Thursday, June 18, 2009

Articles 06.18.09

Some neighborhoods in New York are still hot notwithstanding the recent downturn in our local economy. I am pleased to see that Sunset Park in Brooklyn makes this list. I can attest to the strength of this neighborhood based on our successful experience with our condo conversion in this neighborhood. See the article "Hot or Not."

"Bulk Sales of Condos Spreading" describes recent efforts of developers to sell units in a low velocity market.

Three articles discuss the current economic situation in New York. The news is not all bad. The economic stimulus package may have softened the impact on the city. Moreover, unlike our experience during Republican administrations (who can forget following 9/11 the formula for the allocation of Homeland Security dollars that treated New York the same as North Dakota?), New York has received a very significant share of stimulus dollars. It helps that New Yorkers currently play a very significant role In the current administration and in Congress. The new urban agenda that is being adopted in Washington will certainly benefit the city over the next four years. See the three articles "Recession NYC Job Lost Estimate Ease", "Wall Street Job Losses", and "Where Does New York Stand".

"Central Perk" describes how New York's Central Park is not only just a green oasis in the center of the city but also a veritable gold mine as well.

For an excellent overview of some of the legal issues involved in the taking over of troubled properties see the article "Beyond the Workout."

Looking for cheap eats in Midtown? The website Midtownlunch is a perfect resource for finding excellent street food and cheap restaurants in midtown.

Interesting fact: the average retail space per capita in the United States is 20 ft.” per person. In the outer boroughs, it is a paltry 6 ft.” per person. Less than one third the national average. Why? The barriers to entry in New York are exceptionally high, which discourages retail development.

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