From the July issue: The cheaper alternative to summering in the Hamptons is becoming even more economical.
The credit crunch has slashed prices on the Jersey Shore, offering
buyers and renters — some of whom are deserting the Hamptons — the best
deals in years.
Significant price drops can be found up and down the northern and
central Jersey coast — not only in shore towns such as Asbury Park,
which saw a building blitz when the economy was peaking after a period
of struggle, but also in wealthy enclaves that until recently were
widely considered bulletproof. Though few properties are trading in desirable beach towns such as
Bay Head and Mantoloking — both known for their shingle-style homes
reminiscent of Nantucket — and Spring Lake, which boasts block after
block of Victorian-era mansions with wrap-around porches — brokers say
a smattering of deals illustrate that there are opportunities to be
had. [more]

1. West 54th Street restaurant owner sues Joe Moinian and Mort Zuckerman [NYO]
2. Asbury Park, NJ, building where Springsteen performed going up for auction [Post, 4th item]
3. Lazard interviews real estate consultants in search of 300,000- to 400,000-square-foot space [NYO]
4. European cosmetics retailer Inglot leases store at 1592 Broadway [Post, 3rd item]
5. A roundup of recent Manhattan lease deals [NYO]
6. Federal Reserve expands TALF program [Bloomberg]
7. Profits fall 57 percent for home siding maker [Bloomberg]
8. Obama administration discusses giving federal agency power to regulate mortgages [WSJ]
9. Silverstein appears to have upper hand before next WTC negotiation [WSJ]
10. ING Clarion buys seven Midtown properties [NYO]

11. Activist Bruce Marks campaigns on behalf of homeowners [WSJ]
12. City Council will fast-track bill lifting residency requirements [NYDN]

13. Rhea prepared for Housing Authority job, editorial says [NYDN] [more]