New York City has, in many ways, been spared the worst ravages of the foreclosure crisis. A city of renters, where single family homes are the exception rather than the norm and co-op and condo boards regularly turn their noses up at perfectly decent financial packages, we have avoided the magnitude of problems suffered by many other American cities.
But foreclosures have still troubled the city—and often indirectly. For example, many renters in overleveraged multi-family properties suffered when landlords fell behind on payments and ceased to conduct maintenance. And where foreclosures have hit New York, they have also been tied to increases in crime, according to a new report by NYU’s Furman Center for Real Estate & Urban Policy.
Of Doormen and Drama
Not even the most coveted address or the most celebrated building is immune from the occasional financial contretemps, it would seem, regardless of the building’s all cash financing requirements.
Foreclosure proceedings are moving full-force ahead on the 740 Park Avenue apartment of Kent Swig and estranged wife Elizabeth Macklowe Swig, reports Michael Gross, the author of the consummate book on the consummate building.
This Old House
A small group of Occupy Wall Street protestors crossed the river today, arriving in the borough of Kings for the first time since the mass arrests on the Brooklyn Bridge. They were there to protest foreclosures, which they did by occupying a foreclosure auction at the country courthouse. Things turned out kinda how they have been since the protests launched almost a month ago: a mix of excitement and annoyance from the onlookers, some middling chants, and eventually, handcuffs.
This Old House
Good news! Foreclosures are at their lowest levels in four years!
Wait, no, that’s horrible news. There are so many delinquent homes out there, the banks don’t want to repossess them, and even when they want to, the bottleneck caused by the robo-signing scandal is still holding up the whole party. The Obama administration has a simple solution: Just rent it.
A couple of weeks ago, The Observer peered at a single light burning at failed condo project One Madison Park and speculated that it must be quite lonely at the top. Today The Journal reports that it’s a veritable frontier up there.
The dozen buyers (nine of whom The Observer has been told have moved Read More
It’s looking rather post-Lehman at 25 Broad Street these days (even though the failed investment bank is still involved). The first 10 tenants have signed at the mammoth downtown residential tower of erstwhile Kent Swig fame.
Recall, Bruce Menin and his partners bought the 20-story office building for a dime in the late ’90s, before Read More
On Monday night, the bright, rain-streaked MetLife clock had just struck midnight and the streets were still crowded with Flatiron revelers when The Observer stood gazing at One Madison Park. The 60-story obelisk rose darker than the sky, with only a single light burning on the 25th floor, until it too went out.
The clock Read More
A coalition of union leaders, homeowners, elected officials, and others launched a statewide campaign today urging JP Morgan to change its mortgage policies. The campaign states that unless the firm modifies its practices to help homeowners avoid foreclosure, participants of the coalition will boycott the bank, and encourage others to do the same.
This Read More
Sergio Trujillo has danced his way into a phenomenal Chelsea penthouse at the Lion’s Head Condominiums (there’s one on the facade) at 121 West 19th Street, according to city records. Mr. Trujillo, called “The Ubiquitous Choreographer” by Playbill, has staged dance routines most recently for The Addams Family, Memphis, Jersey Boys and Next Read More
The typical picture of the housing crisis in America is miles of empty tract homes and half-built lots, years away from ever being filled. In New York the story is a little different, and The Times weekend Real Estate section paints a both bleaker and better picture in a rather alarmist article about the coming apartment Read More