You know who’s not worried about the economy? The co-op boards of Manhattan’s most exclusive apartment buildings. Why? Cause a long time ago they made the prudent decision to safeguard themselves from things like a recession by not allowing anyone whose wealth might be exposed to market fluctuations to move in.
“You find that people at River House are rather serious and not as exposed to the vicissitudes,” [Mr. Blinken, said about his co-op, where he was a board member before becoming President Clinton’s emissary to Hungary].
The meticulous, monogram-shirted, Virginia-born broker Edward Lee Cave said the best buildings want buyers with three times the apartment price in liquid assets. “It’s never been more important than today,” he said. “I’ll tell you why! They don’t want you going belly up, they don’t want you, your fabulous company—Bear Stearns, excuse me—all of a sudden going face down, and you have to sell apartments and you can’t pay your maintenance,” Mr. Cave said. “The current crunch doesn’t affect them at all.”
Top Co-ops Amid Dismal Economy: No Fear, Still Loathing [The Observer]
Posted by guest , Apr 09, 2008 5:05PM
I would welcome all lesbians to my building. Well, the lipstick variety anyway. If any of you BSC young, hot female interns are of this variety, give me a call so you don't go homeless.
Mike
To contact me: Search 'Mike's Apartment'
Posted by guest , Apr 09, 2008 5:06PM
Just wait.
Posted by guest , Apr 09, 2008 5:22PM
*Still* no link to the post by Timmay about Bessie? Didn't Bessie see what Timmay wrote today about her?
Dick Yoo
Posted by guest , Apr 09, 2008 5:36PM
River House is E52, at the East River. Henry Kissinger is a resident. 720 Park is, well, 720 Park. Why do I gotta splain everything here. Its like work. When it comes to anything beyond who won the game yesterday you straight people are so obtuse and need to be propped up by the sharp gay guys in the room. GAnalYst
Posted by Random Banker , Apr 09, 2008 5:38PM
Reginald Lewis was a stud.
Posted by guest , Apr 09, 2008 5:39PM
@GAnalyst-- nothing needs to be explained, the article mentions 720 park as one of the places that does this as well.
Posted by mrpink , Apr 09, 2008 5:42PM
Well I be damned, I got 2 out of 3 working against me.
-mrp
Posted by guest , Apr 09, 2008 5:42PM
RB @5:38 Not my type, but did you ever trick with him? He had that foxy exotic Philipina wife. GAnalYst
Posted by guest , Apr 09, 2008 5:43PM
Pink: you're black? Never would have guessed. GAnalYst
Posted by mrpink , Apr 09, 2008 5:43PM
I'm going to start denying straight folks admittance to Chelsea. Hrmph..
Maybe I could cut some side deals where I send soon-to-be-homeless BSC straight women to several folks who would be willing to fund the empire. Green talks ;)
-mrp
Posted by mrpink , Apr 09, 2008 5:47PM
GAnalYst: yep. the most politically incorrect one you *may* ever know... Think Dave Chappelle x 1000.
I make folks cringe at the jokes :)
thanks for the corbin fisher link the other day... Sweet!
-mrp
Posted by guest , Apr 09, 2008 5:57PM
pink: glad yr enjoyin CF. My personal faves are hairy chested Ben and uncut Spencer (think those are their real names??). But they're all great. They all perform well under pressure, are good looking and well spoken. If it was up to me, I would recruit first years there. GAnalYst
Posted by Investorcluzo , Apr 09, 2008 5:58PM
I think pinky and GAnalYst should go on a date. bessy set it up. this could be fun, eBONEy and Ivory.
as for the article, did they note that co-ops get less than condos on a per square foot basis (for similar buildings, of course)? pluses and minues...but I if you don't want to live with the tribe or the folks with deep tans, what's a few dollars per square foot?
Posted by guest , Apr 09, 2008 5:59PM
Kissinger would have failed most co-ops in his day. Rosenkrantz failed many more. The people at River House ended up there as non-one else would take them - it's pretty much a building for the rich with money of dubious origins no-one else would take.
Posted by guest , Apr 09, 2008 6:12PM
Cluzo: 1) GAnalYst has a boyfried already, thank you. 2) Co-ops are less per square foot cause you're buying them subject to a building mortgage (which is also why the monthly charges are higher). If you're gonna calculate $/sq foot you need to adjust for that. Again, I gotta go splainin things to straight people. GAnalYst
Posted by Random Banker , Apr 09, 2008 6:15PM
@5:59 tell us more, oh waspy interpreter
Posted by guest , Apr 09, 2008 6:16PM
Lots of Gays on Wall st in high places...including a former CFO of MS and Treasurer of ML
Posted by Investorcluzo , Apr 09, 2008 6:18PM
GAnalyst: monthly charges are higher because taxes are included and you get to deduct, keep on splainin'...didn't know you were spoken for, but I know how much bessy like to be a matchmaker so I thought I might instigate; not to mention I know how you boys like to pick up strays from time to time.
Posted by guest , Apr 09, 2008 6:19PM
Cluz: Another thing.. A lot of Condos are new construction and therefore have some form of real estate tax abatement, which can jack up the unit price. It really is very difficult to draw any conclusions from looking simply at relative price per sq foot. GAnalYst
Posted by guest , Apr 09, 2008 6:27PM
@6:16 and lets not forget one of the big boys at DLJ
Cluz @6:18 Re picking up strays, I would say gay boys are no more prone than straight ones. We are after all all guys. GAnalYst
Posted by Investorcluzo , Apr 09, 2008 6:27PM
GAanlYst: fair point. while you may have something against us straights, I don't discriminate. so let's just agree that the laws of supply and demand work in the apt market: ie. the supply of people who have liquid assets of 3x the apt value is less than those with 1x (or less); thus, increasing the potential demand for those apts which have lower purchase requirements? part of the reason we are in the sub-prime mess (but at a much lower level)...
Posted by Random Banker , Apr 09, 2008 6:27PM
@GAnalYst: Go one, as a perma-renter I find this all fascinating, what else can you tell me about this world where people buy their housing. Please compare and contrast east side and west side co-ops. And further discuss if all of this is really still necessary in a world where you and buy a piece of the Plaza or what have you.
Posted by guest , Apr 09, 2008 6:29PM
@6:27 Totally agree. GAnalYst
Posted by guest , Apr 09, 2008 6:37PM
RB, et al. Lets just say that in NY there are many many choices and the market prices them very efficiently. Used to be in a crappy condo with liberal subletting rules, now nicer coop without. Quality of life is now much better, which I believe contributes to more demand and higher value. Offsetting that however is the fact that you can't sublet and have to get past the board, which turns off some buyers, pushing them to the condo alternative and depressing prices. No easy answer. GAnalYst
Posted by Investorcluzo , Apr 09, 2008 6:51PM
GAnalYst: who besides Lufkin from DLJ, I worked there back in the day, after the sale to CS(FB) I noticed more of your team walking the halls. perhaps it was just more accepted by the suisses or perhaps my gaydar wasn't working properly.
Posted by guest , Apr 09, 2008 8:06PM
Cluz: you may be confusing D, L and J. Maybe its not the common knowledge I thought it was, but one of them (not L) restores houses, dresses well, never married. GAnalYst
Posted by Investorcluzo , Apr 09, 2008 8:27PM
GA: yes, I remember (confused L with J). he has a place in the carolinas and actual published a book of house (interior/exterior) photos. that was well known. I want to know who else...
Posted by guest , Apr 09, 2008 8:45PM
Cluz: all im gonna say is, in gay circles (i.e. the gay versions of the fund raisers, political events, parties, etc that everyone in NY gets involved with) I've encountered tons and tons of guys from Wall Street, some at the highest levels. You're surrounded.
Posted by guest , Apr 09, 2008 8:48PM
@8:45 = GAnalYst (in case you couldnt figure that out)
Posted by Random Banker , Apr 09, 2008 9:54PM
Wait a minute ganalyst, if you dress well and never plan on getting married and like tasteful interior design... then you're gay? Oh, jesus.
Posted by guest , Apr 10, 2008 8:13AM
"any of you BSC young, hot female interns"
null set.
Posted by guest , Apr 10, 2008 8:35AM
@Random Banker -- before anyone spends time explaining the diff in east side/west side to you, please prove you have the dough to move closer to Manhattan than 60 minutes. I really think you may want to try living in Stamford first to save your money so you can afford a big boy apartment. (And living above 96th street doesnt count.)
Posted by mrpink , Apr 10, 2008 10:55AM
cluzo:
Perhaps I like it in the tailpipe, not the other way around.. sorry for the late post,I got in late from my date yesterday evening (not with GA)
-mrp
Posted by guest , Apr 10, 2008 11:07AM
@10:55
gross
Posted by mrpink , Apr 10, 2008 11:24AM
:-D
Bwahahahha
-mrp
Posted by guest , Apr 11, 2008 12:25PM
there two in FIG at CSFB, dating no less around 2001...one was a bit snippy
Posted by guest , Apr 15, 2008 2:55AM
whatever.
they were literally giving away co-ops in this town in the early 90's.
it'll happen again.