Summertime at Long Island City’s Gantry State Park.
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A peek at the amazing looking M. Wells Diner (Quebeco-American) opening next week in LIC [NYT]
LIC’s Firehouse #116 is officially OFF the chopping block [Queens Gazette]
Some unfortunate public illiteracy in LIC [Queenscrap]
LIC jazz drummer merges music with activism [Your Nabe]
Latest photos of Newtown Creek & LIC [Newtown Pentacle]
LIC [...]
Requests for mortgage refinancing increased 12.6 percent last week to
an eight-month peak and its highest level since May 2009, as loan
refinancing rates fell to near-record lows, according to the Mortgage
Bankers Association. Refinancing drove total mortgage applications up
by 8.8 percent, last week and nearly 77 percent of all loan requests
were for a refinancing, the highest share since April 2009. However,
refi applications were about half the level seen in the spring of
2009. [more]
After being booted a year ago from their building at 172 North 8th Street in Williamsburg -- due to their landlord's alleged illegal excavation work -- tenants say that the Department of Buildings still won't let them return home, according to the New York Times. Although residents were briefly allowed home three weeks ago, the DOB soon found that the building's cellar walls had collapsed and ordered another evacuation. Tenants at the building are slated to meet with a housing court judge today, with plans to request someone new be put in charge of managing their dilapidated building. [more]
The hospitality industry is expanding rapidly in Lower Manhattan, according to economic development organization Alliance for Downtown New York, which reported that the number of hotels in the area has tripled since September 11, 2001. The number of rooms in the area, meanwhile, increased by 60 percent during the same time period. Elizabeth Berger, president of the alliance, said that while business travelers have kept the hospitality market in the area stable, an increasing number of tourists have helped spur hotel expansion. [more]
Accounting firm Deloitte is officially staying put at Brookfield Properties’ 4 World Financial Center, following rumors that a lease was in the works, the Post reported. The direct deal allows Deloitte to keep 400,000-square-foot space at the building for around $40 per square foot and to expand into another 230,000 square feet. The firm had been subleasing its space from Merrill Lynch, but the deal was set to expire in 2013. Deloitte was reportedly considering a move to New Jersey, which would have been cheaper for Deloitte but potentially very damaging for Brookfield. Deloitte has asked the New York Industrial Development Agency for state and city sales tax breaks for furniture and other finishing touches for the office space. [Post]
Poor oversight by the Treasury Department and errors by servicers has led to what may be thousands of homeowners being wrongly denied mortgage modifications under the Obama administration’s Home Affordable Mortgage Program, a government audit has revealed. According to the Government Accountability Office report, “15 of the largest 20 participating servicers [in HAMP] did not comply with various aspects of program guidelines,” when determining which borrowers were eligible for modifications. That determination is supposed to be made based on a calculation using factors like the borrower’s income and equity in the home, but the process is beset with errors, in part because the Treasury Department has failed to issue specific guidelines and standards for servicers to follow, the Huffington Post reported. [more]
Heritage Field, the 11-acre ballfields project on the site of the demolished former Yankee Stadium, officially broke ground yesterday as Borough President Ruben Diaz, Yankees general manager Brian Cashman, president Randy Levine and pitcher Joba Chamberlain looked on. Heritage Field, which will pay tribute to the old stadium with commemorative details and is slated for completion in 2011, is intended to replace the park space taken away when the Yankees built their new stadium. [more]
Fannie Mae's announcement that it would seek tougher penalties against borrowers who default on mortgages that they can afford to pay has sparked a range of reactions.
The state’s fifth round of requests for proposals to develop and operate the long-delayed Aqueduct racino in Ozone Park, Queens drew three bidders before yesterday’s deadline, Crain’s reported. Still in the running are Genting New York, an arm of a Malaysian investment firm that operates foreign casinos, Penn National Gaming and a partnership between SL Green and Toronto-based Clairvest Group. Each has agreed to pay $300 million upfront if selected. Both SL Green and Penn National were part of previous failed rounds of bidding, while Clairvest was a partner in Aqueduct Entertainment Group’s winning -- but then aborted -- bid in the last selection round and had submitted its own $1 million refundable entry fee into the bidding process earlier this month. [more]
1. Hopes for new tenant-friendly bills under a Democratic Senate fade [NYO] 2.LeBron James tours Katie Lee's Perry Street townhouse with Dolly Lenz [Post] 3. Markowitz threatens public censure for synagogues opposing $64M Asser Levy amphitheater[NYDN] 4. Brooklyn's Columbia Street Waterfront District gaining in popularity for developers [WSJ] 5. Sheepshead Bay group raises $30K to protest local mosque plan[NYDN] 6. Law firm Haynes & Boone moving to 30 Rock, doubling space [Post, 3rd item] 7. Flushing public housing tenants go two months without gas [NYDN] 8. Thompson Reuters plan to flip 3 Times Square tax exemption benefits to other buildings gets tabled [Post, 2nd item] 9. New York Organic Fertilizer in Hunts Point to permanently shutter within weeks [NYDN] 10.Prospect Park horse riding circle rehab complete [Brooklyn Paper] 11. In East Side crane collapse trial, victim's wife says she saw accident on TV [NYDN]
Newly renovated with top of the line fixtures, exposed brick, 14 foot ceilings and dramatic original cast Iron columns.
Recessed gallery lighting with Lutron Dimmers. Top of the line fixtures and finishes throughout including ultra-wide subway and silver mosaic tiles, Zuma soaking tub, Flaminia sinks and Toto Toilets. Grandiose living room perfect for entertaining. Marble Kitchen counter-top with premium Miele induction stove, refrigerator and dishwasher
The New York metropolitan area ranked 15th in the nation for residential foreclosure sales last quarter with 4,300 distressed properties changing hands at an average price of nearly 39 percent less than that of non-distressed homes, according to a report released today by RealtyTrac.
For a region that typically fares better than the national average in the grimmest of foreclosure statistics, the ranking is a rare wake-up call, particularly because the numbers are lower than they might be if not for the state's stall tactics, said Rick Sharga, senior vice president for RealtyTrac.
"The state has put in some of the longest delaying procedures in foreclosure prevention programs anywhere in the country," Sharga said, referring both to New York's extended pre-foreclosure period, which postpones the initiation of foreclosure proceedings by banks, and to its delays in foreclosure processing after an action has been filed.
The deferrals have "probably stalled a lot of foreclosures that might have otherwise taken place," he added. [more]
The House of Representatives voted on Tuesday to extend by three months the closing deadline for the home buyer tax credit, setting the stage for a possible last-minute reprieve with Wednesdays deadline looming.
The extension of the tax credit worth up to $8,000 isnt a sure thing yet. The Senate still needs to pass the House measure, and President Obama would have to sign it into law.
Light-filled layout in this top pick from 3 bedroom Manhattan condos for sale Sought-after Midtown East location on tree-lined street. Floor-to-ceiling windows and high ceilings open up to a trendy updated kitchen and luxurious modern bathrooms. Kitchen appliances feature a Bosch oven, dishwasher and microwave, and refrigerator by Northland--all perfectly in tune with the gold marble slab countertops and high-gloss lacquer cabinets. Sleek bath in blue-grey tile and Italian marble with fixtures by Hansgrohe. Enjoy the sophisticated lobby’s organic motif achieved in tones of black, white, and grey tile and the judicious mix of natural materials. A special feature in this Manhattan condominium includes the Club/Spa on the lower level, providing luxury services such as steam rooms, massages, and facials. Desirable neighborhood with shopping, and trendy bistros.
Modern appointments and a simply luscious kitchen in a 1 bedroom condo. This Midtown east condo, has an ideal Midtown East location and features oversized windows and high ceilings complemented by a spacious layout. The gorgeous kitchen will exceed your expectations with limestone tile floor, Bosch oven and cook top, Bosch dishwasher and microwave, and a Northland refrigerator. Countertops feature Calacatta gold marble. Stunning bath with trendy blue-gray clay tile surrounds and Italian marble floor, complete with a walk-in shower and vanity with marble top. Hansgrohe fixtures finish the bath to perfection. Tree-lined street. Invigorating small neighborhood in Manhattan that elbows Greenacre Park and offers shopping, restaurants and bistros. Complete amenities, including 24-hour concierge, residents’ lounge, and super spa and fitness center.
Thanks to warehouse clubs moving into New York City, city dwellers do not have to schlep to the suburbs to buy goods in bulk.
The first warehouse club in the city to open was the duplex-level Costco, which opened in 1996 in the Sunset Park section of Brooklyn. A few months later residents of Queens got their first Costco, in the site of a former warehouse on Vernon Boulevard in Long Island City.
More recently, they have been proliferating throughout the city.
In November, Costco, the granddaddy of warehouse clubs, opened its first location in Manhattan at the East River Plaza, on 116th Street in Harlem. On July 8, Queens will welcome its second Costco, the chain’s 568th store around the world (with a total of 414 in the country) in Rego Park II shopping center at 61-35 Junction Boulevard. Costco will join retailers who include Kohl’s, T.J. Maxx, Toys “R” Us and Century 21 Department Stores.
The extension of the first-time homebuyer’s federal tax credit has cleared another hurdle, with the House passing a bill today to extend the credit by three months past its June 30 deadline, Inman News reported. The bill passed in the House
by a vote of 409 to 5, and the Senate could vote on it as soon as
tomorrow, though experts say its passage is uncertain. Without an
extension, as many as 180,000 homebuyers -- including 9,130
in New York State -- who were under contract by April 30 may miss the
Wednesday deadline, according to the National Association of Realtors. [more]
Real estate mogul Sam Zell has some choice words for federal spending -- namely, that it should be slashed. The chairman of Equity Group Investments compared U.S. government spending to that of pre-collapse ancient Rome, when citizens demanded "more entitlements, more entitlements, more entitlements, until there was no more." In particular, Zell pointed to government salaries and benefits, which he said have become bloated and burdensome, "literally bankrupting the states." [CNBC]
St. Vincent's Hospital in Manhattan has auctioned off its apartment building at 555 Sixth Avenue in Greenwich Village for $67.3 million, to a unit of Stonehenge Partners, Crain’s reported. A hearing will be held at the U.S. Bankruptcy Court Thursday to approve the sale of the 180,000-square-foot building, according to court papers filed yesterday. If the auction result is approved, the sale is scheduled for July 15. Last week, 23 bids were submitted for the property, many topping a $48 million offer
from Taconic Investment Partners. Grubb & Ellis is handling the sale. [more]
1. Russian spy suspects include Redfin agent, CEO for property-search portal[Inman News] 2.Andaz 5th Avenue will open July 5, earlier than expected [Hotel
Chatter] 3. Titan Capital hedge fund mogul Russell Abrams faces eviction[Post]
4. State senate debates bill to make subletting illegal[NYT]
5.DOB issues 23rd violation to owner of building where boy survived fall from
18th floor unguarded window [Post]
6. Supreme Court hears motion to reconsider Atlantic Yards project [Brooklyn Eagle]
7.Delaware North drops bid for Aqueduct racino [Post] 8.Target store to open at East River Plaza on 116th Street in Harlem [Harlem Condo Life] 9.Midtown Comics will expand to new store on Fulton Street in the fall [DNAinfo]
June 30th, 2010
Posted in Real Estate News
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