Archive for September 25th, 2008
Continue Reading September 25th, 2008
You have to love those New Yorker cartoons. The kid breaks open his piggy bank and says “Now we just have to sit back and wait for the Fed to bail us out.”
Yes, the big bailout is upon us. Compromises will be made. The money will get paid in stages. There will be limits on executive pay. The government will get some equity in the troubled firms that participate.
Big banks will get to unload their worst loans on us taxpayers. Stock prices will recover. Credit will flow again. But what does this really mean for home owners?
Some have suggested that the wave of foreclosures will end. Housing prices will bottom out. Don’t bet on it. A little historical perspective is warranted.
A previous Bush president—I’m not trying to infer anything here—created a similar government bailout mechanism in 1989. The Resolution Trust Corp. was in business for six years. Some $300 billion worth of bank assets were taken over. Tens of thousands of distressed properties were sold. It took years to work these through the system. It wasn’t until about 1995 that housing prices in the U.S. bottomed out.
Homeowners are in for a long, bumpy ride. That’s what history tells us.
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Continue Reading September 25th, 2008
Eastern Consolidated has arranged a 12-year $20 million lease for the below ground bi-level parking garage within Carnegie Towers, a 172-unit, 38-story mixed-use luxury cooperative residence located on East 87th Street in New York City. Read more »
Continue Reading September 25th, 2008
KeyPoint Partners L.L.C. has been awarded the Property Management contract for a portfolio of 17 properties totaling approximately 1.4 million square feet of office, industrial, flex, and retail space in Massachusetts, New Hampshire, and Maine. Altid Enterprises L.L.C. of Cambridge, Mass. awarded the contract. Read more »
Continue Reading September 25th, 2008
Judgment Day is one step closer for the residents of Brooklyn’s Starrett City and its suitors. Sept. 25 marks the deadline to submit bids to acquire the 34-year-old, almost 6,000-unit multi-family property–the nation’s largest federally subsidized housing complex. Sources anticipate that the winning bidder will be announced a few weeks after the bidding deadline. Read more »
Continue Reading September 25th, 2008
Real estate firm Hines and equity partner MetLife Real Estate Investments have settled on terms with the Transbay Joint Powers Authority for an Exclusive Negotiations Agreement for Transbay Tower, a 1.6 million-square-foot office high-rise Hines plans to develop in San Francisco. Read more »