(Reuters) - Lehman Brothers Holdings Inc (LEHMQ.PK), the bankrupt investment bank, has sued a New York city real estate developer for more than $350 million, claiming the developer defaulted on loans for two buildings in downtown Manhattan, according to court documents.
Lehman filed two separate lawsuits on the matter in New York State Supreme Court on Thursday.
The bank alleges that Swig Equities, run by developer Kent Swig, has defaulted on loans made for buildings at 25 Broad St. and 45 Broad St. -- former Wall Street skyscrapers converted into residential and commercial spaces.
Monday, January 26, 2009
Saturday, January 24, 2009
Fordham Seeks to Build on Manhattan Campus
For more than a decade, Fordham University officials have been trying to figure out how to address overcrowding at their Manhattan campus and fill the coffers of their relatively small endowment. They thought the answers to both could be found in one of their most valuable assets: their Manhattan real estate.
So for four years, Fordham officials have been trying to win support from community groups and city officials for plans to turn their four-building site into a far denser 12-building campus in the same space between Amsterdam and Columbus Avenues and 60th and 62nd Streets. Fordham uses the site for various graduate programs and has a larger campus in the Bronx.
So for four years, Fordham officials have been trying to win support from community groups and city officials for plans to turn their four-building site into a far denser 12-building campus in the same space between Amsterdam and Columbus Avenues and 60th and 62nd Streets. Fordham uses the site for various graduate programs and has a larger campus in the Bronx.
Thursday, January 22, 2009
NYC average sales price drops 10%
The Real Estate Board of New York, the largest trade group in New York City, reported today that the average sales price for cooperatives, condominiums and single-family to three-family homes across the five boroughs dipped 10 percent in the fourth quarter compared to the same quarter last year.
The average sales price of New York City apartments -- including co-ops and condos -- dipped 4 percent year-over-year in the fourth quarter, while the average price of single-family, two-family and three-family homes dropped 13 percent to $548,000 and the average sales price of co-ops rose 10 percent to $602,000, according to REBNY.
The average sales price for all residential dwellings in Manhattan, meanwhile, rose 6 percent in the fourth quarter compared to the same quarter last year.
The average sales price of New York City apartments -- including co-ops and condos -- dipped 4 percent year-over-year in the fourth quarter, while the average price of single-family, two-family and three-family homes dropped 13 percent to $548,000 and the average sales price of co-ops rose 10 percent to $602,000, according to REBNY.
The average sales price for all residential dwellings in Manhattan, meanwhile, rose 6 percent in the fourth quarter compared to the same quarter last year.
Tuesday, January 20, 2009
For the Maid, a $1.55 Million Room
THE bull market for Manhattan real estate is alive and well, at least for that unusual and hard-to-find accommodation, the lowly maid’s room.
Property records show that a 448-square-foot staff studio, or maid’s room, facing an inner courtyard at 15 Central Park West sold for $1.55 million in December. That is close to the average price paid for a two-bedroom apartment in Manhattan in the fourth quarter of last year, according to figures compiled by Prudential Douglas Elliman.
The sales contract was signed in mid-November, as automakers were seeking a federal bailout and economists were worrying that consumer spending had all but come to a halt.
Property records show that a 448-square-foot staff studio, or maid’s room, facing an inner courtyard at 15 Central Park West sold for $1.55 million in December. That is close to the average price paid for a two-bedroom apartment in Manhattan in the fourth quarter of last year, according to figures compiled by Prudential Douglas Elliman.
The sales contract was signed in mid-November, as automakers were seeking a federal bailout and economists were worrying that consumer spending had all but come to a halt.
Friday, January 16, 2009
Future of NYC: Real estate sector's stimulus hope
The nearly decade-long construction boom has ended abruptly. The city’s residential market, which seemed immune to the market turmoil as the average price of a Manhattan apartment has continued to rise, is about to see a sudden drop. The accelerating number of job losses is sending commercial vacancy rates up and rental rates down.
“I think it’s going to be like being pushed over a cliff,” said Louis Coletti, president of the Building Trades Employers’ Association. “2009 is shaping up to be a horrific year.”
Mr. Coletti’s organization puts the value of cancelled development projects at $5 billion and he thinks that figure will continue to rise.
“I think it’s going to be like being pushed over a cliff,” said Louis Coletti, president of the Building Trades Employers’ Association. “2009 is shaping up to be a horrific year.”
Mr. Coletti’s organization puts the value of cancelled development projects at $5 billion and he thinks that figure will continue to rise.
Tuesday, January 13, 2009
Brooklyn apartment sales prices fall 7.5 pct
NEW YORK, Jan 13 (Reuters) - The median sales price of an apartment in the New York City borough of Brooklyn fell 7.5 percent in the fourth quarter amid turmoil on Wall Street and financial sector layoffs, according to a report.
Prices are declining citywide as the protracted U.S. housing slump belatedly reached New York following upheaval in the financial sector. Cheaper, outlying sections of the city like Brooklyn are at relatively more risk than is the commercial and cultural center of Manhattan during such times, said Jonathan Miller, CEO of appraisal firm Miller Samuel, who wrote the report with real estate brokerage firm Prudential Douglas Elliman.
"With Manhattan starting to see weakness, the price advantage is less compelling," Miller said.
Prices are declining citywide as the protracted U.S. housing slump belatedly reached New York following upheaval in the financial sector. Cheaper, outlying sections of the city like Brooklyn are at relatively more risk than is the commercial and cultural center of Manhattan during such times, said Jonathan Miller, CEO of appraisal firm Miller Samuel, who wrote the report with real estate brokerage firm Prudential Douglas Elliman.
"With Manhattan starting to see weakness, the price advantage is less compelling," Miller said.
Friday, January 9, 2009
New York City Real Estate
" Goldman: "New York apartment prices are very high relative to the observable fundamentals. Using three alternative yardsticks—price/rent, price/income, and affordability—we find that prices would need to decline by 35%-44% to return to the valuation levels seen in the 1995-1999 period, before the start of the recent boom....
It is instructive to consider the potential implications of a return of relative Manhattan incomes toward the national norm prevailing before the Wall Street boom of the past two decades, either because of pay cuts in the financial industry or because of a possible out-migration of affluent individuals. From 1969 to 1986, Manhattan per-capita income averaged 2 times the national average, with no clear trend. Over the next two decades, however, it grew to 3 times the national average. If incomes fell back to the pre-1986 level of 2 times the national average—and if national per capita income remained unchanged—prices would need to fall as much as 58% to return to the 1995-1999 price/income ratio. "
It is instructive to consider the potential implications of a return of relative Manhattan incomes toward the national norm prevailing before the Wall Street boom of the past two decades, either because of pay cuts in the financial industry or because of a possible out-migration of affluent individuals. From 1969 to 1986, Manhattan per-capita income averaged 2 times the national average, with no clear trend. Over the next two decades, however, it grew to 3 times the national average. If incomes fell back to the pre-1986 level of 2 times the national average—and if national per capita income remained unchanged—prices would need to fall as much as 58% to return to the 1995-1999 price/income ratio. "
Sunday, January 4, 2009
Manhattan Commercial Property Sales Fell 66 Percent
Jan. 2 (Bloomberg) -- Manhattan commercial real estate sales fell 66 percent to $17.09 billion in 2008, the lowest in four years, as the worldwide credit freeze sidelined buyers.
Only 20 property sales worth $5 million or more closed in the fourth quarter and there were 250 such deals in the year, according to Real Capital Analytics Inc., a New York-based real estate data service.
Fourth-quarter Manhattan transactions totaled $961 million, down 90 percent from the same period a year ago. Sales are declining as prices continue an 18-month slide. Job cuts among financial institutions and waning demand for office space have driven potential buyers from the market, said Stephen Pearlman, director of corporate finance in the New York office of Houlihan Lokey Howard & Zukin.
Only 20 property sales worth $5 million or more closed in the fourth quarter and there were 250 such deals in the year, according to Real Capital Analytics Inc., a New York-based real estate data service.
Fourth-quarter Manhattan transactions totaled $961 million, down 90 percent from the same period a year ago. Sales are declining as prices continue an 18-month slide. Job cuts among financial institutions and waning demand for office space have driven potential buyers from the market, said Stephen Pearlman, director of corporate finance in the New York office of Houlihan Lokey Howard & Zukin.
Subscribe to:
Posts (Atom)
New York City 2010
