Closet Space

In the spirit of content exchange, I present to you another video from Open House NYC on the subject of closet space. In my experience in sales and rentals, nothing will kill or close a deal quicker than closet space. People need to put their clothes, stuff and other junk away. In this video presentation, the Open House gang present the business associated with closets in NYC and how they work.

In Memoriam

D.S 1975-2007

You are missed.

Go New Bern Bear's

I attended the New Bern High School final playoff game Friday night in New Bern and cheered as the Bear's beat a game but out gunned team from Raleigh. Both teams played hard but in the end New Bern proved to be the better team. Next stop the Bears will take on a team from Charlotte. This is the 4 th time in about 7 years that New Bern has made it to the State championship game. In past years they have gone up against teams from Charlotte which requite players from a much larger area, perhaps 20 times as large. Good luck Bears in the final 4A Championship game.

Westside Yards Proposals Public Viewing

American Institute of Architects New York Chapter; Architectural League of New York; Design Trust for Public Space; Fine Arts Federation; Friends of the High Line; Irwin S. Chanin School of Architecture of The Cooper Union for the Advancement of Science and Art; Metropolitan Waterfront Alliance; Municipal Art Society; New York New Visions; Regional Plan Association present Proposals for the West Side Rail Yards

Monday, December 3, 2007

6:00 – 8:30 p.m.

The Great Hall, Cooper Union

7 East 7th Street

New York City

Free admission, no reservations required



Even in an era of large-scale real estate ventures, the proposed development of the West Side Rail Yards is an enormous undertaking, with equally enormous implications for the future of New York . On October 11, 2007, five developers submitted responses to a Request For Proposals issued by the Metropolitan Transportation Authority for development of both the Eastern and Western Rail Yards, the largest undeveloped tract of land in Manhattan . Zoning on the overall site allows 12 million square feet of combined residential and commercial development; the RFP also requires that space be allotted for a public school and community and cultural organizations. The MTA expects to select a developer for the site in the first quarter of 2008; after conditional approval by the MTA board, the selected proposal will proceed through the city’s Uniform Land Use Review Procedure (ULURP).



On Monday evening, December 3, representatives of the design teams for the proposals will present their schemes in a public program co-sponsored by a group of architecture and civic organizations. This is the first public program at which these proposals will be presented.



Architectural teams and developers are as follows: Skidmore, Owings & Merrill, Field Operations, Thomas Phifer and Partners, SHoP Architects, Diller Scofidio and Renfro, Kazuyo Sejima and Ryue Nishizawa/SANAA, Handel Architects (Brookfield Properties LLC, developer); Steven Holl Architects (Extell Development Company, developer); FXFOWLE and Pelli Clarke Pelli (Hudson Center East LLC and Hudson Center West LLC, joint venture of Vornado Realty Trust and The Durst Organization, Inc., developer); Kohn Pedersen Fox, Robert A.M. Stern Architects, Arquitectonica (The Related Companies, developer); Murphy/Jahn Architects, PWP-Peter Walker and Partners (TS West Side holding, LLC, joint venture of Tishman Speyer and Morgan Stanley, developer).



Proposals are currently on view in an exhibition presented by the MTA:

Public Viewing of Rail Yards Bid Proposals

335 Madison Avenue (northwest corner of Vanderbilt Avenue and 43rd Street )

Across from Grand Central Terminal

Daily 8:00 a.m. – 8:00 p.m., through December 14


Barb Steffen

Communications Coordinator

AIA New York Chapter/ Center for Architecture

I recommend you all go, not just to be heard but to educate yourself.

Busted

Justice is served!

They posed as wealthy apartment buyers, but turned out to be an upscale version of Thelma and Louise who pilfered diamonds and furs from luxury Manhattan pads.

Jessica Joyner, 39, and Jennifer Jones, 33, who both live in swanky upper East Side digs, were nabbed after being chased from an open house they were allegedly attempting to rip off, cops said Sunday.

The devious duo, who look more like preppies than perps, were charged with petty larceny, grand larceny and criminal possession of stolen property, and were to be arraigned today.

Cops believe Joyner and Jones have been pulling their bogus-buyer scam since early October, dressing in designer duds to fit in as elite real estate browsers.


Joyner, a divorcee, even drives a 2003 Jaguar XJ8. She lives in an E. 94th St. apartment and owns a $645,000 home in the Hamptons.

Her former mother-in-law, Mary Cannon, expressed shock last night when she heard of the arrest.

"I haven't seen her for a long time," Cannon said of Joyner.

Joyner had been a vice president for a global information, technology and marketing firm with offices in Washington and New Jersey.

On the company's Web site, she boasts of having 15 years' "experience negotiating, managing and promoting affinity relationships with Fortune 500 companies." She also claims to have once owned her own consulting company, ICMG.

Jones, previously of Southampton, L.I., recently moved into a rent-stabilized apartment on E. 75th St., where neighbors have complained of her littering the courtyard with cigarette butts.

Cops said that while touring the multimillion-dollar apartments, one woman would distract the real estate agent while the other swiped everything she could get her sticky manicured fingers on.

Cops said a broker recently caught them in the act and yelled, "What are you doing?" when he saw them clearing shelves during an open house.

Sources said Joyner and Jones bolted from the apartment, but the broker raced after them, getting the license plate number of their getaway car.

Using the plate number, cops tracked down one of the women, who gave up her partner, police said.

Joyner, a blond with a horsy smile, and Jones, a sexy brunette, allegedly stole with discriminating tastes, police said.

They are accused of taking handbags, a Tiffany clock, earrings, diamond rings, clothes, a wallet, a Coach backpack and even a fur coat.

The pair hit ritzy apartments on both the East and West sides of Manhattan, ripping off at least five high-end addresses.

Among the buildings they targeted were 14 E. 96th St., 4 E. 82nd St. and 2373 Broadway, where they allegedly stole a diamond eternity band.

It is shocking enough that one of them wasn't a drag queen, but these are women of means. I would never justify theft, but it appears that these women who have no need to rip people off. I hope they throw the book at them.


And in other news about douchebags getting what they deserve.

Brooke Astor’s only son and one of her former lawyers have been indicted on criminal charges stemming from the stewardship of her financial affairs and the handling of her will, according to people who were briefed on the situation.

Her son, Anthony D. Marshall, 83, and the lawyer, Francis X. Morrissey Jr., have been told to surrender to authorities today, those who were briefed said.

A Manhattan grand jury has been hearing evidence from witnesses since mid-September, following an investigation by the district attorney’s office into, among other issues, the management of Mrs. Astor’s fortune by Mr. Marshall as well as Mr. Morrissey’s role in the signing of a third amendment to her 2002 will.

The exact charges against the two men, who have been partners in a theater production company, were not known late yesterday.

Prosecutors were believed to be investigating millions of dollars in cash, property and stocks that Mr. Marshall obtained over the years in his role as steward of his mother’s finances

.

They say blood is thicker than water. But Brooke Astor had a f**king tidal wave backing her up which is going to smash her son.

I have nothing but contempt for this man. Brooke Astor was an amazing woman who sought to only give to others and her son treated her like his own private ATM machine. In her final days she was nearly doomed to live them out in a wretched lifestyle. Fortunately this is a woman who not only made friends but kept them.

I have no idea what possessed this a**hole to do what he did. From what I have read and know about this class of people, pretty much everything is within their reach. Maybe he had a rotten childhood. I don't know. He had enough money to get a good therapist.

Even if he goes to jail, I don't see him staying very long. Unfortunately.

But I do know that once he breathes his last breath, he is going to have a lot to answer for.

Lien on me

He’s got your back!



My next series of entries will focus on the areas of foreclosures, liens and the other big bads associated with the imploding real estate market. I am kicking off the series with an interview with real estate lawyer Aaron Shmulewitz.

Mr. Shmulewitz is partner at Belkin Burden Wenig & Goldman. His resume includes representing more than 250 co-op and condo board and his duties include general counsel, building mortgage refinancing and all aspects of corporate representation.

I came across Mr. Shmulewitz when he was featured in the New York Sun article about the rising number of condo fee defaults and he was quite gracious in allowing to be interviewed by me on the subject of condo liens. It is common knowledge in real estate that you need a good lawyer to represent your wants and needs. They can save you a ton of time and money in taking the appropriate measures and avoiding mistakes.

One of the most valuable skills a lawyer can have is to be able to break down legalese into bite size pieces for the layman to consume. You will see that Mr. Shmulewitz clearly demonstrates his mastery of that particular skill set.

Before I begin, Mr. Shmulewitz reminded me that all of his responses are based on New York Law. In other words, unless you are looking for legal information in the area of New York Law, you should seek out legal resources that correlate to the state where your questions originate. In other words, if you have a question about Cincinnati city law, talk to a lawyer who practices in Ohio.



What is the legal definition of a condo lien and what does the process entail in filing a lien? What is the difference between a lien and a lawsuit?


A condo lien is a formal notice filed against a condo unit, creating a public record that a stated sum of money is due to the condominium from this unit; the filed lien prevents the unit from being sold. The lien is recorded by the City Register or county clerk. A lawsuit is a suit filed in court by which the condominium seeks to have the court force the unit owner to pay money to the condominium. A lien can be followed by a lawsuit, or a lawsuit can be filed without a lien having been recorded.

As a lawyer, what are your duties in representing the condo board? What are the challenges in working with the board on a lien?

In general, to do what is necessary to protect the interests of the condominium. If a unit owner owes X dollars to the condominium, the lawyer should make sure that a lien is properly recorded reflecting that debt.

What is the difference between a condo lien and a tax lien that is filed by a town?

A tax lien is superior to a condo's lien. In other words, if a unit is foreclosed upon by the city or a mortgagee, the real estate taxes will always be paid, but the amounts due to the condominium might be wiped out.



The sale of tax liens are a billion dollar a year industry. Can you buy and sell condo liens in New York City?

Theoretically you could, but it's not done.

You stated that in the article that you have seen a 25% rise in defaults. Is this the highest you have ever seen in your experience? Do you think it will get worse?

It's not the highest I've seen--things were much worse in the late 1980's and early 1990's. I think that things will get worse now before they get better. People who get into default situations on their condo mortgages are also likely to default in their condo payments.

In regards to the rising number of defaults, are there any trends to indicate whether these are owner occupied or investor units?

Not that I'm aware of. I would think that the trend would be of owners (regardless of whether they occupy or are investors) who either over-leveraged, or took out adjustable rate mortgages whose rates are now being reset for the first time.

If an owner is defaulting on condo fees, there is a strong possibility that they are unable to afford the mortgage payments. What happens when the bank and the condo are both foreclosing on the property? Who is the first in line to get paid? Which party has more leverage?

Under New York law, a first mortgage takes priority over a condo lien. Should a first mortgagee foreclose on its mortgage, it wipes out the condo lien unless the foreclosure sale yields a sale price higher than the amount due to the bank. A second mortgage is subordinate to a condo lien.


Once the foreclosure goes through, does the condo board hire a broker to sell the property? What are their options in liquidation?

Should a condo wish to foreclose on a lien, what usually happens is a public foreclosure sale which is attended by multiple bidders. It is very likely that one of the bidders will be the successful bidder--the condo board almost never becomes the owner of the unit.

In the article it is stated that liens are usually settled out of court but that is now becoming progressively difficult. Why is that?

I think because people who are defaulting to their condos are also defaulting to their mortgagees--they are simply walking away from their obligations.

What do you recommend condo board do to protect themselves from condo fee defaults?

Since condos generally do not have a right of approval/disapproval of prospective purchasers (but only have a right of first refusal), condos generally find it hard to screen out potential payment problem purchasers (unlike co-ops). Some condos nevertheless require some sort of escrow from an incoming purchaser (like twelve months of common charges) to act as a "security deposit" should the purchaser ever go into default. However, should the matter ever be litigated, I think that it is unlikely that a court would uphold the right of a condo to require that, unless the condo's bylaws authorize it. Since there is relatively little that a condo can do to screen out or prevent potential payment problem purchasers, the only thing that a condo can really do once a default occurs is to act as quickly and aggressively as possible. Do not delay.

Are they (the board) allowed to discuss the matter in public?

Yes, it's a public document.


What should a condo board look for in a lawyer?

Experience, responsiveness, practicality.


What is your craziest story in filing a lien?

Don't really have one; sorry.

Once again, I would like to thank Mr. Shmulewitz for doing this interview. Those of you who have more questions for him or seeking legal counsel please go to his firm’s website.

Wounded Warriors Leave Program

Planes, Trains, and Automobiles!
Let's Get 'em home for Christmas!

Last December the national director of the Military Order Of Purple Heart (MOPH) visited the Wounded Warrior Barracks at Camp Lejuene. He wanted to give each of the Wounded Marines a special gift for Christmas. Some of these brave men have suffered debilitating wounds. When asked "What do you want for Christmas?", most said they just wanted to spend Christmas at home with their families. Because many of the brave Marines could not afford the cost of an airline ticket and planned to spend Christmas in the Wounded Warrior Barracks, the Wounded Warrior Leave Program was born.

Last year there was a fundraiser that was held at New Bern Golf and Country Club. That fundraiser, along with an e-mail that was circulated throughout the United States, raised enough money to send every Wounded Marine home for Christmas. Donations to this project bought airline tickets, hotel rooms, rental cars, bus tickets, whatever was necessary to get the wounded Marines and Soldiers together with their families and grant them their Christmas wish!

This year will be even more of a challenge. In addition to the 125 or so Wounded Marines at Camp Lejeune, the MOPH will help the Wounded Soldier's at Fort Bragg.

Here's how you can help.
Please join us Tuesday, December 11th from 6-8 PM for a fundraiser at New Bern Country Club where our guests of honor will be several of these wounded Marines.There will be heavy hors d'oeuvres and a cash bar. Bring a check payable to "MOPH-Wounded Warrior Leave".
Our donation goal is $50 per person or more for attendees. Even if you can only stay a short while, please come by and meet these brave Marines and let them know we appreciate the sacrifice they have made! Ask anyone that attended last year, it was a truly special ocassion, everyone was overwhelmed with the Christmas spirit, and we expect this year's event to be just as memorable.

If you have other obligations but are still willing to help with any amount of donation, please mail a check ASAP, payable to MOPH-Wounded Warrior Leave. Send to SteveTyson , 820 Broad Street, New Bern, NC 28560

We recognize this is short notice, but there is a deadline of December 12th in order to purchase plane tickets. The limited time-frame is why we are attempting to contact as many people as we can by email. Please forward this e-mail to everyone in your contact list. Last year, we were surprised at how much came in from the email that was circulated nationally. It was truly a team effort for a wonderful cause. Time is short, We must purchase tickets soon before the airlines get booked up with holiday traffic.

DONATIONS ARE TAX DEDUCTIBLE AND 100% OF THE MONEY RAISED WILL BE SPENT TO UNITE THESE WOUNDED MARINES AND SOLDIERS WITH THEIR FAMILIES FOR CHRISTMAS!

If you can attend Please RSVP by email as soon as you can at tyson@century21.com or call 252-633-5720.

God bless you and your family this Christmas,