Good News with Foreclosure Numbers

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September 24th, 2011

Good news for the real estate industry, and for real estate businessmen like Leslie Westreich.  According to PropertyShark research, The number of new scheduled New York City foreclosure auctions was down by 70% in August, when compared to August 2010.  They were down 7% from July 2011.

When looking borough by borough, Queens and Staten Island had the largest drops.  The foreclosure auctions in those two areas were down a resounding 80%. In addition, the upcoming foreclosure auctions fell 40% in Brooklyn and 13% in Manhattan.  The foreclosures in the Bronx, interestingly enough, have remained consistent when making comparisons from this August to last August.

All of this shows a positive sign for the real estate market in New York and for the economy in general.

Home Remodeling Industry Booms

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July 20th, 2011

Real estate and design tycoons such as Leslie Westreich are likely aware of the boom in the home remodeling industry, which has reached its peakl since 2004.

Joe Emison, vice president of research and development at Buildfax said “Through the first five months of 2011 we have seen impressive gains within the remodeling index and May has continued that trend with a record setting month. Even with the continued struggles in the economy, the remodeling industry has been a bright spot, as consumers look to make upgrades to their current homes, rather than purchasing a new residence.”

Manhattan’s Kenmare Street Transformed

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June 6th, 2011

New York real estate tycoons like Leslie Westreich are certainly aware of the fact that Manhattan’s Kenmare Street has taken a turn for the better. The strip between Little Italy and Soho was once home to physics and auto mechanics, but over the past few years it has been transformed into a whole new place, full of restaurants and boutiques.

Some of the more recent opening include Asiadog, an Asian hot dog joint, and Lair, a restaurant-lounge on Lafayette Street.

“This was the location we had to be in , because we wanted a laid-back vibe in a place with character,” explained the co-owner of Lair Illarion Parmit. “Meatpacking District and Chelsea are a bit of an overkill and not for locals anymore- they’ve become destinations.”

According to the Architect’s Newspaper, Red Apple Real Estate has put in a new proposal for the 500,000 square feet of space located at the west end of the boardwalk on Coney island.

The proposal suggests three residential towers, including a total of 400 market-rate condos, 25,000 square feet of retail and 400 parking spots. Red Apple believes the tallest tower should be 142 feet tall.

“Subsidized housing surrounds the site, that’s why we think this kind of density and bulk is appropriate,” explained William Stein, one of the lead architects on the project. “A lot of nearby buildings are towers in the park, so we’re trying to create an urban presence.”

New York Sale of Distressed Homes

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March 4th, 2011

Leslie Westreich and other real estate moguls are certainly aware of the fact that a recent real estate report predicted that there will be an escalation in the sale of distressed homes in the next few months that will probably put “additional downward pressure on U.S. home prices.”

In New York there was a decline of 31 percent for foreclosure sales year-over-year.  According to the report however, it seems that the major drop off isn’t likely to last.  It has probably been caused by the homebuyer’s tax credit’s expiration in the third quarter of last year and the foreclosure paperwork scandal in the fourth.

Downtown Seattle Real Estate

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February 25th, 2011

Downtown Seattle is set to have a 654-unit luxury-apartment complex built by June of this year, “a $200 million wager by Bentall Kennedy’s real estate firm, that it will be cheaper to build than buy as the foreclosure crisis drives up demand for U.S. rental properties.”  The location of the project is Sixth Avenue (between Blanchard and Lenora Streets) and is good news for the company since it is the first apartment project the company has constructed in the city in the last decade.  As well, according to John M. Parker, president of the U.S. arm of Toronto-based Bentall Kennedy, there is likely to be a “spike in rents over the next one to three years….in anticipation of the spike in rents that we can be comfortable on our return on costs.”

Huge Increase in Washington Office Real Estate

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February 18th, 2011

Last year property values in Washington escalated the highest “among six major U.S. markets as employers added jobs and investor demand boosted prices, according to CoStar Group Inc.”  Prices for  offices there also increased 15 percent (with six percent in New York).  No other cities had any increases.  Indeed, in Chicago, there was a drop of 22 percent; LA, 17 percent and San Francisco 13 percent.
It seems that it is just Washington and New York which are attractive for investors these days, following the recession.  As well, “the reason people aren’t as comfortable with a Chicago and L.A. is because their economies just aren’t doing nearly as well as, say, D.C.,” said Chris Macke, senior real estate strategist at CoStar. “It all comes back to perception and perception driven by the economy, and that’s what drives the investor demand or amount of dollars chasing the amount of deals.”

Improved US Property Market

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February 11th, 2011

Real estate entrepreneurs and developers like Leslie Westrecih are surely relieved that things are – perhaps somewhat surprisingly – looking up in America’s commercial property market.  At one point it looked like this was not going to be the case at all. (Indeed, it was predicted that the market would completely collapse.)  Statistics now however show a rise in nearly 20% of commercial properties, rendering it the “second largest price gain ever for [these] types of sales.”
In other areas of the property market – namely office space – the increase in sales is even greater. In fact, “Real Capital Analytics recorded investments in office properties last year at $41.6 billion, more than double what was invested in that sector 2009.”  This is definitely good news for property lenders who have finally been able to “unload distressed assets from their balance sheets.”

Leslie Westreich and Unique Art

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February 4th, 2011

Leslie Westreich lives in a stunning and uniquely-designed Watergate condominium. Much of the interior design hails from the neoclassical era.  Sipping a glass of tea, or taking in an evening meal, one can enjoy the comfort of Manuel Canovas silk velvet that adorn the chairs, which was “embossed using a technique called guaffrage.”

What does this mean? The literal understanding of gauffrage is empty printing.  In other words printing that does not use ink.  Its uniqueness is in its capacity to provide a three-dimensional capacity which is not provided by any other printing method. This special technique is not new however.  In fact, it dates back to 1120, or even earlier but modernized until that date.
Ultimately, as in much of the other interior design in Westreich’s abode, the gauffrage method used for the silk velvet chairs results in a stunning look and feel throughout.

Mort Zuckerman to Stay with Boston Properties

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January 28th, 2011

Mort Zuckerman has recently publicized that he is keeping his post as chief executive and chairman of Boston Properties. In addition to working with one of the world’s most successful commercial landlords, Zuckerman also publishes the New York Daily News tabloid, is editor in chief of the U.S. News and World Report, and sometimes serves as the political analyst.

Many have wondered how long Zuckerman plans on juggling his various occupations. When asked, however, Zuckerman explained “This is still my prime interest… The fact that I do other things…enhances, if I may say so, the opportunities and the role I have at Boston Properties.” He added that Boston Properties “has the first priority” and “sets the agenda for whatever else I may do.”