New York City Real Estate Blog

Upper East Side Beauty

 Current List Price: $18,000,000 Original List Price: Bedrooms N/A MLS Number: 565964 Full Baths N/A Partial Baths: N/A Square Feet N/A Lot Size (Sq. Ft.): N/A Address

EAST 64TH STREET

New York, NY, 10021

After six years as lead architect for the Metropolitan Museum of Art, Theodore Weston (1832-1919) began in 1881 the design and construction of four Queen Anne style homes along 24 - 30 East 64th Street. Weston built 26 East 64th Street for his own family and this historic mansion has survived as one of the rare examples of the style in this district. At six stories tall and 77 feet deep this remarkable mansion enjoys superb light from the North and East as the landmarked neighboring building rises only three stories from its position on the southwest corner of 64th and Madison Avenue.

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WTC Memorial—$5 M. Apiece!

“The place was Gracie Mansion. And the speaker was the man who, indirectly or directly, determines how high they can build and where—and, on certain city-led projects, whether they can build at all: Mayor Mike Bloomberg.

 

He wanted $5 million from each of them.

 

How could they afford to give that much? On the other hand, how could they afford not to?

 

“When the mayor of the city in which you are doing business asks you for money, it is almost impossible for you to say no,” said one   real-estate insider familiar with the breakfast. As for the possibility that the Mayor would somehow retaliate against those who did not give, the insider added, “I don’t believe that he would ever do that. But I wouldn’t want to find out that he did.”

 

Is it worth $5 million so that you never have to find out?”

Bloomberg Hits Up Real-Estate Bigs For WTC Memorial—$5 M. Apiece! (Observer)

Diesel exhaust shorten the lives of 70,000 Americans each year

 “New Yorkers are getting dosed with dirty air during their daily commute -- no matter how they travel.

High levels of diesel ultra-fine particles are invading commuters' lungs along the highways, buses and commuter rails, according to a Clean Air Task Force study released Wednesday.

And while the subway system may be diesel free, researchers found steel dust in the air may be a hazard of its own.

The study looked at exposure to diesel-caused pollution in New York City, Boston, Austin, Texas and Columbus, Ohio during typical commutes. Using what Iwanowicz called "guerilla monitoring" techniques, researchers rode the rails and chased buses with detection devices to get air quality readers.”

Study: Exhaust threatens New York commutersAmNY)

“Every day, Americans are needlessly sickened from exposure to air pollution in the form of fine particles. Overall, health researchers estimate that fine particles, such as those found in diesel exhaust, shorten the lives of 70,000 Americans each year. Legions of published, peer-reviewed studies have documented the increased exposure and resultant health risk from particles in and around nearby roadways. When during our day are we exposed to these particles? According to the California Air Resources Board, although we spend only about six percent of our day commuting to and from work, it is during that time when we receive over half of our exposure. Using comparable instruments and research techniques as those employed by health researchers at major universities, Clean Air Task Force (CATF) investigated the exposure to diesel particles during typical commutes in four cities: Austin, Texas, Boston, Massachusetts, New York City, and Columbus, Ohio.”

Clean Air Task Force report

 

Leading builders reports weakness in prices and reduced sales

“New-home sales in the U.S. fell last month by the most in 13 years, pointing to more weakness in the real-estate market that limited economic growth last year.

The 16.6 percent decrease to an annual rate of 937,000 in January was less than any economist had forecast in a Bloomberg News survey, Commerce Department figures showed today. The pace of sales was the slowest since February 2003. A measure of housing inventory rose to the highest in three months.

The figures show home construction will remain a drag on the economy even with lower borrowing costs and more incentives from builders. More cuts in home prices may be needed to stir buyer interest as builders keep reporting increased rates of canceled orders.

``It's consistent with more housing-related weakness through the first half of this year at least,'' Jim O'Sullivan, senior economist at UBS Securities LLC in Stamford, Connecticut, said before the report. ``Inventories of vacant homes have surged so much that construction is going to be weak for a while.''

Sales of New Homes in U.S. Plunge 16.6 Percent, Biggest Drop Since 1994(Bloomberg)

New homes sold at an annual rate of 937,000, down 16.6 percent from the December reading of 1.1 million. Economists surveyed by Briefing.com had forecast only a narrow drop to a 1.08 million pace.

The median price of a new home fell 2.1 percent from a year earlier.

Toll Brothers, Inc (NYSE:TOL)

New home sales plunge(CnnMoney)

Balance

Ten reasons why a stock market correction [any market correction including housing] is a good thing.
1. It curbs hubris.
2. It scares off speculators.
3. The rich get richer[less].
4. We second guess how brillant we are.
5. It sheds light on what we may be ignoring.
6. Where there is smoke, there may be fire.
7. It gives us a moment to pause.
8. We reassess where we are.
9. It returns us to fundamentals.
10. It brings balance to life.

http://blog.inman.com/inmanblog/

Ten reasons why a stock market correction [any market correction including housing] is a good thing.
1. It curbs hubris.
2. It scares off speculators.
3. The rich get richer[less].
4. We second guess how brillant we are.
5. It sheds light on what we may be ignoring.
6. Where there is smoke, there may be fire.
7. It gives us a moment to pause.
8. We reassess where we are.
9. It returns us to fundamentals.
10. It brings balance to life.

http://blog.inman.com/inmanblog/

The U.S. economy grew less than the government previously estimated last quarter

“U.S. stocks were poised to open moderately higher Wednesday following a massive worldwide sell-off a day earlier that rattled investor confidence but left fertile ground for bargain hunters.

A report that showed the economy grew at a 2.2 percent annual rate in the fourth quarter was largely in line with Wall Street's revised expectations and had little effect on futures readings pointing to a higher opening. The Commerce Department's gross domestic product reading was more than a percentage point below the initial estimate of 3.5 percent made a month ago.

The key economic findings follow sharp declines Tuesday, which began following a drop in the frothy stock markets of mainland China that raised questions about whether a larger market correction was in the offing. Stocks fell in most of Asia earlier Wednesday although the Shanghai Composite Index, whose nearly 9 percent drop set off the domino-effect selling, closed up nearly 4 percent. Stocks were also off in Europe, but the declines were milder than on Tuesday.”

Growth in U.S. Economy Slower Than Thought(NYT)

“The figures now show a consistent pattern of slower growth over the last nine months of 2006 as housing and manufacturing slumped. Production cuts and fewer orders in January suggest companies are still wrestling with stockpiles, confirming the Fed's forecast that the expansion will proceed at a moderate pace.

`While the drag this quarter won't be as great, companies are still trying to draw down inventories, so growth will continue to be sub-par,'' said Kevin Logan, senior market economist at Dresdner Kleinwort in New York. ``The drag from homebuilding and manufacturing will probably persist through mid-year.''

Treasury notes pared losses in the minutes after the report, before resuming their decline. The yield on the benchmark 10-year note was 4.55 percent at 9:20 a.m. in New York, up 4 basis points from yesterday. The dollar remained higher and stocks opened stronger. U.S. equities fell the most in four years yesterday.

``The U.S. economy has demonstrated and continues to demonstrate really remarkable resilience,'' New York Fed President Timothy Geithner said in a speech in New York today.”

 U.S. Economy Expands at 2.2 Percent Rate, Less Than Government Estimated(Bloomberg)

More on the same subject:

Stocks in struggle(CNNMoney)

“What does this stock market drop mean for the real estate economy?

I am not entirely sure. However, if the underlying economy doesn’t change significantly and more people become more risk averse, we may see more movement to saftey like we did yesterday as people move from stocks to treasuries. Treasury prices would go up, and as a result, yields would go down. As yields go, so do mortgage rates, helping temper growing damage caused by foreclosures and limiting the future effects of tightening underwriting guidelines.”

[Getting Graphic] Speeches, Stocks And Safety(Matrix)

Stocks Fluctuate in Early Trading(NYPost)

Stocks rebound at market open(AMNY)

Stocks Rebound At Opening After Worst Day In Five Years (NY1)

 

Ten-Minute Tricks to Freshen Your Space

1)Rotate art.

 

Are your walls all cluttered with stagnant artwork? Then it’s time for a change. "Some people hang everything they own on every wall," says Ward, the pioneer of "one-day decorating" and author of "Home Therapy: Fast, Easy, Affordable Makeovers" (Penguin Group, $34.95). "Look at it all the time, and you start taking it for granted." Try this: Separate art into summer and winter piles. Hang the lighter, pastel colors for spring and summer, and put the deep, oil paintings in storage. Every six months, rotate your pieces. "This way, you enjoy your art with a new vigor, and it’s something you can do in minutes." Ward also suggests art collectors leave one blank wall in each room. It gives visitors a place to rest the eyes.

2) Soothe the senses.

Spring is not only a colorful season, but a fragrant one, too. Bring the aroma indoors. "Scents have a profound effect on mood," Peters says. "Infusing scent into your décor with diffusers, candles, fresh cut plants/flowers, or incense can change the overall feeling of a space." Ward offers this quick, floral tip: Purchase an inexpensive bouquet of flowers. Split flowers up by color, and place each bunch in small vases around your home.

3) Beautify your boudoir.

Bright, new bedding can do wonders for your personal space. Tuck away the heavy, winter flannel comforter and pull out crisp linens with coverlets for color, Turner says. Bring in the spring with floral-designed spreads or colorful solids. Don’t forget accent pillows for added style and comfort.

10 Minute Tricks to Give Your Space a Lift(HGTV)

The U.S. joined a global market plunge

“The Dow Jones industrial average fell more than 500 points today before gaining some of it back. The Dow dropped 546.02, or 4.3 percent, to 12,086.06 before recovering some ground. It was down 360.42, or 2.85 percent, at 12,271.84 with about a half hour of trading left.

The broader Standard & Poor's 500 index was down 42.11, or 2.91 percent, at 1,407.26, and the Nasdaq composite index was off 81.34, or 3.25 percent, at 2,423.18, after being down more than 100.

The U.S. joined a global market plunge sparked by growing concerns that the U.S. and Chinese economies are cooling and that equities prices have become overinflated.”

Dow Industrials Plunge More Than 500(NYPost)

 

 

"Some households are in trouble!''

“The Federal Reserve said that the delinquency rate on banks' residential real-estate loans climbed last quarter to the highest level in four years.

The share of the loans on which payments were at least 30 days overdue rose to 2.11 percent, the highest since the fourth quarter of 2002, from 1.72 percent the previous three months, according to data posted on the Fed's Web site today. The data aren't adjusted for seasonal patterns.

The deterioration in credit quality comes in a period of sustained gains in employment and incomes, a sign that weaker underwriting standards, not economic stress, may be to blame. Fed policy makers this year have repeatedly said that mortgage losses were concentrated in subprime loans, which are designed for lower-income borrowers.

 The increase in subprime loan delinquencies caused at least 20 lenders to go bust, scale back or sell themselves in the past five months. The perceived risk of owning subprime mortgage bonds jumped to a record for an eighth day today.”

Residential Real Estate Loan Delinquencies Reach Four-Year High, Fed Says(Bloomberg)

New York City is spending more money overseas to try to lure millions of tourists

“Mr. Fertitta is spearheading Mayor Michael R. Bloomberg’s campaign to lure 50 million visitors a year to the city by 2015. That would be about six million more out-of-towners than the city, which is riding a long wave of tourism and economic growth, attracted last year.

Madison Ave., Manhattan

A Madison Avenue veteran whose ad agency specialized in marketing luxury goods, Mr. Fertitta seems undaunted by the mayor’s goal. Indeed, he told a group of tourism industry executives over lunch last week at the “21” Club that he believed drawing 50 million visitors a year would be “kind of a layup” that could be achieved three years ahead of schedule.

There is a simple philosophy behind the tourism drive: If this many people will show up in New York with little prodding, imagine how many would come if the city actively encourages them.”

Remaking the City's Image, With 50 Million Tourists in Mind(NYT)

Beautiful 6 Bedroom, 12 Bath Home in NJ

Current List Price: $7,850,000 Original List Price: Bedrooms 6 MLS Number: 099-013351 Full Baths 12 Partial Baths: 0 Square Feet 1,400,000 Lot Size (Sq. Ft.): N/A Address

NJ, 07931

 

Single Family

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