Thursday, October 29, 2009

Inside the Simmons mansion

Inside the Simmons mansion

After a second, $3.3 million price reduction, Kimora Lee Simmons' Saddle River, NJ home is on the market for $16.5 million. The Baby Phat designer and ex-wife of Russell Simmons is reportedly looking to acquire a Manhattan residence once she sells the 35,000 square foot, 10-bedroom mansion, set on four acres with a movie theater, indoor and outdoor pools, and three kitchens. The master suite alone is 2,000 square feet. When the home first hit the market last year, it was listed at $23 million. It was then taken off the market and later re-listed at $19.8 million before the most recent price cut. Stephanie Rosken of Prominent Properties Sotheby's International Realty has the listing.


Real-Estate Mogul Steve Roth Buys Bernie Madoff’s Cursed Montauk Home -- Daily Intel

Real-Estate Mogul Steve Roth Buys Bernie Madoff’s Cursed Montauk Home -- Daily Intel

Thursday, October 22, 2009

More Drama at cash strapped Stuy Town

Tenants win big in rent-stabilization ruling against Stuy Town owners | The Real Deal | New York Real Estate News

Jerry Speyer, founder of Tishman Speyer, owner of Stuyvesant Town and Peter Cooper VillageThe New York state Court of Appeals ruled today that the owners of Stuyvesant Town and Peter Cooper Village should not have deregulated the rent-stabilized apartments in the 11,000-unit complex, because the firm had been receiving tax breaks for renovations at the time. Nine tenants charged in a suit that the owners, Tishman Speyer Properties, BlackRock Realty, and the former owner, Metropolitan Life, had illegally increased rents on one quarter of the units to market rates. The decision, which upholds a March ruling by the Appellate Division of the State Supreme Court, could have sweeping effects on landlords across the city. Half the city's apartments are currently regulated, and the defendant argued that the decision would set a precedent against deregulation of rent-stabilized apartments that would be financially unbearable for building owners. The decision also means Stuy Town's investors, who are already strapped for cash on the $5.4 billion project, could be forced to pay $200 million in rent overcharges to tenants whose apartments were illegally deregulated. Even before that expense, the company is reportedly in danger of default on its loans for the complex. TRD

Sunday, October 18, 2009

When Love Is a Schlep -

BIG cities like New York are both deeply convenient — two steps to the deli for milk in the morning — and deeply inconvenient. It is possible to live in the same city as the person you are dating, and have to travel an hour, or even two, to get together.

Click below for full story

When Love Is a Schlep -

Friday, October 16, 2009

REALTOR® Magazine-Daily News-Congress Debating the Tax Credit

Dear Congress,

This should be a "no brainer"

Congress Debating the Tax Credit
Congress is considering expanding and extending the $8,000 first-time homebuyer tax credit, which expires Nov. 30.

More than 1.8 million home buyers will have used the credit by the end of November, including an estimated 355,000 who wouldn’t have bought a home without it, according to the National Association of REALTORS® and other analysts.

click link for full story:

REALTOR® Magazine-Daily News-Congress Debating the Tax Credit

Sunday, October 11, 2009

Buyers and sellers get on the same page | The Real Deal | New York Real Estate News

Buyers and sellers get on the same page
While property values down, pricing is no longer high-stakes game of roulette
October 01, 2009 07:00AM

By Candace Taylor
Zhann Jochinke, an associate broker at Argo Residential, put an alcove studio on the market last year for $525,000. But the offers that came in were as low as $390,000.

"People were putting bids out there just to see if the person had to sell," he recalled.

More recently, however, he convinced the seller to drop the price to around $490,000.

Offers began coming in at "5 percent or less off the asking price," he said. Now, the listing is in contract, and expected to close in the next month.

After months of uncertainty, Manhattan buyers and sellers are finally making a market. In the terrifying period after the Lehman Brothers crisis, so few properties were sold that pricing an apartment became a game of roulette. Buyers, too, were unsure what a property would trade for, and their offers were all over the map.

Plummeting prices made matters worse.

(click the link below for the full story)
Buyers and sellers get on the same page | The Real Deal | New York Real Estate News
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