Staten Island is more dependent on private cars and private homes than its urban neighbors. It has a smaller share of the very rich and very poor than the rest of the city. While its homeownership rate is double that of the city as a whole — some 70 percent, versus 35 percent, according to 2006 census figures, the most recent data available — it is roughly the same as that of the nation as a whole.
A high level of homeownership used to signal a high level of stability. But Staten Island’s similarity to the broader United States holds true when it comes to the housing crisis as well, and foreclosures are on the rise in the borough.
Sunday, June 22, 2008
Sunday, June 15, 2008
Abu Dhabi fund looking to buy New York's iconic Chrysler Building for $800 million news
Just last month, the GM Building and three other properties were sold for nearly $3.95 billion by Macklowe Properties to a group of investors, including the wealth funds of Kuwait and Qatar and Boston Properties.
The Chrysler Building is an Art Deco skyscraper in New York City, located on the east side of Manhattan at the intersection of 42nd Street and Lexington Avenue. Standing at 319 metres (1,047 ft), it was briefly the world's tallest building before the Empire State Building surpassed it in 1931. However, the Chrysler Building remains the world's tallest brick building.
After the destruction of the World Trade Center, it was again the second-tallest building in New York City until December 2007, when the spire was raised on the 365.8-metre (1,200 ft) Bank of America building, pushing the Chrysler Building into third position. In addition, the New York Times Building, which opened in 2007, is exactly tied with the Chrysler Building in height.
The Chrysler Building is an Art Deco skyscraper in New York City, located on the east side of Manhattan at the intersection of 42nd Street and Lexington Avenue. Standing at 319 metres (1,047 ft), it was briefly the world's tallest building before the Empire State Building surpassed it in 1931. However, the Chrysler Building remains the world's tallest brick building.
After the destruction of the World Trade Center, it was again the second-tallest building in New York City until December 2007, when the spire was raised on the 365.8-metre (1,200 ft) Bank of America building, pushing the Chrysler Building into third position. In addition, the New York Times Building, which opened in 2007, is exactly tied with the Chrysler Building in height.
Monday, June 9, 2008
Wall Street Woes Hurting New York Real Estate Market
One bank has collapsed, thousands of jobs have been lost, and stocks have plummeted. So has any good come of the recent financial crisis? Well, if you're looking for a place to live in Manhattan, it looks as though prices in this alternate-universe island economy might finally start coming down. Reuters:
The number of homes on the market in Manhattan rose 4.6 percent to 6,194 in the first quarter from the same period last year, according to the Prudential Douglas Elliman Manhattan Market Overview quarterly report released early last month.
The number of homes on the market in Manhattan rose 4.6 percent to 6,194 in the first quarter from the same period last year, according to the Prudential Douglas Elliman Manhattan Market Overview quarterly report released early last month.
Sunday, June 1, 2008
Macklowe Strikes Deal to Sell
Embattled New York real-estate mogul Harry Macklowe has agreed to sell his prized asset, the General Motors building, and three other New York office towers to a group that includes Boston Properties and Goldman Sachs Group Inc. for $1.5 billion and the assumption of $2.5 billion in debt.
The deal, announced Saturday, effectively rescues Mr. Macklowe from a financial crisis that he brought upon himself by buying a package of seven Manhattan skyscrapers from the Blackstone Group for $7 billion last year at the top of the market. The most dangerous piece of his financing package in that deal was a $1.4 billion loan from Fortress Investment Group that went into default in February. His deal with Boston Properties, which was announced today, will generate enough cash for him to pay off Fortress.
The deal, announced Saturday, effectively rescues Mr. Macklowe from a financial crisis that he brought upon himself by buying a package of seven Manhattan skyscrapers from the Blackstone Group for $7 billion last year at the top of the market. The most dangerous piece of his financing package in that deal was a $1.4 billion loan from Fortress Investment Group that went into default in February. His deal with Boston Properties, which was announced today, will generate enough cash for him to pay off Fortress.
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