This Week in Comments
FiDi developers surrounded by excess inventory
1. Many bankers including me do not like to Live On Wall Street because we
work here. You do not want your boss to see you on Sunday morning. Who
else will then buy those condos?
Trump, Related eyeing Stuy Town takeover
Do you think it will be renamed Ivanka Town and Donald Trump Village or Trump Town and Ivanka Trump Village?
Downtown’s office market holds — for now
The low vacancy is a joke. They are giving away space downtown. Tons of free rent, full build outs and really low rents. Yeah, if I destroyed the value of my buildings, I could claim low vacancy rates also. Mad Max would be afraid of the wasteland that is FiDi.
Weak new development sales spur buyer guarantees
1. Seems like it would be a worthwhile guarantee, but not 10 years from now. At 20 percent of the sale, it should be three to five years in order for it to make sense.
2. Looks interesting to me. The 10-year timeframe is likely required to insure solvency in the trust that may eventually have to fund buy back — purely a math thing tied to [an] estimate of how many people they think will ask for their money back. Same thing as using actuarial tables to structure life insurance policies. If you look at their Web site, looks like you have six years to elect whether or not to ask for money back. If prices come back in years six to 10, you can still sell for a profit rather than being locked into [a] sale in year 10 to Sirius.
How do you think consumers will respond to VOWs or Virtual Office Web sites?
Well, the rest of the country has been enjoying them for 20 years — guess it’s time that New York got on board.