This Week in Comments

New York /
Apr.April 10, 2009 01:22 PM

Publisher’s note
To ask your agents not to cooperate with The Real Deal is asinine. Who else are [agents] going to talk to? Who else cares what brokers think?

Schnabel selling Picasso to pay down Palazzo Chupi debt

I like the fact that he can sell paintings to pay his mortgage. Only if I could do that with my sister’s art.

170 East End hit with five suits seeking millions of dollars and contract revocations
These suits are clearly about people who want to get out of their contracts.

Shining a light on loan to own
Moral of the story is simple: don’t buy commercial real estate if you intend to own for the long term and cannot afford to invest a substantial amount of equity. High-octane leverage carries inherent risks that financial engineers realize they are assuming prior to buying an asset. Don’t feel to sorry for the millionaires who bought at the peak. They’ll be okay.

Housing market could recover more quickly than predicted
NYC=toast.

Townhouse market hit hard in Harlem
It seems to me that most townhouse buyers looking for “bargains” are looking in Brooklyn instead of Manhattan [in neighborhoods like] Park Slope, Carroll Gardens, Cobble Hill, Fort Greene. I’d much rather live in any of those places over Harlem.

New Yankee Stadium just like old ballpark

The new Yankee Stadium might be gorgeous, [but it] is already falling apart. On the first game I went to last week, there were cracks and fixed-up cracks galore on the staircases, ponds of water throughout the stadium and tons of hidden crevices ripe to get lost in, mugged or worse. Wait till you see the repair and maintenance bills after a year. And it uses more electricity than ever before — hardly green. And what’s with the steel mesh in the outfield stair ramps where one can’t even get a decent view of the players? Keep the old stadium, which fans will be demanding in less than 15 years.


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