We're going to be weighing the damage to the New York real estate market from this weekend for quite some time. The commercial real estate market is going to be a mess, especially anything below 14th Street. You can probably push back those millions of square feet in the Freedom Tower even farther on your calendar. There's likely to be a lot of space freeing up in midtown soon.
But our friends at Curbed send word of perhaps the worst timing in real estate we've ever seen. Today is the official opening of Dwell95, located at 95 Wall Street. It bills itself as "an opulent mix of playfulness and seduction." Studios start at $2,665 monthly, a one bedroom will run you $3,890. To see a second bedroom you'll have to fork over $6,260.
They're even throwing a party for the launch of the building. "The party kicks off at 5:30 p.m. down at Wall and Water Streets. Look for the red carpet, but by that time, the rivers of blood may have turned more than one carpet red," Joey Arak writes.
Oops: Luxury Wall Street Rental Building Launches Today [Curbed]
Posted by guest , Sep 15, 2008 2:51PM
It bills itself as "an opulent mix of playfulness and seduction."
Yeah, Wall Street itself billed itself that way.
They both deserve to flop for such nonsense.
***
Incindentally, here's another free story idea. DBAG (right up the road from dwell) seems to be in fine shape. The uniforms on the "blue shirts" are crisp. They have the German treasury at their disposal, which apparently is a bit more congenial and not quite as busy as our on.
Also, I think market sees that they have no shortage of assets. If things get tight, they can just sell of a few of the top floors as condos.
Posted by guest , Sep 15, 2008 2:57PM
where are the lehmanites drowning their sorrows this afternoon?
Posted by guest , Sep 15, 2008 2:58PM
whatever happened to that other wall street building that was launched with much fanfare last year: the William Beaver house. Tell me they didn't see the humor in that name. The ad campaign was SO obnoxious.
Posted by Anal_yst , Sep 15, 2008 3:00PM
Dwell, like most Stark buildings, is a bit quirky. The outside is ugly late 70's/early 80's black glass. Prices are WAY high for what you get methinks, especially considering that 1/2 the people they're expecting to be buying are now out of jobs.
Oh well, I guess they can always pull a William Beaver and pitch to the Russians (which is what seemingly every other new lux building is doing now, whoops!)
Posted by guest , Sep 15, 2008 3:00PM
Merrill (MER) and Bank of America (BAC) To Fire 20,000+ (MER, BAC)
Sep 15, 08 9:46 AM
Merrill Lynch (MER) and Bank of America (BAC) say merger savings will total $7 billion. We estimate that this means at least 20,000 people will be fired.
Our Assumptions:
* $5 billion of the $7 billion is compensation costs (the rest is real estate)
* $250,000 average compensation per employee
Add in the Lehman axings too.
Posted by guest , Sep 15, 2008 3:09PM
if there is a better run company than GE in this shitty world i'd like to know please. that's how you handle a crisis, street bitches.
http://www.ge.com/investors/index.html
Posted by guest , Sep 15, 2008 3:14PM
@6
YTD GE is down over 30% so they’re not exactly immune to what’s going on either Socrates.
Posted by guest , Sep 15, 2008 3:15PM
LOL, $3900 for a 1-br in FiDi. Will people pay anything to live in the crappiest places in the city? At least the LES has clubs and bars open past 8pm.
Posted by guest , Sep 15, 2008 3:20PM
#8 -- And anybody banking on the "recovery" downtown may not want to hold their breath, especially if (when) AIG throws in the towel...
Posted by Anal_yst , Sep 15, 2008 3:24PM
Apparently other places downtown are already offering people a month or two (if not more) of free rent to extend existing leases another year, and I'm sure the incentives to start a new lease are getting to be pretty sweet as well.
Always liked it down there, hmmm...
Posted by guest , Sep 15, 2008 3:26PM
#6 War profiteering is, well, very profitable. [GE is typically in the top 15 of millitary contractors in the world].
-C
Posted by guest , Sep 15, 2008 3:26PM
carney, you ought to check this out:
http://moneymill.wordpress.com/
CDS Story.
It's the strongest contender for the next big thing, I assure you.
Posted by guest , Sep 15, 2008 3:28PM
Anyone know if this party is open to the public?
Free booze would be nice on a day like today I'm sure.
Posted by guest , Sep 15, 2008 3:28PM
you'll have to do your own due diligence, of course.
Posted by guest , Sep 15, 2008 4:17PM
@12 Should the article read "seize up" insteas of "cease up?"
Posted by guest , Sep 15, 2008 4:41PM
That place is overpriced trash.
Posted by guest , Sep 15, 2008 4:43PM
15 yes, I think there's a bit of a language barrier thier.
nonetheless, he cites Loomis Sayles, AlphaVille, and his other analysis seems reasonable.
see 14.
Posted by guest , Sep 15, 2008 4:44PM
i mean "there."
the idea is that CDS is a big thing. A big, hairy thing with teeth.
Posted by GinNTonic , Sep 15, 2008 5:24PM
@2
I usually see them at Hawaiian Tropic Bar. Maybe they'll step it up to flashdancers for today.