Wednesday: Impulsive Times Square Hotels, and Impulsive (Drunk) Home Investment

  • Some good West Side news to start your day! The City has agreed to rezone the 13-acre Hudson Yards for highrise development, which is a departure from their earlier, sillier offer. And instead of paying general taxes, wealthy developers will be contributing money for the $2.15 billion subway extension of the No. 7 Line. That has to please MTA, the railyards’ owner. (New York Times)
  • CNN, a reasonable voice of sheer alarmist panic, says: “Economists, investors and even Federal Reserve policymakers express concern that the slumping real estate market will hurt the economy.” But look on the bright side: the funds that are taken out of homes are getting pumped into the needy hands of stock brokers. (CNN/Money)
  • The century-old Portland Square Hotel at West 47th has been hijacked by developer Hank Freid, the head of the Impulsive Group. Is it a bad thing? Mr. Freid will spend $7.5 million on turning the rustic Square into “Sanctuary,” a 115-room luxury hotel. How much for a night at Sanctuary? $265 to $1,800. (The Real Deal)
  • The new LES development that has been wisely called “that big blue thing [with] obvious aesthetic misfortune” has been selling some apartments. What’s BLUE’s secret? The obvious marketing misfortune of pricechopping. (Curbed)
  • The helpful folks at Forbes inform that there’s more to buying real estate abroad “than a charming escape and bragging rights to your villa in the south of France.” What’s their advice for global home hunting? “Don’t buy on impulse, when you’re buoyed by tropical cocktails.” True. (Forbes)
  • Max Abelson