Showing posts with label NYC. Show all posts
Showing posts with label NYC. Show all posts

Monday, September 12, 2011

In Remembrance

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.

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.

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.

Tuesday, January 4, 2011

Articles 01.04.11

Distressed Debt Trap -- Buyer Beware

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.

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.

Useful New York City Facts

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:

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.

Read all these facts here.

Other interesting facts:

Historic New York

for 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. Check it out here.

My Cousin Vinny

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.

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 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.

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.

You' re Ugly!


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?

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 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.

It's no wonder that not a single unit in this development has been sold 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.

Second, as you can see in the lower left-hand corner of the window this building qualified for a 421-a tax abatement. So not only is this building ugly, it was 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.

When Old becomes New

These are pictures of the newly constructed Ralph Lauren building on the southwest corner of 72nd St. and Madison Avenue.

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.

Tuesday, October 19, 2010

Articles 10.19.10

Food Glorious Food!
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.

Food trucks have now become such a part of our epicurean pop-culture that they even have their own annual awards -- the "Vendy’s." For a quick, cheap curbside meal, visit one of these trucks.

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 "Best of NYC Dining: 10 Most Exciting Restaurants."

And for the latest trends in restaurant design take a look at the article "Great-good-places."

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 "Fourth Stroke Indicator." Early detection can be an absolute lifesaver.

Innovations in Parking

An idea whose

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.


For truly cutting edge parking technology take a look at the presentation for the "Multi-Parker 730."


Road Trip!

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 "27 Ultimate Road Trips" first for some interesting rides.


Friday, March 19, 2010

Sierra in the news

Emily Geminder in The Commercial Observer has a nice mention of our lease with pastry chef François Payard and his new shop in Greenwich Village. 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.

Delicious news!

Friday, February 26, 2010

Interesting news from around the city

Trailer Park Hipsters: you have to admire the entrepreneurial spirit particularly when it comes to real estate in New York.

I remember the "beach barge" that several years ago some nightclub operators created by pouring sand in a barge and mooring it to the Manhattan side of the East River. It lasted about five days before the city shut it down. I was not surprised then when I heard that some fledgling young real estate moguls decided to create a trailer park in an old warehouse in Bushwick.

I decided to take a look for myself and drove out there one Saturday morning. It was difficult to locate since it's behind an unmarked door. However, when I got inside I found half a dozen broken down trailers set up with numerous twentysomethings milling about.

"Interesting," I thought. When will the city shut them down?"

As it turns out, while it lasted little bit longer than the beach barge, the trailer park was recently shut down by the fire department.


Click here for a trip around the world, guaranteed to make you smile!

I particularly like the bearded guy in Paris.


Another sign of the times: one imaginative and entrepreneurial company seeking to take advantage of a terrible real estate market has taken a chapter from those airport vendors offering to wrap your suitcase in plastic and are offering to wrap unfinished condominium construction projects in plastic so that they can be put on hold and resumed later.

Monday, November 9, 2009

Sierra Realty awarded exclusive agency for 229 East 60th Street

The Mann Report mentions that Sierra Realty's own Jeffrey Anderson and Barry Sanet have been awarded exclusive agency for 229 East 60th Street, an elegant brownstones between Manhattan's Second and Third Avenues. The space is used for offices and lovely galleries and showrooms. Congratulations to Jeffrey and Barry!

Executive Moves

Crain's New York Business kindly mentions our new hire, Stephen B. Carter, who was appointed senior vice president of residential property management. He joins Sierra Realty from Manhattan North Management, where he had been vice president and director of property management. Please join us in welcoming Stephen!

Monday, September 21, 2009

Articles 09.21.09

OK, so it has nothing to do with real estate. This list of the best 1000 rock songs, as voted on by the listeners of 101.9, is a treasure trove of songs to be downloaded into your iTunes library. It is not the top 100 songs that is so interesting (although the selection of "London Calling" as the top song is a little bit puzzling) -- it's all the rest. Feel free to share this list with others. Rock on!

Thursday, September 17, 2009

Sierra in the News

Crain's New York Business has published my letter, Wal-Mart Debate Rages. Read it here. Thanks, Crain's!

Wednesday, September 16, 2009

Articles 09.16.09

The recent issue of CHIP (Community Housing Improvement Program) has published my article, "The Apartment Inspection Checklist." Recent court decisions, as well as proposed legislative changes, should serve as wake-up calls to those of us who own and/or manage multi-family properties. Read the whole article here.

Thursday, September 3, 2009

Sierra in the News

Our friends at Real Estate Weekly mention that we've been appointed managing and leasing agent for 648 Broadway, ten stories and 50,000 square feet of cast iron -- it's an amazing space. The landmark 19th building is at the convergence of the most vital downtown neighborhoods: SoHo, Washington Square, the East Village, and NoLiTa. Thanks, Real Estate Weekly!

Thursday, June 11, 2009

Sierra in the news

Our friends at The Mann Report have my article on the budget crisis now affecting NYC and some ideas for addressing it. Read it here.

Thursday, May 7, 2009

Wednesday, April 15, 2009

How property owners can deal with distressed tenants

I have an article in the New York Real Estate Journal discussing ways in which New York City property owners are going to be confronted with serious challenges over the next several years, and how concerned property owners can best protect themselves against these potentially serious problems?

Click here to read the whole thing.

Articles 04.15.09

How about some good news for a change? Apparently, despite recent economic woes, New York City is still the Big Apple and many young people's eyes. In fact, the recent downturn has actually resulted in many recently unemployed relocating to New York in search of their big break. This phenomenon is described in "Arrivals, New York."

"Recycling Suburbs" is featured in Time Magazine as one of the 10 ideas that are changing the world. This article describes the transformation that is occurring in many existing suburbs to bring them into the 21st century and to make them "greener."

For a description of how the 47,000 miles of the interstate highway system can be adapted to better serve the 21st century see the article "Reinstating the Interstate." No longer was the interstate simply be a roadway to transport cars from place to place but it can now serve as the basic infrastructure for creating light rail systems and extending the power grid.

Have you ever been curious about what the various style hats mean that are worn by Hasidic men? I always thought that the style of hat indicated the region of Eastern Europe from which the family had emigrated. I was wrong. The correct answer, look at the article "Hasidic Haberdashery."

Most of us have very little idea how to interview a prospective employee or to check their references. For some guidance, look at the article "Reference Checks."

Wednesday, March 25, 2009

Sierra in the News

Crains New York Business journalist Adrianne Pasquarelli talks to Sierra Realty's own Peter Levitan about retailer Flight Club signing their third Manhattan location. Read the whole thing here: Cut-rate Rent Makes SoHo Shop Shoe-in.

Monday, March 23, 2009

Sierra in the News

The Residential April, 2009 issue of the Mann Report has another nice mention of this humble blog. Thank you!
Click here to read: Sierra Realty Amps Up Real Estate Coverage On Firm's Popular Blog.

Monday, February 23, 2009

Sierra in the News

The Mann Report has an article up about this humble blog. We were also mentioned in Brokers Weekly and Real Estate Weekly. Thank you!

Friday, January 30, 2009

Articles 01.30.09

To understand the magnitude of the issues facing our city over the next several years it is instructive to understand what happened in previous downturns. “Future of NYC: How Bad Will It Get?” provides an invaluable history lesson. When reading this article keep in mind that current predictions are that the City will lose a total of about 250,000 jobs by the middle of 2010 although this number has been climbing every month.

For those of us who have been compelled to sit on the sidelines the last couple years while the spreadsheet cowboys have been chasing deals with cheap money, the article “Return to Fundamentals in Time of Crisis” is a breath of fresh air. Isn't this how deals were always supposed to be done?

“London and New York in the 21st Century” is an interesting analysis of what these two cities must do over the long term to maintain their stature as the foremost commercial centers of the world.

For the brave souls among you who would like to celebrate The Year of the Ox, “Fine China” offers recommendations for several restaurants in Manhattan's Chinatown. Enjoy!

Wednesday, January 28, 2009

The Real Deal Interviews Peter Braus

New York real estate news magazine The Real Deal's reporter Adam Pincus interviews Sierra Realty's own Peter Braus.

Peter Braus, executive vice president and principal at property owner and manager Sierra Realty, said tenant brokers have more leverage in the commercial leasing market today as vacancy rates rise and new tenants are hard to find.


Click here to read the whole thing.