Thursday, October 22, 2009

*Everyday Chatter

Congratulations to Miss Heather at NY Shitty for winning Best Neighborhood Blog from the Village Voice. After tireless poop scooping and neighborhood reporting, along with almost weekly fights with the Post, it's an honor well-deserved. [Voice]

For a quick buck ($10,000 in 5 weeks), you could be a Times Square toilet flusher--but you have to audition first. [1010] via [Animal]

Court rules against Tishman Speyer in a major blow against landlord greed. [STLL]

Will Avenue D finally turn into Avenue C? [EVG]

The shopping mall that once was the Limelight already has a cupcake shop. [CR]

East Villagers, brace yourselves--yet another cupcake shop is looking for a space in the hood. [Eater]


L'Emmerdeur said...

All the smart, well-connected, old-school New York money spent the last few years cashing in on multi-decade windfalls.

Now that they are done, it's time to destroy NYC real estate again, so they can get another chance to buy properties for $1... think I'm crazy? This is EXACTLY what happened in the 1960s and 1970s. Ruling after ruling from the courts and serial tax increases bankrupted thousands of landlords back then. Even those with no debt ended up losing their properties to the city due to unpaid tax bills.

You could buy burnt-out buildings in Harlem back then (and well into the 1980s) for $1, as long as you made good on the tax bill. Twenty years and a renovation later, you could sell the apartments to the children of those who were dislocated back then for millions.

This has all happened before, and it will happen again.

As for Tischman, ask yourselves this: who holds the notes and who are the equity holders? Regardless of the drop in market price, the senior debt holders will still end up owning the building. If my estimates are correct, the market value would have to be written down about50% before senior bond holders started taking any losses. They just need to make absolutely sure that the equity holders and subordinated debt holders (aka the Greater Fools) are 100% wiped out with no recourse.

This ruling helps do just that.

Anonymous said...

Avenue D will basically turn into Stuy Town that is my guess. I don't mean the blue collar working class Stuy Town, I mean the Chuck Converse All Star wearing, bikini sandal wearing, hipster trust fund babies and rich californian kids with nothing to do on the West Coast, so they move to New York and rent a studio for $2500 a month.

It will WREAK of California on Avenue D. They should should change the name of the East Village to California East, because EVERYONE IN THE EAST VILLAGE IS FROM CALIFORNIA. I REPEAT, MOST OF THE HIPSTERS IN THE EAST VILLAGE ARE FROM OREGON, OR CALIFORNIA.

Go ahead and disagree with me. Because everyone I have ever met recently in the East Village was from "Cali".

Basically it's like Berkley. With absolutely now New York flavor at all except shitted up Avenue D which is unfortunately the only flavor left in this city, the slums and project areas. Everything else makes me want to throw up, these cupcake shops, and all of these other selfish narcissistic shops made for people who want to self indulge every damn second.

Yes, I am an angry man.

AND BY THE WAY-I hate the new Cooper Union building with a passion. Hate it.

What the hell kind of architect would design some piece of glass shit like that!