This Week in Comments

April 03, 2009 12:47PM

Manhattan House buyer sues developer to get out of contract
This suit is a new approach to trying to wiggle out of a contract, but it seems dubious at best to me. Boy, lawyers are trying just about anything these days to get clients, and to stretch the bounds of contract law.

Halstead targets affordable housing market
“Affordable” is a “tainted property”? These people are repulsive. To those seeking affordable living — find a broker that has a bit more respect.

1055 Park: Polishing tiny gems
Iā€™m the lender [on this project]. Fabulous project, location and sponsorship. It was the last condo construction deal we closed — or will close in the near future. But this one was special.

Historic brokerage turns off lights in Montauk

Perhaps this will make Montauk affordable once again, like it was in the 1960s and 1970s.

Flipping buyers the bird
The time to buy is after transaction volume has stabilized and started to pick up and prices are no longer falling, [and there is] no danger of there being a V-shaped recovery. Buying now is like catching a falling knife.  

A look at the new Yankee Stadium
I respect it, but the place in Queens is much nicer. Forget the junior circuit over there in the Bronx. There will be a miracle happening at Citi Field this year. Mets 2009 World Champs!

The Madoff effect: Brokers get creative to unload property after the scam

One tried and true strategy for unloading property is starting off with a realistic sales price. Let’s put Madoff’s $7 million apartment on the market for $3.5 million and see what happens.

Raising prices despite odds
I hope that anyone dumb enough to buy now is okay with the property they’ve purchased being worth 20 percent less when they close. Buyers need to [get] in writing that the developers will lower the pricing to whatever the appraised value is 30 days before closing, not to mention a financing contingency.

NYC real estate in brief
Maybe these green buildings are worth more because they are newer in general than non-green buildings.