Though the recovering market has brought a new wave of buyers snapping up high-priced homes in luxury condominiums, down at sea level that tide hasn’t turned. According to the New York Times, retail space on the ground floor of these new developments has been slow to find tenants. River Lofts in Tribeca, 165 Charles Street, 100 11th Avenue, One Jackson Square, 111 Central Park North and be@schermerhorn are just a few of the relatively new developments saddled with significant retail vacancies. But the Times said that fact is not necessarily a bad thing. … [more]

Nicole Kidman and 176 Perry Street

Nicole Kidman’s apartment at Richard Meier’s 176 Perry Street is on the rental market for $45,000 per month. According to city documents, the Aussie movie star purchased the 12th floor apartment in 2003 in the name of her sister, Antonia Hawley. A year later, it was reported that the star had grown dissatisfied with the $8 million home because the construction of Meier’s third tower at 165 Charles Street would impact her Hudson River views…. [more]

From left: A rendering of the Oliver’s rooftop, images of the stalled project

Bank of America filed to foreclose on two loans totaling more than $30
million provided for the development of a rental project dubbed the
Oliver to be constructed by the luxury developer Alexico Group on the
East Side. The lawsuit describes one mortgage from 2007 as the fee acquisition
loan, valued at $28.32 million, and the second as a development rights
acquisition loan from 2008, valued at $2.3 million. Both loans were originally due November 2008, but the maturity date was
extended to May 1, 2009. The loans were not repaid by that time, and
the bank notified the borrowers that the loans were in default, the
suit filed in New York State Supreme Court August 13, says. The loans cover five mid-block lots from 951 to 961 First Avenue,
between 52nd and 53rd streets, although the planned 30-story
development is only on the three northernmost lots totaling 75 feet by
100 feet, court papers and property records show. The other two lots
are occupied by five-story apartment buildings…. [more]