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NY City Apartment Sales Down Over 50%

July 2, 2009

Manhattan apartment sales plunged more than 50 percent and the average price dropped 21.4 to 24 percent from a year ago, as the U.S. recession forced many who own a piece of the Big Apple to eat humble pie, several reports said.

The average price of Manhattan apartment in the second quarter slid to $1,312,920 down from $1,669,729 a year earlier, according to a Prudential Douglas Elliman Real Estate report released Thursday.

via NY City Apartment Sales Down Over 50%: Reports – Real Estate * US * News * Story – CNBC.com.

Curbed: Door Prizes: Brooklyn Condo Comes With Newww CAAARRR!

July 1, 2009

The internal combustion giveaway is making a comeback! First we had Stuyvesant Town offering the gratis use of a Mini Cooper for one year to the existing tenant that refers the most new renters, and now deep in the Prospect Heights/Crown Heights DMZ comes word of a hybrid of an offer from the gang at 727 Prospect Place, aka The Sinclair.

Williamsburgh Savings Bank building lobby to become catering hall

July 1, 2009

Manhattan promoter Jennifer Blumin is leasing the landmarked ground floor lobby of the Williamsburgh Savings Bank building, at 1 Hanson Place, and plans to use the space as a catering hall for weddings and other large events. The space, located on the ground floor of the historic 37-story skyscraper in Fort Greene, was most recently an HSBC Bank branch. Now, the lofty space with vaulted ceilings and marble tables will be available for events starting at $15,000 a night, which Blumin calls “Brooklyn-sensitive pricing.”

Social Security the Greatest Ponzi Scheme Ever?

January 6, 2009

The federal government today collects payroll taxes from approximately 163 million white- and blue-collar workers, which is used to finance the retirement benefits of 50 million Americans. In fiscal 2008, Washington collected $785 billion in taxes and paid out approximately $585 billion in benefits.

So what’s the problem?

The problem is that generations of U.S. workers have been misled to believe that Social Security’s annual surpluses accumulate in a trust fund that will be used to meet future costs. It is money that will be there, we have been assured, when “our day” comes.

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The new ‘Miss Brooklyn’

May 5, 2008

New Miss Brooklyn

“Miss Brooklyn” is dead — but Bruce Ratner has released new renderings (above) of the 511-foot tower that he hopes will take her place.

Ratner has said he won’t build the Frank Gehry–designed tower, now called “Building B-1,” until he finds an anchor tenant. And he told the New York Times last month that the entire Atlantic Yards project consists of the publicly financed basketball arena (which has taken on even more of Gehry’s signature look) and two smaller buildings around it.

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Delays in $4 Billion Brooklyn Development Are Challenged in Tenants’ Lawsuit

April 30, 2008

Seems that mega developer Ratner has abandoned his mini city project and has left things worse then they were. Now blocks and blocks of  demolished buildings will just remain undeveloped few the next several years.

The ever-lengthening timeline for completing the $4 billion Atlantic Yards project near Downtown Brooklyn is not just bad news for those who hoped to see the project’s basketball arena, office towers and apartment blocks completed quickly.

It is also, according to a lawsuit filed Wednesday, illegal.

The suit challenges an agreement between the project’s state sponsor, the Empire State Development Corporation, and the developer, Forest City Ratner, that gives Forest City at least 12 years to complete just the first phase of the project and an unspecified amount of time after that to build the second, final phase.

The agreement, the suit says, violates a provision in the state’s eminent-domain law, under which the state agency intends to seize private buildings on Forest City’s behalf. The law says a seized property must be offered back to its prior holder if it is not “materially improved” in 10 years.

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Zillow Signs Deal With Newspapers

November 14, 2007

A very good tool that can only get better. Any homeowner interested in getting a ballpark home valuation should check it out.

In what Zillow.com President Lloyd Frink is calling a “groundbreaking partnership,” the Seattle online real estate startup has signed a deal to provide its home valuation and neighborhood information to 282 newspapers.

In return, the newspapers — including large papers such as the San Francisco Chronicle, Houston Chronicle and San Jose Mercury News — can post classified listings and open-house information on the Zillow Web site.

The alliance is to kick off early next year, with other newspaper companies expected to join.

The launch partners include some of the biggest newspaper chains in the country: Journal Register Co.; Lee Enterprises; MediaNews Group; Morris Communications Co.; Paddock Publications; Pittsburgh Tribune-Review; The E.W. Scripps Co.; and Hearst Newspapers, publisher of the Seattle P-I.

Starting in the first half of next year, newspapers’ ad-sales teams will offer advertisers the chance to buy home-for-sale listings and open-house notices on Zillow in addition to print and online classifieds. The newspapers and the Web company will share revenue from the Zillow listings.

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