Hunting real estate deals at the tip of Manhattan

When schoolchildren in New York are taught that the Dutch purchased Manhattan Island from American Indians for just $24 and trinkets some 400 years ago, it's unlikely the teacher also mentioned the transaction occurred in Inwood, the borough's most remote neighborhood.

Perched at Manhattan's north end, Inwood blends a unique mix of big-city feel with serene settings. Three beautiful parks, Fort Tryon, Isham and Inwood Hill, surround the Art Deco walk-ups in an oasis of green. Apartment buyers are often attracted to Inwood by the prospect of Hudson River views and good schools, at prices much lower than downtown.

Once the setting of some of the most heated battles of the American Revolution, Inwood transformed from rural to urban in the early 20th century. With the subways came development, and for many years Irish and Jewish families dominated the neighborhood

Exclusive Rental Property in Lower Manhattan

Royalton's building, the Stove Factory Lofts, is a prime NYC rental building located in the heart of the historic South Street Seaport district and offers a variety of apartments and lofts with one to four bedrooms. 1-bedroom apartments (convertible to 2-bedrooms) start at $2650. Shares are welcome - as are pets. Flexible move-in dates are also available.

"They have very adaptable layouts," said Royalton President and Founder Jordan Adoni. "The apartments work for families, shares or students. And we're flexible with putting up walls and adapting the space however necessary."

The building will feature a brand new elevator, state of the art video intercom system and a beautiful new roofdeck with panaromic views including the Brooklyn Bridge, The Woolworth Building and all of the Manhattan Skyline. Each newly renovated apartment includes a washer/dryer, renovated kitchen and bathroom and high ceilings. Some units also have exposed brick and a private outdoor space. Additional amenities include newly installed finishes; marble and granite tiles and countertops; individual heating and cooling systems; and high-speed Internet access.

NYC Commercial Meltdown

According to a recent New York Times article, as we have been expecting, New York City's office market has hit the skids, big time. In my mind, the message here with regard to residential real estate is very noteworthy. Eventually, in a poor demand environment, prices will fall, despite a previously tight supply environment and positive long-term outlook. The New York City commercial market is sending a strong signal not just about the New York residential condominium market, but even the multi-family rental market.

Way back in January of 2008, I penned "Commercial Real Estate - The Next Train Wreck?" In that piece I touched on the Three Cardinal Sins of Real Estate: 1) Overpaying, 2) Over-Leveraging 3) Over-Building. In my opinion at the time, it was obvious that many had broken the first two rules, but that in some markets, particularly New York, the third rule had not been totally violated.

In June I did a follow-up piece on the commercial market and focused on the NYC Office Market. I noted:

Suit: $5M funneled to New York Observer through real estate deal

A record-setting Manhattan real estate deal masked millions of dollars that helped prop up the money-losing New York Observer and covered improper personal expenses, according to a report.

A former top exec in the Kushner Cos., which paid $1.8 billion for 666 Fifth Ave. in 2007, charged in a lawsuit that the company diverted more than $5 million from the financing package to keep the paper going.

Kevin Swill, who was president of Kushner's financing arm, Westminster Capital, asserted that Charles Kushner also paid at least $300,000 from the deal to Mark O'Donnell, the live-in boyfriend of former New Jersey Gov. Jim McGreevey, according to The Star-Ledger of Newark.

Those payments, as well as others covering family loans and Kushner's personal mortgage, allegedly amounted to a "wrongful diversion" of the proceeds from a the office building deal.