This Week in Comments

Carlton launches mobile auction platform
This is a complete joke. Who in the world sits around on their iPhone and buys distressed debt?

City to provide legal services to homeowners facing foreclosure
Clearly renting is not as good as buying because if you rent and fall behind you get evicted, but if you buy and fall behind, the government and banks will help you pay.

Chelsea co-op basement project causes unexpected headaches
What is this — an Egyptian pyramid? How can they suddenly “discover” 5,000 square feet of space in a building that has been around since the first half of the 20th century? What did they think was underneath the first floor of the building?

Charting a road to recovery
1. Expect incomes in the financial services and legal industries to drop and not recover. This will be a major drag on Manhattan real estate for years.
2. These are all signs of a stabilization, not a recovery.

Structural beams were removed at site of W’burg collapse, investigation finds
Removing a structural beam is unbelievably stupid. Any Lego-building kid could tell you this.