The U.S. hotel industry posted increased occupancy and revenue per available room numbers for the week ending March 6, according to data from Smith Travel Research, a rare bright spot in what has been a shaky couple of years for the hospitality sector. The 0.9 percent revenue per available room, or revpar, increase, to $52.75, was the third in 18 months and the first that wasn’t holiday-related. Luxury hotels reported the largest increase in revpar, up 10.2 percent to $160.19. Occupancy was up overall to 54.9 percent from 50.9 percent one week earlier, while the average daily rate dropped 3 percent to $96.05. Luxury hotels also were most-improved in terms of occupancy, up 16.5 percent to 66.4 percent. The Miami-Hialeah market was the most-improved region with average daily rates up 10.1 percent to $189.37. “The growth in year-over-year revpar is significant because the occupancies are clearly showing an improvement and the decline in rates is finally starting to slow,” said Randy Smith, co-founder and CEO of Smith Travel Research. “While the size of the revpar increase is not significant, it is a clear sign that the outlook for the industry is improving.” TRD
The office of embattled New York Governor David Paterson scrapped a deal with Aqueduct Entertainment Group (AEG) to develop a casino at the Aqueduct Race Track in Queens, poised to be the Big Apples first gambling destination.
The decision shouldnt have come as a big surprise. Mr. Patersons selection of AEG sparked a furor among losing bidders and prompted a federal investigation, as critics complained that AEG wasnt qualified to spearhead such an ambitious and expensive project.
“The Division of the Lottery has concluded that it cannot issue a gaming license to Aqueduct Entertainment Group (AEG). Therefore, the State has officially withdrawn its support for AEG to develop and operate a video lottery terminal (VLT) facility at Aqueduct Race Track, Mr. Patersons office said in a statement Thursday. The Executive Branch advocates that the selection of the Aqueduct VLT franchisee be done pursuant to an expedited, transparent, apolitical and publicly accountable procurement process.”
Mr. Paterson passed over heavyweight gaming companies like Penn National Gaming and MGM Mirage and New York City real estate veteran SL Green Realty for AEG, which has close ties to Floyd Flake, an influential Queens preacher and former congressman. Critics blasted the choice as politically motivated. The losing bidders even considered a lawsuit alleging AEG wasnt forced to adhere to the same conditions as the other four contenders.
Its unclear how the state will move forward with another bidding process, but some of the companies want back in the game. The SL Green/Hard Rock team is still interested and ready to go forward. We have already fulfilled all of Lotterys licensing requirements and we remain able to deliver on our promises both on expedited timing and on our long-term vision for this exciting project, said SL Green in a statement.
From left: Stephen Himmelstein by day, and Stephen Himmelstein by night; the Love Handles rock out (see Himmselstein in tie dye, at far left)
Fifty-eight-year-old real estate attorney Samuel Himmelstein is getting ready to rock next Friday at Lafayette Grill & Bar at 54 Franklin Street, as his band, the Love Handles, heads back to the stage after a six-month hiatus. Himmelstein, a partner at real estate litigation firm Himmelstein McConnell Gribben Donoghue & Joseph, is part of a six-person band including his old college buddy, tenant advocate attorney Marty Silberman of Silberman Law Firm, 58, who plays the drums. Himmelstein, who plays keyboard, sings lead on a few songs as well as harmony and back-up vocals, and Silberman had talked about forming a band for years before finally doing so in 2001. The band plays music from the 1960s through early 1980s, including hits from Elvis Costello and the Grateful Dead. The group has played at the Cutting Room and the Good Coffeehouse Music Parlor, in Park Slope and for the last three years has been the post-race entertainment at the Komen Race for the Cure in Central Park (see video below). TRD
Well Maintained 3rd floor walk up building features a lovely and charming one bedroom, with decorative fire place, lots of closet space, huge windows, very sunny.
Prime West Village location, on Greenwich and 11th st.
pre-war apartment is fully renovated, new bathroom with black and white tiles and new renovated kitchen.
Steps from supermarket, restaurants, Hudson River park, Magnolia bakery and Marc Jacobs!
Please email or call Jillian at 646 220 0201 to arrange a showing.
Call Jason Hargrove at 718.415.9829 to schedule a viewing!
Downtown Condos for Sale
Comfortably spacious with a distinct character all its own, These amazing units rise above the all too common condominiums on the market today. This unique collection of modern loft condominiums located in the heart of the Financial District was originally designed by the same architects who created The Empire State Building. The classic limestone and granite pinstripes on the exterior envelope the newly renovated residences inside to create a timeless essence of old New York and modern downtown living. Find your new home in one of these Financial District apartments… on par with some of the finest New York City condominiums.
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Enjoy stylish and impressive amenity spaces for you to entertain family and friends, enjoy some personal time or meet up with your many interesting neighbors. Each space allows you to personalize the experience and make it your own. The roof top dining table provides the perfect setting for a sunset snack and the iPod docking station in the lounge lets you pick your own tunes. The gathering spaces are all yours… whatever your mood. And let’s not forget the 24 hour concierge, parking garage, grocery, drug store and pharmacy all onsite within the building.
The building was designed by Shreve, Lamb & Harmon, the architects responsible for The Empire State Building. The resemblance is clear, from the classic limestone and granite façade to the tiered setbacks on higher floors. The old world construction features solid 16+ inch concrete walls, classic architectural details and unique floor plan layouts. Although the building is historic, it has been fully renovated and updated in keeping with modern city living.
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Jason L. Hargrove direct: 212.252.8772 ext 231 cell: 718.415.9829 jasonh@nestseekers.com
This Luxurious building is located in the northern Financial District.All apartments have space saving wall flush heating and AC units, dark-brown hard wood floors, granite counters, generous double barred closets. Kitchens are complete with wood cabinets, blackboard back splash, GE Profile appliance package including: side by side fridge, gas range with middle warming tray, dishwasher, and turntable microwave. Baths have rain splash glass showers, slate floors, over sized triple paneled medicine cabinets, and floor to ceiling white tiles. Some apartments have windowed kitchens, and windowed baths.
Crevices, some 15 feet deep, are shown outside three homes at the Rivermist subdivision in San Antonio
Pulte Homes offered to purchase 27 San Antonio homes damaged by a January retaining-wall collapse that created crevices up to 15 feet deep and eight feet wide.
The builder will also erect a new wall, a six-month project with a price tag estimated between $4 and $5 million. Work will begin following city approvals and permits. Given that time commitment, Pulte’s Centex division, which built the homes in this development known as Rivermist, offered to buy back the units deemed uninhabitable.
Pulte, the nation’s largest builder, will also cover moving costs, home improvements and reasonable legal fees. For owners who want to keep their homes, it will provide or fund alternative housing until the new wall is finished and certified.
Spokeswoman Valerie Dolenga couldn’t provide a total cost Thursday.
The community’s average selling price is $200,000, though some of the affected homes commanded more because they are bigger and offer city views. Two of the affected addresses have already closed for an undisclosed sales price.
The builder has not addressed other residents’ complaints of reduced property values, leaving some angry. “We’ve worked all our lives for nothing,” resident Dell Hammett told the San Antonio Express-News. “It makes us sick.”
But since the collapse, six homes have sold at prices similar to before the slope’s failure, Ms. Dolenga said, a sign the community is holding value.
In late January, about 90 houses were evacuated following a “significant soil movement” underneath some of the homes. Most owners returned home quickly, but 27 units were deemed unsafe. Those residents are in hotels or short-term housing paid for by Pulte, Ms. Dolenga said.
San Antonio officials later said the retaining wall went up without a permit. A representative for Pulte, which acquired Centex last year, said in January that “it was our understanding that we were in full compliance with the city requirements.” Pulte hired an engineering firm to test and analyze the soil.
Readers, what would you do in similar circumstances?
The Real Deal is looking for your feedback on market-related issues. To read an item about the AEG fallout, click here. To check out a rundown of the former competitors, click here. Please comment below.If you have questions you’d like posted, please e-mail news@therealdeal.com.
2 BEDROOM APARTMENT WITH LARGE DINING ROOM, WHICH COULD BE EASILY CONVERTED TO 3RD BEDROOM.
The building was originally designed as luxury apartment building and is not a building that was converted for residential use. That means that the apartments layouts are well-thought out. The apartment offers large, comfortable rooms with high ceilings, natural light, and closet space.
THE BUILDING:
Uniformed doorman at all hours.
Sophisticated lobby with wood panel walls, marble floors, dome ceiling and plush seating.
High-speed elevators open to corridors lit by alabaster sconces and decorated with crown moldings and chair rails.
Decorative framed apartment entrance doors.
Roof sundeck
AMENITIES:
50-foot, two-lane exercise pool
sun terrace;
fitness center;
men\’s and women\’s locker rooms with separate saunas; children\’s playroom;
lounge with kitchen;
air conditioned laundry facility;
Culligan water filtration;
high-speed Internet.
Options include attended, indoor garage; conference/business center; valet services in building; cable/satellite television, and more. Package room and delivery escort.
Investors, city officials and developer Bruce Ratner, CEO of Forest City Ratner Companies, came together this morning to celebrate the groundbreaking of the new Barclays Center at the Atlantic Yards development. The 18,000-seat arena, which will serve as the home of the soon-to-be Brooklyn Nets, is expected to open in 2010. At the ceremony, Mayor Michael Bloomberg described the Barclays Center as “the first piece of what will be one of the largest private investments and job generators in Brooklyn’s history.” Brooklyn Borough President Marty Markowitz and Governor David Paterson were equally effusive in their praise, describing the development as “a dream” and “a boon to Brooklyn,” respectively. The arena, which is being designed by the Ellerbe Becket and ShoP Architects firms, is also expected to host upwards of 200 events annually, including concerts and non-NBA basketball games. TRD
Fashion mogul Elie Tahari is reportedly looking to unload two residential properties in the Hamptons, as part of a massive sell off of properties, according to the Post. The two homes are a $6.8 million Amagansett property and a yet-to-be-priced Sagaponack home that he purchased for $13.5 million, the first of which, a five-bedroom pad, was purchased in his wife, Rory’s, name. The news comes on the heels of widespread speculation that the couple is considering ending its 10-year marriage.
Outrageous views, an exciting neighborhood and a convenient location that makes it easy to get around and enjoy the city.
The kitchens are even garnished with brand new stainless steel appliances.
LOCATION
Go for a waterside run, shop the chic stores, sip drinks on Stone Street, enjoy the great nightlife – living directly across from the South Street Seaport and adjacent to the Financial District puts the best of New York City at your doorstep. Even the kids have an incredible child-centric downtown oasis, \”Imagination Playground\” opening right around the corner.
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This is a great deal ! This bright and airy home has a renovated kitchen with d/w and microwave and 2 full deco tile bath. Loads of closet space, including one walk-in closet. Hardwood floors, high ceilings, excellent light make this flexible space perfect for shares or family.
Live in the heart of Tribeca, steps to the best restaurants, nightlife, stores and schools! Just steps from your door you have “1/2/3″ as well as “A/C/E” trains.
This award winning elevator/laundry/live-in super building also has an on-site garage.
HURRYthis deal won’t last!
*$4382 rent reflects last month free on 15 month lease
This uniquely designed apartment was thought out so perfectly well. The rooms have a loft like feel with an extra half bath. Different indeed. The kitchen is equipped with top of the line appliances, Bosch dishwasher, Viking range, Poggenpohl cabinetry. Your spa inspired bathroom can de stress your lifestyle with a steam shower, Kohler tub, marble finishes, and for the winter season- radiant heated floors.
There could be more trouble brewing for the Jean Nouvel-designed MoMA tower at 53 West 53rd Street. Word has gotten out that the West 54-55th Street Block Association has filed an official petition to the New York State Supreme Court, citing environmental violations and the improper transfer of development rights, according to Curbed. Although it’s not yet clear when the court might make a decision on the petition, the document could put a temporary wrench in the works for the development.
Our last nod to winter. Ciao! – PS1 MoMA, LIC (via b.green/liQ Flickr pool)
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PS1 entrance plan draws CB2 anger [Your Nabe]
The return of the No. 7 train [Gothamist]
More on the 7-train resurrection [Daily News]
More tales of LIC’s blank billboards (& dead drive-in screen?) [Restless]
Out of town paper says LIC “doesn’t have a unique [...]
Responding to critics, officials of the Federal Housing Administration are set to warn in Congressional testimony Thursday that a double-dip decline in housing prices may result from even a slight increase in minimum down payments on FHA-backed loans.
An increase in down payments to 5%, from the current minimum 3.5%, would limit new FHA-backed loans by 40%, equivalent to 300,000 fewer home sales, according to testimony that FHA Commissioner David Stevens is set to deliver on Thursday.
“We share the goal of increasing equity in home purchase transactions, but determined after extensive evaluation that such a proposal would adversely impact the housing market recovery,” Mr. Stevens says in his testimony.
The FHA doesn’t make loans but instead insures lenders against losses, and the agency charges insurance premiums to borrowers for that backing. Critics of the agency say that loans with low down payments risk putting taxpayers on the hook for big losses if home prices tumble further. Defaults on loans insured by the agency over the past three years have mounted amid the economic downturn, depleting the agency’s reserves.
Any steps that would sharply restrict the number of borrowers who are eligible for FHA-backed loans, such as higher down payments, would also limit the new business that the FHA desperately needs to help offset rising losses.
“It’s that sort of rationale that got us into the problem in the first place, that we need to be chasing the borrowers to prop up our system,” says Rep. Scott Garrett (R., N.J). “That’s what got us here in the first place.”
Instead of raising down payments, the FHA has already said it will raise the upfront insurance premium that borrowers must pay, and it is reducing the amount of money that sellers can kick in to pay for closing costs. The FHA has also said it will increase minimum down payments to 10% for borrowers with a credit score of 580 or lower.
The FHA is asking Congress for authority on Thursday to raise separate insurance premiums that are paid monthly. The agency is also asking Congress for greater authority to hold lenders accountable for bad loans and to eject lenders that it says aren’t living up to its standards. These proposed policy changes would generate an extra $4.1 billion in receipts for the agency next year, according to the FHA.
Rep. Garrett said he plans to submit an amendment to the FHA’s bill that would increase minimum down payments to 5%. Republicans introduced a separate bill on Wednesday that would make many of the changes proposed by the agency and create additional oversight. But that measure wouldn’t increase minimum down payments.
Angela Iannelli and her 11-year-old Blue Macaw, Luke, missing.
It isnt about the parrot, a lawyer for Angela Iannelli told me.
The issue, insisted the lawyer, Michael Rosenzweig of Edgar Snyder & Associates in Pittsburgh, was the distress inflicted on Ms. Iannelli by Bank of America Corp.s bungling. As we reported Wednesday, the bank apologized for an incident in which its contractors entered her home near Pittsburgh while she was out, cut off utilities, padlocked the door and confiscated her pet parrot. Though Ms. Iannelli had fallen a month or so behind on mortgage payments, her case hadnt reached the stage at which Bank of America would be justified in taking such actions to secure the collateral.
She had to find someone with a bolt cutter to get back into her own house.
Ms. Iannelli, 46 years old, alleges that the incident — which separated her from her 11-year-old parrot, Luke, for more than a week — caused so much emotional distress that she needed a prescription medication for anxiety.
Journalists who cover the foreclosure crisis get calls and emails every day from Americans who complain about banks disorganized and sometimes cold-hearted responses to people trying to save their homes. (We dont hear about the cases in which bank employees do a good job, and surely that happens in many cases.) So why write about Luke the parrot? Because Luke makes a good symbol of what happens when bureaucratic organizations are overwhelmed by a wave of human misery.
Banks mortgage-lending departments are efficient when it comes to making loans and collecting payments. Theyve honed their employee incentives and procedures over decades. They didn’t spend nearly as much time thinking about how to handle defaults and foreclosures because it was always assumed those would remain the exception, to be handled by an obscure department known as loss mitigation.
Today distressed borrowers are hardly exceptional. Nearly eight million households, or 15% of those with mortgages, are behind on their payments or in the foreclosure process. Many borrowers complain that they get the runaround when they call their lenders for help, receive contradictory information from different employees and are required to repeatedly fax in same documents.
Suicide threats from distressed borrowers are so common that one lender, OneWest Bank Group, Pasadena, Calif., has had to establish procedures for alerting the police. Lenders call-center employees are under heavy pressure. These people make $14 or $15 an hour and we ask them to move mountains, a OneWest executive said at an industry conference last month.
In her suit, filed Monday in the Allegheny County Court of Common Pleas, Ms. Iannelli says a contractor hired by Bank of America entered her house about 15 miles north of Pittsburgh in mid-October when she was away. In what it describes as an invasion of the home, the lawsuit says that the contractor stopped utility services, cut water lines and electrical wiring, damaged flooring and finishings, poured antifreeze into sinks and toilets and stole the parrot.
Ms. Iannelli, who owns a diner and works part time as a bartender, alleges in her suit that Bank of America representatives were unhelpful when she called in to protest. They first told her they had no idea where the parrot was. Days later, they finally determined that Luke was at the offices of the contractor in Ebensburg, Pa. — 80 miles from her home. Bank of America didnt deliver Luke home. Instead, Ms. Iannelli had to drive across a mountain range to fetch him. The round trip took about four hours.
Anyone who has ever tried to sort out a minor problem with a credit-card bill or bank statement by dialing an 800 number will sympathize with Ms Iannelli. She says bank representatives at various times during her ordeal told her they were tired of hearing from her, said their computers were down, put her on hold, asked her to called back later, hung up on her, and advised her to seek help from the police if she was so worried about her pet.
Her lawyer, Mr. Rosenzweig, said Ms. Iannelli is seeking damages of more than $50,000. The amount of any damages would be decided by a jury if the court goes to trial.
A Bank of America spokesman said the bank will quickly to review the allegations in the lawsuit, the actual events that led to them and the causes of those events, and consider any hardship that resulted.
After she drove two hours to reclaim her parrot in October, Luke initially seemed nervous, Ms. Iannelli said in an interview Wednesday. Hes doing very well now, she said.
Luke, a macaw with blue and orange plumage, now may be the nations most famous parrot. His picture was in The Wall Street Journal; he appeared on ABCs Good Morning America television show Thursday.
The parrot had no comment.
Please follow me for housing news on Twitter @jamesrhagerty
Related Companies is close to signing a contract to manage sales and leasing at Muss Development’s new 3.3 million-square-foot Sky View Parc complex in Flushing, Queens, Crain’s reported. The development will set six residential towers and a rooftop park atop a three-story, 800,000-square-foot shopping center. The first three towers are almost complete, but Muss’ financial partner, private equity firm Onex, is said to be anxious about slow sales in the buildings and wanted a change. In a press release last year, Muss said 70 percent of the 448 condo units in the first building were sold, while 30 percent were sold in the second. Sales had not yet started in the third tower at the time. Retail space in the shopping center below had been 70 percent leased, with tenants including BJ’s Wholesale Club and Applebee’s Neighborhood Grill & Bar. Onex invested $66 million in the Sky View Parc project, and both Muss and Onex approached Related as part of a plan to get things back on track, sources said.
Flux Factory’s ‘Housebroken’ exhibition, 39-31 29th St, Long Island City
Despite the many changes our little-nabe-that-could is constantly undergoing, Long Island City’s arts community still finds a way to endure – always seeming to discover new ways to express itself. Last week’s Armory Fest did much to drive this point home, especially on a Long Island [...]
1. Former Cendant owner Henry Silverman on Hamptons, NYC real estate buying spree [Post, 5th item] 2.Prudential to launch collaborative virtual tours [Inman News] 3. $19.5M townhouse at 26 West 76th Street in contract [Post, 3rd item] 4.Westin Times Square Hotel forced to pay $3M in damages for hidden camera above baker’s work station [NYDN] 5. Inside “Real Housewife” Ramona Singer’s UES condo [Post] 6.City-run Bronx apartment buildings more hazardous than meets the eye [NYDN]
7. Homes of the world’s richest people, in pictures [Forbes] 8. Screenwriter Paul Schrader buys $1.9M condo at Modern23 [Post, 2nd item] 9.ZipRealty loses $2.1M in fourth quarter [Inman News]
The Suites at Silver Towers offer Studios, 1 bedroom & two bedroom fully furnished apartments which include: all furnishings, housewares, utilities, wireless internet, cable, local phone and membership to Club 7 at the building. Club Seven at Silver Towers has the largest indoor swimming pool of any residential building in NYC. It includes a outdoor Terrace, Concierge Service & a 24 hour doorman. Steps away you’ll find yourself next to the water at Hudson River Park on those summer nights. Numerous corner exposure flood the apartment with sun and magnificent views. Truly a must see!
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*New shelves placed at windows.
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*Washer/ Dryer in building
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