Weekly Roundup: Landlord confession, piece of Portugal, April building permits, pocket listings, air purifiers, timely Lotto win, recovery threats

Penthouse pursuit is costly contagion to attain height, light, unobstructed views

Airbnb gears up for Albany initiative that would regulate short-term apartment rentals

City plans sale to debt collectors of tax liens against Sandy-hit homeowners

Cost of rent, price of property actually moving in sync

New York region’s borrowers way below average of homeowners who deduct mortgage interest

Stuyvesant Town tenants told pay up and up or move out this summer

Onetime Sinatra apartment sells after steep price cut

Lease confessions of small landlord make for compelling reading

All it takes is money, but there’s still rental inventory in the Hamptons

Investment group identified as purchaser of most expensive Manhattan residence, One 57 penthouse

Nascar superstar lists trophy condo on Central Park West for $30 million

Dancing queen Continue reading

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Weekly Roundup: Beresford auction, Brooklyn’s Manhattanization, latest market stats, celeb moves, same old loan limits, staging errors

Question facing downtown is whether hurricane stigma short-term phenomenon

Value of views depends on what you see and from what height

Mitchell-Lama program originally aimed to help ‘blighted’ neighborhoods

It is possible to double-check suspicious prices in city’s property records

Foreclosure auction scheduled for Beresford co-op listed for $7.35 million

Residential buildings largely account for 17 percent growth of stalled construction

Price data show ‘Manhattanization’ of condos in hot Brooklyn neighborhoods

Banks hesitant to offer financing for co-ops in buildings with only five or 10 units

Stuyvesant Town tenants reach $68 million settlement with controlling company

Pop queen’s Central Park West duplex is listed for $23.5 million

Actor in search of buyer for Chelsea penthouse Continue reading

Court hands Stuyvesant Town owners huge defeat

The Court of Appeals dealt a financial blow this morning to the already beleaguered owners of the sprawling Stuyvesant Town and Peter Cooper Village complexes in Manhattan when it ruled that they improperly began charging market rents on thousands of apartments, the New York Times reports.

The ruling by the state’s highest court may mean that the current owner, a partnership of Tishman Speyer Properties and BlackRock Realty, and the former owner, Metropolitan Life, may have to pay an estimated $200 million in rent overcharges and damages to tenants of some 4,000 apartments.

The court, in a majority ruling (two of the six judges dissented), said the owners improperly raised rents beyond certain set levels at the complexes while receiving tax breaks from the city for major renovations.

The decision could also affect landlords of as many as 80,000 apartments across the city who also may have improperly raised rents and deregulated apartments while receiving special tax breaks.

Tishman Speyer Properties and BlackRock, which purchased the properties in 2006 for a record-breaking $5.4 billion, are already under enormous financial pressure. The partnership is running out of cash to pay building loans and could default within the next several months.

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Malcolm Carter
Licensed Associate Real Estate Broker
Senior Vice President
Charles Rutenberg Realty
127 E. 56th Street
New York, NY 10022

M: 347-886-0248
F: 347-438-3201

Malcolm@ServiceYouCanTrust.com
http://www.ServiceYouCanTrust.com

Poor Stuyvesant Town is in serious trouble

The sprawling Manhattan apartment complex known as Peter Cooper Village and Stuyvesant Town – acquired for $5.4 billion in 2006 by a venture of Tishman Speyer Properties and a unit of Black Rock – is running out of cash, the Wall Street Journal reports.

As of the end of September, it had $33.7 million left of the $400 million in interest reserves set up to service its debt, according to the people familiar with the matter. At its current burn rate of about $16 million per month, the reserve could be depleted before the end of the year, the people said. Others have said the venture could avoid default until February. Continue reading