This Week in Comments

New York /
Mar.March 20, 2009 04:40 PM

Corcoran hosts Hamptons real estate bash in Manhattan
[It’s] tough to commit to that place in the Hamptons when your job and bonus have evaporated. Jones Beach and the Jersey Shore will be very crowded this summer.

Game over at Trump’s tennis club in Grand Central Terminal
Hopefully the game is over for Trump!

Bonus losses could mean biggest apartment price drop since 1980
1. Banks should have thought twice before asking for the government’s help.
2. These companies should have thought twice before offering bonuses that would screw the whole system into a big, fat bubble while normal people got priced out and lost their savings.

Will commercial real estate fallout be worse than residential?
It seems like to office market has lost 70 percent of its value based on recent transactions and the AIG building going on the market for $100 million.

Macklowe claims $250M personal equity in Drake site
This project can be built, however, the hedge funds are not realistic in looking to settle. Macklowe is hoping for a miracle in the market and by extending/delaying tactics in court he may prevail in 48 months from now when the market corrects itself and there is construction loan financing available.

Manhattan on clearance: Comparing price cuts by neighborhood
Another indicator to watch is the divorce rate. It is skyrocketing in New York City and in Westchester and Fairfield counties. Guys are getting taken to the cleaners on the home front too and most people are going to need to downsize because of this factor, too.

Will buyers want to swim laps in luxury?

People who buy $8 million apartments on the Upper East Side don’t go into default. They pay cash. Loans have always been for the cash poor.


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