This Week in Comments

July 17, 2009 05:10PM

Results of poll about real estate lending
I am very positive because the banks actually seem to be doing due diligence for the first time in years. I find it hard to believe that if a deal made sense adjusting for expected short-term economic conditions, banks would not compete to lend on the deal. The respondents to this poll are all looking for a return to bubble era lending and it will just not happen.

Setai condo buyers granted right to cancel contracts, get deposits back
1. This is a gift — grab your deposit back and run. It’s like buying a stock the day before it tanks and then undoing the trade. It never happens.
2. It seems like 90 William [Street] was the only real success story in FiDi.

15 Broad Street unit fails to sell at auction
The real problem was that no one could see the apartment. How are people gonna bid if they can’t view the product?

255 East 74th Street — a condo not worth more than a glance

1. The problem is, the architecture is inappropriate for the neighborhood. The entire area is graced with elegant pre-war buildings. This sticks out like a sore thumb. And, like all these glass structures, it is going to look dated and disgusting in about five years.
2. I live down the street. This building looks like an old metal diner.

Rosen, Fuchs personally responsible for Shangri-La Hotel loan: amended complaint
If these banks foreclose on people like Rosen and Fuchs, who are they going to go to take the projects over? They would probably have to go back to them to finish the project or they are going to lose money on it.