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Mitchell Hall - Manhattan Real Estate

UWS Neighborhood Favorite Ollie's Noodle Shop & Grill Closes

Formerly Ollie's Noodles now a hamburger joint

Chinese favorite Ollie's on 84th and Broadway has closed. For the past few months Olli'es was closed, there was a sign in the window "Closed for Renovations Re-Opening Soon". OK, I told myself "you can live without Cantonese Wonton Soup for another month". For a while it looked like it was gathering city notices not unusual during renovations.

They've had renovations before and then re-opened. Years ago they used to make the Dim Sum in the windows. Before that renovation Ducks were hanging in the window. I thought they were upgrading again. But I just noticed the new Awning and sign for 5 Napkin Burger. Could it be hamburgers?

It may not have been he greatest Chinese food in the world but it certainly was convenient and always packed. It was like a Chinese diner, great for quick Dim Sum after going to the movies across the street or for a quick lunch or dinner with friends and family or for delivery.

First Docks closed (my favorite neighborhood lobster and seafood restaurant) now Ollie's, not to mention 1/2 the entire block from 87th to 88th Street has been vacant for 3 years. Saigon Grill was at the corner of 87th and Broadway for many years before moving to 90th Street but it was replaced by Malaysia Grill. Now the block is still empty. The Korean Grocer and Chicken take out place are long gone.

Ollie's has another location on broadway in the 60's near Lincoln Center but I never liked that one for some reason. Bye Ollies. Maybe 5 Napkin Burger will last more than 6 months. These new places seem to come and go.

iPhone photo courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

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©Mitchell Hall 2010

Speechless Sunday: Supreme Court Building - Lower Manhattan

Lower Manhattan

I received notice that I had to report to NY Supreme Court last week or receive a $1000 fine. It turns out I didn't have to report for jury duty, I only had to report to find out if I'm qualified. I'm qualified and will be hearing from them in 3 to 4 months. I served 5 years ago. 6 months after I served they changed the qualification from every 4 years to every 6 years. According to the county clerk I am qualified this year because the 6 year exemption was passed after I served.

I also received a qualification questionnaire from United States District Court. Hopefully NY state will call me first. The 9/11 terrorist trial may take place in US District Court Southern District of NY. Both Court houses are in lower Manhattan.

The Real Estate Board of New York (REBNY) is spearheading an effort to move the trial from lower Manhattan. Lower Manhattan’s business district is vital to our city’s economy and quality of life for all New Yorkers. The heightened security for the 9/11 trial will burden the area’s economy and greatly impose on the lives of its residents. The trial needs to be moved away from this large, vital urban center to a less populated location.

Click here
www.rebnyactioncenter.com
. Spread the word.

iPhone photo Courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

Not in My Backyard: Anywhere but Downtown Manhattan!

REBNY President Steven Spinola

The Manhattan business community and members of the Real Estate Board of New York led by REBNY President Steven Spinola and Bill Rudin, the landlord and Association for a Better New York chairman, are spearheading an effort to move the 9/11 terrorist trial anywhere but downtown Manhattan. Today Mayor Michael Bloomberg came out in favor of moving the trial to another location.


Help
MOVE THE TRIAL!!

Lower Manhattan is the worst place to hold the 9/11 Terrorist Trials. Unless we act now, that is exactly what will happen.

These neighborhoods have suffered enough.

Here is a quick and easy way to take action. Click on this link
www.rebnyactioncenter.com for the REBNY Action Center and send a clear message to elected officials to MOVE THE TRIAL.

Having the trials in Lower Manhattan will:

Adversely affect real estate transactions; Lower Manhattan has 30,000 residential units and more than 100 million square feet of office space
Create economic hardship for the 8,000 plus businesses in the area
Bring trauma to the 140,000 people who live there and have already been through enough
Distress the more than 315,000 New Yorkers that work there
Discourage the more than 8 million annual visitors
Place a roadblock in the economic recovery of the city

Lower Manhattan’s business district is vital to our city’s economy and quality of life for all New Yorkers. The heightened security for the 9/11 trial will burden the area’s economy and greatly impose on the lives of its residents. The trial needs to be moved away from this large, vital urban center to a less populated location.

Click here
www.rebnyactioncenter.com
. Spread the word.

Interview with REBNY President Steven Spinola in NY Obsever

courtesy of:

Mitchell Hall, Associate Broker, The Corcoran Group

NYC Taxpayers Big Winner in Stuy Town Debacle

Stuyvesant Town Apartment complexAs many of you have read in the media the largest property purchase in US history went into default. The group led by Tishman Speyers that purchased the 110 buildings and 11,000 apartments that make up Manhattan's Stuyvesant Town and Peter Cooper Village will be turned over to creditors who financed the $5.4 billion deal in 2006. The property is now estimated to be worth $1.8 billion.

The plan was to aggressively convert thousands of rent-regulated apartments occupied by middle-class families into luxury units that would rent or sell for top dollar.

The strategy failed as NYC's housing market cooled. Even in the hottest market turning a 70 year old brick housing project complex from affordable middle class housing into high-end luxury rentals fetching high rents was a big stretch.

Met Life built the apartment complex in 1940 for WWII veterans and for decades due to tax breaks and incentives maintained affordable rents.

Just look at the picture. I have friends and relatives that grew up in Stuyvesant Town. While they are nice spacious apartments, all the renovations and up scale marketing in the world, IMHO could never turn Stuy Town into Trump Place. Manhattan already has many luxury rentals including several brand new construction luxury buildings.

So while two California State Employee Pension Funds, the Florida state pension fund and the Church of England lost their shirt (hundreds of millions of dollars) speculating in NYC real estate, The taxpayers of NYC made out quite well.

NYC collected taxes of more than $300 million because of the $5.4 billion deal. The city collects transfer taxes every time a property is transferred. The inflated sale price and inflated market value brought in property taxes of about 48 million per year. NYC uses a multiyear assesment so they will remain high for a few years.

Most likely the property will be sold to a new owner. Lefrak is interested in the property. So NYC will get those transfer taxes once again perhaps another $100 million. Hopefully the 25,000 tenants will still have affordable apartments.

We can use the money. Thanks speculators!

Crowds at Open Houses on Upper West Side of Manhattan Today!

Upper Broadway

Despite the rain, cold and dreary weather open houses were mobbed today on the Upper West Side of Manhattan. Buyers are out and buyers are buying. One pre-war 2 bedroom condo priced at $1,399,000 must have had about 40 people when I arrived with my buyers just 15 minutes after it opened.

About 30 people were at the 2 bedroom 2 bath apartments on the third floor of a post-war full service luxury building. One 2 bedroom condo that came on the market the beginning of the week at $1,150,00 that I showed Wednesday evening is already in contract and today's open house was canceled. I was planning on taking my buyer back today to see it during daylight. Too late. There is very little inventory in the $1M to $1.4M range.

What does it mean? Is it the Wall Street bonuses? Have we bottomed? Last weeks sell off in the stock market? Is New York the last market to decline the first to recover? We haven't had many foreclosures or sub-prime mortgages. The collapse of Lehman Brothers was what caused our market to decline. Prices are still down from a year ago but there is sales activity.

I know it's not about tax credits in this price range. Even first-time buyers looking at $1M+ apartments tend to have higher incomes than $125,000 single or $250,000 combined. The $6000 tax credit for current home owners is capped at an $800,000 purchase.

I know there are all kinds of reports and gloomy economic studies. I know we have high unemployment and our national economy is not good. But I also know what I see. I see a lot of people with a lot of money buying real estate in Manhattan.

Mitchell Hall, Associate Broker, The Corcoran Group

Apartment and Townhouse listings by email

How much is your Manhattan apartment or townhouse worth in today's market?

©Mitchell Hall 2010