Co-op, condo vendors show their stuff at expo

The "laundry doctor" (left) has me intent on capturing every word. (Photo by Lee Kent)

Some 270 exhibitors crammed nearly three entire meeting floors of the New York Hilton at the Cooperator newspaper’s 25th annual Co-op & Condo Expo this week.

There, you could hear lawyers in a “seminar” drone on about the right time for a board to seek legal advice (always); pet bedbug-hunting dogs; collect all manner of sweets (rugelach, anyone?); pens and pamphlets; win tickets to Mets or Yankees games; get the lowdown on boiler repairs; and avoid eye contact with as many vendors as possible.

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The Big Apple: Years of inventory? Much more!

Eight to 17 years is an S&P projection for clearing shadow inventory in the five boroughs

It will take more than a decade to clear up all the shadow inventory in the residential real estate market in New York state, according to new report released by Standard & Poor’s Ratings Services.

That is more than three times longer than it will take the rest of the nation, a difference that the report largely attributes to the greater time it takes to foreclose on a property in New York.

According to the report, shadow inventory in Brooklyn will take the longest to unwind at more than 17 years. Bronx was close behind at 16.5 years, and Staten Island recorded 12 years. Manhattan fared the best, coming in at a little more than eight years.

Unlisted Upper East Side home finds buyer for. . . $47 million

A grand East Side townhouse that has been quietly shopped by its owners for three years is under contract for more than $47 million, further evidence that the top-end of the Manhattan market is soaring.

The 33-foot-wide townhouse on East 69th Street once belonged to Continue reading