This Week in Comments

TRD New York /
Jul.July 02, 2009 01:15 PM

Williamsburgh Savings Bank building lobby to become catering hall
Atlantic Yards is two or three blocks away from here. Her success will depend on whether or not that stadium gets built allowing for after-parties to be hosted there. As always, good luck finding parking in that area. No one with any sense will travel the No. 2,3,4 or 5 train from the city in expensive attire to this place.

Bad behavior amid the bust
The broker industry is disgusting. Unethical/illegal behavior is pervasive. REBNY must force their brokers to be accurate when listing square footage, room count, ceiling heights etc. They must stop agents from posting ads “by owner” on CL, posting fake ads on CL etc. They must also insist on an MLS. As a client you are doing me a huge disservice by not having an MLS. Because brokers are scum, more and more people like me will be using the internet to make my purchases and sales. You have no one to blame but yourselves.

What tips do you have for Ruth Madoff in her search for a new home?
1. Leave New York City and look in Miami. They’re so desperate down there to sell or rent an apartment that even a Madoff would be welcome.
2. I’ll be the first to wish her the worst if we find out that she was involved. But until then everyone, should leave her alone. Plenty of you have dirtbag fathers who have been doing things behind your mother’s back for years without her knowing.

What Manhattan neighborhood has been most resilient in the face of the market downturn?
Harlem rents (although condos are a different story).

Luxury market takes a dive, lower-end stabilizes
We still have a long way to go. At the high-end you just don’t have the buyer pool. Yes, the better and more special high-end units and homes will sell at some point but the rest will just sit. The most active part of the market will remain in the under $1 million sector.

Mortgage, refinancing applications fall
That’s because the banks preferred to boost assets and financial ratings by hoarding TARP monies rather than dispersing loan proceeds; in the meantime the banks profit on non-refundable loan application fees for loans that are aborted due to restrictive underwriting policies and low-ball appraisals, all in the name of sound banking practice.


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