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This Week in Comments

What are the implications of this week’s Stuy Town ruling in favor of rent-stabilized tenants?
1. I believe that this is a correct reading of the law. It is excellent politics; it is lousy housing policy.
2. Rent-stabilized landlords are in trouble.

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Ivanka Trump on Trump Soho
Anyone who’s under contract overpaid by at least 50 percent and probably isn’t going to close.

Mortgage application volume decreases
It makes sense — Fannie’s new draconian requirements are making it extraordinarily difficult to get buildings approved. Lenders won’t portfolio 30-year fixed loans; they will only sell them to Fannie. But they’ll do 5/1 ARMs all day. If fewer buyers can get 30-year fixed loans because Fannie won’t/can’t approve the building, then of course the lenders will push people to ARMs. Good job Fannie, good job.

Buyer sues Extell for deposit at Rushmore
It is such a myth that the Rushmore is this [top-of-the-line] building. It might have some better finishes and slightly better amenities than some of the other [Riverside Boulevard] construction but it is going to be largely a rental building given their poor sales and the AG dispute with a large block of buyers.

Banks’ fate worse than borrowers’ in commercial real estate market
1. This guy does not know what he is talking about. The overwhelming majority of loans are seven-to-10 years and the wave of major refinancing activity (and capital needs) will not come until 2014. There is nothing near term within commercial property that has the ability to “send banks into another financial crisis.”
2. CRE is dead until 2017.

Condo prices slashed at Northside
It’s not really a reduction. These prices were way too high to begin with. I think they need to really give them Brooklyn prices if they want to sell all of those hundreds of units. Note to developers: don’t get too attached to these projects; sell them, pay back your lenders and work on the next project.

Bank of America posts $1B third quarter loss, sells luxe Time Warner Center apartment
These bozos are blowing short sales across the country, turning down [legitimate] offers and unnecessarily forcing homes into foreclosure and owners into bankruptcy all on taxpayer money. This story needs to be told.