greenwood's Profile
Author's Posts
May 18, 2009
Water main replacement
Our landlord has just hit everyone in our building with a 5% rent increase. He claims that part of the reason is the $40,000 he had to pay for a new water main.
(The city is replacing the water mains under the street and the landlord said he had to pay for the pipe into the building). Is this really something he has to pay for, or does the city handle this? And if he pays, is $40,000 a realistic figure?
Author's Comments
From the AP:
"If laid-off workers who have given up looking for new jobs or have settled for part-time work are included, the unemployment rate would have been 16.5 percent in June, the highest on records dating to 1994."
"Since the recession began in December 2007, the economy has lost a net total of 6.5 million jobs." [NB: That doesn't include the 110,000 jobs that need to be created every month just to keep up with the increase in people coming into the workforce. So add another 2 million to that figure.)
"The average work week in June fell to 33 hours, the lowest on records dating to 1964."
Posted by: greenwood at July 2, 2009 11:22 AM in response to Housing Market - Where Are We?
"Noah currently works as a Vice President with Halstead Property, LLC."
I'm sure that doesn't affect his analysis at all.
Posted by: greenwood at July 2, 2009 10:24 AM in response to Housing Market - Where Are We?
Kensingtonian: Really. Not every owner's net property taxes are going up. My landlord wanted to raise our rent this year but when I pointed out the large decrease in his taxes and stories in the media about NYC rents dropping about 10% across the board, he backed off and left the rent as is.
Posted by: greenwood at June 24, 2009 10:10 AM in response to Wednesday Links
Property taxes are soaring? Not everywhere. Tax rates are going up but due to decreased assessed value, the property taxes in the apt. building I live in has gone down 20% from last year and is down over 30% from two years ago.
Posted by: greenwood at June 24, 2009 9:40 AM in response to Wednesday Links
So it's sorta social? Demented and sad, but social. Right?
Posted by: greenwood at June 23, 2009 4:58 PM in response to Closing Bell: Quidditch in McCarren Park
The Corcoran site lists these from $799,000 to $999,000 with a $25k discount for closing costs.
Still, I've walked by these during construction and don't think they're well built at all (look at photo from 10/31 post).
Posted by: greenwood at June 22, 2009 4:18 PM in response to Development Watch: 614 7th Avenue
The front wall of the building is about 12 feet from the curb. And I know the boiler is just behind the front wall in the basement, if that means anything. $40K still seems like a lot.
Posted by: greenwood at May 18, 2009 2:07 PM in response to Water main replacement
It's a 4-story building with about 25 units. And there are no leases. We're all month-to-month tenants.
Posted by: greenwood at May 18, 2009 1:17 PM in response to Water main replacement
I have a friend who lives on that block. They don't know anything about a collapsing parapet, but the new owners slapped up a cheap, ugly plywood fence that has now blown down twice in the last couple of months. The building is completely open to the street and no actual work has been done on it in months (other than looting of anything of value that may have been inside).
The previous owner tried to get the zoning changed so he could add several floors to the building and make it a condo, but never got approval. I wouldn't be surprised if the new owner is hoping it collapses so he can try again for a rezoning.
Posted by: greenwood at May 1, 2009 3:56 PM in response to Development Watch: 214 25th Street
The most interesting quote from the Times article for me:
"He said a more significant figure was the sale price of existing co-op and condominium apartments, which was down 20.9 percent, to $732,000, since the first quarter of last year."
Posted by: greenwood at April 2, 2009 10:14 AM in response to Manhattan Market Frozen
11217:
In actual dollars decrease was 30%. It was nearly 40% including inflation adjustment.
Posted by: greenwood at April 1, 2009 11:48 AM in response to Case-Shiller Continues to Tank
If I expect prices to fall considerably (and I do), why would I want to buy now?
Say you take a property that was $800,000 at the peak and it's now fallen 10% to $720,000. If I wait until it falls to 40% off peak price, even if mortgage interest rates go from 6% to 10%, my monthly payment would be slightly lower and my interest deduction higher if I wait.(Forty percent drop is a big assumption, but since that's what Manhattan real estate fell in early 90s, I think we'll at least match that.)
Posted by: greenwood at April 1, 2009 10:37 AM in response to Case-Shiller Continues to Tank
My father grew up in Williamsburg in the 40s and 50s. If he knew there was a $12,000 apartment there, he'd spin so fast in his grave he'd probably form a black hole and rip open the space/time continuum.
Posted by: greenwood at March 27, 2009 12:22 PM in response to 20 Bayard's Been Rental Since February
I haven't been to that area in a while, but isn't this building across from where the drummers gather and play all day long when the weather's warm?
Posted by: greenwood at March 24, 2009 11:26 AM in response to The Caroline Launches on Ocean Parkway
I haven't seen any activity at the supposed Best Western site on 4th Ave. and 26th St. in weeks.
Posted by: greenwood at March 17, 2009 11:06 AM in response to Two New Hotels Slated for Downtown Brooklyn
I have no idea how The Brooklyn Paper is doing financially, but I assume News Corp bought it to help eliminate competition for local ad dollars. Some weekly chains are still doing quite well financially compared to big city dailies. They pay little in salaries because their reporters are just out of school, they only print once a week, and their ad revenues are supplied by small local businesses--not the huge department store chains and automakers/car dealerships that have abandoned the dailies.
Posted by: greenwood at March 10, 2009 5:01 PM in response to BREAKING: Murdoch Buying The Brooklyn Paper!
Far be it from me to give the What ammo, but the Rainbow Room isn't open for lunch.
Posted by: greenwood at February 17, 2009 3:19 PM in response to How Bad Could It Get?
This store was bought a year of two back by a family who owns several supermarkets in Brooklyn. (I spoke to the manager about this in September.) According to him, it took them a while to get all the approvals to renovate/enlarge the supermarket and they're rebranding it as a C-Town. He said there would be much more selling space on the main floor with the butcher dept., offices, and storage moving to the new second floor.
Posted by: greenwood at February 3, 2009 2:14 PM in response to Streetlevel: C-Town Takes Over in Greenwood Heights
I know I'm on old curmudgeon bastard, but who, other than an over-involved mother, could possibly care enough about what someone's doing on a minute by minute basis to "follow" someone on Twitter?
Posted by: greenwood at January 29, 2009 11:50 AM in response to We're on Twitter
Christopher:
You're entitled to your opinion but I still don't agree with "eventually there will be an upswing. It will happen. Always does..." Again, it's very likely you're right, but as the old brokerage commercials used to say "past earnings are no guarantee of future returns."
By citing US dominance for the last 100 years, I meant to suggest that this is a very, very young country--our entire history is a drop in the bucket compared to other past economic superpowers. Many of them lasted a lot longer than ours has so far, and some went from the dominant economic force to nearly Third World economies. I'm not saying that's going to happen to us, but it's not impossible.
Posted by: greenwood at January 29, 2009 10:03 AM in response to Case-Shiller: November Crappiest Month Ever
Christopher: Yes, the U.S. has come through some very bad economic times in the past and there's a very high probability it will again. But you're "sure we'll get through this as well"? I'm not being sarcastic or snarky when I say, may I ask why?
Just because the U.S. has been the world's primary economic and political power for the past 100 years, doesn't mean it will be so forever, despite the nonsense that Bush and Obama said about us being Jesus' favorites or something like that...
Posted by: greenwood at January 28, 2009 11:17 AM in response to Case-Shiller: November Crappiest Month Ever
I have a pretty good memory. I'm old enough to remember the economic problems in the 1970s, the Wall Street "crash" in the 1980s, the dot-com bust, etc. I'm not making any predictions about home prices, but if you think this economic downturn is no worse than those, you haven't been paying attention.
Posted by: greenwood at January 28, 2009 9:49 AM in response to Case-Shiller: November Crappiest Month Ever
Rob:
And don't forget those Mac geniuses that are typing away on their laptops on the subway next to the doors. I'm amazed I haven't yet seen someone snatch a laptop and run just as the doors are closing.
Posted by: greenwood at January 21, 2009 10:30 AM in response to Wednesday Links
Mopar,
Nope, $48,631 for 2007. Here's a link to the article:
http://www.observer.com/2008/real-estate/life-or-something-it-city-s-median-income.
There are a lot of wealthy people, but not nearly as many as you would think. I don't have the exact figures (easy enough to Google), but only about 2.5% of NYC households make over $200,000 a year.
Posted by: greenwood at January 8, 2009 9:33 AM in response to Wednesday Links
The numbers are correct, although they wouldn't account for trustafarians and, I assume, wealthy foreigners. And more tellingly, the median household income is about $49,000. How is all the ridiculously priced real estate in this city sustainable? I've been trying to figure that out for years...
Posted by: greenwood at January 7, 2009 2:24 PM in response to Wednesday Links
Rob:
Per 2007 census figures only 15 percent of NYC households earn $100,000 or more. I'm guessing the percentage of all New Yorkers who earn that much is about 10%.
Posted by: greenwood at January 7, 2009 11:33 AM in response to Wednesday Links
11217 and Insert: There are plenty of kids in this neighborhood. Just walk down 5th Ave. and the sidestreets in the 20s during warm weather. You just don't notice them as much because most aren't spoiled brats.
And 11217, we could use some good food stores/groceries. Eagle is OK, especially their deli counter, but their prices on most groceries are highway robbery.
Posted by: greenwood at January 6, 2009 2:57 PM in response to House of the Day: 667 5th Avenue
There's already a coffee shop on 5th between 17th and 18th and the old-school Lindo's between Prospect and 17th. And there's the bagel store nearby, too. It'll be interesting to see how they do.
Posted by: greenwood at December 15, 2008 4:01 PM in response to Streetlevel: Café for Greenwood Heights/South Slope
Should be handy for patrons of the hooker stroll and porn shops around the corner on 3rd Ave. I wonder what the half-hourly rate will be?
Posted by: greenwood at December 5, 2008 9:22 AM in response to Development Watch: Best Western Hits 4th Avenue
Red Hot II is a pale imitation of the original Red Hot. They have pretty much the same printed menu, but the original restaurant's food was much, much better, especially the vegetarian entrees.
Posted by: greenwood at December 2, 2008 2:59 PM in response to Streetlevel: Salon for South Slope
greenwood wrote a review about Pó on August 28, 2008 1:06 PM
The first few times we went to Po the appetizers and pasta were excellent, the waitstaff very friendly. Nice wine list and the waiter actually knew something about the wine.
My wife and I went there about five-six months ago and the food was decent, but a step down from the previous times.
We went there about a month ago and the appetizers were pretty good, but the pasta entrees were awful. I don't remember exactly what my wife had, but it was laced with so much thyme, you couldn't taste anything else. And my dish, pasta with sausage, had so much salt on it it was barely edible--seriously. Like a lot of restaurants in the area, I think they started out strong and just got lazy. We've crossed this place off our list.
First, calling it the "South Slope" is stretching things a bit, no? Second, they've been telling customers for 3 weeks that they're just "waiting for a final inspection" before the kitchen opens--now it's Sept. 19? I wonder what the inspection found? And third, $9 for a gin and tonic in that neighborhood is ridiculous.
Posted by: greenwood at August 26, 2008 2:35 PM in response to Streetlevel: South Slope Gets a New Restaurant
"As I pass through my neighborhood, I find it necessary to remind myself that there is a busybody douchebag living on my block. I have taken the liberty of affixing a drawing of a giant screw and baseball to the front door of his house. The drawing is just a reminder that we're watching him and is not intended to tell said douchebag which meds he's taking that need to be adjusted. This is a preliminary evaluation, another will follow after the rest of the neighbors have had time to mock him in our everyday conversations."
Posted by: greenwood at August 20, 2008 11:42 AM in response to A Different Kind of Neighborhood Watch on E. 7th Street
Lisa, I may be nitpicking here, but in co-ops you don't own your own unit, you own shares in the corporation that owns the entire building.
Posted by: greenwood at August 15, 2008 11:23 AM in response to Brooklyn Co-Housing Moving Closer to Reality?
Nike, Target and Apple spend hundreds of millions of dollars on TV, cable, radio, web and print advertising making it almost impossible not to recognize their logos and associate it with their companies. Does anyone really care what a logo that's going to be in a handful of NYTimes ads looks like? And how about coming up with a more creative name than an intersection?
Posted by: greenwood at August 7, 2008 12:09 PM in response to Inside Third & Bond: Week 48
A friend of mine sublet in this building about 7 years ago. Maybe things have changed, but the stoop to the left was the late night gathering spot for all the teens on the block and the midnight football games they played in the street could get really loud. But I believe the bedroom in 2R is in the rear, so maybe that's not such a problem anymore. Also the building had a pretty bad mouse problem. A woman living there at the time found a nest in the foam padding of her sofa (yecch).
Posted by: greenwood at July 31, 2008 1:21 PM in response to Co-op of the Day: 396 12th Street, #2R
But on the plus side, one of the architects of the S&L crisis and charter member of the Keating Five, John McCain, might be our next president. Surely he'll find a way out of this mess!
Posted by: greenwood at July 15, 2008 12:23 PM in response to IndyMac Fallout in Brooklyn?
I know the whole "neighborhood boundary" thing is getting pretty old, but now 5th Avenue between 17th and 18th Streets is "Windsor Terrace"?
Posted by: greenwood at November 18, 2009 12:53 PM in response to Brooklyn Food & Drink Round-Up