True Gotham

For you straphangers out there who constantly complain about New York City's subways, suggesting that they are too crowded, I give you this YouTube Video of Japanese "Pushers" stuffing passengers into a train:

TAAAAAAAXI!!!!...or shall I say takushi?

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I must apologize for the light postings lately and the lack of original content but today's Manhattan real estate marketplace is requiring more effort and energy per deal than anytime in the past decade.  Don't misunderstand me here...I'm not bellyaching...just providing some insight as to why posting quantity and quality have suffered. 

So today again I provide you with links to some interesting topics around the real estate (and pot...yes marijuana) blogosphere:

• From Zillowblog comes Hey! Don’t Take My HELOC! which reveals the recent practice of banks freezing homeowner's lines of credit.
• Also from Zillowblog comes Owning vs. Renting a Home.  Check out the analysis.
• From the New York Observer (via Curbed) comes Manhattan-ifest Destiny revealing the recent phenomenon of more people moving from Manhattan and Brooklyn to LA than vice versa.
• A couple of weeks back, Jeff Byles of the New York Times penned Taking Back the Streets.  If you missed it, check out the possibilities for making New York a greener and more liveable space.
• From RealtyBaron comes“My current Realtor raised her commission…from 6 to 7%. Can i do better?”
• "Lady in Dublin believed the realtors, believed the media, and believed in the "housing ladder". And she's lost $100,000 already, and counting" (via HousingPanic)
• And finally, totally unrelated to real estate except that the NAR seems to be smokin' something (via Matrix), check this out from BoingBoing...Kids' book about pot: "It's Just a Plant" which suggests that it's OK for adults to break the law if they choose but children shouldn't...nice lesson...can't wait to teach THAT to my kids.

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CoRE is up at Reachd.  Check it out with a particular nod to  Bad Pricing Strategies That Will Likely Come Back To Bite Sellers In The Arse! from Silicon Valley Real Estate Guide.

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Although I have lived on the island of Manhattan since 1989, I'm still sometimes baffled at some of the idiosyncrasies of our local real estate market.  The lack of a multiple listing service, the housing stock consisting of 75% cooperative housing, and of course the behavior of prices that seems to be completely unique to Manhattan.  Case in point, Josh Barbanel's piece in this past Sunday's New York Times, A Repository for the Rich reveals the $801,000 purchase price for a basement storage space in the world renowned Dakota at 1 West 72nd Street.

The storage room is situated on a basement corridor and has a locked door, four bare walls, electricity and a half-bath, but is uninhabitable and costs more than the average price for a one-bedroom apartment in Manhattan last year.

But at the Dakota, basement storage spaces for those old papers, sleds, college textbooks, strollers and out-of-favor artwork are hard to find. When the word was circulating that a storage locker would be sold to the highest bidder among the building’s residents, there were bids from at least eight co-op owners, including a representative of Yoko Ono, who maintains a home in the building, according to a person briefed on the sale.

The winning bidder was John M. Angelo, a hedge fund manager and the chief executive of Angelo, Gordon & Company, and a member of the board of Sotheby’s. He has assembled several co-op units into a sprawling apartment on the second floor of the Dakota.

Certainly this seems like an exorbitant amount of money to pay for a windowless room for storage, but when compared to the purchase prices of homes in the Dakota and the overall lack of storage in the neighborhood, $801,000 makes perfectly good sense to me for the luxury of traveling only to your basement to fetch a family heirloom, antique, or piece of art to brighten up your 5000 square foot home.  After all, it's what single family homeowners do all the time.

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Welcome to the 86th edition of the Carnival of Real Estate. I'm absolutely thrilled and honored to be hosting the Carnival for the second time and want to especially thank Drew for the opportunity again.  There were a plethora of submissions to read and it is a difficult task always in deciding who makes the list and who doesn't.  A huge shout out to BlogCarnival for providing their new and awesome Carnival Editor Beta which made this time hosting a true breeze!  Thanks also to everyone who submitted.  Here are my 15 picks of the week in an effort to remind all of you out there that tomorrow is April 15th.

MY PERSONAL FAVORITE:  Not just the rule in Tallahassee Joe Manausa presents Selling Your Home - Single Most Import Fact You Must Know posted at Tallahassee Real Estate Blog.  He reminds us that buyers are the primary factor in determining the value of our homes.

An excellent source on obtaining your credit score without falling for any gimmicks as Raymond presents How To Get Your Free FICO Credit Score posted at Money Blue Book.

Ned Carey addresses all those late night infomercials granting false hope to those who want to invest with "no money down."Check out Can I Really Invest in Real Estate Without Money? posted at Baltimore Real Estate Investing Blog, which says, "A post to get you thinking not just about money but what other resources do you have."

I know about the changing face of the mortgage market all too well...Joe Peffer presents Pre-Approved? Think Again, You May Not Be. A Cautionary Tale posted at Columbus Real Estate Notes on Homes for Sale, the Columbus Market, and Home Buyer Help, saying, "active buyers need to keep one eye on the market and the other on their pre-approval as the mortgage market changes almost daily these days."

In the 2nd part of a 2 part series MoneyNing presents Be Human and Buy a Home posted at Money Ning, saying, "Buy a Home now!"

In one of the most eloquent blogs I've ever read Larry Walker presents Your Money or Your Life posted at Larry's Take on the Cocoa Beach Real Estate Market, saying, "How good must the deal be to forget that tired old mantra; location, location, location?"

Helen Anderson presents 5 Tips for Buying a Home in a Down Market at Best CD (Certificate of Deposit) Rates, Money Market Rates, High Interest Accounts posted at Bankaholic.

An excellent insight into what goes on behind the scenes when qualifying for a mortgage as Silicon Valley Blogger presents How Do You Qualify For A Mortgage Loan? posted at The Digerati Life.

Nigel Swaby presents 0 Down Mortgages Headed for Extinction (they're NOT extinct already?)posted at Salt Lake Real Estate Blog.

Sarah Mann presents Does Size Really Matter? posted at Zillow Blog

Eric Bryant presents Every “Real Estate Batman” needs a “Geek Estate Robin”! Unless they want to fade away… posted at GeekEstate Blog.

Trevor Mauch presents HousingMaps.com - A Cool Way to Find Properties On Craigslist? posted at Real Estate Investing Brain, saying, "Article on a great tool for helping you find properties on Craigslist. This is a map integrated with Craigslist listings to make it very easily searchable for properties by city and price."

Jessica Donnovan presents Marketing Your Real Estate Business Online posted at Real Estate License.

Mike Mueller presents Will Brent Bring Down Zillow Mortgage? posted at Mike's Minute... "The danger of Zillow's Mortgage Marketplace - with a comment from David G from Zillow"

Life. Money. Development. presents The 7 Attributes of Leadership posted at Life. Money. Development., saying, "An excellent presentation of the attributes every leader should have."

That concludes this edition. Next week's carnival will be hosted by Reachd.  Submit your blog article to the next edition of carnival of real estate using the carnival submission form. Past posts and future hosts can be found on the blog carnival index page.

Technorati tags: carnival of real estate, blog carnival.

UPDATE Friday, 3/18:  Drew Meyers just interviewed me about my experience with the CoRE, blogging, and the Manhattan real estate market.  Here's the...

 complete with an iTunes link

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The 85th Carnival of Real Estate has been posted at fellow blogger Jim Duncan's RealCentralVA.  Check it out.

The Carnival of Real Estate #86 will be posted right here at TrueGotham next Monday, April 14th...and don't forget your taxes!

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A potpourri of stories from around the country to right here in our own backyard:

• Housing cycles: lessons learned-an entertaining animation in which John Burns reminds us “Remember, every down cycle is the beginning of the next up cycle.” (via Hot Property)
• Also cyclical...Realtors' Leaving the NAR at Fast Clip (via Bubble Meter)
• If this is all too confusing...Our Confusing Economy, Explained (via NPR)
• If you're buying, get your ducks in a row because Fannie Mae Tightens Rules for Mortgages (via RealEstateJournal.com)
• If you're so unfortunate that you're both selling in one of the country's tougher markets and getting a divorce (ouch!), be mindful that Breaking up is harder to do (via SFGate)
• Check out Curbed's First Look at Renovated Madison Square Garden.  As a Baltimore native and unfortunate long time fan of the Orioles (no longer as long as Peter Angelos owns the team), I can tell you that renovating or building a new arena isn't likely to bring any championships.
• And if this seems like more bad news than good, well check out Housing Crisis Humor (via Zillow)

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I'm happy and excited to report that I will be appearing on NBC's Today Show tomorrow morning, Thursday, March 27 to discuss housing markets across the country and what sellers can do to both add value to their homes and increase the chances of selling if they are one of the unfortunate ones caught in a down market.

The interview will air live during the 10AM hour of the show at approximately 10:30AM.  If all goes well, I will post the interview in it's entirety here on TrueGotham ASAP.

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I'm leaving in in the morning for a much needed family vacation to Mexico.  I'll be back on Monday, March 24.  Yep 10 days of TG silence.  I'm not taking a BBerry, a laptop, or anything else that will tie me to civilization.  Looking forward to some REAL downtime and see you all in Spring.

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For those unfamiliar with this story, here's a snippet from WBAL-TV in Baltimore:

"Well, the real estate market has been compromised over the last two years and so we decided to hold a raffle to sell the property and to benefit a charity," Crawford said.

The house sat for a year in a stagnant real estate market. Crawford's dedication to the youth drove this idea.

"I've been a teacher all my life and my focus has been children. And naturally I thought of San Mar because it's very nurturing and rebuilds the lives of children with difficult life experiences," she said.

San Mar's Children's Home For At Risk Girls is celebrating its 125th year. It provides residential care for adolescent girls who have been abused, neglected or have behavior problems.

Director Daniel Day sees this raffle as a win-win for the homeowner and the children's

6,284 tickets were sold over 73 days in a win-win situation that sees desperate owners and a wonderful charitable organization walk away very happy.  Not to mention those who won the house and runner-up prizes.  Here are the WINNERS:

• House: Dennis J. Weaver - Hagerstown, Maryland
• Car: Randy Huff, Maritzea Falcom - Adamstown, Maryland
• Carpet: Dennis Wayne &Vicky Myers Jr. - Boonsboro, Maryland
• Furniture: Brian Kopp - Rochester, Minnesota
• Cash: Kenneth L. Clagett - Henderson, Nevada

Since the house re-appraised at $380,000 and Realtor Cynthia Moler donated her commission, San Mar Children's home raised over $200,000 for their cause!

Although all house raffles haven't been so successful, the outcome of this one makes me think that some sort of National Lottery System could be modeled after this in an effort to simultaneously assist desperate homeowners while raising money for charity.

For tips and advice on conducting your own house raffle, check out How To Raffle Your House.

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I'm heading out of the office shortly to show a property on the border of Tribeca and Battery Park City.  Rather than hastily jumping on the subway and guessing how long it would take me to get there, my brilliant assistant has directed me to HopStop.com.  Although she says this site has been around for years, I have never seen it and imagine that I can't be the only one who hasn't?  It's a MapQuest-like tool for the subway system allowing you to plug in a starting and ending address to generate multiple subway routes complete with time estimates.  It's brilliant and I thought it worthy of sharing. 

On a completely different subject, the SanMar House Raffle drawing is tonight and all of us who purchased tickets are eagerly awaiting the outcome.  Check back here tomorrow for the winners.

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LOL!!!

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The flu is sweeping through our house with the latest victim being my 3 year old daughter.  My wife and I are just waiting for its attack on one of us...oh happy day.  So here's a list of some of the interesting bits in the blogosphere today as I attempt to fend off the flu bug:

• Ew Ew That Smell-From Bradley Hope of The New York Sun comes Upper West Side Staple...uh...I mean Stable becoming Luxury Condos
• Sticking with the topic of Vanishing Old New York check out Jeremiah Moss's ultra-depressing blog (via Curbed)
• Ready to Refinance...not so fast...Ruth Simon of RealEstateJournal.com points out that Snags Abound
• More on the bizarre defiance in some local real estate markets as Global Meets Local from Carol Lloyd of SFGate.com
• The FBI investigates Roger Clemens while jokers like Casey Serin go unpunished (via HousingPanic)
• The Mother of all Margin Calls: Leverage Bites from my friend Noah Rosenblatt at UrbanDigs
• Curbed's Morning Credit Crunch explores median prices below $1M in East Hampton....WHAAAAAAAAT?!!!

Still feeling healthy...see you Monday.

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Win a House, Car, Cash or More!
Enter San Mar's Annual Raffle Today
Order your tickets at www.sanmarhome.org  
or www.sanmarraffle.com  
Hurry -- Drawing Date is March 13
Raffle Limited to 7,000 Tickets

Posted By Douglas Heddings | Permalink | 7 Comments

I often find myself daydreaming of owning a beautiful brownstone with a garden on a tree-lined street.  Since most of this type of home in Manhattan is north of $4M, Brooklyn seems a viable option except for one VERY important factor: my wife was born and raised on the Upper West Side of Manhattan and has little (who am I kidding) NO desire to move to Brooklyn.  That said, I occasionally drop her an email with a listing like this to see if she has had a change of heart:

106 Lincoln Place in Park Slope Offered by Corcoran (via HOTD from Brownstoner)

My wife's response: "it looks v. nice"

She couldn't even type "very" for goodness sake.  What is it about Manhattanites that seems to make them diametrically opposed to the possibility of calling Brooklyn "home?"  To be perfectly honest, everytime we have looked in Brooklyn the reality of leaving Manhattan bums me out so it's not just my wife.

To see more of this beautiful home, click on the picture above to go directly to the agent's web page.

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Thanks to DC Blog UrbanTrekker I stumbled upon this InmanBlog cartoon which they credit to The Big Picture (lots of credit given here...kind of nice).  You must check it out but be warned that it contains profanity so stay away if that sort of thing offends you.

Click the image for the entire PowerPoint presentation.

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It's very rare that I travel somewhere that has the impact that the beautiful city of Chicago had on me this past weekend.  Firstly, I must say that I haven't seen so much real estate development in one city ever and I wonder how all of that inventory is going to be absorbed.   That said, it wouldn't surprise me at all if every single one of those new developments sold out at record paces because Chicago is an amazing city.  From the friendliness of it's natives to the cleanliness of it's streets, it was an absolute joy spending the long weekend there.  And the food...oh my...the food!!!

I know this is a real estate blog, but If you're traveling to Chicago anytime in the near future, here are some of the restaurants that you absolutely MUST check out:

• Takashi-There wasn't one dish that didn't outdo the previous one in this phenomenal restaurant.  It doesn't hurt that the Chef brings his incredibly pleasant soul into the place.
• Table 52-Art Smith (Oprah Winfrey's personal chef) serves the best dessert I have ever tasted anywhere in the WORLD.  Check out Art's Hummingbird Cake...beyond stellar!
• Nomi-Only had appetizers here but if they are a preview of what Chef Christophe David is all about well then I'm terribly sad that we had to leave without the full dining experience.
• Blackbird and Avec are nestled side by side making it easy to grab apps at one and dinner at the other to kill 2 birds with one stone...or one bird avec one stone.
• Added 2/20/2008 Boka-I don't know how I forgot about Boka but this was also an exquisite meal from start to finish for both my wife and me.  And our Brunch at The Four Seasons (click on the Sunday Brunch menu to see what I mean) was "off the hook" with so many incredible and delicious things to choose from that we could have spent a full day gorging ourselves.

We also had the pleasure of dropping by Chicago's latest speakeasy, The Violet Hour.  Great music and very cool atmosphere but expect to stand in line to get in...we didn't have to because we're so cool...at least my wife is.

Be back tomorrow with something "real estate."

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I'm heading to Chicago this weekend having never visited there before.  Don't ask why my wife and I chose to visit in mid-February but it's a "fun" trip.  Be back Tuesday! 

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From IntoTheBox.TV comes this great piece on the emotional and financial pain that is parking in NYC. 

Check out Wait For Parking:

Prior to taking the plunge and paying an exorbitant amount of money for a parking space in our current building, my wife and I (who am I kidding...just I) used to wait sometimes for as many as 5 hours for a parking spot on the street. I'm not kidding...there were nights where I actually fell asleep in the car!  For us, the amount to pay for parking was worth avoiding the time and aggravation of street parking. That said, there isn't a day that passes that I don't think of the Mercedes S Class that I could be leasing if I didn't have that current garage payment.

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I continue to be incredibly busy and apologize for the weak number of posts this week.  It has been unavoidable as ech day has been busier than the previous.  So as many of my readers know, when I'm swamped, I often like to offer some links to stories that I find intriguing or just plain fun.  So here goes:

• Bradley Hope of The New York Sun shares a "new Web site that allows New Yorkers to monitor everything happening on their block, from restaurant inspections and building violations to missed connections posted on Craigslist and news mentions."  Check out Everyblock.com.
• Harry Macklowe is ceding control of 7 of his midtown office buildings to his bank (via WSJ).
• From The Real Deal comes Broker Predictions 2008.
• Super Bowl Homes on the Market in Mass, NJ, and Arizona. (via Real Estate Journal)
• My friends Joe and Rudy at Sellsius have a great piece on How a Real Estate Broker Can Lower Your Property Taxes
• The brilliant Pat Kitano at Transparent RE brings us The New Investment Banking Paradigm
• And if you need a reminder of how poorly the market is doing outside of Manhattan, check out More on Homeowners Walking Away from Calculated Risk and America's Hardest-Hit Foreclosure Spots from Forbes.com.  It's ugly out there!
• And I must ADD this fun piece from both Boing Boing via Kottke: Frozen Grand Central is from Improv Everywhere...what a stunt...check out the video where 207 people freeze for 5 minutes in Grand Central.

Be back Monday with a continued update on our current market conditions including a report on weekend activity and a short term projection of where everything seems to be heading in the world of Manhattan residential real estate.

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and I'm busy, so see you on Monday.  Have a great weekend!

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If you're not familiar with IntoTheBox.TV then you absolutely must check it out. 

IntoTheBox is all about peering inside the surreal housing market here in New York City. With approximately 13 million people residing in the New York Metropolitan area — and available housing at an absolute premium — it's no wonder the market has been compared to a blood sport. People will lie, cheat and steal for a small slice of the scrumptious real estate pie.

IntoTheBox takes a look at the news, trends and politics of the NYC real estate market. The stories here are even better than fiction. Our daily videocasts provide you with an intimate view of the way New Yorkers cope with the absurdities of living in the best city in the world.

I had the recent pleasure of meeting IntoThe Box's creator, Rachel Natalie Klein as we spoke on a video blogging and podcasting panel together at Inman's most recent Real Estate Connect.  What she is doing is both entertaining and informative.  But don't just take my word for it, check out todays episode and visit IntoTheBox.TV for more.

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From REAL writer Andy Borowitz of The New Yorker comes Rarely Available which mocks the often laughable property descriptions that I and my colleagues sometimes get a bit carried away with.  Here's just one example from Borowitz (check out the entire piece for more):

EVERY BREATH YOU TAKE, every move you make, we’ll be watching you in Manhattan’s first 100% glass building, the Residences at the Voyeur. Enjoy astounding views of Manhattan while Manhattan enjoys astounding views of you. No doors, no drapes, no problem! Just 1800+ sq. ft. of exhibitionistic living space, custom-crafted for your see-thru life style, perfect for sophisticated entertaining or just making sex tapes. Sun-drenched living room, sun-scorched master suite, and sun-ravaged kitchen will have you checking yourself for moles. We see you living here, and so will everyone else. $3.4M.

I've been quite busy the past couple of days both with the phenomenal experience of Inman's Real Estate Connect 2008 and...go figure...a very active real estate business.  It's been difficult to find the time to blog.  Here are 2 links that grant some flavor of the happenings at this year's Connect:

• Bearish outlook sees worst recession since Depression from Inman News
• Blogger Connect Recap from Zillowblog

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With 2008 upon us, many are making predictions about the direction of the economy and more specifically the health and well-being of the Manhattan real estate market.  In lieu of specific predictions, here are some current links that may shed some light on what may lie ahead on both the national and local housing fronts:

• First check out Monthly Mortgage rate Resets 2007-2016 via The Consumerist
• And Ticking time bombs known as "adjustable rate mortgages" via Hot Property
• But wait!!!  Real estate agents expected to collect $55 billion in commissions this year also via Hot Property
• Suprisingly Weak Jobs Report Fuels Recession Talk via UrbanDigs.
• And I'm sure everyone read this already: Apartment Prices in Manhattan Defy National Real Estate Slide via Christine Haughney of The New York Times.  Just how long will Manhattan buck national trends?

And here are a couple of links just for fun:

• From The Realestalker comes the list of famous who have purchased at 15CPW (via Curbed).
• And for my colleagues courtesy of ActiveRain comes 10 MUST Read Blogs for the Modern Real Estate Professional
• And check out Apartment Therapy's hot posts for some great tips and advice on personalizing your home.

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Wishing you and yours the very best of health and happiness in 2008 and beyond.  Be back tomorrow.

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I think that just about covers it all.  I'm off to spend the holiday's with my family and won't be back until next Friday.

Thank you all for a wonderful year and I wish you all the best of health and happiness in the New Year.

Posted By Douglas Heddings | Permalink | 0 Comments

From the Wall Street Journal Economics blog (via my brother-in-law) comes this Dr. Seuss spin on CDO sentiment set to Green Eggs and Ham (great vintage YouTube video):

Broker Joe!
Show me some flow
I need the dough!
I’m Broker Joe!
That Broker Joe!
That Broker Joe!
I do not like
That Broker Joe!
Would you buy my CDO?
I do not like them, Broker Joe
I do not like your CDO!
Would you like it here or there?
I would not like it here or there
I would not like it anywhere
I do not like your CDO
I do not like it, Broker Joe
Would you like to sell some yen?
I do not want to sell the yen
The big fat tail just kills my zen
If you don’t sell now, then when?
I will not sell it here or there
I will not sell it anywhere
I do not like your CDO
I do not like it, Broker Joe
Our SIV has had a few rough knocks
Get in now, you sly old fox!
I am slyer than a fox
And I don’t think you have the docs
That you must have if you foreclose
And so a judge will thumb his nose
At you, your SIV, and CDO
Who owns the mortgage?
I don’t know
And you don’t either, Broker Joe
I would not know it here or there
I would not know it anywhere
I will not buy your CDO
I will not buy it, Broker Joe!
We have some hedge funds who are long
Those guys are smart! They can’t be wrong!
Some funds are long and some are not
The ones who are, are feeling caught
The short ones make a lot of sense
And they are up lots of percents
No SIV, no yen
Not now, not then
Not here, not there
I would not touch it anywhere
I will not buy your CDO
I will not buy it, Broker Joe!
But you can trust the agencies
They’ve rated this stuff Triple-B!
This tranche is still investment grade
You buy it here, your year is made!
The agencies have been asleep
Their ratings are just like ‘Bo Peep
That is, they’re from a fairy tale
As fiction goes, they’re off the scale
And I do not believe them, Joe
And so your tranche is a no-go
You think at 50 it’s a do
Until it falls to twenty-two
I do not like your CDO,
I will not buy it, Broker Joe!
Have you met our in-house quant?
He’ll model anything you want!
Except, that is, transactions costs
No thanks, I do not want the loss
From any quant’s sexy black box
Or mortgages unbacked by docs
Or mindless buys of kiwi-yen
Or ABX headed to 10
Or any other credit turd
I’ve spoken, Joe, so hear the word
I do not like your CDO,
I will not buy it, Broker Joe!
What?
What must I do, What must I do
What must I do to trade with you?
Perhaps you should avoid the drink
And use your brain sometimes to think
And not assume what’s gone before
Will follow on, and thus ignore
That circumstances sometimes change
And things that once seemed awfully strange
Can swiftly become commonplace
And then vanish once more, sans trace.
In short, you’ll have to look ahead
To win your future daily bread
In your head you have two eyes,
Use them, please, to analyze
And then you’ll see your business grow
So THINK THINK THINK THINK, Broker Joe!
I see! I see! I start to think
That all of my ideas stink
That CDO is mark-to-myth
The model’s written by a Sith
I’ll call my custies on the phone
And say “hey leave the yen alone!”
I’ll leave it to the black-box nerds
To buy up all the subprime turds!
I’ll say “you’re welcome”, “thanks”, and “please”
And just ignore the agencies
And as for our beleaguered SIV
The guy who runs it is a spiv
I’d stay away if I were you
Yes, that’s the wisest thing to do!
It’s been a quite eventful year
Weak hands have been found out, I fear
At bonus time they’ll feel the pinch
And find they’re working for the Grinch
(that begs the question: which is worse?
That bonus cheque, or all this verse?)
But now, at last, the race is run
Both year and verse are almost done
I hope your holidays are great
I’ll see you in 2008!

Posted By Douglas Heddings | Permalink | 0 Comments

People's feelings about Co-op Boards range from utter disdain to acceptance as a means to control one's environment.  Madonna is apparently of the former as she is filing a lawsuit against her Co-op Board at Harperly Hall for refusing to approve her purchase of her neighbor's apartment.  from the NY Post:

The pop icon has filed suit against her Central Park West building's co-op board, charging that it wrongfully blocked her from buying a neighbor's apartment.

In papers filed in Manhattan Supreme Court, the singer says the board recently stopped her from closing on a deal to buy Julie Clark Thayer's home. Madonna is seeking a court order allowing the sale to go through, as well as legal fees and expenses. Board president Phyllis Harrison-Ross did not return a call for comment.

The Daily News also chimes in with some interesting "Madonna haters" leaving comments.  This one is particularly hilarious:

These celebs are just like athletes, They think they are entitled to whatever it is they want! This ***** wants to break thru the walls of an historic building and make more space for her self and she has the money to do it and she thinks thats enough! To **** with the co op board! "I wan't it and you have to give it to me!" Its no wonder the rest of the world wants to take a shot at us when they read **** like this! The co op board of the other building was right in rejecting this demanding *****! She has too much money and not enough brains, Pig!

Can you say envy, jealousy and resentment?  Good grief, she has the money to purchase the neighbors space and the Co-op could easily oversee the combination.   I would love to have been a fly on the wall during that Co-op Board meeting.  I also wish that the bill forcing the co-op to disclose their reasons for the rejection had already passed.

A colleague of mine recently had 2 Board turndowns for the same apartment in the Dakota with the second coming after an officer on the Board of Directors promised his neighbor, the purchaser, that s/he would be approved for the combination.  I know that many shareholders in buildings that exhibit such exquisite architecture as The Dakota and Harperly Hall are reluctant to compromise the integrity of the original layouts.  That said, some even turn down combinations that would restore apartments to their original layouts.  There is quite a bit to consider when allowing a massive combination project to proceed in such an old building as well.  I guess we will never know what Madonna's Board was thinking.

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This week's episode of OpenHouseNYC  focuses on an "amenity" that New Yorkers never get enough of:  CLOSET SPACE!

In this edition of Floorplan, George Oliphant confronts a perpetual problem of city living: no closet space! First George meets with Dorren Tuman, the closet lady to learn about custom solutions for your closet. Within 3 weeks, Doreen can examine your wardrobe, measure the spaces and install things like Double/Triple hanging to maximize the space in your closet.

Later, George checks in with Matt Laken and his mom Stacey to examine their closets and see how it works. Both son and mom have well-organized unique spaces at a cost of around $700-800. Even the young Matt doesn’t mind keeping his closet clean with the help of his organizational cabinetry.

Then George checks out the closet of the future for high-end wardrobes, Garde Robe. Garde Robe www.garderobeonline.com is a cyber-closet that will store garments in an efficient and safe manner for beginning at $350 month. You can catalog your items and retrieve them whenever you need them with sheer convenience.

Finally, if you’re still not sure what kind of closet suits your needs check out the California Closets showroom at 26 Varick Street or on the web at
www.californiaclosets.com.

So whether you want to build a new closet in your home or find a high-tech storage facility, this edition of Floorplan is for you.

The topic of closets always takes me down memory lane to the first apartment my wife and I shared prior to getting married.  It was a charming 500sf 1BR in a brownstone with only 2 small closets.  My wife (then girlfriend) got the closet in the bedroom and we shared the utility closet in the kitchen.  Try selling apartments when your suits smell like bacon!

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I'm off to St. Thomas for my first ever Thanksgiving outside of the United States.  I'm incredibly excited about this opportunity and wish all of my friends, family, clients (past and present) a very healthy and Happy Thanksgiving! 

I hope that all of you can find a multitude of reasons to give thanks.

I am choosing to stay away from the computer and the BBerry while I'm away so comments will be posted and responded to when I return on Monday.

Thanks to all of you who have made TrueGotham a success!

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Today's New York Post reports that Leonard Blavatnik has signed a letter of intent to pay $150M for the Penthouse triplex at The Mark.

The space for sale, totaling nearly 30,000 square feet, is a combination of five planned units on the top three floors of the building.

If sold separately, the apartments would comprise a total of 23 bedrooms, 25 bathrooms and five powder rooms.

Also featured is 3,900 square feet of outdoor space - including a huge rooftop terrace with a pavilion and fireplace - a ceiling from 10 feet to 26 feet, a gym and all hotel amenities such as twice-daily maid service, fresh linens and room service.

This purchase by Leonard Blavatnik at The Mark will SHATTER the $100M record price paid by by Ron Baron for an East Hampton land parcel earlier this past summer.

UPDATE:  Deal NOT happening (via The Real deal).  Ouch, losing that commission hurts!  I suspect this won't be the last we hear about this transaction.

UPDATE 2: The Post is reporting today (Friday, 11/9/07) that Blavatnik's offer is only $125M.  Where are The Post and The Observer getting there information?  Who are these sources?  I wonder how Mr. Blavatnik feels about his negotiation being so public.  IMHO...I think he should buy the entire building and hire someone who respects confidentiality to sell what he doesn't want.

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I don't typically blog about restaurants but thanks to my wife's awesome job at Food and Wine Magazine I often get the chance to preview a place before the rest of the public.  It's not often that I feel compelled to share my experiences with my readers and it's not because the experience isn't wonderful but more because we eat at so many different places that i can't keep them all straight in my head.  And oh yeah...I write about real estate!

That said, last night my wife and I had the sincere privilege of dining at the "friends and family" opening of the newest Mermaid Inn located on Amsterdam between 87th and 88th Streets on the Upper West Side.  The first Mermaid Inn is located in the trendier East Village and has been a smashing success.  After last nights experience from the ambiance of the space to the deliciousness of the food, I suspect this location will also thrive. Those who live on the Upper West Side know how completely "starved" the area is for good food.  So welcome to the Upper West Side Mermaid and all of you Upper West Siders get out there and support her...she's a catch!

On a completely different note, our dining experience last night was a bit of a trip down memory lane in terms of the gentrification of this area of Manhattan.  You see, I used to live in a 600sf 2BR (yes 2BR's in 600sf) in the tenement walk-up building just adjacent to the Mermaid Inn.  I think my roommate and I paid $550/mth.   We often passed drug dealers and users in our vestibule going about their "transactions."  Once my girlfriend (now my wife) and I pulled up in a taxi to have an undercover cop point his gun through the rear windows of our cab in an effort to bust one of our neighborhood dealers.  That was nearly 20 years ago before the Upper West Side morphed into the trendy stroller-laden haven that it is today.  Some mourn the loss of character that existed back then, and others like myself see The Upper West Side as a safer, cleaner, and better place to raise our families.  It seems that now we can also FINALLY support good restaurants (and there are more to come!!!)  Thank goodness!

UPDATE: Since it appears that many are visiting my site after Googling "Mermaid Inn Upper West Side," here's the contact info:

Mermaid Inn is located at 568 Amsterdam Avenue (between 87th and 88th Streets)                        Give a call and check it out at 212-799-7400

Posted By Douglas Heddings | Permalink | 2 Comments

Last week in our 4th episode of TGTV's 5 part series on Square Feet we delved further into understanding why consumers can't seem to get an accurate approximation of square footage for the properties that they are seeing.

In our final episode of this 5 part series our panel discusses possible regulation of methodology and approximation of square footage with suggestions on just who should police those responsible for overstating and how they could go about doing so.  Check it out:

As I stated last week, I could do weekly episodes on this topic forever (or at least until the problem went away) but I'm eager to move on to other interesting content.  The surprising conclusion that I have drawn from this eye-opening series is that the methods of measuring are already relatively standard (with the exception of new development condos) and the discrepancies in stated square footage almost always come from me and my colleagues. 

The first step to correcting these gross inaccuracies is to hold accountable those who overstate square footage by a certain amount (do we say +-5%?).  I believe that all real estate agents should be mandated to have their properties measured by an "approved" entity (licensed architect, floorplan illustrator, appraiser).  Furthermore, they should be required to share that precise measurement with the consumer.  In time, I believe you would see fewer discrepancies and more honesty surrounding stated square footage. 

Exaggerating square footage isn't salesmanship, it's lying.

Posted By Douglas Heddings | Permalink | 4 Comments

Last week on TGTV we discussed the various methods by which square footage can be measure with an emphasis on the liberties that developers sometimes take in adding common areas, etc to an apartment's stated square footage.  Don Meade also shared that he has been asked by real estate agents to provide a measurement from outside walls which would obviously yield a higher number than measuring the interior perimeter.

Check out this week's episode as we travel further down the path of who seems to be responsible for the overstating of square footage as we determined that the physical measurement (at least by our panel) was calculated using very similar methods of measuring the exact same interior space.  There does seem to be some confusion however on exactly what is defined as gross living area (click the link for the Google search and check out the definitions and some of the forums for appraisers who even question the definition)  Gross living area for a house seems to be different than gross living area of an apartment...

On the final episode of this TGTV series on Square Feet we will explore ways in which to hold accountable those who grossly overstate square footage in the real estate industry.  It's a shame I can't do another 25 episodes on square feet because this issue has a lot of holes and loose ends that definitely need to be addressed and tied up.  Will do a little bit of that next week. 

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It's up now at  r.e. revealed.  Do I see an underlying sub-theme of how agents should go after buyers? 

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Being a real estate broker for 16 years has provided me with a multitude of opportunities to see some incredible real estate.  So for those of you who aren't so fortunate to get to tour some of these fabulous homes, OpenHouseNYC gives you "one of" the Woolworth Mansions.  Check it out.

Opulence is redefined as broker Roger Erickson takes us on a tour of the historic Woolworth mansion. The Woolworth mansion is listed on the market for $16,500,000 and with its ubiquitous marble, paneled walls, high ceilings and world-class artwork, it would be hard to unearth a grander Manhattan residence.

The Woolworth mansion was originally built by Frank Woolworth between 1910 and 1916 as a mansion for his daughter and husband, Franklyn and Edna Laws Hutton and it is now home to three luxurious apartments. This one on the market is 5 stories, has 6 bedrooms, 8 full bathrooms and 5 half bathrooms. Yet the statistics for this mansion do not do it justice. When you think of lavish Manhattan real estate, this is the platonic ideal. Be it the massive marble staircase, the hand-crafted marble mantelpieces or the living room with mahogany panels and 12 feet ceilings, this is a home that must be seen to be believed.

Step inside the Woolworth Mansion and view this video…

I wonder what this place would go for in Manhattan, Kansas?  Who cares?

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In last week's episode of TGTV, our panel of experts shared the results of measuring a property and we suprisingly saw that each of them came up with numbers relatively close to one another.   It appears that each of them measured the property the exact same way by calculating "interior perimeter"...hmmmm?   Can you say "standardization?" 

In this episode, you will hear our panel discuss more reasons for the lack of standardization across the market with a particular focus this week on new development projects and what factors contribute to stated square feet in these projects.  Don Meade also touches briefly on real estate agent "wants and needs" in terms of square foot calculations.

This comment after last week's episode from Justin Patwin, a Los Angeles based Architect, sheds some light on one way to "police" the standardization of stated square footage:

I am an architect from L.A. who has extensive experience in what are A.R.O. (Adaptive Reuse Ordinance) projects in our city. Those are existing historic buildings that have been retrofitted to accommodate residential "lofts". We have this conversation with our clients constantly due to lawsuits so I am interested to see how NYC handles this issue, because a buyer will always measure differently from a developer. Developers (and their architects) use a method that begins with how the City Planning Dept. and Building and Safety assess how large a potential project can be (known as F.A.R.- Floor Area Ratio). Developers then turn around and charge buyers for whatever they build to the extent the law allows(with mark-up of course). Typically in L.A., we measure from center to center of the demising walls (walls that divide units), and include the exterior wall and the corridor wall. If there is a stair, then the opening for that stair is not included as well as any other floor penetrations. Other than that columns, interior walls, etc. are included...

...The one thing that would really alleviate the guess work is if BOMA were to create a standard for residential condos which right now they do not have. Do you plan to address this specific issue? Great that you are tackling this subject and I like that you have a few different professionals however I would have a developer too since the architect does not represent their point of view.

Would have been nice to have a developer on the panel but it appears that in NYC we would have had to poll several developers and their architects to get a sense of how each  calculates square footage.

Tune in next week for more as we explore accountability as it relates to overstating of square footage.

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A topic near and dear to my heart as I and most of my colleagues will recommend decluttering an apartment more than any other form of preparation before bringing a property to market.  In my opinion, it is the easiest, least expensive and singular most important thing that a seller can do to directly impact the sales price of their property.  So check out these excellent tips from OpenHouseNYC this week on Clearing the Clutter:

In this edition of Floorplan George Oliphant confronts the perpetual problem for residents in this part of country: making the most of the limited space in your home! George visits homeowner Dana Hiltzik whose storage closet and bathroom has been overrun by the clutter and collections every home owner accrues over time. To combat her space shortage, Debbie Harwin of I Need My Space comes to the rescue. With items that can be purchased from the Container Store for no more than $200, Debbie adds wall hooks, supply caddies, mini-drawers and a variety of other space saving techniques.

Does it work? You’ll have to watch the video to find out, but let’s just say that Dana is thinking of calling her walk-in closet a “run-in” closet after Debbie is done…

I love what Debbi Harwin of I Need My Space has done here.  I especially like the slide out containers under the sinks...nice idea!  My wife and I tried to do things like this to little or no avail.  Maybe I should call Debbi.

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Something definitely happened over the weekend for my team and our business as the phones are ringing off the hook, offers are being negotiated, and one buyer is unfortunately losing a bidding war.  Anecdotal of course but I'm incredibly busy right now so check out the 62nd Carnival of Real Estate at vflyerblog.com.

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Couldn't resist sharing this exclusive Casey Serin update from my favorite bubble blog HousingPANIC.  For those who already forgot about this guy, he's the one who started iamfacingforeclosure.com and stupidly blogged about all of his lies and deception to the banks so that he could secure mortgages to buy investment properties. 

I hope this message is taken as sincere. I have no more reasons to
"spin" anything...

I'm working a stable consulting job for an experienced entrepreneur.
Consulting is a generic term which means I'm doing whatever needs to
be done. The best part is I have a slice of ownership in the venture.
So its the best of both worlds - the stability of a 9-5 with weekly
paychecks while still giving me lots of flexibility, a chance to build
something and share in the profits. Very much a blessing. So I'm
getting back on my feet financially, though very slowly.

Trying hard, REALLY hard, to not get distracted too much by "pie in
the sky" stuff and my temptation to go back online and in media.
Turning down the Dr. Phil show recently was a very tough one! I have
to remember that it was the online/media over-exposure that was the
"last straw" in my marriage breakup, amongst many other things.

Its obvious that I cared much more about my "fame" and potential sweet
deals/opportunities that might come as a result, than the concerns of
my wife and our unity. Also there was that hand-written promise I
made to her to shut down the blog, get a job and lay low for 2 years
or more. I want to keep that promise, even if I never get back with
her. It's the right thing to do and will teach me to honor my word.

And yes my wife and I are still separated, unfortunately. I am
learning some really really hard lessons about how fragile
relationships really are. As I'm sitting here all alone typing this
email at 4:48am (all nighter), I'm thinking back to a time when she
was right here by my side. Man, how stupid I was to ruin such a great
thing! Now I can only work on making things right in my life and pray
that God gives me another chance with her.

As you've seen, I sold the blog for 50K - huge thanks to Aaron Krowne
of www.ml-implode.com. I finally did the right thing (though
reluctantly at first) by paying off all the debt that was in my wife's
name as well as most of our private loans. It was really my own debt.
She trusted me with her credit to use for the real estate deals.
What did I do? I ruined it and broke her trust (not the first time
unfortunately).

Paying off that debt took a little over 40k. Plus there were a couple
of previous "partners" that I had to pay to make things right -- more
painful lessons on promising too many things to people and not keeping
those promises. The attorney fees to undo some of those entangling
relationships took a big chunk. G kept the Jetta so I also bought a
cheap used car for myself for 3K. So that's where that 50 grand went.
All gone, but for a good purpose.

Not sure what I'm gonna do about the approx 500K of debt still in my
name. That figure includes both credit cards, deficiencies on
mortgages and a private loan. Its just an estimate as I won't know
until all my bank-owned properties get sold. My desire is still to
find a way to pay back "every dirty penny", but I also have to be
realistic. I am considering Chapter 13 bankruptcy. It forces lenders
into a repayment plan and I can start cracking away at it. But I'm
not sure yet if that's the right plan. Too much things are still up
in the air. We'll see.

As far as FBI and "mortgage fraud "investigation goes, I don't have
any news. Last I heard they still have a file on me and perhaps
they're just taking their sweet time. I do have a defense attorney
and plenty of proof to show I did not have any criminal intent and had
plenty of reliance on professionals.

Of course I made some bad business and ethical decisions with the
loans. Then I was naive enough to blog about it in vivid detail and
let people blow it out of proportion. It was fueled my idealistic
desire to help others by sharing my experience of what "not to do". I
sure hope my story helped some people, both those facing foreclosure
and especially newbie investors to be more careful.

I am not excusing my behavior and am ready to do whatever I can to
"right the wrongs", like attempt to pay off the debt. All I know is I
have to continue doing the right thing and let the "chips fall where
they may". Living in fear is not going to do me any good.

Man, do I wish I didn't have to go through all this crap but I was
blinded by my reckless pursuit of financial success. It was
definitely fun and adventurous at the time (like the Australia trip),
brought me some great contacts and relationships, etc. In the end it
was much more harm than good. Loosing my wife that is.

Having said that... I'm not giving up on my dreams of financial
success. God gave me those desires for a reason. Instead I am even
more determined to pursue it but in a safer way - even if takes
longer. Biggest thing is I must put my loved ones first. For it is
because of them, my family and friends, that I want to become
financially independent. I'm looking forward to that day when I can
share my abundance with them. But in the mean time I have plenty of
non-financial abundance I can share - love, caring, quality time, etc.

About 3 weeks ago my 25th birthday came and went. I did not
accomplish my goal of 5K/mo passive income - a goal I set 7 years
earlier. I'm OK with that. The truly tough part was not being with
The One whom I really wanted to share that special moment with. I
guess we take for granted the things that truly matter
(relationships), until they're taken from us.

Anyway... this is the last the online world will hear from me for a
long long time. All in all, the past year has been some of the
craziest times of my life. That's for sure. I thank both the haterz
and the supporterz. Everybody played a role.

In closing, I will say my favorite line.... "Its all good!" I'm
still an optimist but (hopefully) getting wiser through painful
lessons and many lonely nights.

Casey Serin

He continues to be the poster boy of all that went wrong during the national housing fiasco.  It still baffles me that he has gone unpunished by authorities particularly as he provided a detailed log of his activities on the internet...a real genius. 

Turns out their were rumors that he was going to become a real estate agent but thankfully that didn't happen and now he claims to be a "consultant."  Are you kidding me?  That's scares the hell out of me!  For what he is providing consulting services?  Perhaps it's how to bling out your orange jumpsuit. 

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I just received an email from Joel Burslem of Future of Real Estate Marketing that I have been named one of the 25 Most Influential Real Estate Bloggers for 2007. 

I'm absolutely honored to have been named to this list.  Congrats to all of my colleagues as well.  An exciting day indeed for TrueGotham as our appearance on this list coincides with the launch of TGTV!  It's a good day.  Thanks Inman!

Posted By Douglas Heddings | Permalink | 2 Comments

From BoingBoing comes word of a Titan missile silo for sale for $1.5M. Here's what you get:

Above ground is the original 40 X 100 shop building, two concrete targeting structures, two manufactured homes, two 8 X 8 X 40 storage containers, and the silo tops of the three missile silos, two antenna silos, one entry portal and a few other misc structures.

Below ground is a huge complex consisting of 16 buildings and thousands of feet of connecting tunnels. The major underground structures are:

Three - 160' Tall Missile Silos
Three - 4 story Equipment Terminal Buildings
Three - Fuel Terminal Buildings
Two - 6 story Antenna Silos
One Air Intake/Filtration Building
One 100' diameter Control Dome Building
One 125' diameter Power Dome Building
One - 6 story Entry Portal Building
and a few other misc buildings and areas.

Love this comment from ANOTHERSHAMUS..."Didn't those go for $10.00 back in the 80's? I knew that it would have been a good investment but I was worried about the residual radiation."

Posted By Douglas Heddings | Permalink | 0 Comments

Happy New Year to all of TrueGotham's Jewish readers (although most won't be reading today).  For those who aren't Jewish, Rosh Hashanah is the beginning of the Jewish New Year and the beginning of a period of reflection, introspection and atonement for the mistakes made the previous year.  The 10 Days of Awe leading up to Yom Kippur are an opportunity to seek reconciliation with those who one may have wronged in the previous year. 

The impetus for this post today is this article from Peg Brickley at RealEstateJournal.com.  A disturbing article about thousands of homeowners facing foreclosure because of American Home Mortgage's bankruptcy.

Thousands of homeowners face an "imminent risk" of losing their homes because of clashes between American Home Mortgage Investment Corp. and its former financial backers, according to Freddie Mac, a government-chartered housing financier.

In documents filed with the U.S. Bankruptcy Court in Wilmington, Del., Freddie Mac said it seized $7 million that homeowners sent to American Home to cover principal and interest payments, property taxes and insurance just before the company's Aug. 6 collapse. American Home quit making payments to tax authorities and insurance companies Aug. 24.

Some serious reconciliation needs to be considered here and I don't have any answers.  It just seems insane to me that homeowners could lose their homes solely based on their mortgage company.  Any thoughts from the financial gurus out there on how this may play out?

Posted By Douglas Heddings | Permalink | 0 Comments

Not enough time to come up with anything original today.  Busy trying to finally get the TrueGotham TV pilot shot (looks like it's FINALLY happening next Friday) and of course I have to tend to my sellers who are ready to sell and buyers who still eagerly await some opening up of inventory.  So here are some links over the past couple of weeks that you may find interesting:

• Credit card debt increasing...AGAIN (via Calculated Risk)
• If you're not reading UrbanDigs.com, you absolutely should be!  Just check out these 2 recent posts from my friend Noah:
  1. Does Investor Psychology Matter?...uh...yes!!!
  2. NAR: Mortgage Disruptions At Work
• More on psychology and some from Jonathan Miller's Matrix
• And according to Miller, Manhattan apartment sales are on record pace (via The Real Deal)
• From Tuesday's NY Post comes word of a lawsuit against fashion designer Cynthia Rowley for selling her 1BR as a 3BR.  Who's accountable here?
• Not experiencing this at all but here's a claim from The Real Deal that buyers are shunning units that need TLC
• Zillow success story from the RealEstateJournal.com
• It's a bird, it's a plane...no...it's Congress...taking up the mortgage markets...a little too late (via WSJ Online)
• From Zillow blog comes Do Open Houses Help Sell Your Home?  Someone thinks they don't in the rest of the country but the answer is a resounding YES in Manhattan if your property is under $2M.
• And lastly, from BoingBoing.com comes the Homeless World Cup...this is amazing!!!

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I'm heading out of town tomorrow morning and won't be returning until Tuesday, August 28th.  Time for some R & R with the family.  Not quite sure what my internet access will be so postings will likely be on the light side. 

See you soon.

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For years the press has reported on the lack of high quality restaurants on the Upper West Side.  And I have even had conversations with chefs (one of whom is on the list below and will remain anonymous) who strongly stated that he "would never open a restaurant on the Upper West Side because the residents don't appreciate great food."  I must say that as an Upper West Side resident, we are surrounded by mediocrity when it comes to our dining options.  Of course I'm not including Ouest (thanks Tom Valenti) in that mediocre lot.

But there are exciting times ahead for those with a more sophisticated palate.  Check out the who's who of chefs who are going to change the dining frontier right here in our backyard:

1. Ed Brown (from The Sea Grill in Rockefeller Center) is opening eighty one this October in the Excelsior Hotel at 45 West 81st between Columbus and CPW.  Here's the press release:
   • Widely acknowledged for bringing out the best in seafood while he was executive chef at The Sea Grill, renowned chef Ed Brown puts his enthusiasm for impeccable ingredients to artful use with world’s most flavorful varieties of vegetables, meats and artisanal ingredients at eighty one. When eighty one opens on New York City’s upper west side, Brown’s repertoire will expand to include a menu of modern American dishes, where a stunning array of the globe’s most sought-after ingredients and the most refined techniques are used. Diners will be introduced to a new lexicon of luxury menu items: custom-grown lettuces, unusual white soy sauce and exotic, hand-selected peppercorns that will invite as much awe as foie gras and caviar. Designed by Chris Smith of CMS Designs (Dylan Prime, Nobu, NYC; Buddakan, Philadelphia), eighty one’s dining room will be lead by Nick Mautone, former Managing Partner of Gramercy Tavern; author of Raising the Bar, Mautone will also oversee the restaurant’s beverage program.
2. John Fraser (formerly of Compass) is opening this Fall at 103 West 77th Street.  More on this:
   • John Fraser will become chef/owner of a new restaurant, as yet unnamed, scheduled to open in November 2007. Located on a quiet, leafy street (103 West 77th Street) just steps from New York’s American Museum of Natural History, Central Park and Lincoln Center, the restaurant will offer an intimate dining experience showcasing John’s passion for local ingredients and classical European training. His menu will reveal ingredients of integrity and a global perspective. Architect Richard Bloch’s rustic yet elegant interior design welcomes guests with warm woods, muted colors, and exposed brick. The restaurant will feature a weekend afternoon tea service, prix fixe Sunday night dinners, and an extensive sherry menu.
3. Tom Valenti of Ouest fame is rumored to be opening a brasserie in Spring 08 in the old Fishs Eddy space on 77th and Bdwy.
4. Zak Pelacio (formerly of 5 Ninth) is partnering with Jeffrey Chodorow to open right next to Tom Valenti (it's rumored that the 3 of them have a big plan) where Zen Palate was also Spring 08.
5. Daniel Boulud is opening his wine bar (Bar Boulud) this Fall around Lincoln Center.
6. Jimmy Bradley (Red Cat, The Harrison) is rumored to be opening a branch of Mermaid Inn on the UWS. DATE and PLACE TBD.

Unlike other neighborhoods in Manhattan that saw top chefs move in before they saw top priced apartment buildings go up, the Upper West Side has been quite the anomaly "starving" for great food while real estate prices continue to soar.  It appears that restaurateurs and top chefs finally have the confidence in the Upper West Side to believe that their establishments will be embraced.  Only time will tell but I believe the time has come for an Upper West Side Restaurant Renaissance!

Posted By Douglas Heddings | Permalink | 0 Comments

First I want to apologize for the light postings this week.  Some exciting things going on behind the scenes here that are taking up a great deal of my time.  That said, here are some links that I found interesting in perusing the RSS feeds this morning:

• Some front lines evidence of the Collateral Damage of the current mortgage market meltdown (via Clearing Title blog)
• Mortgage brokers beware...many banks don't want your sub prime business anymore (via Calculated Risk)
• The New York Post reports on the closing of American Home Mortgage TODAY as well as the immenent bankruptcy of Accredited Home Lenders
• From Crain's (7/27/07...don't know how I missed this but better late than never) comes a report on the expected surge of NYC foreclosures (primarily outside of Manhattan)
  • Three of the hardest hit neighborhoods are in Brooklyn, according to NEDAP: Bedford Stuyvesant, Flatbush and East New York. Two are in Queens: Rochdale and Jamaica.
• With all of this negative news regarding the housing market and mortgage meltdown, what is a "desperate" agent to do?  Real Blogging shares some advice in recent posts:
  • Disciplines of a Champion
  • Don't Whine...RESIGN! 
  • Working through the tough times shows true greatness
• And ending on a positive note...Foreign Buyers Scoop Up Real Estate in the U.S. (via Real EstateJournal.com).  One of the primary reasons Manhattan real estate has remained strong.

"And that's about all I have to say about that!"...Forrest Gump

Posted By Douglas Heddings | Permalink | 0 Comments

Just for today I rest.  Too much to do today in preparation for the Nautica NYC Triathlon on Sunday.  Send me all of your positive energy Sunday between 8:15AM and 11AM...everything helps :-D  And good luck to all those crazy Iron Men and Women, particularly my former trainer Mike Monroe who inspired me to do these crazy things back in 2003, who are competing in Ironman Lake Placid this weekend...maybe I will give that a shot someday. 

Thanks again for all of those who made this event a smashing success in honor of my stepfather who still struggles with pancreatic cancer.  I have been overwhelmed by everyone's support and because of the generosity of my friends, family and True Gotham readers, I am the top fundraiser for Fred's Team in this year's event!   

See you Monday!

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I'm heading out of town for a family vacation and