First Look at Wednesday's Real Estate Headlines

Here are tomorrow's real estate stories, now:

  • The New York Post has an update story by columnist Steve Cuozzo on the sale of the Plaza, and why, now, it's a no-go:  Because a judge in India said so.  The courts there are keep a close watch on the assets of the landmark's owner, Sahara India Pariwar, and issued the order barring disposal of assets.
  • A rent miracle on 42nd St., and a miracle $450 Hotel Chelsea month rate, and more--including a $10 million demand to leave--in a Wall Street Journal story on how the creative get the good deals, with the self-explanatory title, "The Artistry of a Bargain: Housing Catering to Artists Is Slow to Change Hands." 
  • In tomorrow's New York Times is a story on a guy who owns a W. 42nd St. diner, in the shadow of new developments, who literally ran away, according to the article, from a room of lawyers and a $10 million offer.  Did he learn a lesson? "Even if they give me $1 billion, I will not sell,” he tells the Times. “Where am I going to go? This is my Park Avenue, my Fifth Avenue.” Here's a link to "American Dreamer on 42nd Street Who Fled From a Deal."
  • Just to our north, there are fiscal problems in Rockland County.  And at least a small part of it is due to the recession's housing market.  The effects have rippled, as Bloomberg News points out in "Rockland Wins as Latest Suburb Under N.Y. Oversight: Muni Credit." The county is now under control of the New York state government.
  • Also, just posted on Bloomberg News, purchases of foreclosed homes at auctions increased substantially in October, with banks benefitting from higher prices. Specifically, about 20% of repossessed properties sold at U.S. auctions compared with 15% in July, according to the article, with auction deals the sourve of 2.5% of all October U.S. home sales, almost double the rate from the year-earlier month. See the report, attributed to data company RealtyTrac, here.

 

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