Shopping Rentals At 15 CPW. According to a NY Post Page 6 article today, Alex Rodriguez, Madonna pal, and prohibited substance injector, has settled for a $30,000 per month pad at 15 CPW. According to Curbed.com, A-Rod's Trump Park Avenue apartment, previously listed at $10 million is now in contract.

McSam's Tribeca Sheraton Slogging Along

(L) From Canal, (R) from Lispenard

McSam's 20 Story North Tribeca Sheraton Hotel is rising. Right now the building, awkwardly straddling an irregular lot on Canal through to Lispenard (between Church and W. B'way), is 12 stories. The hotel is set back a bit from Canal and fills the lot on Lispenard. It is an unusual site. From canal, it looks like it is in the middle of the lot rising from behind old low rise buildings. A Sheraton may seen odd in Tribeca, but considering that it is Canal Street (I got offered 3 Rolex watches walking 3 blocks), it may actually an upgrade. The hotel will house 360 rooms and was originally slated to open mid-2009. We know that won't happen- looks like a year off. While some people knock McSam, he seems to be keeping the NYC construction industry afloat single-handedly.

Wednesday Morning Links

Water Taxi Beach Will Set Up On Governors Island (Curbed)

Construction Watch: Avenue B's Copper Building (Curbed)

Governors Island Ferry Sells On EBAY For 23k (Observer)

Long Island Railroad Turns 175 (Queens Crap)

Soho's Moondance Diner Opens In Wyoming (Crain's)

Chinese Investors Come To US For Bargains (The Real Deal)

Bloomberg Buys Out Neighbors On 79th Street, Townhouse Becomes Mansion (NY Times)

(L) Bedroom with double exposure, (C) Kitchen, (R) LR partial

Apartment Flash: $2800-No Fee and lower price for West Village prewar 1 bedroom. A newly renovated prewar on West 12th. New granite and stainless kitchen, nicely refinished hardwood floors, moldings, windowed kitchen. Rare no fee and low price for this landlord. Call 646-237-4170 or email admin@afinecompany.com to see this apartment today.

Dunkin Donuts In LIC? The rumor is floating around LIC message boards on LIQCity and QueensWest, that a Dunkin Donuts will be taking a spot at 10-63 Jackson in Hunters Point. If indeed true, it should be interesting to see how LIC residents react and if they are able to make it. While it will be nice to see some new retail on Jackson, which lacks compared to Vernon, I can't say I think that it will be a sure fire hit. Concerns include whether locals will embrace a chain store, amount of foot traffic on that stretch of Jackson, and whether anyone really eats donuts anymore.

Manhattan House Saga Continues- First there was the controversy of tenants who wouldn't leave, then you had hello Dolly Lenz and then goodbye Dolly Lenz. Somewhere along the line a bunch of condos were sold. Now, some buyers who are either unhappy with construction progress or having difficulty getting a mortgage (who said it was easy nowadays) have lawyered up. Attorney Adam Leitman Bailey is representing a group of current owners/buyers. He has a good rep at getting things done and advocating for his clients. On the other side is equally reputable developer O'Connor Capital Partners. It is reported by The Real Deal that O'Connor contends that it is current on its mortgage, has 3 years left and an option for more. Ahhh, a bull market would put this all to rest, wouldn't it? For the full scoop: Manhattan House Developer Maintains Building Is Financially Solvent (The Real Deal)

High Line Gets Windows- From my friends over at curbed, a pictorial of progress on the slightly delayed High Line Park. The newest addition a big window onto 17th Street. Oh, what that window what have revealed 10 or 15 years ago. Sometimes you just have to say, thank God for condos! The lower portion of the park, originally slated for spring is now pushed to June. For all things High Line:
The High Line Construction Chronicles (Curbed)

Flash: Jennifer Aniston To Move To Manhattan: Looks like Soho is about to get a little bit hotter! Reports have it that Jennifer Aniston will be moving to Manhattan to shoot back to back motion pictures and to be with her sweety, John Mayer. Mayer lives in Soho. If they need a bigger place, A. Fine Company, would be happy to help!

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"Living Wall" Faces Its Nemesis: Scaffolding

The Green (Brownish) Wall Now (Above)
Lush Green Wall In August (Below)


It's not easy being green. City life is tough and especially tough on plant life trying to cover a wall on East 86th Street. Last August I reported on an inspiring site, a green wall above Pure Yoga. It was lush, green, and beautiful. I figured that the wall would be challenged by a harsh environment during the winter, but this winter features an especially daunting challenge: scaffolding. Seems that The Colorado, the rental building above Pure Yoga is having a little refacing done. That's great and all, but not for the living wall. Now with cold temps and sun being obscured to three quarters of the wall it has turned decidedly brown and bald in spots especially below the scaffolding. So much for a green wall, but hope springs eternal! Warmer temps are coming, and maybe, just maybe, the scaffolding will come down soon (I know that's optimistic-ouch).

Tuesday Morning Links

Bernie Madoff's Penthouse Not So Hot? (Cityfile)
A Sheik Cuts Price At 15 CPW, But Still Turns Millions On Flip (Cityfile)
Curbed Goes Inside One Madison Park's $45 Million Penthouse (Curbed)
LIC Getty To Become Adaptive Reuse Bakery? (Curbed)
Top Marcus & Millichap Exec Accused In $200 Million Sham Sale (The Real Deal)
Westchester Agencies Slim Down, Close Branches (NY Times)
Subway Ridership Falls For First Time In Five Years (CityRoom/NYT)
Dubai's $10 Billion Bailout (CNN/Money)

LIC Update: Pepsi Sign Takes Shape

The Pepsi Sign is almost back in LIC. Well, partially. Right now it spells "PEIC". I did a Google search to see if such a word exists, and the first thing that came up was Petroleum Equipment Industries Company from Iran. There is double irony there.
The spot from which I took the picture was also in the news recently. At that spot boxes of illegally dumped household goods is still spilling into the streets- books, videotapes, and some real interesting papers- Madoff statements. For more on that: Paper Chase (The New Yorker)

Monday Morning Links

Who Will Take The Place Of Circuit City In Union Square? (Villager)
Lamp Designer Sees The Light In Long Island City (AMNY/Urbanite)
Tribeca Penthouse Sets Downtown Record (NY Times)
Waldorf Astoria Gets Makeover (Crain's)
Milwaukee Archbishop Chosen To Succeed Egan (NY Times)

Weekend Links

NYC Billionaire Ignores Recession, Goes On Real Estate Buying Spree (NY Post)
The Diaper District: FiDi Goes Family Friendly (NY Times)
Brokers Battle Negative Cash Flow, Look To Cut Expenses (NY Times)
National Luxury Real Estate Wrap (Luxist)
Mayor's Approval Rating Drops To Lowest Level In 4 Years (NY Post)
With Tax Incentives Expired Film Biz In LIC Sees Big Drop (Crain's)
City Floats Less Restrictive Rules For Developing Queens Waterfront (NYDN via LIQCity)

LIC Construction Update: Zipper Gets Action, Prism Topped, And More

(L)The "Zipper Building", (R) "The Prism"

(L) Solarium, (R) 10-17 Jackson

LIC Construction update:
Zipper Building- Between 5SL and future Solarium, the long dormant former warehouse/zipper factory is finally seeing some action. Scaffolding has been erected and debris was being removed.
Solarium- On 48th Ave between 5th Street and Vernon Blvd. This project keeps moving along. Sales and marketing has been delayed for as long as possible (to wait out the market), and rumor has it (unconfirmed) that the pool has been nixed. (EDITORS NOTE: Hearing from Rick Rosa representing The Solarium, the developers have been tweaking the offering plan and not delaying the project. They are anxious to get started marketing as soon as the plan is ok'd by the AG )
Prism- Topped, also no sign of sales and marketing. The developer is also probably waiting (hoping, praying) for a better climate.
10-17 Jackson- Starting to tower up. Love those high ceilings!
I'll try to get the scoop on "the zipper", if anyone has any info, feel free to share!

Friday Morning Links

Photo: From MTA via Observer
Bloomberg Joins The Sandhogs Drilling The New 7 Line Extension (Observer)
Photo Tour Of The New Alice Tully Hall Exterior (Curbed)
Billionaire Johnson Buys Another Sherry Netherland Coop (Observer)
Hamptons Rentals A 30% Off Sale (Newsday)
DOT Paves Part Of Willets Point (Queens Crap)
Foreclosure Crisis Largely Misses LIC (LIQCity)
R. Allen Stanford Found In Virginia, Surrenders Passport, Walks (LA Times)

Apartment Flash: 2 Bed/ 2 Bath, Murray Hill, Doorman $4095 No Fee + 1 Month Free

Ok, maybe I am in a bit of denial, but some of these deals are dramatic compared to just a year ago. This is an apartment that has been gut renovated with high end finishes. A 2 bedroom (both bedrooms are big), 2 bath, plus dining area, in a nice Murray Hill doorman building. A year ago you would be looking at high $400's and a fee- this year $4095, no fee, plus 1 month free. Any they say rents are only down 5-7%? I don't think so! Call 646-237-4170 if you'd like to see it in the flesh.

Seeing Green In Murray Hill: 303 East 33rd Getting Glassed, Bricked.

Took these shots today. The building, a Toll Brothers/Kibel effort at 303 East 33rd Street, is billed as Murray Hill's first "Green" residential condo. The building has been topped and is now getting bricked and glassed. From the looks of the renderings the building will also have a "living wall" next to the lobby. With the grand opening just behind them, sources report that the number of contracts out is in the double digits. While prices average just over $1100 per square foot there is the promise of a 421-a tax benefit and "grand opening incentives." Oh, and this building clearly wins the most signage competition!

February 19th, Has A Milestone In The Housing Market Been Reached?

It is a bright, sunny spring-like day in New York City. The weather, itself, seems to contradict the gloomy mood that dominates the day to day thinking that has pervaded our psyche as both a city and a nation. It is on such a day that I challenge everyone to look on the bright side. In evaluating the local real estate market several things stand out as potential positives.

Uncertainty may have peaked. Yes, GM could file bankruptcy tomorrow, and a bank or two could be nationalized, but we have overcome some major hurdles. The real estate market has a tendency to slow before every presidential election, as people are reluctant to put their chips on the table not knowing which direction the country is moving. Given the financial upheaval, the election effect has been prolonged. Even though the presidential election was decided months ago, the uncertainty of how the new administration would handle the banks, the stimulus program, and a housing plan were great unknowns. Whether the stimulus package would even make it was a mystery a week ago. Now, whether you like the plans or not, the details are far more clear, lifting one major uncertainty from the market.

Sentiment is horrible. If the daily drumbeat of a negative media is not enough to get you depressed, the numbers- from unemployment, to housing starts, housing prices, housing permits, GDP, will probably do the trick. The S+P 500 is at an 11 year low. If history is any indicator, though, you would have made your best investment when everything looks horrible and your best divestment when everyone believes that prices cannot go down. Sure, it's the 'darkest before the dawn' theory, but nobody could argue that it sure looks plenty dark out there.

Rates are dirt cheap. While most down cycles in real estate are accompanied by higher rates, the opposite rings true today. There is some volatility in mortgage rates, but on a good day you can capture a rates that your grandparents would have been happy with.

Various other arguments can be made. We didn't see the exponential price growth that markets like Miami and Vegas saw, so there could be less downside volatility as well. While inventory has been rising, new construction is at a standstill, so future new construction supply coming on line will be limited. And, of course, the argument that this is New York, the greatest city in the world!

So yes, there are plenty of challenges ahead, but on a gorgeous morning with a hint of a season's turn, we should consider the positives and wonder when others will as well.

Thursday Morning Links

Obama's $275 Billion Housing Plan (NY Times)
UBS Pays U.S. $780 Million Fine, To Reveal Holders Of Secret Swiss Bank Accounts (NY Times)
Shea Stadium, R.I.P. (Gothamist)
A Walk Through The New Alice Tully Hall (Video-WNYC via TRD)
Housing Starts Halved Vs. Last Year (CNN/Money)
Development Du Jour: 82 University (Curbed)
Even Magic Can't Save It: Greenpoint's Viridian Developer Goes Bankrupt (Reuters)

The Plot Thickens! R. Allen Stanford Has Gone Missing!

Bernie, eat your heart out! Apparently, if reports are correct, alleged multi-Billion Dollar scammer, R. Allen Stanford, charged by the SEC yesterday, cannot be located.
According to MSNBC via Huffington Post, Stanford tried to hire a private jet to flee the country and sources from ABC via Huffington say that Stanford's alleged fraud may approach or eclipse Madoff's $50 Billion total.
Manhunt: Accused Financier Scammer Stanford Missing (ABC News)
Is Billionaire Stanford On The Run, Stanford's Whereabouts Unknown (Attorney At Law)
R. Allen Stanford Missing, Federal Authorities Do Not Know His Whereabouts (Huffington Post)

Apartment Flash: Low 70's/ West Of Third, Prewar 2-3 Bedroom, $4000

The value pricing continues! This prewar apartment is located on a gorgeous low 70's block, west of Third Avenue. The apartment has 2 bedrooms, living room, formal dining room, and 2 full baths. The formal dining room is large enough to use as a living room, so if you need a 3rd bedroom, the separate living room could be used for that purpose. For more info, call A. Fine Company at 646-237-4170.

A Little Housekeeping

EMail, RSS: It's that time again. Time to remind all A. Fine Blog viewers that if they would like to receive the blog by email or by RSS feed, just scroll to the bottom of the page and you'll be able to sign up in an instant.
Advertising: A. Fine Blog will be rolling out advertisers in the near term. We are a fast growing blog with an affluent and very targeted readership. While other blogs that concentrate on the NY Real Estate are seeing viewership suffer, we are surging. If you are interested in advertising on A. Fine Blog, just shoot an email to andrew@afinecompany.com to get the ball rolling.
Format: You have probably noticed that we have widened our format. The feedback has been positive and I hope everyone likes the new look.
Comments: You may notice a few comments that have been deleted. I do not censor. The only posts that I delete are either spam for things like fake Gucci handbags, or when a commenter is threatening, vulgar, or intimidating to another commenter. We allow anonymous comments to keep things as open as possible, and so far we have been lucky with very limited spam.

Wednesday Morning Links

Obama To Unveil Mortgage Plan To Bring Down Payments, Not Principal (Bloomberg)
Update On City's 20 Most Expensive Apartments (Cityfile via TRD)
Riverton Houses Auction Cancelled (The Real Deal)
510 Madison Survives Fire, But Only Tenant May Bolt (Crain's)
Manhattan's Office Market Takes It On The Chin (NY Times)

666 Proves To Be Bad Luck For Brooks Brothers

Brooks Brothers, as planned (since last April) has vacated it's flagship store at 666 Fifth Avenue in Manhattan. Although plenty in Midtown appreciated it's convenience, the idea of having a flagship store just 7 blocks form it's original flagship on Madison Avenue has proven to backfire. Brooks Brothers was originally scheduled to stay in the space until at least 2014, but was bought out by Kushner Companies to entice Carlyle Group into a stake in the building. Brooks Brothers was reported to have a below market rent. Half of the Brooks Brothers space is spoken for, with Abercrombie Kids set to move in by 2010. The lease signed back in July was at an incredible $2500 per square foot,"a record by a country mile" (according to Jeff Roseman of Newmark Knight Frank Retail, quoted in The Observer). So far the deal is half genius, now they just have to rent that other half.

This from a tipster this weekend. Times are tough, so even Botox treatments are on sale. I snapped this pic today, although I am sure it was funnier when it was the "Valentine's Day Botox Sale" a few days ago. If you need your bargain botox, you can find it at SmoothMed on 59th Street between Lex and Park.

Silverstein's Silver Towers Get, Well, Silvery

2009 is the year that these twin 60 story towers housing 1,359 rental units will start move-ins. It's only February, so it looks like Larry Silverstein's target date, or at least target year, has a pretty good chance of being met. It is an 80/20 project which means that 20% will be below market rents for moderate and low income tenants. "Silver Towers" is located at 600 West 42nd Street (almost a Law& Order address). The amenities should be over the top with Olympic sized swimming pool, library, lounge, 25,000 square foot park and more.

Bernie Has Company, SEC Charges Stanford With "Massive, Ongoing Fraud"

$8 Billion is at stake as the SEC has filed a complaint against Stanford International Bank and related companies, and federal marshals have raided the Antigua-based Houston offices of R. Allen Stanford, a eccentric Billionaire. The safety of the other $42 Billion or so in assets is unknown at this time. For full details:
Text Of SEC Statement On R. Allen Stanford Charges (WSJ)
Allen Stanford Charged With "Massive, Ongoing Fraud" (Bloomberg)

Tuesday Morning Links

Rector Square Owners May Lose Heat In Latest Foreclosure Twist (NY Post)
Trump's Casino Company Files Chapter 11 (NY Times)
Investors Look To Obama Mortgage Plan (Forbes)
Calvin Klein To Slay Hideous "Dragon's Head Estate" In Southampton (Newsday via Curbed)

Could R. Allen Stanford Be Bernie Madoff, Part 2?

Suspicions are swirling, though none founded yet, that R. Allen Stanford and his offshore Antigua based Stanford International Bank could be the next Bernie Madoff. The bank has been consistently offering well to do investors guaranteed returns on certificates of deposit that are double the U.S. average. Unlike a traditional bank which would derive returns from a performing loan portfolio and other bank operations, Stanford's interest has been paid for by activities involving stock, bond, and hedge fund investments. Even last year, the worst in the markets since the Great Depression, investors were rewarded with a handsome if somewhat unbelievable 6% return, according to reports. Stanford's CDs have 30,000 holders with assets of $8.5 Billion. The entire bank claims assets of $51 Billion, or $1 Billion more than Madoff allegedly had at his disposal. Furthering suspicion is that Stanford is listed as a holder of a handful of companies that trade on the "pink sheets", a thinly traded, less regulated market that is ripe for shadiness. The firm is now being investigated by the SEC, FINRA, and the FBI. While there is no proof of wrongdoing, and most of the information available is from 3rd party sources that cannot necessarily be confirmed (like some contained in this piece), it sure sounds familiar. This is a story to watch.
Stanford International Curtailed Funding Amid Probe (WSJ)
The Next Bernie Madoff: R. Allen Stanford Under Investigation By SEC, FBI, FINRA (Huffington Post)
Antigua Regulator To Quiz Stanford (Reuters)
Stanford, Flamboyant Texan, Faces Media Glare (Washington Post)

Barbie Hits The Big 5-0! Bloomies, Fashion World Celebrate!

Her birthday isn't officially until March 9th, but that doesn't stop her from taking Manhattan weeks in advance. Last night she was honored with her very own fashion show at Mercedes-Benz Fashion Week with Barbie-inspired outfits which now adorn life-sized Barbie mannequins on the 2nd floor of Bloomingdale's. Bloomie's was chosen as the retail partner to help celebrate the big 5-0 and is going all out with a 10 window display on Third Avenue, a 2nd floor Barbie shop and the "biggest ever public display of historic Barbie Dolls." Barbie seems perfectly comfortable in the confines of Bloomie's and I have to say she looks fantastic for 50!
Is it just me or did she have a little work done?

11 Times Square Getting All Sorts Of Glassy

Top: from NW, Bottom Left fr West, Bottom Middle fr SW, Bottom Right Rendering Courtesy SJP Properties

These shots are from an A. Fine agent/tipster, Neil Mori, who recently moved to the area. According to the 11 Times Square website this Green office building by SJP Properties is ahead of schedule. It was topped off back in November. In addition to office space, there is some very Times Square appropriate retail. For thse not familiar with the area this is on the southeast corner of 42nd and Eight Avenue long a parking lot.

President's Day Links

Sting Looks To Unload Duplex At The Brentmore (NY Times)
Aby Rosen Suffers Investment Loses In Stamford (NY Post)
Paul Simon Brings McCartney And Bon Jovi To Beacon's Reopening (Bloomberg)
Summers Says Obama's Mortgage Plan Will Focus On Lowering Payments (Bloomberg)
New York's Multi, Multi-Million Dollar Property Steals (Forbes)

Apartment Flash: Unusual And Huge In Murray Hill, $4500

Dining room, bedroom, 1st living room, 2nd living room

7 rooms? 6 rooms? 7 1/2? I'm still not quite sure. That was my impression both before and after seeing this apartment in Murray Hill, one of the strangest, and best values I have seen in a while. Essentially it's two junior four apartments combined, and the total square footage is somewhere between 1600 and 1700. It is being renovated and has very good bones- hardwood and hardwood herringbone floors, moldings etc.. It is on the first floor, but faces South (with 3-4 story brownstones across the street). It has 1 bedroom, 2 living rooms, a laundry room (with wet bar?), dining room, eat-in kitchen, windowed office or 2nd, um 3rd bedroom?? Like I said, it is unusual, but a huge space especially for someone a tad more creative than I. 24 hour doorman, west of 3rd in Murray Hill. Curious? Call 646-237-4170 to see it in person.

Weekend Links

Presidents Day Weekend, the traditional nadir of real estate in New York. Not only is it February, but it is a holiday weekend in February. This year, of course, with all that is going on, perhaps it is more pronounced. On an optimistic note, at least on a seasonal basis, it doesn't get any slower. With low rates, a stimulus plan, a future housing plan, and an $8000 home buyer's tax credit, we'll see what spring brings.
I was delighted to see the NY Times article on East 82nd Street between Third and Lex. When I moved to New York in 1974 (I was 7), this is the block where I first lived. Pretty cool graphic in the story as well:
Streetscapes: East 82nd Street Between Third And Lex (NY Times)
Despite Slowdown, Plenty Still Aspire To Sell Real Estate (NY Times)
With Big Bank Failures, Expensive Listings Hit The Market (Barbanel/NY Times)
A Look At Fort Greene (Sheftell/NYDN)
The Local Mix: Inside Thompson Hotels (Sheftell/NYDN)
Anglo Irish Files To Foreclose On Rector Square (The Real Deal)
Cooper Union Revealed (Curbed)
Weekly National Luxury Real Estate Wrap Up (Luxist)

Rob Wants To Give You A High Five!

Only In New York! I picked this up from improveverywhere.com, via NY Times' City Room Blog. New Yorkers are good sports!

East 86th Street: A Transformation Continues, But Space Available

(Above L) Future H&M at The Lucida (Above R) Space available at The Brompton

(Above L) Clearing out for Chase, (Above Cent) Circuit City Space (R) Former Party Store

(Above) M. Rohr's - Great Coffee!

The can be little doubt that times are tough in the retail trade, but somehow, East 86th Street seems to continue its transformation. The retail climate on 86th is changing not so much by virtue of store closings, but new space coming on line and possible consolidation. Yes, there have been some closings: the large space that was occupied by Circuit City between Second and Third, and the three shops on the southwest corner of Second Avenue (Cold Stone Creamery, Gothic Cabinet, and Wrap and Roll). Circuit City went bankrupt but had very little frontage. The three stores on Second have been cleared out for what I can now confirm will house a Chase Bank. It is moving from the north side of the Street. I would presume that Chase is moving because its current location is slated to be part of the 86th Street Station for the Second Avenue subway (unconfirmed).

While 86th Street seems to be hanging on pretty well, there is plenty of space coming on line. There is approximately 25,000 square feet of space becoming available inside The Brompton's street level at 86th and Third. There is renovated space on the south side of 86th between Third and Lex which used to house The Party Store and Patterson Silks. Finally, it has been rumored that both Barnes and Noble stores, on 86th (2nd and 3rd) and Lexington (bet. 86th and 87th), are being consolidated into a mammoth B&N at the Lucida. That leaves plenty of space.

Speaking of The Lucida, that is where the good news begins. In addition to the Barnes & Noble, H+M is slated to open this spring, and a Sephora is also rumored to be in the mix in the condo. Also new to the area is Rohr's Coffee, just east of 2nd Ave. Rohr's, which has been around for 130 years or so, relocated from 85th Street after being displaced by The Georgica condominium.

While a glut of space in a recession may not be desirable, it would be fair to say that things are looking up on 86th Street. With three new luxury condos opening soon (Lucida and Brompton in the next couple of months) retailers can retain some optimism. 86th Street has been transforming for years, and while it may take a couple more to complete, the trend leads us to believe that eventually it will be seen as an upscale shopping area. It sure beats the seediness of the 70's, 80's, and 90's. Now we just need a Whole Foods or Trader Joe's, and all would be good!

Friday Morning Links

Obama Turns Attention To Housing Problems (NYDN)
De Niro's Hotel Half Full Or Half Empty? (Observer)
Nadler's $3 Bil. For Transit Lost In Compromise (Observer)
Could West 86th Street Church Be Facing End Days? (Curbed)
350 West Broadway Gets Glassed (Curbed)
Quinn's Bad Idea: Unsold Condos Could Be Bought For Affordable Housing (The Real Deal)
Film Studios Wait On Renewal Of Tax Break (Queens Crap)
Trump Soho Shadowed By Group Determined To "Nitpick It To Death"(Downtown Express)

East Village: 110 Third Has Company, Sordid Company?

110 Third Avenue, the hit condo in the East Village that sold out at the height of the market, has company, and sordid company at that.

A half of a block to the South, 100 Third Avenue, originally a 4 story building built in 1880, has sprouted an intriguing growth which now bring the structure to Nine stories. An interesting use of a walk-up building to be sure.

I hate to say it, but we have another mystery on our hands here! The building is zoned commercial, and a permit was filed to amend the building height to 90' , contain 3 units, and be re-categorized as F-1B - Assembly (Churches, Concert Halls) . Will it be a church or an assembly hall? Well, plenty of people have assembled at 100 Third Avenue in the past. In 1880 it was a restaurant. In 1910 it became a theater, later named "The Lyric Theatre". In the 1930's it catered mainly to the Bowery bum set. The Theatre would open at 7am an hour before showtime, so the transients could catch a nap before the double feature plus newsreel would begin. Later, the Theatre was renamed "The All Male Jewel Theatre", for, you guessed it gay porn.

So, what to make of this location and its future as an assembly hall or church? Seems like there can be a pretty dramatic difference between the two! Calls to the owner listed reach a number that is out of service and little info is known. If you have the answer, please share.

East Village Update: St. Ann's Desecration Is Complete

The scaffolding is off and the meager remains of St. Ann's Church on 12th Street now stand as the City's largest lawn ornament (to NYU's new 26 Story dorm). Whether the blame lays directly at NYU's feet has been hotly contested. If anything, the revealed structure is just a disgusting as the shrouded version. Perhaps the shroud would have been preserved in mourning. Oh yeah, ironically, there is a wreath hanging above the hollow front door, as if to say "Merry Christmas, God doesn't live here anymore".

Thursday Morning Links

Stimulus Deal Reached, $8000 Housing Tax Credit (AP- Bottom Of Article)
Toll Brothers Revenue Halved (Bloomberg)
More Pics Of The 510 Madison Mini-Inferno (Curbed)
Red Hook Mega Mall Renderings Revealed, Move Over IKEA (Curbed)
Holy Beekman! Frank Gehry's Metal Makes First Showing (Curbed)
NY Congress Members Defend Citifield (The Real Deal)
Recession Hits Private Schools (Crain's)
Dissecting The Phenomena Of Dolly Lenz (Observer)

Apartment Flash: Lower Fifth Avenue, High Floor 3 Bedroom, $8200.

There are very few rental units on Fifth Avenue south of 14th Street. There are even fewer high floor 3 bedroom units in prewar doormen buildings in the area. So, it is fair to say that this is a very rare offering. This immaculate prewar features fantastic, bright village views, large sunken living room, dining area, 2 full baths and more. Call 646-237-4170 to see this unit or email us at admin@afinecompany.com. An A. Fine Company exclusive.

Lifestyles Of The Rich And Infamous: Wife Grabs $15.5 Mil Before Bernie's Arrest, Drier Back In His Sweet Crib

Ruth Madoff withdrew $5.5 Million on November 25th, and another $10 Million on December 10th, the eve of Bernie Madoff's arrest, from accounts held at a brokerage co-owned by Madoff, according Massachusetts securities regulators. So much for her not knowing anything. So now we have a potential felon living in the penthouse with the largest ponzi schemer in history. Just gotta love this "justice" system.
More from the "Lifestyles Of The Rich And Infamous" file: In case you missed it earlier, Marc Drier, scam artist extraordinaire, having been indicted for stealing a measly $400 Million by selling fake promissory notes, is now comfortably re-ensconced in his $6 Million pad at One Beacon Court. Cityfile has a great piece with a video tour of the 2900 square foot unit by Douglas Elliman a while back. 1000 square feet of outdoor space with spectacular view included! Note to future massive ponzi thieves- outdoor space is a huge plus for future house arrest.

Housing Tax Credit Dropped In Stimulus Compromise?

In what seems to be an absolutely head-scratching move, the $15,000 tax credit for buying a new home seems to have been lost in a tentatively agreed on compromise between the House and the Senate. According to The Huffington Post:

"Working to accommodate the new, lower overall limit of the bill, negotiators effectively wiped out a Senate-passed provision for a new $15,000 tax credit to defray the cost of buying a home, these officials said."

So it seems that Congress continues to tend to the effects, but not to the cause of our ills. Between this brilliant move, and Geithner's lack of specificity in regards to housing yesterday, you really have to wonder when, and if, these people will ever get it!

Exclusive: Robert Knakal Interview, 10 Questions

Robert Knakal, Chairman and Founding Partner of Massey Knakal, has been kind enough to share his insight on the market with A. Fine Blog's readers. Massey Knakal is a leader in the industry, having closed over $8 Billion in sales since 2001. In this interview Mr. Knakal tackles issues ranging from the state of the market, the 421-a program, the impact of the Second Avenue subway and more...

1- If you were in charge of the Stimulus Package, what would you enact to stop the hemorrhaging in the national housing market?

I think the initial framework of the stimulus plan was well intended and was to be based upon an economic perspective. Unfortunately, as often happens in Washington, the stimulus plan has turned from an economic package into a political package. I believe that the short term stimulus from this legislation will be smaller per dollar spent than expected by many economists, simply because the package is combining short term stimulus with long term benefits for the economy. Unfortunately, short term and long term benefits are in considerable conflict with each other. Additionally, it is very hard to wisely spend such large sums of money in such short periods of time. Presently, I don’t see much in the stimulus package to benefit the housing market other than the thought that it is projected to create approximately 4,000,000 jobs. If this is the case, that means the government is spending $200k per job in a society where the average salary is approximately $40k. To the extent jobs are created it would have a positive effect on the housing market. However, I believe that a better way to stimulate the housing market is through the use of the second half the TARP money to provide a backstop and credit enhancer for the secondary market so that mortgages will start to flow more freely to qualified home buyers. For the housing market to correct it must first hit bottom and a viable credit market is critical to allowing this turnaround to occur.

2- I have suggested a program to offer 4% mortgages through government agencies to all that qualify for both new purchases and refinancing. The agencies would offer a 5.25% rate (pegged to the 10 year treasury), and a tax credit would be offered to buy down the rate to 4%. This could be phased out as the housing market recovers. What do you think?

I think this is an interesting idea and certainly low mortgage rates would help the housing market correct as it will encourage buyers sitting on the sidelines to buy. The average 30 year fixed rate conforming loan is presently under 5% but I think in order for a long term correction to the housing market to occur, these mortgages must be made on a fixed rate basis. Pegging the rate to the 10 year Treasury poses some risks. Today, the 10 year opened at slightly above 3%, it’s highest rate in quite a while. As the Government is forced to sell more T-Bills to raise much needed cash, the over supply will drop the price of the Treasuries which will put upward pressure on the rate. Any mortgage rates that are linked to the 10 year Treasury will likely see an increase over the short term as the market gets flooded with Treasuries. Additionally, history has shown us that coming out of a deflationary period with low interest rates will lead to above trend inflation. In an inflationary cycle interest rates rise. So I believe a more important aspect of this issue is to provide low rate, long term, fixed rate financing to be available to the housing market.

3- If you were forced to guess, when would you say that the national economy will hit bottom?

The most optimistic economists believe that the economy will bottom out in the second or third quarter of 2009, while the most pessimistic believe it will bottom out in the second quarter of 2010. I tend to be more optimistic in my perspective but would not venture a guess as to when a bottoming out would happen. Key indicators to watch that will be a sign that the market might be bottoming out is when we see a few months pass when banks are not forced to raise capital, leveraged loan spreads regulate (these spreads are indicative of banks willingness to lend) and more reasonable credit default swap premiums (these premiums are indicative of the perceived credit-worthiness of ones peers) Unfortunately, unemployment is a lagging indicator and will probably not spike until sometime after the economy hits bottom and unemployment is the economic metric that has the most profound effect on the fundamentals of our real estate market.

4- The local real estate community is hurting. Brokers are closing branches and some are closing up shop altogether. Do you see a long term shift in how brokers will do business in the future?

I do not think there will be a long term shift in how brokers do business in the future. During any up cycle marginal players come into the market and can do fairly well and in a down market the marginal players evaporate. The same thing happened in the early 90’s but this time it will be a little harder for people to hold on. I firmly believe that specialization is a way to differentiate oneself and provide a tangible value-added service to the client. We are telling our agents that they must remember the fundamental “blocking and tackling” approach to the business and take each day as it comes.

5- If you were forced to invest in real estate right now, where would you put your money (locally)?

I would look for properties which had rent levels well below market. This could be in the form of retail or office properties or, most commonly, rent regulated multi-family buildings. I believe, given the uncertainty in the rental markets for all property types today and given the expected increase in the unemployment rate from the present 7.6% to 9%, it is very likely there will be significant downward pressure on rental rates. Therefore, the extent to which existing rent levels are below market levels, it will be a tremendous benefit to the performance of that property over the long term.

6- Outside of Manhattan, but in the 5 boroughs, which emerging neighborhoods do you see as most promising?

I believe that the Bloomberg administration has come up with a very fundamentally sound long range plan for the city. This program calls for increasing development density around transportation hubs throughout the boroughs. This is a common sense approach to development and will enhance the efficiency of those living and working in the City. Given this long term perspective, I would be inclined to invest in areas immediately surrounding mass transportation hubs such as Jamaica in Queens.

7- Would you favor re-enacting the old 421-a program (which expired last year) as a means to encourage development?

When politicians voted to abolish the 421-A program they created a consequence which will have the opposite effect that was intended. For some reason they believed that the elimination of this program would create more affordable housing units and that was why it was enacted. I believe that we will look back on the period of time during which there was no 421-A benefits and see a significant drop in the number of affordable housing units created. There is no doubt that we need a replacement program for the 421-A program. As it has become such a political hot button, I do not think it will be called “421-A” but a similar replacement program needs to come back to provide stimulus for the affordable housing that is so desperately needed in the City.

8- Do you believe that the 2nd Avenue subway will ever be completed? If so, how great of an impact do you believe it will have on property values East of Third Avenue on the Upper East Side and East Harlem?

“Ever” is a long time. Certainly, at some point the Second Avenue subway will be completed, but I guess people have been saying that for the last 50 years. I believe it will have an impact on property values as, anytime convenience is added to a location, that location becomes more desirable. Because the areas that the Second Avenue subway will service are already mostly developed, I do not think the tangential benefit the City will receive from the completion of this project will be as significant as would be received from other projects. For instance, the extension of the number 7 train will open up the west side and create tremendous opportunities for massive amounts of private capital to finance new development which will create economic activity to a significantly greater extent than presently exists in that area. Those are the types of infrastructure developments that I would support more vigorously at the present time.

9- When the market does finally turn around, which segment do you think will turn first: residential below $1 Mil, residential between $1 Mil and $5 mil, residential over $5 mil., or townhouses?

I am not an expert on the coop and condo markets but, intuitively, believe that the answer to this question really depends upon which tax policies the state and city government adopt. To the extent that the massive tax increases on people earning over $250K per year are adopted, I believe that many people will leave the city which will have a disproportionately negative impact on the high-end market. It’s tough to find an economist that believes increasing taxes in the current environment is a positive strategy. It is, however, politically very easy. Cutting spending the correct response but it is a tough thing and these moves jeopardize a public official’s re-election probability.

10- New York is chock full of real estate industry titans. If you had to chose just one, who do you look up to the most?

This is a very difficult question to answer because there are many different segments of the real estate industry consisting of investors, developers, property managers, appraisers and brokers representing many different disciplines. Many people in each of these segments have taught me so many lessons and I have learned tremendously from so many whom have shared such invaluable advice with me. Given that I am a broker, one of the people who I look up to significantly is Steve Siegel, Global Chairman of Brokerage for CBRE. Steve is the consummate professional, is a tremendous family man, is philanthropic and, most importantly, it is nearly impossible to find anyone in the industry who does not like him. I think he is a great role model for people who want to excel in their career and, most importantly, have a well balanced life.

Thanks Bob! We really appreciate you taking the time out for A. Fine Blog.

Wednesday Morning Links

Stay tuned for an A. Fine Blog exclusive interview with Robert Knakal, Chairman and Founding Partner of Massey Knakal. The interview will include Mr. Knakal's take on the state of New York's real estate market, the bank bailout, the stimulus package, and more. Only on A. Fine Blog. Coming later this morning.
Geithner's Bailout Plan Is Big, But Lack Of Detail Derails Markets (NY Times)
Sotheby's Buys It's Office Building Back (NY Times)
"The Edge" Won't Follow Toll Down Incentive & Price Chop Lane (The Real Deal)
Three Alarm Blaze At Macklowe's 510 Madison (The Real Deal)
In Boston, John Hancock Tower May Be Sold To Settle Debts (Bloomberg)
"Dutch Kills" Bar To Finally Open In LIC- Are They Ready For $8-$10 Cocktails? (Gothamist)
"La Goulue" To Close (Eater via Diner's Journal/NY Times)
Now Marc Dreier Gets The Ultra-Lux Prison Treatment At One Beacon Court (see video on Cityfile)

Tuesday Morning Links

Geithner Prevails In Seeking Tougher Rules On Bank Bailout, Plan To Be Announced Today (NY Times)
Who Could Blame Em: REBNY Hammering For Old 421-A Back (NYDN)
Mark David & Co. Shrinks (The Real Deal)
Goldman Sachs Buys Stake In CBRE (The Real Deal)
Retail Hurting On Vernon & Jackson In LIC (LIQCity)
LIC's L Haus Throws The Kitchen Sink, Pick Your Plan! (Curbed)
Curbed Coverage Of Koolhaas Building Inferno In Beijing (Curbed)
75 Wall Turns To Chalk Board Marketing (Cityfile)

Sunday Links

Despite Economy, Fifth Avenue Real Estate Remains Robust (NY Post)
Condo Risk Includes Neighbors Default (NY Times)
Brooke Astor Lived To 105, But Not To See Her Fortune Dwindle (Barbanel/ NY Times)
For Bob Vila, Move-In Condition At Madison Square (Barbanel/NY Times)
Weekly, National Luxury Real Estate Wrap-Up (Luxist)
NYC Film Industry At Risk As State Tax Credit Runs Out (Crain's)

(Living, Dining, Master)

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Weekend Update

Topographical Representation Of Madoff Victims (Map, Zero Hedge via Curbed)

The High Line Opening Delayed Til June (Curbed)

Park Columbus Construction Stops, Sales Office Shuttered (The Real Deal)

Avalon West Chelsea Delayed A Year (The Real Deal)

Brooke Astor Apt Price Chopped (CityFile via The Real Deal)

250 West 55th Tower Halted (Curbed)

Amazement And Skepticism At New Train Locator Screens (City Room/ NYT)

Extell's "The Aldyn" At Riverside South Rises, And More...

Extell's "Alydyn", active and growing!


"Sessanta", funny name, Adagio's sister


John Jay's 620,00sf expansion on West End and 59th

So I'm walking around town looking for some new construction activity, something that I haven't seen yet. Construction activity is a little harder to come by nowadays, so I returned to the Lincoln Square West area. I wasn't seeing much til I hit 10th Avenue, but then- bang- activity just like the good old days!

First I have to say thank you Extell! In light of all the financing issues out there, the fear, the arrested developments; Extell, you surely stand out from the crowd. I saw from a distance cranes, active cranes and I followed them to the water. And there it was, a very large base, 7 stories tall, and growing, teeming with activity. Times must be tough because just looking at this development I thought jobs, lots of jobs, and money, lots of money. Extell managed to raise $613 Million this summer to continue building Riverside South and it sure is nice to see that money at work. The Aldyn will house 279 condo units.

Extell is not alone. The Sessanta, the sister building to Adagio on West 61st Street is topped, glassed, and ready for interiors. Another busy site. The building is 25 stories and has a pretty substantial footprint (not much further info online).

Also just a block away was another active site on 11th Avenue between 58th and 59th. It is the 620,000 square foot addition to John Jay College.

Things may be slowing down all over, but in this little corner of Manhattan, it's just like the boom days and it make you feel good!

Friday Morning Links

US Economy Sheds 598,000 Jobs In January (Marketwatch)
Manhattan Foreclosures Total 5, A Drop From 9 Last Year (The Real Deal)
Manhattan Construction Loans Drop 20% (The Real Deal)
REBNY Prez Calls Proposed Rent Regs "A Killer" (NY Times)
NYC Middle Class Fleeing To Phily? (Observer)
NY's Stimulus Take: At Least $41 Billion (Observer)
What A Pile! Homeowners Hire Spiritual "Space Healers" To Cleanse Negative Energy (NYDN)
Mad Views: Soaking It In From Above Madison Square Park (Sheftell/ NYDN)

Thursday Afternoon Update

Sure seems to be a busy day in the city. Most important, of course was that Mayor Bloomberg's office has finally solved the maple syrup smell mystery. Using various atmospheric and meteorological readings, sure enough, we can blame it on New Jersey. The smell has been traced to a fragrance plant in Hudson County and more specifically the processing of fenugreek seeds. Phew, I can finally sleep at night! For the complete rundown of the methodology used to solve the mystery (and I mean complete), here is the NY Times rundown:
New Jersey Plant Is Called Source Of Sweet Smell (NY Times/ City Room)

Also of real interest today were the chilling tapes of Flight 1549, which crashed in the Hudson River a couple of weeks back. We hear an exceptionally calm and stoic Capt. Sully first checking options for emergency landing sites, and when Teterboro was arranged, simply saying "We can't do it", followed by "we are going to be in the Hudson". That was his last communication, and the rest is history. The tape is both chilling and inspirational. For a concise yet chilling audio summary, check The City Room Blog.
For all of the radio tapes, check:
http://www.faa.gov/data_statistics/accident_incident/1549/


From my good friends over at Curbed we have a first look at the entrance to the delayed South Ferry subway station. The station was supposed to open a few weeks back, but someone got the measurements wrong on the gap between the platform and train cars. It was said to be by a hundredth of an inch or so, but better to get it right than to lose a lawsuit later by a whisker. For more pics, check out the article on Curbed:
Cover Up Ahead Of It's Grand Opening At South Ferry

Finally, I am sure that it is no mystery to readers of A. Fine Blog, but rents are dropping. Citi Habitats issued a report today that showed vacancy rates on the increase, and month over month rents dropping by a couple of percentage points. I'll give it to you straight folks, it worse than that. On a daily basis, I am seeing rents slashed. If they sit on the market for a month, an even bigger slash. The numbers are pretty dramatic. I'll make sure to have a full rental market update soon.

Thursday Morning Links

Senate Approves $15,000 Tax Credit For Home Buyers (AP)
Sandy Koufax, Malkovich Among List Of 14,000 Madoff Victims (NYDN)
Large Tree House Built In West Village Backyard (Curbed)
High Line Sees Some Greening (Curbed)
Corcoran Burdened By Parent Company (The Real Deal)
Lost "Gimbels Passageway" Connecting Penn And Herald Square To Reopen Under Plan (Gothamist via Curbed)
Informal Memorial Planned For Union Square Potato Peeling Pitchman, Joe Ades (Gothamist)
Holland Bar Reopens After Landlord Couldn't Find Higher Paying Tenant (NY Times)

Barbara Corcoran Seems To Endorse The 4% Solution

I'm not sure how many people watch Larry King, but Barbara Corcoran was a guest and when asked what would help the economy she said 'the government should give people access to 4% money, whether for a new purchase, or a refinance, no questions asked'.
Barbara, have you been reading A. Fine Blog?
The 4% Solution Amended (A. Fine Blog, Oct. 2008)

Creative Scaffolding Overtakes Former Gordon's Novelty Shop

I noticed this creative scaffolding in front of the former and dearly departed Gordon's Novelty Shop between 21st and 22nd Streets on Broadway this afternoon. Considering that the gory remains of Gordon's and a largely dilapidated series of buildings sat blighting Broadway for the past couple of years, this scaffolding is a major improvement. In this environment, leasing a store can take forever, so perhaps instead of vacant stores all over they should put up this type of scaffolding so we can at least pretend that we are not in deep recession.
Gordon Novelty Shop, Vanished (Jeremiah's Vanishing New York, 9/2007)

A. Fine Blog Added To NY Times "City Room" Blog Roll

Thanks New York Times and City Room editors, I am honored to now be included on your blog roll. Welcome to all visitors from the New York Times. If you prefer to receive A. Fine Blog via email or RSS feed, just scroll to the bottom of the page for instructions.
A. Fine Blog Added To City Room Blog Roll (NY Times/ City Room)

Wednesday Morning Links

More On Brokers Closing Offices (Observer)
Looks Like A $30 Million Sale At 834 Fifth, Near Asking (Observer)
245 Tenth Ave's Metal Sheet Blinding? (Curbed)
PA Bus Terminal Finally Aglow With A Light Show (Curbed)
Big Landlords Say Foreclosures Would Follow More Rent Regulation (Observer)
Wow! 19 Million Homes In U.S. Vacant (Bloomberg via Real Deal)
Middle East Sovereign Wealth Funds Lose Trillions In Real Estate (The Real Deal)
Lehman Brothers Hiring? (Business Standard/India)
Fortunoff Shutters Fifth Avenue Store, Talks With Liquidator (Bloomberg)

FLASH- CITI EXPLORING WAY OUT OF STADIUM NAMING DEAL- Wow, peer pressure can be a bitch! But, as Steve Forbes aptly put it on Meet The Press this weekend, 'you have to always respect the money rule- you have the money, you make the rules'. In this case the taxpayers have the money, and not too many are thrilled with the taxpayer paying $400 mil to the Mets for naming rights. Full Story: Citi Explores Breaking Mets Deal: Sources (Reuters)

Joe Ades, Union Square Potato Peeling Pitchman Dies

I just saw him last week plying his trade last week. Joe Ades, the Union Square potato peeling pitchman has passed. He was a fixture in Union Square, drawing large crowds with his booming, unmistakable, Aussie-British accent. He sold a peeler that could peel 'virtually anything' for $5 a piece, or 5 for $20. I've gotta say, he sold a ton of those things. His pitch was unabashed and compelling. He was voted New York's most eccentric person by Gawker last year (although I thought the guy who jogs up Second Ave in women's lingerie may have deserved the prize). As it turned out, Joe Ades was fairly well off, perhaps rich. He stashed his product in the maid's room of his Upper East Side apartment. He enjoyed fine dining, and people were stunned when they asked him what he does for a living "I sell potato peelers on the street", he would respond according to the NY Times. A colorful personality that will certainly be missed.
His Stage, The Street; His Rapier, A Peeler (NY Times)

Tuesday Morning Links

Maybe Next Year: Related And MTA Agree To Delay Yards Deal (NY Times)
Huge South Bronx Rezoning Moves Forward (Crains)
Scarano Project In LIC Facing Foreclosure (The Real Deal)
Banks To Take Over Atlas Park Mall In Queens (Crains)
Liberal Rent Regulation Bill Passes The State Assembly (NY Times)
Small Quake Rattles Jersey Overnight (NY Times)

Union Square Park Update: It's Potty Time!

Foundation for new bathrooms done..


Mounds Of Topsoil For Tree Pits, check..


The playground has a long way to go.

What a relief! The foundation for the new restroom facilities in Union Square Park has been laid! According to Union Square Partners the ongoing renovation to the north and west portions of the park is 40% complete and is on schedule for Fall 2009 completion. While it looks like they have plenty of work to do, there has been notable progress through the winter months, especially considering that concrete can only be poured on days when it will be above freezing for several hours at a time. The better part of the west side of the park from 17th to 15th Street has been fully excavated, utilities replaced, tree pits dug, and topsoil poured. The granite curbs along this stretch should be placed soon and the heavily trafficked pedestrian island at 17th and Broadway is nearly finished. The only bummer is that the massive playground area has hardly been touched for the past couple of months, so hopes of using it any time before Fall appear dim. Oh that and Reverend Billy has not been seen for months!

Monday Afternoon Update

Seems that the only problem with posting weekend links on Sunday is that you miss some Monday headlines. Sunday headlines come out as early as Saturday night, so, since everyone likes a little weekend blog action, I'll be posting weekend links by Sunday the latest and fill in the gaps on Monday morning. Sounds like a plan, right?
Tavern On The Green Now Up For Bid (Observer)
Lenders Give Apthorp One Week Extension On Plan (The Real Deal)
Freelance Producer Finds Out He Lives Where Obama Lived (Observer)
The Jasper: Condo, Hotel, Zombie Condo? (Curbed)
Assembly Looks To Bolster Rent Regulations (NY Post)
Obama Makes Cheaper Mortgages A Priority (NY Post)

Weekend Links

National
U.S., Obama Prep "Big Bang" Bank Bailout (Financial Times)
Senate Considers $15,000 Tax Credit For Buying A Home (Star Tribune/Minn.)
Government Sponsored 4.5% Mortgages? (Cape Cod Times)
National Luxury Real Estate Wrap (Luxist)
Local
Rents Falling Fast (NY Times)
Related, MTA Continue To Negotiate MTA-Botched Yards Deal (AMNY)
Banks Build More Roadblocks To Securing Mortgages (NY Times)
"Idiots" Race Shopping Carts Through Long Island City (NYDN)