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Manhattan Real Estate Prices Continue Their Plunge

Posted by Melvin Monachan | Jul 24, 2021 | 0 Comments

Around the country, housing inventory is soaring; sellers are easily getting more than the asking price because buyers are willing to duke it out over the property. But in Manhattan, more and more apartments are coming on the market, and buyers are not happy to pay more. In fact, they're looking ...

New York City Storefronts Still Suffer

Posted by Melvin Monachan | Jul 20, 2021 | 0 Comments

A Slow-Rising Tide A reliable report states what is pretty obvious to anyone who frequents New York's commercial districts: storefront retailers still face severe pandemic aftershocks. Urban workers and commuters haven't yet returned to Manhattan and other commercial districts in pre-pandemic nu...

New Proposal Would Ban Foreclosures until 2022

Posted by Melvin Monachan | Jul 07, 2021 | 0 Comments

In an effort to avert a possible deluge of foreclosures and evictions due to the ongoing pandemic emergency, the Consumer Finance Protection Bureau (CFPB) has proposed a new rule that would halt all foreclosure proceedings against delinquent mortgage holders until January 2022. If made official, ...

Supply Chain Issues Pause New York Home Renovations

Posted by Melvin Monachan | Jun 29, 2021 | 0 Comments

Everyone enjoys a good home makeover. For the last year, many of us have been stuck in our homes, daydreaming about what changes we would make. Now with extra cash in our pockets, we're ready to make those renovations happen. Except that now the global supply chain is causing delays. From lumber...

Lessons Learned Evading Foreclosure and Eviction

Posted by Melvin Monachan | Jun 15, 2021 | 0 Comments

It might surprise you how long a resolute buyer of a New York residential property can remain in a home without paying the mortgage. Media report the remarkable story of one man's twenty-three-year battle with lenders and authorities, still ongoing, to remain in a home on which he has reportedly ...

Update on New York’s Recovering Real-Estate Market

Posted by Melvin Monachan | May 19, 2021 | 0 Comments

Where the Market's Just Been The pandemic still casts a mighty big shadow over New York City's real estate market. You can't get a clear view of the up-to-the-minute market without at least a snapshot of where that market has recently been. No question remains that the pandemic spurred a massive...

Loan Forbearance Relief Extended

Posted by Melvin Monachan | May 10, 2021 | 0 Comments

As they grappled with the frightening pandemic, millions of homeowners took due advantage of federal mortgage-forbearance legislation, relieving them of home mortgage payments for up to twelve months. With the pandemic's onset now more than twelve months ago, the Federal Housing Finance Agency re...

Short-Term Loans: A 2021 Real Estate Investment Trend

Posted by Melvin Monachan | May 03, 2021 | 0 Comments

Short-term real estate loans can represent opportunity. In New York, in 2021, on the heels of the pandemic, that's all that many borrowers seek. Over the course of 2020, many property owners had to shelve any commercial real estate projects they had planned. Their customers were staying at home....

Lessons from the Falcone Foreclosure

Posted by Melvin Monachan | Apr 27, 2021 | 0 Comments

It's not how much money you have but how you manage it. That may be the big lesson to draw from a reported foreclosure auction coming up on former billionaire hedge-fund manager Phil Falcone's enormous East 67th Street townhouse and lavish Hamptons estate. Another media story puts the listing pri...

Thriving during the Pandemic: Is it Possible?

Posted by Melvin Monachan | Mar 26, 2021 | 0 Comments

New York City residents have been through a rough year, especially after the spring's COVID-19 circumstances. As the pandemic continues, many factors would seem to indicate that everything is dire. For example, a recent report issued by Unacast asserts that roughly 70,000 (net) residents have lef...

The End of The 21 Club in NYC

Posted by Melvin Monachan | Mar 18, 2021 | 0 Comments

In the month that COVID infections in New York passed one million, the city learned that an iconic Manhattan institution would be closing. Back in December, when Gov Andrew Cuomo announced another city-wide ban on indoor dining in New York, historic restaurant The 21 Club made their own announce...

Lessons from the Tillary Hotel bankruptcy

Posted by Melvin Monachan | Mar 02, 2021 | 0 Comments

The COVID-19 pandemic has hit real estate hard over the last nine months, and the hospitality industry is struggling. Some New York City hotels were already struggling to make debt payments, and the worldwide epidemic was the final blow. The Tillary Hotel The owner of the Tillary Hotel in Brook...

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