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Thursday's Real Estate Headlines August 25, 2011

Thursday's Headlines

August 25, 2011

NY Times

U.S. May Back Refinance Plan for Mortgages
The Obama administration is considering further actions to strengthen the housing market, but the bar is high: plans must help a broad swath of homeowners, stimulate the economy and cost next to nothing.

NY Post

Shift out of Park
A nine-room trophy apartment at uber-exclusive 740 Park Ave. is quietly on the market for $29 million. The 17th-floor co-op, which isn’t even listed online, is owned by gaming veteran Gregory Fischbach, the founder of now-defunct video-game company Acclaim Entertainment, and his wife, Linda. He bought it in 1994 for $6.3 million.

Middle of somewhere
Sara Axelrod has been a long and hopeful proponent of the Far West Side as a residential neighborhood. She moved to the area five years ago because the price was right.
“ I was originally looking in Chelsea and the West Village, but I couldn’t find anything for [under $1,300].”

Tomate in a hot house
For Jeremy Bearman and his wife, Cindy, it was a roundabout way they settled into their three-bedroom, split-level house in Sleepy Hollow. There were stints in Las Vegas (2004 to 2006) and San Francisco (2006 to 2008), before the chef couple found their way back to New York state three years ago.


Five Mile said to talk with Innkeepers USA
(Bloomberg) - Five Mile Capital Partners is in talks with Innkeepers USA Trust after Cerberus Capital Management said this week it will walk away from an agreement to buy 64 of Innkeepers USA's hotels, according to two people with knowledge of the discussions.

San José on the Hudson
Few likely noticed less than three years ago when Yelp opened its first New York office, a minute West Village outpost with a grand total of two staffers. Next month, though, the same company will take 10,000 square feet on Fifth Avenue and West 15th Street to house its 50 employees—plus the 40 it plans to add.

Brokerage splits over mis-appropriation
A founding partner of Siderow Organization has parted ways with the Manhattan-based real estate brokerage after he was found to have wrongfully misappropriated and co-mingled funds for his personal benefit, according to documents.

Mayor weighs NYC evacuations before Irene
(Bloomberg) - New York officials preparing for Hurricane Irene this weekend will decide Friday whether to call for the evacuation of low-lying areas in downtown Manhattan, Brooklyn, Queens and Staten Island, Mayor Michael Bloomberg said.


On the Market: Barclay’s Center Gets Rusty; A Futuristic Navy Yards; Emeka Okafur Looking to Score
Opposition rises to skyscraper historic district in Downtown Brooklyn. [Journal] Rusticated facade going up on Barclay’s Center. [Curbed]

Larry Silverstein: World Trade Center Will Be ‘Impregnable’
By all indications, the earthquake on Tuesday did no significant damage to any buildings in New York. That still did not keep the question from coming up at a tour of the soon-to-be-open World Trade Center site yesterday. Larry Silverstein quickly worked to put any concerns to rest.

Come On, Irene, I Swear, Don’t Flood My Apartment: Are You Living in a Hurricane Danger Zone?
It’s started raining, and it’s not about to stop until Monday—Brooklyn is Portland!—thanks to the arrival of Hurricane Irene off the East Coast. Hopefully, like Tuesday’s Earthquake, New York won’t be getting it too bad, but just in case, the Bloomberg administration has been preparing the city for possible problems, the greatest of which would be flooding. The mayor’s office just released a map of hurricane zones, to keep New Yorkers aware of where things could be bad.

Ctrl-C Everlasting: Tech Firms Keep Moving to Silicon Alley, We Keep Writing About It
God bless the Silicon Alley trend piece. We’ve done one (and then another about a colony of the alley); and, incidentally, we cover the industry regularly every day here. No matter how much ink is proverbially spilled in deference to the tech industry’s growth, we as New York reporters can’t seem to get enough of the nerds-are-among-us-and-they-need-space-to-work angle.

MacArthur Genius Grant Guy’s Old El Dorado Place Trades
The estate of Gregoire C.R.B MacArthur has sold his apartment in the El Dorado at 300 Central Park West. MacArthur, who passed away in 2001, was a director at the MacArthur Foundation, where he oversaw the allocation of those snazzy “genius grants.”

Law Journal

Weinden Lake Property Owners v. Klansky, 3885/09

Selch v. Selch

Tencza v. Tag Court Square LLC


Wall Street Journal

Skyscraper District Opponents Stand Tall
Amid celebrations of Downtown Brooklyn's economic revival, some residents and business owners are saying a proposed historic district would put a brake on redevelopment of its struggling Court Street corridor.

Tech Firms Move to Hip New Home
The media have Midtown. The banks have Wall Street. Now tech companies are laying their foundation near Union Square.The emergence of Union Square as a destination for technology firms got its start several years ago. But the neighborhood's tech community received a boost this year with the arrival of household names such as computer giant Apple Inc. and the impending arrival of user-review site Yelp.

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