This Week in Comments

October 29, 2010 02:30PM

Rushmore developer appeals deposits ruling

Not that I have any skin in this game either way and if I were a buyer I would sure as hell be calling for the return of my deposit while pointing to the letter of the contract as well, but as a lawyer there is a pretty clear basic rule about contracts that allow for reformation of mistakes in a contract if the parties intended otherwise. The whole idea is not to give one party a windfall due to a clerical error, which is what Extell is claiming here. The burden should pretty clearly be on Extell to show this was in fact such an error and that all the parties intended 2009 to be the drop dead date.

Former Williamsburg candy factory to become rental residence

Soho is the new Williamsburg!

Africa-Israel negotiating over former NYT building and Clock Tower

New York Times Building can’t miss as a hotel.

Looking for “new blood,” Harlem condo replaces Corcoran with Halstead

Corcoran has no presence in Harlem. Halstead is much stronger there than Corcoran. Developers can’t just pick a marketer to do any project. They must pick the right marketer for the right project.

NYC home prices rise for 4th straight month

Prices in Manhattan have been rising steadily as sentiment is improving. Lack of inventory/new development will continue to drive up prices.

Barclays Center interior renderings revealed
These renderings are awful. As an architect I have to say this is the root problem of American architecture. The interior of this arena is clearly designed like every other around the country, lacking any sort of innovation and creativity.

New program aims to give agents street cred
Please. [It’s] yet another way to pick the agents’ pockets.

Small commercial firms hiring with hopes for next year

[It’s] not hard to expand an operation when all sales guys are on commission. If this were a factory, he would have to pay for employees, equipment and facilities expansion. Real estate is a cheap model.

Georgian-style Water Mill mansion hits the market at $58.5M
Ostentatious and ugly. Wait, it’s the Hamptons — perfect!