NYC real estate in brief

April 29, 2009 12:55PM

Miami gallery meets Manhattan
owners of Fifi projects, a photography and video gallery in Miami, are
opening a gallery by the same name in Manhattan. Coldwell Banker
Commercial’s James Famularo and Lauren Schlesinger negotiated the
five-year lease for the 350-square-foot space at 29 Essex Street on
Monday. The Lower East Side gallery, which will be modeled after the
space in Miami, will open after about two weeks of renovations,
Famularo, a senior executive managing director, said. The owners asked
that their rent not be disclosed, Famularo said, noting that
neighborhood rents range from $65 to $75 per square foot.

Lender event and new affordable housing in Jersey City
Saturday, developer K. Hovnanian is hosting a “Meet the Lender” event
for potential buyers. The event will be at 77 Hudson in Jersey City,
and potential purchasers will be able to talk to New Jersey lenders
including GFI, Investors Savings Bank and Allied Financial. K.
Hovnanian will also be announcing mortgage programs designed for 77
Hudson buyers. Also in Jersey City, federal, state and local officials
will join developers tomorrow for the ground breaking of Franklin Development Group’s 45 new
affordable and workforce housing units rising in the Heights section of
the neighborhood. The five-story brick elevator building will be
constructed to meet LEED silver certification, and is expected to be
completed in spring 2010.

Appraisal Institute supports new mortgage reform bill
Appraisal Institute is urging Congress to pass the Mortgage Reform and
Anti-Predatory Lending Act of 2009, which would eliminate a number of
regulatory loopholes in the mortgage lending system. The reforms
include requiring a complete interior inspection appraisal for all
subprime loans; full disclosure of fees paid to appraisers and for appraisal administration; and limitations on use of broker
price opinions in mortgage origination. “Our organization supports the
Mortgage Reform Act not only because it returns to the fundamentals of
mortgage lending and protects the independence of the appraiser from
undue third-party pressure, but also because it ultimately seeks to
safeguard the best interests of consumers,” said Jim Amorin, president
of the Appraisal Institute. “The American public needs and deserves a
healthy mortgage lending system.” TRD