- Posted at 1:45, December 09, 2013
- By Quidnunc Staff
The jump on Monday:
- The NY Post will have details tomorrow you can read now on a Dutch firm that will be designing an addition to the recent Gotham Plaza project on E. 125th, HERE.
- Tomorrow’s Wall Street Journal says that Gowanus will change forever—real estate development, and otherwise—thanks to Whole Foods, HERE.
- Also in tomorrow’s WSJ, the apparent impending Queens lease agreement by Nordstrom Co. to open a Nordstrom Rack—a smaller, discount version of the full department store, provides an opportunity for the newspaper to look at trends in commercial and residential real estate throughout the borough, HERE.
- Monday's Wall Street Journal "What's the Deal?" column says that the real estate industry in the guise of Steven Spinola of the Real Estate Board of New York feels good about Mayor-elect de Blasio's naming of William Bratton police commissioner--safety first!--and has an item on a new Thrive Capital $4 million investment in Honest Buildings. The web tool "enables building-services providers to create free, online portfolios of their work," and then evaluates the portfolios for a fit with property owners. Jared Kushner, CEO of real estate investment firm Kushner Cos., joined the Honest Buildings board last month, according to the Journal article (sub required), and Thrive is run by his brother.
Wrapping up the weekend:
- New York City Housing Authority news over the past few days hasn’t been uplifting. The Daily News has been dogging the agency for months. It is under fire for permitting city housing stock to deteriorate and allowing repairs to lag for months. After the newspaper reported Friday that the 420,000 outstanding requests would not be cleared up by the end of the year, one of the most-read stories on its website this weekend is a two-page picture spread on NYCHA’s eviction proceedings against a 100-year-old resident. The elderly woman was one of the first tenants to move in when the Rutgers Houses opened on the Lower East Side in 1964. Now, your tax dollards are paying to have her thrown on the basis that the unit was not her primary residence. Sunday's feature can be found HERE.
- The first listing in Bloomberg’s Friday feature, “The Best and Worst Investments of 2013,” surprised us and may surprise you: the Best U.S. Large-Cap Stock is the politically beleaguered Fannie Mae, better known as the Federal National Mortgage Association.The report says it increased 1,010% this year. The item says that Fannie Mae lost 98% of its equity value in 2008 when the markets for the home loans that it buys up bottomed out. Congress is considering reforming the way Fannie Mae operates or dissolving it altogether. Bloomberg notes that the government still owns nearly 80% of the company. Bloomberg says that the U.S. Lare-Cap Stock category comprises 458 stocks on U.S. exchanges with market capitalizations of more than $10 billion.
- In “NYC Business Tax Breaks Face Skepticism From De Blasio,” Bloomberg writer Martin Z. Braun on Friady looked at the new administration’s tax policy, which mostly focuses on real estate issue. The article discusses how Mayor-elect Bill de Blasio intends to provide incentives for affordable housing by cutting tax concessions that often have spurred developers’ interests in such projects. The article suggests that de Blasio will have to square his affordable housing and elimination-of-breaks goals with his strong support for the Atlantic Yards project in Brooklyn, which has so far produced the Barclays Center arena but no affordable housing
- Also on Bloomberg, PNC Bank has paid $89 million to Freddie Mac as compensation for the bad mortgages the bank sold to the majority government-owned company. The article says that the “[l]egal disputes tied to mortgages have cost the largest U.S. lenders more than $100 billion,” noting that PNC already had reached a settlement with that other government-related entity discussed above, Fannie Mae, in October for loans in the same 2000-2008 period.
- Remember that federal government-driven settlement last year with the nation’s major banks on mortgage servicing practices? The $25 billion national mortgage settlement that said they would do better with, for, and by their customers? The New York Post reported today that they’re arguably doing much worse, as depicted in a report by the settlement administrator. Details HERE.