tag:blogger.com,1999:blog-86993623601015372932024-03-05T20:24:56.157-05:00Realty Bitesjwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.comBlogger84125tag:blogger.com,1999:blog-8699362360101537293.post-33343968684504914352011-11-18T12:56:00.005-05:002011-11-18T13:14:14.382-05:00Articles 11.18.11<b style=""><u>A Primer on Walking in the City</u></b> <p class="MsoNormal">Any time I get stuck behind a group of tourists crawling three abreast down Fifth Avenue staring up at the skyscrapers and stopping every 10 feet to take pictures, I think to myself that every tourist should be given a primer on how to walk in New York. The next best thing would be to give them all a copy of the article "<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEis2dqWCuUi-MTZbOVwn0oGAKOl_-RByNPrugQyAG5mXIOMg2EJHtBLbkD6K6V7HNqtgTWJgPlTuosQ6tCG_yU0f_B8PyQtmBM_xu-p5u9SdaJiFwZ-sJcfa_l_G0y6oLJ7RDssarAa15k/s1600/A_New_Walking_Code.jpg">A New Walking Code of Conduct</a>".</p> <p class="MsoNormal"> </p> <p class="MsoNormal"><b style=""><u>Vacant by Design</u></b></p> <p class="MsoNormal">A recent article in the New York Times told the story of property owners of four five-story walk up buildings in Harlem who have rented out their ground floor retail space but have boarded up the upstairs apartments and are leaving them vacant. The reason: the rents they were getting for the apartments barely covered their costs. It made more sense to keep them vacant then to rent them out. Housing advocates have decried this situation because of the blight it causes on the neighborhood and would like to find a way to encourage the landlord of these properties to offer more low and moderate income housing. What the advocates fail to realize is that the cost of operating residential real estate is not just a function of the usual operating costs such as fuel, taxes and insurance but, in New York, includes the cost of complying with volumes of building regulations, rent regulations, and dealing with a court system that makes it virtually impossible to evict nonpaying and illegal tenants (even those who blatantly flaunt the laws by operating their apartments for illegal uses). My suggestion: make it easier for owners to operate low income and moderate income apartments by eliminating many of these regulatory obstacles and make it much easier to evict illegal and nonpaying tenants.</p> <p class="MsoNormal"> </p> <p class="MsoNormal"><b style=""><u>Electric Cars</u></b></p> <p class="MsoNormal">As these two photographs demonstrate, the infrastructure is beginning to be created to allow electric cars to operate around the city.</p> <p class="MsoNormal"> </p> <p class="MsoNormal"><b style=""><u>The Virtuous Cycle of a Successful City</u></b></p> <p class="MsoNormal">I recently attended a symposium celebrating the 50th anniversary of the enactment of the 1961 Zoning Resolution. There were some terrific presentations made. Of particular interest to me was a description by former First Deputy Mayor Dan Doctoroff<a name="_GoBack"></a> of what he called the "Virtuous Cycle of a Successful City" which he described as follows:</p> <p class="MsoNormal"> </p> <p class="MsoNormal" style="margin-left: 2.5in; text-indent: 0.5in; text-align: left;"></p><div style="text-align: center;">Quality-of-life <br /></div>Invest in the city<br /><div style="text-align: justify;">More people come </div><div style="text-align: center;">More money</div><p style="text-align: center;" class="MsoNormal"></p> <p class="MsoNormal"> </p> <p class="MsoNormal"> </p> <p class="MsoNormal">A very simple but insightful analysis.</p> <p class="MsoNormal"> </p>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-64482430812621727902011-09-16T18:12:00.005-04:002011-09-19T15:04:43.658-04:00Articles 09.16.11<p class="MsoNormal"><span class="Apple-style-span" style="font-family:arial;"><span class="Apple-style-span" style="font-size:100%;"><b>Leadership (RIP August 25, 2009)</b></span><span class="Apple-style-span" style="font-size:85%;"><o:p></o:p></span></span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;">August 25, 2009. That is the day when leadership in our country died. Not <span class="blsp-spelling-error" id="SPELLING_ERROR_0">un</span>coincidentally, it was also the day that Ted Kennedy died. Regardless of whether you agreed or disagreed with his politics, Ted Kennedy was a powerful leader. He was able to rally Democrats around his causes and forge the alliances with his Republican rivals to achieve significant legislative victories. His death has left a serious power vacuum in Washington. Our country is suffering terribly as</span><span class="Apple-style-span" style=";font-family:arial;font-size:small;"> a result. This is not either Democratic or Republican issue but a malaise that has infected both parties. Our current crop of politicians are more concerned with making their adversaries look bad than they are with doing right by our country. And as election season gets into full swing it will only get worse. At a time when our country is suffering from a stagnant economy and lack of job growth while fighting two separate wars; and while a number of our allies in Europe are close to economic collapse we need leaders from both parties to step forward and call upon their colleagues to cease the politicking and to get to work to forge the policies necessary to address these numerous crises. Who do we have the blame for this? Only ourselves. We continue to elect and reelect these political hacks. It is time for us to hold our elected representatives accountable and tell them that it is time to stop the nonsense and to start to lead. We can do this by supporting and electing those politicians who have the courage and the </span><span class="Apple-style-span" style="font-family:arial;">foresight to work with members of the opposition to do what is right for our country.</span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"><b>How to Rattle A Company's Cage</b></span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;">We've all suffered from awful experiences with products and services (if any of you have flown recently you know what I am talking about!) Most of us simply get annoyed, mutter to ourselves and go home and kick the family dog, but little else. This <a href="http://www.srcny.com/ARTICLES/how_to_rattle_a_companys_cage.pdf">article provides a pretty good framework for how to complain effectively and get the results</a> that you desire.</span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"><b>Washington Square Park</b></span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;">Growing up in the city I adored hanging out in Washington Square Park. It was a great refuge from the asphalt jungle and there were always some cute girls to flirt with and interesting </span><span class="Apple-style-span" style="font-family:arial;">activities going on.</span></p><img src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiPK2ms_x3_dtJu2PMdPqZ0CqfE1FV5DC8CJss38nowlsAgAdMtDmV20q91PPtR5_B4fg-4jOnYcWLZnZjLEdsdc9Ev1XsWBNKjq_JxU5-m_1mPEq9f8HgN3fnkcAYEZlQSjQmoPuQMOuo/s320/IMG00172-20110610-1619.jpg" alt="" id="BLOGGER_PHOTO_ID_5653085311401944450" style="float: left; margin: 0px 10px 10px 0px; cursor: pointer; width: 320px; height: 240px;" border="0" /><p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"> Unfortunately, the Park fell into a terrible state of disrepair and became a hangout for derelicts, drug dealers and degenerate chess players. The grassy areas had become bald patches of dirt, the swings and benches were damaged beyond repair and the fountain no longer worked. Worse, the majestic symbol of the park, the Triumphal Arch that would greet you at the end of Fifth Avenue and welcome you into the Park, had become a pockmarked, graffiti covered eyesore. After several years of renovations I am pleased to see that the park is once again a beautiful oasis. It is a great place to hang out and watch kids play in the fountain, listen to musicians perform and to people watch. </span><span class="Apple-style-span" style="font-family:arial;">Take a look.</span></p><div><p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"><b>The Silver Spoon Dilemma</b></span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;">The <a href="http://chiefexecutive.net/the-silver-spoon-dilemma">title of this article says it all</a>.</span></p><p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"><b>The Looming Crisis</b></span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;">Government debt, overheated economy, lofty valuations for loan collateral, too many people living in poverty, great disparities in wealth;<a name="_GoBack"></a> sound like America circa 2008? No, this is China 2011. Is the largest country on the planet setting itself up for an economic collapse? If so, what does this mean to the United States and the ability of China to continue financing our country through the purchase of our debt?</span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"><b>Adventures in Parking</b></span></p><p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;">Are parking garage attendants soon to be obsolete? Take a look at <a href="http://www.automotionparking.com/">this video "Auto motion Parking"</a>.</span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"><b>Speaking of Obsolete</b></span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;">Is our current mail service going the way of the pony express? This summer my 17 year old son worked in my office. He was asked by one of my brokers to address and mail out some <span class="blsp-spelling-error" id="SPELLING_ERROR_1">flyers</span> for him. My son did so but was shocked when all the envelopes were returned to our offices within the week. The problem… he did not stamp the envelopes. When I asked him why, he admitted to not realizing that stamps were required. He had never physically mailed a letter before!</span></p> <p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"><b>Social Media and the :-) Face</b></span></p><p class="MsoNormal"><span class="Apple-style-span" style=";font-family:arial;font-size:small;"><span class="blsp-spelling-error" id="SPELLING_ERROR_2">Texting</span>, <span class="blsp-spelling-error" id="SPELLING_ERROR_3">Facebook</span> and other forms of social media have now taken the place of verbal conversation as the preferred means of communication particularly among those who grew up with computers and cell phones. While I applaud any technology that allows us better access to each other I wonder if communicating this way is causing us to become emotionally detached. This form of communication does not allow us to communicate well our emotions and feelings. There is a lack of depth to the conversation that results from the lack of the nuance of tone of voice, facial expression and the like. The happy face icon that now seems to punctuate over written communication is a poor substitute for genuine human emotion.</span></p> <!--EndFragment--></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-64902984008490216712011-09-12T08:40:00.000-04:002011-09-12T08:41:08.418-04:00In Remembrance<!--StartFragment--> <p class="MsoNormal">I spent the morning today in Central Park thinking about 9/11. This morning's weather reminded me very much of the weather of that day. Vibrant and clear with a crispness in the air signaling the end of summer and the beginning of fall; a perfect September day. Far off in the background I could hear the melancholy tones of bag pipers playing a tribute to those who died. Their somber tones were a sad complement to the feeling of lost that I was experiencing. I felt an overwhelming sense of loss that day. I love my city, New York, very much and felt her pain that day as if I was the one who had suffered a painful and serious injury. Even though I was not close to anybody who died in the attack, I continued to experience a profound sense of loss for weeks, if not months, after the attack. There were constant reminders. Foremost, was the profound change in the city skyline. No longer was downtown dominated by the icon of the Twin Towers. Where once they proudly stood, there was nothing but a gaping hole, the skyline, once a beautiful smile, now permanently marred by the loss of its two front teeth. Then there were the missing person posters with the question "Have you seen this person" written over a photograph of a person missing in the attacks. These posters appeared all over the city, on lampposts, mailboxes and temporary kiosks erected for that purpose. And the photographs on them, typically of a person smiling at the camera often with a child or pet in their arms, gave a very human face to the tragedy we experienced. The victims were not just numbers but were real people that stared out at us from these posters imploring us to find and return them to their families. The hope, but really the despair, expressed in these posters was palpable, and I couldn't but help but think of the families who posted these signs and the all-consuming and always present anguish they were experiencing of not knowing whether a person they loved had perished that day. There were other images that I'll never forget as well. The men and women emerging ghoul like from the mist of the fallen Towers their clothes, hair and faces covered with a fine dusting of soot most with rivulets of blood spreading down their faces like slow trickles of water, not running, but walking heads down in anguished defeat. And then there was the smell. Acrid and vulgar, the smell of loss and destruction. It lingered over the city for many months, an ever present and inescapable reminder of the events of that day.</p> <p class="MsoNormal"><span style="mso-spacerun: yes"> </span>The city became very quiet the weeks following 9/11. Horns did not honk, once boisterous and loud voices were now replaced with muted and hushed whispers. Bus rides, typically a cacophony of conversations and cell phone calls, became eerily quiet. It was clear; we were a city in morning. Morning the people who worked in the Towers and died in the attack, morning the brave policeman, fireman and other first responders who selflessly sacrificed their lives to help others, morning all those who lost somebody they loved, and morning our lost as a country of our sense of safety and security. Our lives had been forever changed that day.</p> <p class="MsoNormal">Our spirit had been tested that day by a horrible evil but through our courage and sheer will our city and country came together as a community and demonstrated to our friends and enemies alike our resolve to emerge from this tragedy better, stronger and wiser. Yet despite this, it is only appropriate that we set aside some time today to reflect on the events of September 11, 2001 and to offer our condolences to all those who suffered a loss on that day.</p> <!--EndFragment-->jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-14987593072121810862011-07-11T09:55:00.021-04:002011-09-16T18:05:43.310-04:00Articles 07.11.11<p><b> <!--StartFragment--> </b></p><b><p class="MsoNormal"><!--StartFragment--> </p><p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><span style="mso-bidi-;font-family:Calibri;"></span></b></p><p class="MsoNormal"><span><span>How to Be a Good Manager </span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;">For any of you who must supervise or manage a group of people, I'm sure that you frequently feel like you're “herding cats” (not Katz -- that would be more like a Bar Mitzvah). The number of people in my office has grown substantially over the past several years and one of my toughest tasks is to make sure they are all being managed properly. It's always useful to read how other companies have successfully managed this process. I found the <a href="http://www.srcny.com/ARTICLES/GooglesRules_NYTimes_03_11.pdf"><span class="Apple-style-span" style="color:#3366FF;">article "Google Rules"</span></a> very useful. </span></span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;"><b>How Well-intentioned Laws can stifle Productivity and Personal Growth</b> </span></span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;">Several months ago, an employee told me about his desire to work hard and learn the real estate business. He was hired as an assistant property manager and had no experience in that area. But he was eager to learn and wanted to work after hours and on weekends to learn the trade. "Wonderful, I thought" but my HR department quickly snuffed out this flicker of ambition. Apparently, allowing him to do so would run afoul of federal labor laws that prohibit employers from allowing employees to work overtime without paying them additional wages (not just at their base rate but at a premium rate to reflect the fact that they are working overtime). It doesn't matter that it was the employee's desire to work overtime. Apparently, this is a requirement that cannot be waived. Further, it wasn't that the employee would've wound up working for less than minimum wage. He was paid well enough that even with the extra hours that he wanted to work he still would've been paid in excess of the minimum wage rate. As much as he wanted to work and learn as much as he could, and as much as I wanted to see him do so, there was no way of making this happen without opening up a huge can of worms. How stupid! </span></span></span></p><p class="MsoNormal"><span><span>Wal-Mart Versus Your Local Bodega </span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;">The opponents of Wal-Mart (mostly unions and their supporters) are sounding the alarm that if Wal-Mart is allowed to enter the City it will gobble up all the local grocery stores and bodegas. So what?! Visit the neighborhoods that Wal-Mart is seeking to enter. These are neighborhoods that are in neighborhoods that are severely underserved by the larger supermarket chains. As a result, residents of these neighborhoods are doomed to shopping at their local bodegas and mom-and-pop stores. While the image of a bodega and mom-and-pop store can often be quite quaint and conjure up an image of a hard-working family operating a store with pride, the truth is often that many of these bodegas are ripping off their customers by selling overpriced and outdated products in stores that are filthy and unsanitary. It is no wonder that recent polls of New York consumers showed overwhelming support for Wal-Mart. Perhaps injecting a little real competition into the system would be a wake-up call and cause the grocery stores and bodegas that are not properly serving their communities to close and be replaced by better quality merchants. </span></span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;"><b>Community</b> </span></span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;">For those of you who regularly follow my blog you've undoubtedly noticed that I often focus on articles and discussions about creating communities in an urban environment. Here's another <a href="http://online.wsj.com/article/SB10001424052748703509104576325470338496418.htm">article that I found intriguing about the use of good urban design and architecture</a> to transform a sterile urban college campus into a true college community.</span></span></span></p><p class="MsoNormal">Blatant Self-Promotion (A Word From Your Sponsor) </p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;">I recently wrote an article entitled <a href="http://www.srcny.com/inthenews/REFI_May_23_11_Turnaround%20Tale.pdf">"Turnaround tale-A Building Management Case Study"</a> which outlines the steps that Sierra took to turn around an office building that we took over management of last year. </span></span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;"><b>Dodging a Bullet?</b> </span></span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;">Many in our industry feel that we may have dodged a bullet with the recent modifications to the rent laws because the changes could have been far worse. However, before we all breathe a collective sigh of relief, we must bear in mind that the Governor has stated quite emphatically that he supports strengthening the rent laws and that much can still be done by way of administrative changes through the DHCR. Don't be surprised if we start seeing rulings that are unfavorable to property owners. Also, while these laws have been extended for four years, our "victory" may be very short-lived. The fact of the matter is that as soon as there is a democratic majority in the senate, we can expect that the laws will be revisited and substantial modifications will be made. Elections are only 15 months away. </span></span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;"><b>Patriotism</b> </span></span></span></p><p class="MsoNormal"><span><span><span class="Apple-style-span" style="font-weight: normal;">Regardless of your politics, patriotism should never go out of style. We are blessed to live in this country and enjoy the freedom and opportunities that it gives us. I particularly enjoyed the recent <a href="http://features.blogs.fortune.cnn.com/2011/07/01/100-great-things-about-america-part-1-2/">article "100 Great Things about America"</a>. I'm sure that each of us could come up with our own list as well.</span></span></span></p><p align="center" style="text-align:center"><span class="Apple-style-span" style="font-weight: normal; "><b></b></span></p><b><p class="MsoPlainText" style="display: inline !important; "><span style="text-decoration:none;text-underline:none"><a href="http://features.blogs.fortune.cnn.com/2011/07/01/100-great-things-about-america-part-1-2/"></a></span></p><p></p></b><p></p> <!--EndFragment--> <p></p> <!--EndFragment--> </b><p></p>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-58676992088815912502011-06-01T15:41:00.001-04:002011-07-12T13:20:19.485-04:00Articles 05.31.11<h1 style="display: block;"><span class="Apple-style-span" style="font-size: 16px; font-weight: normal; "><b><p class="MsoNormal" style="display: inline !important; ">The Paradox of the Modern City</p></b></span></h1><div style="display: block;" id="previewbody"><b><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">The central paradox of the modern city is that as the cost of connecting over long distances has fallen proximity has become even more valuable. What will now happen as the cost of connecting over long distances starts to increase as energy and transportation costs continue their upward trend? My guess: central business districts will become even more valuable as places for businesses to operate. Stay tuned.</span><span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal">More on the Value of Proximity<span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">A recent article in the Wall Street Journal highlights how artists and musicians working in close proximity with each other helps facilitate the flowing of the creative juices. Incubator space is an important facilitator for small businesses. This can work not just for artists and musicians but also for any industry or business that depends upon the exchange of information and ideas and on the sharing of physical resources such as artist studios, research facilities, medical uses, light manufacturing, food preparation etc. For incubator space to succeed it's necessary to create a critical mass of related and synergistic uses and to provide an infrastructure and an atmosphere that encourages cross-pollination and the sharing of ideas. Converting obsolete industrial and commercial space into business incubators is a terrific use of these assats and a great way to promote job growth.</span></p><p class="MsoNormal">Local Idiosyncrasies<span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">It’s amazing how virtually any place you visit has its local idiosyncrasies many of which flow from the stupidity of local politicians. I recently spotted a sign in a Tucson taxicab that specified not just the rates but also the designation "35 psi". I thought that a little odd. Apparently, a local Ordinance requires cab drivers to post the required tire pressure for their vehicles so that passengers can check to make sure that the tires aren't underinflated. Under inflation results in the meter charging too much. I didn't ask, but I was wondering if every cab driver was also required to carry a tire pressure gauge to allow a passenger to actually to check the tire pressure.</span><span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal">How Many “In Boxes” Do You Have?<span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">Think about it. Add them all up. You probably have far more than you think. Include all your various phone mail accounts (don't forget your home phone-you probably forget to check that all the time), various e-mail accounts, BBM’s, instant messaging, Facebook, linked in, Four Square, any other social media, texting, tweeting (or, as I call it, "twitting"). Oh, and let's not forget the old school way of communicating, regular mail (although, for the life of me, I can't remember the last time I actually received anything that was hand written, not even a parking ticket), Federal Express, faxing (yes, it still exists). Is it any wonder that despite all the various advances that have been made in the area of communication it is getting even more difficult for us to communicate with each other?</span><span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal">Only on the Upper East Side<span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">No joke, I actually spotted a sign posted in a garage on the Upper East Side of Manhattan advertising bicycle parking for "$137 per month". I guess if you own a $15,000 bicycle, you wouldn't hesitate to pay $137 per month to park it. Although, if I spent that type of money on a bicycle I would display it in my living room as a piece of artwork.</span><span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal">iPod syndrome<span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">I use this term to describe how the electronic media has affected our attention spans. It used to be that you would buy a record (you know, that 12 inch vinyl disc that you play on a turntable) and listen to an entire side before either flipping it over or putting on another record. Now, on your IPod you're lucky if you even listen to an entire song before skipping to the next.</span><span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">Electronic readers are now doing to books what the IPod has done to recorded music. I am a voracious reader and would typically read one or two books at the same time. Now that electronic readers has made carrying an entire library of books with you at all times, I now read 8 to 10 books at the same time and rarely finish any. </span><span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">Listening to the radio in my car has also evolved in much the same fashion over time. Worse, now with XM radio, I constantly skip from station to station to find a song that I like. And even if I find a song that I like I'm still seeing if there's another song playing that I like even better.</span><span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal">Five Minute Management Course<span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">Rather than spending two years your life in graduate school and over $100,000 in tuition, <a href="http://inluminent.com/2011/01/26/fiveminute-management/">read this amusing article</a>. It will teach you everything you need to know to succeed in business.</span><span style="font-weight: normal;" class="Apple-style-span"><o:p></o:p></span></p><p class="MsoNormal"><o:p>A Picture is Worth a Thousand Words</o:p></p><p class="MsoNormal"><span style="font-weight: normal;" class="Apple-style-span">While this <a href="http://online.wsj.com/article/SB10001424052748703864204576321940917861336.html">Wall Street Journal article ("Long Arm of the Law") about "noodlers" is pretty funny</a> you need to take a look at the photograph to truly understand the stupidity of this activity. I guess they figured that sticking their legs into the mouth of a catfish was too hazardous and that using their arms was a better idea.</span></p></b></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-79122112130042061612011-04-04T15:53:00.008-04:002011-04-07T15:03:40.793-04:00Articles 04.07.11<p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Why New York City Still Rocks</b>!</p> <p class="MsoNormal"><a href="http://www.srcny.com/ARTICLES/Why_NYC_Still_Rocks_NYPost_02_11.pdf">Great article about why New York is such a unique place</a>. For those of you who are diehard urbanites I also suggest the recently published book <a href="http://www.economics.harvard.edu/news">"Triumph of the City" by Nathan Glaeser</a>, a Harvard economist. A quick and thought provoking read about the advantages of city living and how public policy has failed our cities over the past five decades.</p> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Tips for Saving Time<o:p></o:p></b></p><p class="MsoNormal">Probably the best tip is to stop reading blogs! However, <a href="http://www.srcny.com/ARTICLES/Maximize%20Your%20Time.pdf">this article</a> has some good ideas. I recently started using the web tool "<a href="http://www.dropbox.com/">Dropbox</a>” as a way of being able access my files from any computer and to share them with others.</p> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Quick Solution to New York City's Rat Infestation Problem<o:p></o:p></b></p> <p class="MsoNormal">3 words.</p> <p class="MsoNormal"><span style="mso-spacerun: yes"> </span>“Neutered feral ferrets.”</p> <p class="MsoNormal"><span style="mso-spacerun: yes"> </span>If the city were to release these vicious little rat killers into the subway system the city's rat problem could be solved in less than a year. Not exactly the most politically correct solution but certainly effective!</p> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Public Buildings, "Super Development Rights" and an Affordable Housing Solution<o:p></o:p></b></p> <p class="MsoNormal">Creating affordable housing in New York has been an serious issue since the Dutch settlers first discovered Manhattan (good opening sentence but a bit of an exaggeration). Some of significant obstacles to the creation of affordable housing include high acquisition and construction costs, high real estate taxes and a limited supply of appropriate sites. Many programs have been devised to attempt to address these concerns but the problem still exists. A proposed solution: There exist a large inventory of excess development rights associated with city and state own properties throughout the city. To allow each governmental entity to realize the maximum benefit from these excess development rights and to also encourage the creation of affordable housing, the zoning resolution should be modified to create a "super development right" that would permit these excess development rights to be transferable to any property within a certain radius of the subject site so long as they are used for the construction of affordable housing. This would help average down the acquisition costs associated with the creation of affordable housing, increased significantly the number of potential sites and, if coupled with real estate tax abatements etc. would help reduce the operating costs of the buildings.</p><p class="MsoNormal">In addition, if developers were allowed to vacate older tenement style buildings and replace them with larger buildings (by either using the "super development rights" described above or other available techniques to increase density) containing an equal or number of affordable units this would increase significantly the number of sites available for affordable housing. For example, a developer should be permitted to demolish a 20 unit walk-up tenement style building and, by utilizing a combination of the excess development rights associated with that building and the acquisition of additional "super development rights,"to construct a 100 unit property containing 20 affordable units and 80 market rate units. </p><p class="MsoNormal">In order to accomplish this, the developer would have to be allowed to relocate the rent regulated tenants within these buildings. Not only would this result in the replacement of old decrepit housing stock with new, it would significantly increase increased the city's tax base. In addition, it would also generate additional revenues to the city or</p><p class="MsoNormal">the state from the purchase of the "super development rights" by the developer.</p> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Means Testing and Rent Regulations<o:p></o:p></b></p> <p class="MsoNormal">Perhaps one of the most perplexing questions about the current system of rent regulations is why there is no system of means testing to ensure that those who are receiving the benefits of the rent laws are actually those in need of affordable housing. The argument always made in support of rent regulations is that it is needed to preserve affordable housing. However, without a means test the system does not guarantee that regulated housing necessarily goes to those in need. In fact, it is truly ironic that many of our elected officials (US Congressman Charlie Rangel, City Council President Christine Quinn, former Governor Patterson, to name just a few) occupy rent regulated apartments while trumpeting the need to maintain the rent laws to preserve affordable housing for the needy. </p><p class="MsoNormal">To eliminate the hypocrisy in the system and to create a fund for the creation of additional affordable housing a means test should be established for rent regulated housing . For those current tenants whose income exceeds the threshold, the landlord would be permitted to not renew their lease, deregulate the apartment and then<span style="mso-spacerun: yes"> </span>charge a <span style="mso-spacerun: yes"> </span>market rent provided that the landlord makes a contribution to a city fund that would be utilize to the finance the creation of affordable housing. The amount of the </p><p class="MsoNormal">contribution would be a formula based upon the amount by which the landlord was able to increase its rent upon the vacancy.</p> <img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 320px; height: 240px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiHLZ0ALOpKDRP_8CiJZ0BJ24pS9WKQQ9ggFYR4SEfqsYdHp_zmb6SJCVtBvsSkj-mjuAdljJlclkcChTVoJCZJZ5gNA7NJUfu1vFw9ydO3Cu9vzmrqR8_d9VhiyL-CjMBcuLf6NerRGVw/s320/IMG00138-20110226-1241.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5592899446320813426" /><p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Are you </b></p><p class="MsoNormal"><b style="mso-bidi-font-weight:normal">a </b></p><p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Closet Republican</b>?</p> <p class="MsoNormal">I think this billboard on the West Side Hwy. says it all.</p> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal">The Madness of City Real Estate Taxes</b></p> <p class="MsoNormal">Surprise! Even as the net operating income of City properties declined over the past several years, our tax assessments have increased, in some cases quite significantly (see <a href="http://www.srcny.com/articles.html#april_2011_7">the article "The Madness of City Property Taxes</a>"). Of course , on the face of it, this makes no sense but a careful analysis of the system of calculating real estate taxes makes it clear that tax assessments are a significantly lagging indicator. The reason, the determination of real estate taxes are based upon income and expense statements owners have to file about their properties. The information on these forms are from a previous year and are the basis of the calculation of tax assessments for the current year. The result is that tax assessments lag the market. This works the disadvantage of property owners in a bad market but to their advantage in an improving market as tax assessments decline even as the income of the building is going up.</p> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal">The World Loves New York<o:p></o:p></b></p> <p class="MsoNormal">In a world that seems to be going mad, New York is viewed as an island of stability (maybe it's because of all the schist on which our buildings are built!) The most recent example of this is the purchase of the former NBA store at 666 Fifth Avenue by a Spanish retailer for over $8000 a foot. Foreign money is fueling a resurgence of the real estate investment market in our city. The foreigners (who often have a much better world view than us) appreciate the political and economic stability that New York City offers relative to the rest of the world.</p> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal">Negotiating 101<o:p></o:p></b></p> <p class="MsoNormal">For some useful negotiating tips take a look at the article "<a href="http://www.srcny.com/articles.html#april_2011_9">Five things you should never say while negotiating</a>." Strangely, "I love you" isn't included.</p> <p class="MsoNormal"><o:p> </o:p><b style="mso-bidi-font-weight:normal">Web Site</b></p> <p class="MsoNormal">As part of Sierra's rebranding of an office building that we took over last year, we created a website that has generated a tremendous amount of interest in the property. Last year the property suffered with a vacancy rate in excess of 30%. Today, the building is 98 % leased in no small part due to the rebranding of the building. Take a look at the website at <a href="http://www.bleeckerandbond.com/"><span style="text-decoration:none; text-underline:none">http://www.bleeckerandbond.com/</span></a>.</p> <p class="MsoNormal"><o:p> </o:p></p> <!--EndFragment--> <p class="MsoNormal"></p> <!--EndFragment-->jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-82572076838978196142011-03-22T12:10:00.002-04:002011-03-22T12:25:02.725-04:00Articles 03.22.11<span><span>Two interesting articles -- </span></span><div><span><span><br /></span></span></div><div><ul><li>"<a href="http://www.srcny.com/ARTICLES/REW_Mar16_11_Sierra_putting_West_Side_studios.pdf">Sierra Realty Putting West Side Studios on the Map with Spate of New Deals</a>," from Real Estate Weekly</li><li>and the story of candy concern Swissmaker and our own Brad Schwarz ink deal in "<a href="http://www.srcny.com/ARTICLES/CO_Mar15_11_Twisting_Times_Square_Lease.pdf">Twisting Times Square Lease</a>," from The Commercial Observer</li></ul>Enjoy!<span class="Apple-style-span" style="font-family: Arial, Helvetica, sans-serif; font-size: 13px; "><strong style="color: rgb(0, 0, 0); "></strong></span></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-14924843936104075212011-03-18T16:07:00.003-04:002011-03-18T16:12:49.057-04:00Be A Charismatic Speaker<a href="http://www.ihatelongemails.com/">Josh Gordesky at the smart writing and speaking tips blog, I Hate Long Emails</a>, has a <a href="http://www.ihatelongemails.com/?p=1055">smart fun interview with me here</a>. Go read it, and check out other great content. We added Josh to our blogroll for future convenience.jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-88065441332135402982011-02-18T15:48:00.008-05:002011-02-22T16:34:42.224-05:00Articles 02.18.11<p class="MsoNormal"><b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">The Taxi Cab as Economic Indicator </span></span></b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><?xml:namespace prefix = o /><o:p></o:p></span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">I have some pretty unscientific economic indicators that I watch to judge the state of our local economy. These would include the ability to get a cab in midtown Manhattan on a rainy day during rush-hour, whether my doorman gives me stock tips in the morning or how crowded the public tennis courts are in Central Park (the more crowded, the lousier the economy -- people give up their country club memberships). The<span class="Apple-style-span" style="color:#3366ff;"> </span></span></span><a href="http://www.srcny.com/articles.html#february_2011_1"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#3366ff;">article “Can You Hack it?”</span></span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#3366ff;"> </span>discusses what the history of the New York City taxi drivers says about the US economy.<o:p></o:p></span></span></p><p class="MsoNormal"><b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Snow Removal: how the city can do it for free!</span></span></b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p><p class="MsoNormal"><span>Shoveling snow is great aerobic exercise. The next time there is a major snowstorm, the city should require local health clubs to offer the hottest new exercise class -- the snow shovel aerobic workout! </span></p><p class="MsoNormal"><span></span><b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Persistent Unemployment</span></span></b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p><p class="MsoNormal"><span>Despite a pickup in the economy, unemployment continues to be a stubborn problem. I've always felt that unemployment issues are not just a function of the direct cost of hiring but also the myriad of rules and regulations with which employers must contend including fair labor laws, minimum wage requirements, OSHA requirements, etc., etc., etc., all of which add significantly to the cost of employment.My idea</span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">: during a severe economic downturn permit companies to hire unemployed workers and exempt the companies from complying with many of these rules and regulations with respect to these employees for a specified number of years. This would encourage employment by removing many of the obstacles and barriers that discourage employers from hiring.<o:p></o:p></span></span></p><p class="MsoNormal"><b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">The Silver Lining</span></span></b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Serious structural reform usually only occurs during periods of crisis. Only then are people compelled by economic necessity to resolve serious problems. The Great Depression gave birth to the New Deal, New York's flirtation with bankruptcy in 1977 resulted in significant labor concessions from local unions. Now with New York State and the city confronting the worst economic downturn in a generation there is a terrific opportunity to fix many of the structural problems that have plagued the city and state for many years. Pension reform, ethics reform, budgetary and fiscal policy, last in/last out firing policies etc. are all issues that have now been brought to the forefront and have a reasonable chance of resolution. Andrew Cuomo (much to my pleasant surprise) appears to be very much aware of the opportunity he has to effectuate this change. Hopefully he will have the willpower and strength to continue the fight until these changes are brought about. To see how other <span>governors are taking advantage of the current economic downturn to effectuate serious structural reform, take a look at </span></span></span><a href="http://mobile.nytimes.com/article;jsessionid=44DEF8190CF06A784F024B4CF89D77CD.w5?a=730410&single=1&f=19"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#3366ff;">this </span></span></span></a><a href="http://mobile.nytimes.com/article;jsessionid=44DEF8190CF06A784F024B4CF89D77CD.w5?a=730410&single=1&f=19"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#3366ff;">New York Times article</span></span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">.</span></span></p><p class="MsoNormal"><b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Efficiency</span></span></b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">There is hardly a hard-fought political campaign that doesn't go by without one or more major candidates pledging to make government function more efficiently by eliminating government waste and needless spending. Yet, once the smoke clears and the election results are determined, these campaign promises often become</span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"> </span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">empty pledges. What I find particularly alarming is that in all the discussions we are now hearing about budget deficits, nobody has really talked about how to make government function more efficiently as a way of reducing our deficits. They either discuss layoffs and service reduction or increasing taxes. It is time for politicians to act less like the politicians that they are and to behave more like the seasoned managers we need and take a hard look at how government functions and figure out how to eliminate much of the waste. The recent experiences of our airlines and auto companies are good examples of two industries that, through disciplined belt-tightening, have been able to rise from the dead. Our governments need to take a chapter from their books and weed out the gross inefficiencies in our systems.<o:p></o:p></span></span></p><p class="MsoNormal"><b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">The Greatest Year Ever</span></span></b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">So what was the greatest year in the history of the city? For me, it was 1976. Even though the city was in the depths of a terrible downturn, a new creative spirit was beginning to take hold in Soho and the Village. I was living down on the fifth floor of a walk up on Sullivan Street in SoHo at the time. I was working as a bus boy in a trendy SoHo restaurant. In my free time I visited the new art galleries that were opening up in the area, listening to the new punk bands that were premiering at Max's Kansas City and CBGB’s, and hanging out in Washington Square Park and watching the world unfold around me while drinking Miller Hi-life out of a brown paper bag. I didn't have a care in the world. For other takes on the greatest year ever take a look at the </span></span><a href="http://nymag.com/news/features/greatest-new-york/"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#3366ff;">article "The Greatest New York Ever.</span></span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">"<o:p></o:p></span></span></p><p class="MsoNormal"><b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">All You Little Piggies!</span></span></b><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Feeling hungry? Check out </span></span><a href="http://www.srcny.com/ARTICLES/WhereToEat_NYMag_01_11.pdf"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">"<span class="Apple-style-span" style="color:#3366ff;">Where to Eat.</span>"</span></span></a></p><!--EndFragment-->jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-58177767992524270562011-01-04T12:44:00.015-05:002011-01-04T17:03:20.687-05:00Articles 01.04.11<b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Distressed Debt Trap -- Buyer Beware</span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"> </span></span><p class="MsoNormal"> <!--StartFragment--> </p><p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">In the event of the purchase of a mortgage at a discount, the buyer will recognize capital gain if they acquire title to the property by biddingon the full face value of the mortgage at the foreclosure auction. In such an event the amount of the gain will be the difference between the fair market value of the property less the amount the purchaser paid for the mortgage. The reason for this is that the winning bid at the auction will be deemed to be the fair market value of the property. For example: if an investor purchases a $5 million mortgage for $3 million and then wins the property at the foreclosure auction based upon a $5 million bid, the investor will have realized a taxable gain of $2 million.</span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><o:p></o:p></span></span></p> <p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto; line-height:normal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">How to avoid this pitfall: first, do not go to an auction but try to work out a settlement with the fee owner and any junior lien holders that does not require a foreclosure auction. Second, obtain an appraisal of the property that establishes its fair market value as price paid for the note.</span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><o:p></o:p></span></span></p> <!--EndFragment--> <p></p><p class="MsoNormal"><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Useful New York City Facts</span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><o:p></o:p></span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">The next time you're walking down the street and are stuck behind three rotund slow moving tourists from Indiana keep the following facts in mind:<o:p></o:p></span></span></p> <p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">in 2009 there were over 45 million visitors in New York City and that they contributed over $28.2 billion to our economy. As far as I'm concerned, let them continue clogging our streets as long as they continue spending their money here.<o:p></o:p></span></span></p><p class="MsoNormal"><a href="http://www.nycgo.com/?event=view.article&id=78912"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Read all these facts here</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">.</span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">O</span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">ther interesting facts:</span></span></p><ul><li><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Eating establishments: 18,951</span></span></li><li><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">New restaurants in 2010: 157</span></span></li><li><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Average cost of a dinner in 2010: $41.81</span></span></li><li><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">NYC is #1 US tourist destination for 1st time since 1990. </span></span><a href="http://www.msnbc.msn.com/id/34690809/ns/travel-destination_travel"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">NYC experienced a drop in tourism last year, but Las Vegas and Orlando were hit harder, allowing NYC to rise to the top</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">.</span></span></li></ul><p></p> <p class="MsoNormal"><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Historic New York</span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><o:p></o:p></span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">for </span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">those of you who enjoy looking at pictures of historic New York the Museum of the City of New York has launched a portal into their collection of over 50,000 photographs of New York City from such notable photographers as Berenice Abbott, Samuel H. Gottscho, and Jacob A. Riis to name just a few. </span></span><a href="http://collections.mcny.org/"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Check it out here</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">.</span></span></p><p class="MsoNormal"><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">My Cousin Vinny</span></span></b></p><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">I like to take naps. Every afternoon in my office. For about 20 minutes. I have a couch, small neck pillow, eye pillow and a white noise machine.</span></span></p><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 150px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjyzVUigdAOxzp1l_KjMP_pave3xfhoKLe_D8q2TVA2HIEFpmUpyFXkZLuY3-wA7RLNfblmMFFqd3vA-V_pJ_LdTenQX635DvGmEHN1WLOOFWaC11HP2EK4Cg6lKq44flrlMBTYaTdPulA/s200/12.17.2010+002.JPG" border="0" alt="" id="BLOGGER_PHOTO_ID_5558390095491603906" /><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">What you see here is the dial that allows me to select various modes on the white noise machine. Most of these modes, such as ocean, waterfall, and rain, are pretty </span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">standard on most white noise machines. This particular machine is unique, however, in its inclusion of my favorite mode-the "city" mode. This mode broadcasts the soothing sounds of city traffic, the steady hum of car engines, the melodic honking of horns and the three-part harmony of ambulance, fire truck and police car sirens.</span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">I have to believe that whoever designed this white noise machine had to have been a fan of the movie "My Cousin Vinny" where the main character, played by Joe Pesci, had traveled from Brooklyn neighborhood to a quaint Southern town only to find that he could only get a good night sleep in the excruciatingly noisy local penitentiary.</span></span></p><p class="MsoNormal"><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">You' re Ugly!</span></span></b></p><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 150px; height: 200px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg-MKN1tqjJQKqXTJGPu79DCGY1zO7CCdS2O1L24os919Q4eJsfBLKPehqL7TMe_GCA2KUj6BuUjXqyzf4Ra8aK8BLYZv1KEEtYG0Ah5wUoCJRtKOtwBro9ZhyphenhyphenQLJoiAsjDGwHnazJcGfo/s200/12.17.2010+004.JPG" border="0" alt="" id="BLOGGER_PHOTO_ID_5558390956314930530" /><p class="MsoNormal"><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span></b></p><p class="MsoNormal"><b><span class="Apple-style-span" style=" font-weight: normal; "><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">See if you can describe the mistakes in these two pictures of a recently completed luxury condominium on the southeast corner of 87th and Park Avenue. Give up?</span></span></span></b></p><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">First, this has to be one of the ugliest buildings ever built on Park Avenue. It is a glass wrapped middle finger to the entire </span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">neighborhood. It has absolutely no relationship to the building adjacent to it or to any of the other buildings along Park Avenue. Perhaps this could be forgiven if the architecture was truly remarkable or innovative but it's not.</span></span></p><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 150px; height: 200px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjawgooljtV11NZU-sg1ElthPICH1UANC74wwHHeM34a9BJSad-qIrB4pPm3bPuIMmHrS-lYntp0tohTqowFfgYNajatUGizZYUlfo2BnMFfW0dqKcOnY-kdYv3Hvgsof7THV1fDrmJYMc/s200/12.17.2010+003.JPG" border="0" alt="" id="BLOGGER_PHOTO_ID_5558393370617899330" /><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">It's no wonder that not a single unit in this development has been sold </span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">over the past year. Unfortunately for those of us who must live with this eyesore we can't just simply erase this building from the landscape but must live with it for the rest of our lives. Trevor Davis, the developer, should be ashamed of himself.</span></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Second, as you can see in the lower left-hand corner of the wind</span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">ow this building qualified for a 421-a tax abatement. So not only is this building ugly, it was </span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">constructed with a tax subsidy from the city. It's hard to imagine the necessity of granting a tax abatement for the construction of a building in one of the richest neighborhoods in the city. So, adding insult to injury, not only is this building incredibly ugly, we, as New York City taxpayers, subsidized its construction.</span></span></p> <p class="MsoNormal"><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">When Old becomes New</span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"> </span></span></p> <p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">These are pictures of the newly constructed Ralph Lauren building on the southwest corner of 72nd St. and Madison Avenue.</span></span></p><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 150px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgvYMhod9u7EuvMUvRFCnG0uTzdxabT8VutwNTetzrXhVDgqGo10RI4DLSB1GH5aXwctBhIFgnMeARzvR7bNBJ6R3R08Md937MUHL3ZYd5OebADDCDX__xadh_iobXhLaHUgw6qVhcKlgw/s200/12.17.2010+006.JPG" border="0" alt="" id="BLOGGER_PHOTO_ID_5558393744038321570" /><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 150px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgke0feMG3GvOWZPBYk5QljTit0cgw0ZMriRxu6MmT0tlnm3sm_tfQ1JpDJMebE5fB4ZWqIc3xH_bXwU8y61j9bYPIuoOc9xNLAuOkJ6GvnHw5waisRoP3Df5sD-D6wgOVvA3AHVei1LwM/s200/12.17.2010+005.JPG" border="0" alt="" id="BLOGGER_PHOTO_ID_5558391256766900162" /><p class="MsoNormal"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Never has classical architecture looked so fresh and new. In a city that has grown accustomed to modern and contemporary architecture designed by such superstars as Frank Gehry, Renzo Piano, Jean Nouvel and others it is refreshing to see a return to classicism that has been so beautifully executed.</span></span></p> <!--EndFragment--> <p></p> <!--EndFragment-->jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com2tag:blogger.com,1999:blog-8699362360101537293.post-84676430358250820432010-12-14T13:57:00.010-05:002010-12-14T16:33:25.041-05:00Sierra in the News<!--StartFragment--> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;mso-pagination: none;mso-layout-grid-align:none;text-autospace:none"><span style="font-family:Arial;mso-bidi-font-family:Arial;font-size:13.0pt;"><a href="http://www.srcny.com/sierra_in_the_news.html"><span style="color:#001CC2;"></span></a></span></p><span><span></span></span><span><span><span><span></span></span></span></span><span><span><span><span></span></span></span></span><span><span><span><span></span></span></span></span><span><span><span><span>Journalist Jotham Sederstrom has a wonderful interview with our own </span><a href="http://www.srcny.com/sierra_in_the_news.html#CO_Dec7_2010"><span class="Apple-style-span" style="color:#9999FF;">Peter Braus in The Commercial Observer about ideas for Pier 57.</span></a><span class="Apple-style-span" style="color:#6666CC;"> </span></span></span></span><div><span><span><span><span><br />The good folks at </span><a href="http://www.srcny.com/sierra_in_the_news.html#CBRE_Nov16_2010"><span class="Apple-style-span" style="color:#9999FF;">City Biz report that Demetri Ganiaris has joined Sierra Realty as senior vice president of acquisition and development</span></a>.<span> Ganiaris has more than 15 years of experience inNew York City real estate and economic development. Prior to joining Sierra Realty, Ganiaris was a founding member and managing principal of Alder Real Estate Partners, a real estate advisory and brokerage firm that provided asset management and strategic planning services for such clients as Brevet Capital, Aris Real Estate Partners and EEK Architects. He previously worked at Vornado Realty Trust and the New York City Economic Development Corporation in the areas of program management, leasing, construction, contract management and real estate transactions. We are so pleased to have him aboard</span></span></span></span>. </div><div><br /><div><span><span><span><span>And again, <a href="http://www.srcny.com/sierra_in_the_news.html#CO_Nov16_2010"><span class="Apple-style-span" style="color:#9999FF;">Jotham Sederstrom writes in The Commercial Observer about Garry Steinberg moving from a highly successful career in retail to brokering space for the same with us at Sierra Realty</span></a>. Awesome photo!<br /><br /><a href="http://www.srcny.com/sierra_in_the_news.html#TRD_Nov11_2010"><span class="Apple-style-span" style="color:#9999FF;">The Real Deal reports that our new building, former Swig FiDi, a seven-story, roughly 40,000-square-foot vacant commercial building at 140 William Street, is seeking tenants</span></a> for the first time since it changed hands, after sitting vacant for several years. The tenant could be, well, anybody! The building could easily accommodate residential or commercial occupants, or even a hotel.</span></span></span></span><div><span><span><span><span></span></span></span></span> <div><div><span><span><span><span></span></span></span></span><div><span><span></span></span><p class="MsoNormal"><span style="font-family:Geneva;mso-bidi-font-family:Geneva;font-size:11.0pt;"><span><span></span></span></span></p> <!--EndFragment--> </div></div></div></div></div></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-67357276634316421692010-11-29T14:27:00.015-05:002010-11-29T14:52:30.482-05:00Articles 11.29.10<p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-weight: normal; "><b><span class="Apple-style-span" style="font-size:small;">Current property valuations:</span></b><span class="Apple-style-span" style="font-size:small;"> I am constantly being asked whether property valuations are decreasing because of increases in capitalization rates. While capitalization rates have increased over the last two years what is more significant is the way in which properties are currently being underwritten. During the boom years, most underwriting utilized assumptions of projected large increases in rents often projecting increases of double digits each year. A clear sign of a market that was out of control. Currently, underwriting has come down to earth with more realistic rent projections. Consequently, property values have been more affected by the change in underwriting standards than by any change in capitalization rates.</span></span></b></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-weight: normal; "></span>Proposed Change in Lease Balance Sheet treatment: </span></b><span class="Apple-style-span" style="font-size:small;">for those of you (hopefully, this is all of you) who don't regularly read the International Accounting Standards report you should be aware of a proposed accounting change that could significantly affect how companies view long-term leases. Could these changes encourage more companies to purchase office condominium units? Take a look at the</span><span class="Apple-style-span" style="color:#9999FF;"><span class="Apple-style-span" style="font-size:small;"> </span></span></span><span class="Apple-style-span" style="font-family:georgia;"><a href="http://www.srcny.com/articles.html#september_2010_1"><span class="Apple-style-span" style="color:#9999FF;"><span class="Apple-style-span" style="font-size:small;">article “Tenants, Landlords Could Face Dramatic Changes.”</span></span></a></span></p> <img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 150px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjNultRHIfdS3N24WbbvRfpe-DNe2m77NWiEC4CbKDUg2z3QRHi74MFhfRkQ9U1fGJZgmEyuDRyF6EqFfUc0vnMG8Y_VwVJnD0kVR2Uhc0-CHDOsi9SsDDja1EYnS0QFrYR4OuWQr_oR-c/s200/IMG00038-20100814-1132.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5545061410645104114" /><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-size:small;"><br /></span></b></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-size:small;">High-tech Gizmo of the Month:</span></b><span class="Apple-style-span" style="font-size:small;"> observed in Boston, </span></span><a href="http://www.srcny.com/articles.html#november_2010_5"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="color:#9999FF;"><span class="Apple-style-span" style="font-size:small;">a trash can that compacts garbage using solar energy.</span></span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"> The benefits: greater capacity for the garbage bin and easier and tidier collections.<o:p></o:p></span></span></p> <p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-size:small;"><br /></span></b></span></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-size:small;">Take a tour of the new East River Waterfront:</span></b><span class="Apple-style-span" style="font-size:small;"> having recently completed a tour circumnavigating Manhattan, I was struck by the huge number of new public parks that have open all around the perimeter of the island. One of the last missing pieces in this puzzle is the </span></span><a href="http://www.srcny.com/articles.html#november_2010_4"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="color:#9999FF;"><span class="Apple-style-span" style="font-size:small;">East River Waterfront, which, once this park opens, will be completed.</span></span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p> <p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-size:small;">A country built on debt cannot stand:</span></b><span class="Apple-style-span" style="font-size:small;"> Abraham Lincoln once famously stated that a “House divided against itself cannot stand.”</span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"> </span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">If he were alive today he might modify his speech and announce, “a country built on debt cannot stand.” More and more the American economy has become dependent upon consumer spending that is fueled by debt (either expensive credit card debt or, even worse, debt secured by second and third mortgages on a primary residence). No surprise then that during an economic contraction our economy goes into a deep swoon with high levels of bankruptcy and foreclosures. While less debt will result in less vigorous economic growth it will also result in fewer and less drastic economic downturns. Why then do we continue to bemoan the fact that the US consumer is spending less and saving more? Ultimately, this will lead to </span></span><a href="http://www.srcny.com/articles.html#november_2010_3"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="color:#9999FF;"><span class="Apple-style-span" style="font-size:small;">slower growth but more economic stability. Read “Consumer debt tumbles $100 billion.”</span></span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p> <p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-size:small;">Do you think they paid overtime? </span></b><span class="Apple-style-span" style="font-size:small;">Check out </span></span><a href="http://www.srcny.com/articles.html#november_2010_2"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="color:#9999FF;"><span class="Apple-style-span" style="font-size:small;">“Chinese workers build 15 story hotel in just six days.”</span></span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="color:#9999FF;"><span class="Apple-style-span" style="font-size:small;"> </span></span><span class="Apple-style-span" style="font-size:small;">You may want to think twice before checking into this resort.<o:p></o:p></span></span></p> <p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-size:small;">For some interesting statistics</span></b><span class="Apple-style-span" style="font-size:small;"> about the </span></span><a href="http://www.srcny.com/articles.html#november_2010_1"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="color:#9999FF;"><span class="Apple-style-span" style="font-size:small;">third quarter multi-family sales market take a peek at the article “About that Third Quarter.”</span></span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"><o:p></o:p></span></span></p> <!--EndFragment--> <p></p><p class="MsoNormal"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:-webkit-xxx-large;"><b><br /></b></span></span></p> <!--EndFragment-->jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-72663308130857943242010-11-15T07:51:00.005-05:002010-11-15T09:13:32.647-05:00Sierra in the News<span class="Apple-style-span" style=" border-collapse: collapse; font-family:arial, sans-serif;font-size:13px;"><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Journalist </span></span><a href="http://www.srcny.com/sierra_in_the_news.html#CRAINS_Oct26_2010"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Adrianne Pasquarelli in </span></span></a><a href="http://www.srcny.com/sierra_in_the_news.html#CRAINS_Oct26_2010"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Crain's New York business reports that h</span></span></a><a href="http://www.srcny.com/sierra_in_the_news.html#CRAINS_Oct26_2010"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">igh-end Italian menswear retailer Tincati is making its U.S. debut in the Big Apple</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">. The Milan based </span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">company recently signed a 14-year lease at 20 E. 63rd St., between Fifth and Madison </span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">avenues. The lease includes all 6,000 square feet of retail space in the five-story townhouse, </span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">nearly 1,100 square feet of which are on the ground floor. Asking rent, including taxes, was </span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">$800,000 a year. That price translates to a blended rent of $133 per square foot for the building.</span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"><br /></span></span></div><div><span class="Apple-style-span" style="font-size: small;"><span class="Apple-style-span" style="font-family:georgia;"></span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">The good folks at </span></span><a href="http://www.srcny.com/sierra_in_the_news.html#REW_Oct27_2010"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Real Estate Weekly have a story on our recent hire of </span></span></a><a href="http://www.srcny.com/sierra_in_the_news.html#REW_Oct27_2010"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Garry Steinberg</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">, a licensed broker and seasoned </span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">commercial real estate specialist with more than three decades of experience in the fashion industry, as managing director. </span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Steinberg will focus on the fashion, cosmetics, home and accessories industries.</span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"><br /></span></span></div><div><span class="Apple-style-span" style="font-size: small;"><span class="Apple-style-span" style="font-family:georgia;"></span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Our friends at the always excellent </span></span><a href="http://www.srcny.com/sierra_in_the_news.html#MANN_Oct28_2010"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Mann Report have a wonderful piece on how we brought Sprinkles, Hollywood's favorite cupcake bakery, to New York City</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">. </span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"><br /></span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">The </span></span><a href="http://www.srcny.com/sierra_in_the_news.html#MANN_OctDec_2010a"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Mann Report also has a nice story up about Brooke Lovell, our new</span></span></a><a href="http://www.srcny.com/sierra_in_the_news.html#MANN_OctDec_2010a"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"> vice president of </span></span></a><a href="http://www.srcny.com/sierra_in_the_news.html#MANN_OctDec_2010a"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">communications and marketing</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">. Brooke will focus on our long-term marketing strategy, corporate communications, and managing client marketing campaigns.</span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"><br /></span></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Again from the </span></span><a href="http://www.srcny.com/sierra_in_the_news.html#MANN_OctDec_2010b"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Mann Report, a wonderful, perceptive piece on our own Peter Braus</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">:</span></span></div><div><p style="margin: 0.0px 0.0px 0.0px 0.0px; font: 12.0px Helvetica"></p><blockquote><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Over the years, [Braus] has represented such landlords as the Battery Park City Authority, C&K Properties, Goldman Sachs and the ownership of Brown Harris Stevens. Braus represents M&T Bank in New York City and has secured numerous locations for the bank, including their flagship location at 11 West 42nd Street. Recent transactions include the new Francois Payard Bakery at 116 West Houston Street and Sarabethʼs Tribeca location at 339 Greenwich Street. He has also been responsible for dozens more lease transactions in Nolita, Soho, and Tribeca for brands like Ed Hardy and Sigerson Morrison.</span></span></blockquote><p></p></div></span>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-52315984409848497212010-10-19T16:17:00.017-04:002010-10-29T16:01:13.174-04:00Articles 10.19.10<p class="MsoNormal"><b style="mso-bidi-font-weight: normal"><u></u></b></p><div><div><span class="Apple-style-span" style="font-family:georgia;"><b> <!--StartFragment--> <p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:Georgia;mso-fareast-font-family: "Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-size:small;">Food Glorious Food! </span></span><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><br />As a partial result of the economic downturn, street food has evolved significantly over the past two years. Affordable, good quality food and low operating expenses have become top priorities on the NYC lunch scene, and entrepreneurs have discovered that the food truck is far more cost-efficient than opening a restaurant. The trend is growing and the wide variety of foods being offered by these trucks is only exceeded by the various walks of life from which the entrepreneurs come.</span></span></span></p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-weight: normal;"></span></span></span><span class="Apple-style-span" style="font-weight: normal; "><span class="Apple-style-span" style="font-size:small;"><b></b></span></span></p><b><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia;mso-fareast-font-family: "Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;">Food trucks have now become such a part of our epicurean pop-culture that they even have their own annual awards -- the "Vendy’s." </span></span></span><a href="http://www.srcny.com/articles.html#july_2010_2"><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#6633FF;">For a quick, cheap curbside meal, visit one of these trucks</span></span></span></span></a><span style=" font-family:Georgia;mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#999999;">.</span></span></span></span></p></b></b><p></p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span class="Apple-style-span" style="font-weight: normal; "><b><span class="Apple-style-span" style="font-size:small;"><b></b></span></b></span></p><b><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style=" font-family:Georgia;mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-weight: normal;"></span></span></span></p></b></b><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia;mso-fareast-font-family: "Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;">For those food snobs among you who wouldn't be caught dead eating a bison burger at a curbside food truck check out the article </span></span></span><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><a href="http://www.srcny.com/articles.html#july_2010_1"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#6633FF;">"Best of NYC Dining: 10 Most Exciting Restaurants."</span></span></a></span></span></p></b></span><p></p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span class="Apple-style-span" style="font-weight: normal; "><span class="Apple-style-span" style="font-size:small;"><b></b></span></span></p><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";color:blue;"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><a href="http://www.srcny.com/articles.html#july_2010_1"></a></span></span></span></p></b><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style=" font-family:Georgia;mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;">And for the latest trends in restaurant design take a look at the article </span></span></span><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><a href="http://www.srcny.com/articles.html#august_2010_3"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#6633FF;">"Great-good-places."</span></span></a></span></span></p></b></span><p></p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span class="Apple-style-span" style="font-weight: normal; "><span class="Apple-style-span" style="font-size:small;"><b></b></span></span></p><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";color:blue;"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><a href="http://www.srcny.com/articles.html#august_2010_3"></a></span></span></span></p></b><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;">Now that you've gorged yourself on a cholesterol-rich lunch from the trucks then hit one of Manhattan's most exciting restaurants for dinner, you should read the article </span></span></span><a href="http://www.srcny.com/articles.html#october_2010_1"><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#6633FF;">"Fourth Stroke Indicator."</span></span></span></span></a><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#999999;"> </span>Early detection can be an absolute lifesaver.</span></span></span></p></b></span><p></p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span class="Apple-style-span" style="font-size:small;"><b></b></span></p><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span class="Apple-style-span" style="font-size:small;"><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"></span></span></p></b><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-size:small;">Innovations in Parking</span></span></p></b></b></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 150px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhbAzl8GXIWRWmzLoRnzBPmXJa3owCvCKZIWUqZN0e6gZmdzn0rHsGsAMG67ZDA0KvIN7JDj1g22mVXhhPS0swrjR6EUgdqZeSwsEVV1rKSFZ2CzMzDvnO4FsVpBQnmfVk8C8gDfO9TxtU/s200/IMG00044-20100911-1014.jpg" border="0" alt="" id="BLOGGER_PHOTO_ID_5533560116857437634" /></span></span></span></p></b></span></b></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><b><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-size:small;"></span></span></p></b><p></p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span class="Apple-style-span" style="font-size:small;"><b></b></span></p><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span class="Apple-style-span" style="font-size:small;"><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"></span></span></p><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;">An idea whose<span class="Apple-style-span" style="font-family:Georgia, serif;"> </span></span></span></span></p></b></span></b></span><span class="Apple-style-span" style="font-family: georgia; "><b><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;">time has arrived! Bicycle parking, one dollar a day, $20 a month. No more biking around with a 25 pound chain and lock wrapped around your waist. </span></span></span></p></b></span></b></span></div><div><span class="Apple-style-span" style="font-family: georgia; "><b><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><br /></span></span></span></p></b></span></b></span></div><div><span class="Apple-style-span" style="font-family: georgia; "><b><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;">For truly cutting edge parking technology take a look at the presentation for the </span></span></span><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#6633FF;"><a href="http://www.srcny.com/articles.html#october_2010_2">"Multi-Parker 730."</a></span></span></span></span></p></b></span></b></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><b><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-size:small;"><br /></span></span></p></b></b></span></div><div><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-weight: normal; "><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#6633FF;"><a href="http://www.srcny.com/articles.html#october_2010_2"></a></span></span></span></span></p></b></span><p></p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span class="Apple-style-span" style="font-size:small;"><b></b></span></p><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";"><span class="Apple-style-span" style="font-size:small;"><a href="http://www.srcny.com/articles.html#october_2010_2"></a></span></span></p><b><p class="MsoNormal" style="margin-bottom: 0.0001pt; line-height: normal; display: inline !important; "><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-size:small;">Road Trip!</span></span></p></b><p></p><p class="MsoNormal" style="margin-bottom:0in;margin-bottom:.0001pt;line-height: normal"><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"> Next time you're itching to put the pedal to the metal and feel the wind of the road ripping through your golden locks, take look at the article </span></span><span class="Apple-style-span" style="font-size:small;"> </span></span><a href="http://www.srcny.com/articles.html#october_2010_3"><span style="font-family:Georgia;mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman";font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#6633FF;">"27 Ultimate Road Trips"</span></span></span></span></a><span style="font-family:Georgia; mso-fareast-font-family:"Times New Roman";mso-bidi-Times New Roman"font-family:";"><span class="Apple-style-span" style="font-weight: normal;"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="color:#6633FF;"> </span>first for some interesting rides.</span></span></span><span style=" font-family:"Times New Roman";mso-fareast-font-family:"Times New Roman"; mso-bidi-Times New Roman"font-family:";font-size:12.0pt;"><o:p></o:p></span></p> <!--EndFragment--> </b></span><br /><p class="MsoNormal"></p></div></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com1tag:blogger.com,1999:blog-8699362360101537293.post-80393867117156028202010-08-30T09:09:00.012-04:002010-10-21T20:24:57.991-04:00Articles 8.31.10<p class="MsoNormal"><span style="mso-bidi-: 115%;font-size:11;"></span></p><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Local Manufacturing Jobs: stick a fork in it, it's done? </span></span></b><div><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"></span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Contrary to popular belief manufacturing as an industry is not dead in New York. In fact, as the </span></span><a href="http://www.metropolismag.com/story/20100616/made-in-brooklyn"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">article "Made in Brooklyn"</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"> illustrates certain types of manufacturing jobs are thriving in New York. </span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"></span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Grab your Nuts and Have Sex 700 times a year: The Best Health Advice I've ever received.</span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br />Need I say more? </span></span><a href="http://www.srcny.com/articles.html#june_2010_3"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Check out "What Works.</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">"</span></span><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">New York Uncovered</span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br />One of the great things about living in New York City is that it's very difficult to get bored. The city is dynamic, multicultural, and amazingly diverse. I've lived here over 50 years and can always find something new to explore. Two recommendations: Chicago has its famed architectural tour conducted from a tour boat on the river. Now New York has a similar tour. If you're a building nut like my wife and me, I heartily recommend this tour. For more information look at the </span></span><a href="http://www.nytimes.com/2010/08/15/nyregion/15critic.html"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">article "A Singular Perspective on the Urban Mosaic.</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">"<br /><br />For something more pastoral, take a trip to Governors Island. Viewing it from a distance does not do it justice. It needs to be experienced to be truly appreciated. Besides being architecturally interesting and offering great views of the city where many cultural programs that are going on there that should be experienced. Go by yourself or bring the kids. The </span></span><a href="http://mobile.nytimes.com/article?a=642857&f=85"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">article "Governors Island as Playground" is aptly named</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">.</span></span><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">How to Seduce a Community</span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br />Given the experience of Wal-Mart in unsuccessfully attempting to open its first store in New York City over the past decade it is somewhat surprising to find other big-box retailers who have succeeded where the country's biggest retailer has failed. For a primer on how to accomplish this difficult task take a look at the </span></span><a href="http://www.nytimes.com/2010/08/14/business/14target.html?_r=1"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">article "A Decade of Wooing.</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">"<br /><br /></span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><b>How to Push a New Yorker's Buttons</b></span></span><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br />We all have our pet peeves. The </span></span><a href="http://www.nypost.com/p/news/local/what_drives_us_up_wall_pLJTSMvnzTCCkbE7c4w2aJ"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">article "What drives New Yorkers up a wall</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">" describes New Yorker's top annoyances. Don't expect too many surprises.</span></span><div><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span></div><div><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><b>Jingle Mail</b></span></span></div><div><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><b><span class="Apple-style-span" style="font-weight: normal;">Those of you who are regular readers of my blog know my fascination with various terms that crop up from time to time that indicate what is going on in the marketplace. The newest entry "jingle mail" refers to a property owner mailing the keys to a property back to their lender. Definitely a sign of the times!</span><br /></b><br /></span></span><b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">And the winner is!</span></span></b><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br />(And, no it's not "Stairway to Heaven." So what is </span></span><a href="http://www.scribd.com/doc/11793203/Rolling-Stone-500-Greatest-Songs-of-All-Time"><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Rolling Stone's top rock 'n roll song of all time? Take a look</span></span></a><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">.</span></span><br /><p class="MsoNormal"><span style="mso-bidi-: 115%;font-size:11;"><o:p></o:p></span></p></div></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-31577970495117121092010-08-13T08:34:00.008-04:002010-08-13T16:34:32.584-04:00News and Views, August 13<!--StartFragment--><span style="line-height:115%;font-family: Calibri;mso-fareast-font-family:Calibri;mso-bidi-Times New Roman"; mso-ansi-language:EN-US;mso-fareast-language:EN-USfont-family:";font-size:11.0pt;"> <!--StartFragment--> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><u></u></b></p></span><span><span><b>Stats and the City </b></span></span><div><span><span>For some curious </span><a href="http://www.srcny.com/articles.html#june_2010_1">statistics about the City check out this article</a><span>. </span></span></div><div><span><span>What I found particularly interesting is that while $2 today buys you what $1 got you in 1985 (a 100% inflation rate over 25 years), average apartment prices for a one bedroom co-op/condo in Manhattan have increased 185% (significantly higher than the inflation rate), the average asking rent for commercial space has increased 76% (significantly less than the inflation rate), and the average 30-year fixed rate for New York area co-op mortgages has decreased from 13.28% in 1985 to 5.13% in 2010 (which probably explains why the appreciation in co-op/condo prices has greatly outpaced inflation during this period). </span></span></div><div><span><span>Also interesting is that while the city's population increased by 1.2 million people over the 25-year period, the number of people employed only increased by 200,000 during that time. Yet the unemployment rates were 8.2% in 1985 and 9.4% in 2010. Given the large increase in population relative to the modest increase in number of people employed over the same period together with slightly disparate unemployment figures it's difficult to explain this phenomenon. </span></span></div><div><span><span>My guess is that the number of children and elderly in the city relative to those in the workforce has increased significantly during this time period.</span></span></div><div><span><span><br /><b>Operating Figures for Rent Regulated Housin</b>g </span></span></div><div><span><span>The "Highlights from the first three RGB Reports" provide some very interesting </span><a href="http://www.srcny.com/articles.html#may_2010_1">statistics relating to rent regulated housing in New York</a><span>. The statistics are based on 2008 data and show that the average monthly rent for all rent stabilized units was $1,012 per unit ranging from a high of $1,404 in Manhattan to $743 in the Bronx. </span></span>Operating and maintenance costs averaged approximate $739 per building. </div><div>The most startling number to me, however, was the number of properties that are characterized as "distressed" (buildings that have operating and maintenance costs greater than gross income). At 12.8% (or one in every eight buildings) this is an extremely upsetting number, particularly given that this was data collected based upon 2008 results which, for the most part occurred before the economic downturn fully affected New York. </div><div>I would expect that for 2009 and 2010 this statistic will be even worse. Under no set of circumstances is it healthy for 1/8 of the rent regulated housing stock to be in distress. This is bad for landlords, the tenants who have to live in substandard conditions as a result, and the city and the state that stand to lose significant tax revenues as a result and who ultimately may become the landlord of last resort. </div><div><br /></div><div><b>Alive and Well! </b></div><div>It's expected that the<a href="http://www.srcny.com/articles.html#june_2010_2"> 2010 census will demonstrate the resilience and strength of our city. New York</a> is the only large city in the Northeast and Midwest, including Philadelphia and Chicago, that has shown substantial population gains since 2000. In fact, New York City has been adding, on average, almost 1000 people a week since 2000. What's even more interesting is the characteristics of these people and what it tells us about how the city has changed during the past decade and what we can expect going forward. For more information check out Crain’s white paper on "what the 2010 census..." </div><div><div><span><span><br /></span></span></div><div><span><span><b>Three Years of Law School and This is What We Get</b></span></span></div><div><span><span> A recent newspaper article headlined " Alton attorney accidentally sues himself". Can't say that I'm surprised. </span></span></div><div><span><span><br /></span></span></div><div><span><span><b>Great Idea of the Week</b> </span></span></div><div><span><span>One <a href="http://www.nytimes.com/2010/06/13/us/politics/13repealer.html?ref=todayspaper">political candidate’s answer to the proliferation of governmental rules and regulations: Office of the Repealer</a>. He's got my vote. </span></span></div><div><span><span> <!--StartFragment--> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><u></u></b></p><span><span><b>25 Big Ideas to Change New York </b></span></span></span></span></div><div><span><span><span><a href="http://www.srcny.com/articles.html#august_2010_2"> Definitely worth a quick read</a><span>.</span></span><p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><u></u></b></p><b style="mso-bidi-font-weight:normal"><u><p class="MsoNormal"></p> <!--EndFragment--> </u></b><p></p> <!--EndFragment--> </span></span></div></div><div><span><span><span><span> <!--StartFragment--> <p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><u></u></b></p><span><span><b>No, It's Not "Stairway to Heaven" (volume 1</b>) </span></span></span></span></span></span></div><div><span><span><span><span><span><a href="http://www.srcny.com/articles.html#august_2010_1"> Rolling Stone magazine just published their list of the 500 greatest songs of all time</a><span>. I've included their list of the second through 10th. Number one will be included in my next blog posting.</span></span><p class="MsoNormal"><b style="mso-bidi-font-weight:normal"><u></u></b></p><b style="mso-bidi-font-weight:normal"><u><p class="MsoNormal"></p> <!--EndFragment--> </u></b><p></p> <!--EndFragment--> </span></span></span></span></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-75776386889281940882010-07-29T12:16:00.011-04:002010-08-03T17:49:21.743-04:00Sierra in the News<span class="Apple-style-span" style="border-collapse: collapse;font-family:arial,sans-serif;font-size:13px;" ><div><a href="http://www.srcny.com/sierra_in_the_news.html#" target="_blank" style="color: rgb(42, 93, 176);"><span class="Apple-style-span" style="border-collapse: separate; color: rgb(0, 0, 0);font-family:Arial,Helvetica,sans-serif;" ></span></a><a href="http://www.srcny.com/inthenews/NYREJ_Jul13-26_10_AndersonLeasesMusmanno.pdf" target="_blank" class="btsee" style="text-decoration: none; font-weight: bold; color: rgb(171, 5, 52);"></a></div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Some interesting news this week:</span></span></span><span class="Apple-style-span" style="border-collapse: collapse;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">
<br />
<br /></span></span></span><ul><li><span class="Apple-style-span" style="border-collapse: collapse;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">The </span></span><a href="http://www.srcny.com/sierra_in_the_news.html#NYREJ_Jul13_2010"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">New York Real Estate Journal notes that Sierra's own Jeffrey Anderson has leased 1,100 s/f to Musmanno</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"> of The Musmanno Group at 229 East 60th Street.</span></span></span>
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mso-bidi-font-family:"Times New Roman"; mso-bidi-theme-font:minor-bidi;} </style> <![endif]--><span style=";font-family:";font-size:180%;" >Attention cupcake lovers! The<span style="color: rgb(51, 102, 255);"> </span></span><span style="color: rgb(51, 102, 255);font-family:";font-size:180%;" ><a href="http://www.srcny.com/inthenews/REALDEAL_Jul6_10_SierraSprinkles.pdf">Real Deal reports that Sierra helped our fave bakery, Sprinkles Cupcakes to lease 780 Lexington Avenue</a></span><span style=";font-family:";font-size:180%;" >, across the street from Bloomie's.</span></li></ul><span style=";font-family:";font-size:130%;" ></span><ul><li><span class="Apple-style-span" style="border-collapse: collapse;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Real Estate Weekly's </span></span><a href="http://www.srcny.com/inthenews/REW_Jun30_10_InTheNews.pdf"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">On the Scene writes about Sierra's Barry Sanet as the exclusive agent for Renaissance Studios</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;"> at 130 West 57th Street -- exciting mixed use with some very glamorous retailers --</span></span></span></li></ul><span class="Apple-style-span" style="border-collapse: collapse;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">
<br /></span></span></span></div><div><span class="Apple-style-span" style="border-collapse: collapse;"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">and finally,</span></span></span></div><div><span class="Apple-style-span" style="border-collapse: collapse;font-family:arial,sans-serif;font-size:13px;" ><span><span><ul><li><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">The </span></span><a href="http://www.srcny.com/sierra_in_the_news.html#CO_Jun8_2010"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Commercial Observer notes that yours truly (James Wacht) is Appleseed </span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">Advisory Council Chair -- check out their wonderful </span></span><a href="http://ny.appleseednetwork.org/bNewYorkHomeb/tabid/252/Default.aspx"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size:small;">NYC advocacy and social justice work here</span></span></a></li></ul></span></span><div><span style=";font-family:Geneva;font-size:11px;" ></span></div></span></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-82155396658270851952010-07-06T12:01:00.010-04:002010-08-04T12:36:28.763-04:00News and views, July 6<span style="font-weight: bold;">Distressed Assets and Foreclosures</span><br /><br />Since everybody seems to want to get into the <a href="http://www.berdonllp.com/ecast/">distressed asset business, I thought it would be useful to include an excellent e-cast on the subject</a>. (My thanks to the Berdon LLC firm for allowing me to publish this.)<br /><br /><span style="font-weight: bold;">The Death of the American City </span><br /><br />My wife and youngest son have a quest to visit every major league baseball stadium in America. This quest has taken us to many of our country's cities. Being a native New Yorker, I typically envision cities as being centers of bustling activity and commerce. My visits to other cities in the country have shown me that often my vision could not be further from the truth. Many downtowns become virtual ghost towns in the evenings and on weekends. It is very strange to wander these downtowns on a beautiful weekend day and rarely see another person. What is the cause of this phenomenon?<br /><br />One culprit is the automobile and the creation of the Interstate Highway system in 1956. At the time of its creation, the Interstate Highway System was thought to be critical to our national defense by enabling troops and military supplies to move freely and quickly around the country in case of an emergency or foreign invasion (while that may sound silly today, let's not forget that this was during the height of the Cold War). In response, governments constructed elaborate highway networks in and around their cities' downtowns which, rather than facilitating the movement of troops and supplies, encouraged the flight of the middle and upper class to the ever widening bands of suburbs being developed in the surrounding areas.<br /><br />Cities began to lose their lifeblood as a result of automobile culture, and as they did, tax bases eroded, services were cut and taxes increased- accelerating and perpetuating an upper and middle class exodus. As we become more attuned to the destructive effects of automobile-created sprawl on communities, culture and natural resources, we must invest in our mass transit infrastructure to reverse it, cultivating an urban density characterized by shared resources and integrated communities. A beginning of this reversal trend can be traced to the artists and urban pioneers who have adopted many cities' deserted and deteriorating neighborhoods, often out of necessity, revitalizing some of the most desolate, underused urban territories that have now become vibrant and valuable parts of the cities' fabric.<br /><br /><br /><span style="font-weight: bold;">A Radical Proposal to Remake Government</span><br /><strong></strong><br />I, like many of you, pay a lot in taxes. It seems that our elected representatives look at us as ATM machines available 24 hours a day/7 days a week to pay for their pet programs. It's not that I necessarily disagree with the purposes of their programs but rather more a belief that governmental agencies are so grossly mismanaged that much of our tax dollars are wasted. For me, it is not necessarily that I would like to keep more money for myself, after all even after I pay my taxes every year I still contribute significant amounts to various charitable organizations. It's that every time I read a story about non-competitive bidding for multi-billion-dollar defense contracts, $200,000 annual pension payments to government workers and the like, I cringe. So the question is: what can we do to incentivize our government to spend our tax dollars as frugally and wisely as we would if we were spending it ourselves? Privatization is a partial answer but not always satisfactory when it comes to providing quasi governmental services that serve the public good but do not generate a profit. My suggestion: allow taxpayers to take a dollar for dollar credit against their taxes (as opposed to the current deduction that the tax code allows) for any contributions they make not for profit organizations that provide quasi-governmental services. Not only would this force government to be more competitive and pay more attention to the bottom line, it would also give taxpayers substantially more control over how their tax dollars are being spent which may actually encourage even more giving than would otherwise be collected through taxation. Obviously, there are numerous issues that would have to be addressed in creating such a system but encouraging competition with government would go a long way to compel a government to function more effectively and efficiently.<br /><br /><strong>Interesting Fact: Persistence Pays Off<span style="font-weight: bold;"></span></strong><br /><span style="font-weight: bold;"></span><br />Other than the presidency, Abraham Lincoln lost every election in which he ran.<br /><br /><span style="font-weight: bold;">Pigeon Poop: Some Interesting Facts about these Ubiquitous Birds or "Always Look-up as you walk"</span><br /><br /><ul><li>Number of pigeons in greater New York City area: 7 million</li><li>Number of pigeons served in both world wars, as messengers: 1 million</li><li>Pounds of pigeon poop produced yearly per pigeon: 25 (do the math-that's a total of 175,000,000 pounds of pigeon shit produced every year in New York City. I shudder to think where it all goes!)</li><li>Miles per hour on pigeon can fly: 60 (the fastest animal in the world, the cheetah, can run up to 70 mph)</li></ul><span style="font-weight: bold;">The Smarter Planet </span><br /><br />For the first time in history more than one half of the world's population lives in cities. By 2050, that number could rise to 70%. IBM has created a really cool website showing their perspective of the future of cities and the earth. If you thought <a href="http://www.blogger.com/www.IBM.com/SmarterPlanet">Fritz Lang's movie "Metropolis" was really cool you should definitely check out this website</a>.<br /><br /><span style="font-weight: bold;">Recommended Websites </span><br /><br />Occasionally, I come across websites that are particularly useful:<br /><br />Cheap parking: For <a href="http://nyc.bestparking.com/">cheaper parking rates and discount certificates check out www.bestparking.com</a>.<br /><br />Great productivity tool: <a href="http://www.copytalk.com/">this website allows you to dictate memos etc. into your cell phone and have them transcribed and e-mailed back to you as text</a>. Accuracy is pretty good.<br /><br /><span style="font-weight: bold;">A Personal Story</span><br /><br />If you have a child who is struggling with a learning disability, <a href="http://www.troymedia.com/wp-content/uploads/2010/05/FTVol1Iss1.pdf">this article recounts our family's experience struggling with -- and ultimately conquering -- our oldest son's learning disability</a>.<br />Our son is now 19 years old and is a very successful student at University of Vermont. This article reminds me of the difficulties we experienced in dealing with his learning disability but also the tremendous gratification we felt on his success. I couldn't be prouder of my son for his accomplishments.jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-89914608344398988202010-06-30T17:08:00.008-04:002010-07-06T12:14:38.401-04:00This Week's News Roundup<a href="http://www.srcny.com/inthenews/MANN_JunJuly_2010_SRCTacklesTheImpossible.pdf" target="_blank" class="btsee" style="text-decoration: none; font-weight: bold; color: rgb(171, 5, 52); "></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">The </span></span><a href="http://www.srcny.com/inthenews/MANN_JunJuly_2010_SRCTacklesTheImpossible.pdf"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Mann Report has a fun story about how we at Sierra tackled the impossible</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"> -- Peter Braus brought his years of restaurant leasing experience to bear -- and Murray Hill foodies prevailed!<br /><br /></span></span><a href="http://www.srcny.com/inthenews/CITYBIZ_Jun22_10_Sierra_Realty_Launches.pdf"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">CityBiz Real Estate reports on Sierra Development LLC</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">, launching a new division headed by 30-year construction executive Gary Zaid, expanding our service lines to include construction and project management and owner and tenant representation. </span></span><a href="http://www.srcny.com/inthenews/REW_Jun9_10_SierraRealtyLaunchesNewDivision.pdf"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Real Estate Weekly has a nice report on our new division launch</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"> here also.<br /><br /></span></span><a href="http://www.srcny.com/inthenews/SOCIALNEWS_Jun22_10_ZaidJoinsSierra.pdf"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">Socialnews.biz has a nice intro piece on Gary Zaid joining Sierra Realty</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"> as SVP.</span></span><div><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"><br />And, finally, </span></span><a href="http://www.srcny.com/inthenews/REALDEAL_Jun_10_CommercialProperties.pdf"><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;">The Real Deal has a story on our commercial properties recently placed on the market -- check out the beautiful Hotel East Houston</span></span></a><span class="Apple-style-span" style="font-family:georgia;"><span class="Apple-style-span" style="font-size: small;"> near Eldridge and Allen, on sale for $25 million. </span></span><span class="Apple-style-span" style=" ;font-family:Arial, Helvetica, sans-serif;font-size:13px;"></span></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-60876550188561117652010-06-16T17:20:00.007-04:002010-08-04T11:21:03.400-04:00This Week's News Roundup<span><span>Click on any of the following links to read the stories -- this week's interesting real estate business news:</span></span><div><br /></div><div><span><span>NYC Architecture: </span><a href="http://www.srcny.com/inthenews/NYCARCH_Mar15_10_BetterRents.pdf">better rents, new projects, and the Vornado effect bring new eateries to Midtown South</a><span>. </span></span></div><div><span><span><br /><a href="http://www.srcny.com/inthenews/CO_Jun15_2010_ThisWeeksPhotos.pdf">Real Estate Board of New York's Retail Deal of the Year Awards</a> -- fun photos here!<br /><br /></span></span></div><div><span><span>Crain's New York Business notes that </span><a href="http://www.srcny.com/inthenews/CRAINS_May10_10_Real_Estate_Deals.pdf">restaurateur Ed Martinson signed a 20-year, 5,000-square-foot lease at 45 E. 30th St. Peter Braus and Peter Levitan of Sierra Realty Corp</a><span>. represented both the tenant and landlord, 43 Park Owners Group. Mr. Martinson's new restaurant is scheduled to open this summer.<br /><br /></span></span></div><div><span><a href="http://www.srcny.com/inthenews/REB_Jun9_10_Retails_Best.pdf">REBNYʼs annual Retail Deal of the Year awards highlighted the Best of 200</a><span>9. Above, Ripco Real Estateʼs Peter Ripka (joined by Sierra Realtyʼs Peter Braus) holds his award for the deal that “Most Significantly Benefits Manhattan” -- the leasing journey of the 475k SF East River Plaza, which turned a dilapidated manufacturing plant into a retail destination. </span></span></div><div><br /></div><div><span><span>M. Marianne Thorsen and An-Chi Miau of </span><a href="http://www.srcny.com/inthenews/REALDEAL_Jun1_10_LESHotelAskin25M.pdf">Sierra Realty are handling Hotel East Houston at 151 East Houston, between Eldridge and Allen streets, on the market for $25 million</a><span>. The newly constructed hotel, comprising 15,395 square feet and six stories, has 42 rooms with custom-made furniture, wood finishes and marble bathrooms. In addition, the hotel has a banquet facility, nearby parking and a rooftop terrace and lounge that overlook the Hudson River.<br /><br /></span></span></div><div><span><span><a href="http://www.srcny.com/inthenews/REB_Jun8_10_Business.pdf">Sierra Realty Corp. launched Sierra Development, its new construction and development division, which will be led by Gary Zaid</a>. This expands the companyʼs service lines to include construction and project management, owner and tenant representation, general contracting, value engineering, and development services. </span></span><div><p style="margin: 0px; font: 11px Helvetica;"></p><p style="margin: 0px; font: 11px Helvetica;"><br /></p><p></p></div></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-38512183609581952972010-06-02T11:24:00.003-04:002010-06-02T12:44:23.351-04:00All that Jazz -- Paying Off for At-Risk StudentsArturo O'Farrill, Grammy-winning pianist, composer, and educator and I are introducing the <a href="http://www.srcny.com/sierra_in_the_news.html#REW_May19_2010">first Afro Latin Jazz Alliance-sponsored Music in School program at the UA Bronx Studio School for Writers and Artists. Read here</a> for the whole story, and check out Arturo's <a href="http://www.afrolatinjazz.org/">Afro Latin Jazz Alliance website here</a>.jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-39461082888330007212010-06-01T12:40:00.005-04:002010-06-01T12:44:32.877-04:00Computers are bad for you (unless you are a lawyer billing by the hour)<span class="Apple-style-span" style=" border-collapse: collapse; "><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">As I sit here reading the fifth draft of an 80 page lease, I can’t help but to think that if it had not been for the advent of the computer I could probably be doing something far more productive with my time. </span></span></span><div><span class="Apple-style-span" style="border-collapse: collapse; "><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span></span></div><div><span class="Apple-style-span" style=" border-collapse: collapse; "><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Back in the big hair day of the early 80s when I was a practicing attorney and before the widespread use of computers and word processing software, it was rare that a lease would exceed 20 pages or go through multiple drafts before being finalized. Ironically, the advent of computers did not necessarily make the practice of law any more productive but instead encouraged the creation of excruciatingly long and complex documents that can be negotiated ad infinitum until either the lawyers tire of the game or the client finally screams "uncle." </span></span></span></div><div><span class="Apple-style-span" style="border-collapse: collapse; "><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;"><br /></span></span></span></div><div><span class="Apple-style-span" style=" border-collapse: collapse; "><span class="Apple-style-span" style="font-size:small;"><span class="Apple-style-span" style="font-family:georgia;">Back in the good old days of low technology typewriters, onion skin paper, "white out," and correction tape making wholesale changes to a document was very difficult and time-consuming. Consequently documents were kept simple and were not over-negotiated. Have we really accomplished anything today by preparing complicating leases and having long protracted negotiations? Other than the exorbitant legal fees that often accompany these documents, probably not!</span></span></span></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-1580556679108675292010-05-28T15:39:00.004-04:002010-06-01T12:38:56.414-04:00Mortgage Recording Tax SavingsDid you know that any taxpayer who has paid mortgage recording tax is entitled to a one quarter of a point refund of the amount paid? On a $5 million loan, this would be a $12,500 refund. Definitely not chump change. The proper way to obtain the refund is by claiming a credit on your tax return (I assume it is claimed on the New York state tax return) that is filed for that year. If this is something that you failed to do for any mortgages you refinanced or obtained over the past several years, you are not completely out of luck. There's a three-year statute of limitations on obtaining a refund. However, for any past tax years you would then need to file an amended return. Depending upon the amounts involved, this is something you may consider taking advantage of.<br /><br />Graffiti Removal Program:<br /><br />A new law recently went into effect (Local Law 65-2009) that fast tracks removing graffiti on buildings in New York City, and makes it easier for business owners and residents to get it removed at no cost.<br /><br />How the graffiti-free process works: the new law went into effect on April 7, 2010, and the Administration has been focused on smoothing out technical issues that might arise as the 35-day notices are sent in to city government. The highlights of the law are:<br /><ul><li>If you’re the owner or authorized representative of a property, you can request free removal of graffiti on your building by filling out a <a href="http://www.nyc.gov/html/cau/html/qol/anti_graffiti_faq.shtml">Forever Graffiti Free form here</a>. (Forms are also written in Spanish and Chinese). </li><li>If you see graffiti on someone else’s property, call 311 to report it. </li><li>If graffiti is observed on your building and you do not already have a Forever Graffiti Free form or waiver in the City’s system, you’ll receive a “Notice of Intent to Clean” from the Department of Sanitation. </li></ul><div> This notice will explain that you have three options:<br /><ul><li>You can inform the City that you want to clean the graffiti yourself. Call 311. </li><li>You can inform the City that you consent to the markings identified as graffiti on your building, for whatever reason. Call 311. </li><li>If you don’t take either of those two steps, the City will route your property for cleaning after 35 days. </li></ul>A few things to note:<br /><ul><li>The City of New York will send the “Notice of Intent to Clean” to all addresses on file for the property, checking all City databases (DOF, HPD). </li><li>Property owners or representatives can request a 15-day extension, if they need more time to make up their minds. </li><li>If you already have a waiver or Forever Graffiti Free form on file, you don’t need to fill another one out as long as you own the property. </li></ul><a href="http://www.nyc.gov/html/cau/html/qol/anti_graffiti_faq.shtml">Here are more detailed FAQs</a>.<br /></div>jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-50794849057150347052010-03-19T17:45:00.002-04:002010-03-19T17:50:33.326-04:00Sierra in the newsEmily Geminder in The Commercial Observer has a <a href="http://www.srcny.com/inthenews/CO_Mar15_2010_116WestHoustonSt.pdf">nice mention of our lease with pastry chef François Payard and his new shop in Greenwich Village</a>. The 8,000-square-foot bakery and cafe on West Houston Street will come to a neighborhood that is, as our own Peter Braus said, "renowned for its great culinary personalities." Sierra is the exclusive broker for the Y&H-owned building. Ruth Shnay, also of Sierra, represented Mr. Payard, along with independent broker Nevin Danziger, in the negotiations for the 15-year lease.<br /><br />Delicious news!jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0tag:blogger.com,1999:blog-8699362360101537293.post-12886779323892249452010-03-03T12:20:00.002-05:002010-03-03T12:30:11.050-05:00Articles 2.03.10Two interesting articles.<br /><br />From the New York Housing Journal: deadbeat tenants getting you down? Believe it or not, there is something you can do to deal with the deadbeat tenant that only pays rent once you start legal action. <a href="http://www.srcny.com/ARTICLES/Chronic_Repayment_Case.pdf">Check out "How to Win A Chronic Nonpayment Case."</a><br /><br /><br />And from <a href="http://newyork.timeout.com/">Time Out New York</a>: <a href="http://www.srcny.com/ARTICLES/100_Best.pdf">"100 Best Things... You Must Eat and Drink."</a><br />Prepare yourself for the finest burger in the city, plus life-changing fired chicken, pizza, sea-urchin toast, and caramel-chocolate popcorn.jwachthttp://www.blogger.com/profile/11959338426541419204noreply@blogger.com0