On the Market: Foreign Purchases of U.S. Real Estate Surge; Not a Crumb Left

Morning links from the New York Observer.

No more!
No more!

Fannie May and Freddie Mac have agreed not to finance a Stuy Town purchase until affordability issues are ironed out between CWCapital and the de Blasio administration, according to Crain’s. And though the details of preservation have yet to be determined, the agreement will ostensibly help to prevent a predatory deal that would trap the complex in another cycle of bankruptcy.

Foreign purchases of U.S. residential real estate surged last year, according to the Wall Street Journal, with the Chinese, who bought $22 billion of U.S. real estate last year, leading the push. However, Canadians, if not the biggest spenders, still make up the largest share share of foreign property buyers, accounting for 19 percent.

The impact of all that foreign money may well be fueling sales like this: a former laundromat on Ralph Avenue in Bed-Stuy which recently sold for $4.3 million in an all-cash deal, according to DNAinfo. In its place, a six-story, 57-unit apartment building will rise—presumably not one that aims to appeal to current residents of the area, where unemployment is at 11.8 percent and 17 percent of families live below the poverty line.

Who lived in your house or apartment before you? Well, you might not be able to find out all of the answers, but there’s a good chance you can find out something at the Brooklyn (or New York?) Historical Society, DNAinfo reports. But it may be more boring than you think (hoping to discover former musicians who lived in his home, a Ditmas man discovered that it housed a doctor).

If you have $35 million it could be art publishing empire mogul Louise Blouin, who just listed her apartment at 165 Charles Street, according to The New York Daily News.

Will anyone want the 20 New York City locations vacated by Crumbs as part of the cupcake seller’s bankruptcy proceedings? Crain‘s reports that the locations are about as appealing as a week-old cupcake: tiny, overpriced spots in touristy locales with no ventilation for actual cooking. The lack of actual baking may, in fact, have been what sunk Crumbs in the first place: according to restaurant consultant Arlene Spiegel (via Crain’s), as part of the company’s rapid expansion, Crumbs “took their baking off-site to a commissary, a step which eliminated the pleasant baking aroma that once helped to draw in patrons by the nose.” On the Market: Foreign Purchases of U.S. Real Estate Surge; Not a Crumb Left