Chilly? Call 311. Underwater? Try a short sale.

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A daily tour around the web through the eyes of a NYC vertical dweller:

  • Underwater on your NYC property?  Sell now, says short-sale real estate attorney Shane Sutton, who is "seeing a plethora of owners who purchased in Tribeca and the Highline area over the last two years, many of whom are underwater after having borrowed at 80%+." He tells The Apple, Peeled,  “It’s better that they get out today than wait ten years and hundreds of thousands of dollars later to walk away.” On StreetEasy, we found a number of short sales listed, such as a two bedroom/two bathroom at Emory Roth’s 1200 Fifth Avenue, which sold in October of 2007 for $1.4 million and is now listed as non-negotiable at $999,000; a one bedroom in the Cipriani Club at 55 Wall Street, which sold for $1.27 million and recently entered contract with the last listing price at $800,000; and a one bedroom in Midtown West’s Orion Condominium, which sold in April of 2007 for $857,000 and was put on the market last month for $725,000.  (The Apple, Peeled)
  • It’s been less than ten years since New York mandated that co-op sales be made public record.  And not surprisingly, many people who are buying high-end apartments do not want their purchase history and identities available for just anyone to see on StreetEasy.  New York Magazine's S. Jhoanna Robledo reports that “lately, high-end buyers think they’ve found a new way to be discreet. They are asking co-ops to break a long-standing rule and allow them to buy under corporate entities, typically LLCs, to maintain their privacy.” One reason co-ops have traditionally balked is that if “maintenance is overdue, collecting from a corporate entity can be tricky.”  But, as the article notes, the co-ops are now competing with the “chic” buildings built during the past decade, which are condos and typically don’t mind corporate purchases.   (NY Mag)
  • Condos may welcome corporate buyers, but brothels? Not so much. A reader asks The Cooperator what measures a condominium board can take if an owner’s tenant is using a unit as a brothel.   Among other measures, says a lawyer, the board should file a lawsuit against the condo owners, even if they're not involved with the brothel.  "A court of law will more likely than not find these unit owners guilty of facilitating and promoting prostitution and these unit owners may face a jail sentence and be evicted from the building.” Memo to condo owners: Vet your prospective tenants wisely! (Cooperator)
  • Has the dreary weather left you feeling rather chilly?  October 1 marked the beginning of “heat season” 2010, and New York City issued a press release reminding landlords of their obligations. Is your landlord ignoring the City’s dictates? “’We want to be sure New Yorkers know their rights, and if their landlords aren’t taking action to provide heat, they should call 311 to notify HPD and our dedicated staff of inspectors who are here to help.” (NYC.gov)
  • CurbedNY finds the "ultimate bachelor pad" in Tribeca, listed at a “manly $5.95 million.” They’d “call this 4,000-square-foot loft at Tribeca's 71 Murray Street the ultimate mancave” but for all the windows. It even sports a terrace for outdoor fun. (CurbedNY)

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