Williamsburg is suffering the same retail fate that befell Soho before it—national retailers keen to cash in on its cachet are shoving up the rents. Crain’s reports that a store called What Watch has leased 2,500 square feet on N. Sixth Street for $150 per square foot—a record for the block. Unfortunately, unlike Soho, Williamsburg doesn’t have beautiful cast iron buildings or cobblestone streets that will keep it desirable post-transition.
Stuy-Town and Peter Cooper Village have been spared a potentially messy foreclosure after the senior creditor for the massive housing complex took title of the property, The Wall Street Journal reports. CWCapital, who represents the senior creditor, made the move to head off a potentially messy battle with the junior creditor on the $4.4 billion loan that Tishman Speyer and Blackrock defaulted on during the financial downturn. Last month, CWCapital started the process to wipe out the $1.3 million mezzanine debt through foreclosure, but believed that the junior creditors might move to try to buy CW’s piece.
Now this is what we call burying the lede: The New York Times goes on and on about a West 79th Street apartment’s hydrangea-covered terrace and 9-by-7 foyer before revealing that it once belonged to Patrick Stewart (!) in the eighth paragraph. You know, Patrick Stewart “of stage and “Star Trek” fame, as The Times puts it. The home is being sold being sold by Mr. Stewart’s ex-wife, TV producer Wendy Neuss.
Brick Undergrund has compiled a helpful list of neighborhoods for people who love Prospect Park but can’t afford Park Slope (the Harlems of Brooklyn, if you will). Of course, there’s always Prospect and Crown Heights, but Prospect Lefferts Gardens and Kensington are probably better options for the cash-strapped.
In East Flatbush, the former psychiatric ward of Kings Country Hospital Center, will be razed and replaced with an affordable housing development, according to The Wall Street Journal. East Flatbush being one of the neighborhoods you live in when you can’t afford Prospect Lefferts Gardens or Kensignton.
Like many other New Yorkers, Crown Heights tenants hate rent hikes and plan to march in opposition to them, according to DNAinfo. A worthy cause, though we’d be surprised if many landlords were swayed into freezing rents by the demonstration.
The owner of a Holiday Inn in Long Island City is trying to sell the 136-room hotel for $59 million, or $430,000 per room, according to Crain’s. That price, the owner argues, is a bargain compared to Manhattan, where hotels trade for at least $500,000 per room. Well, yeah, it’s in Long Island City.