New York

he residence of one of New York City’s most notable yet elusive celebrities is now on the market—for the first time in 63 years
The residence of one of New York City’s most notable yet elusive celebrities is now on the market—for the first time in 63 years.
 
According to a New York Times report, the seven-room co-op that was the home of movie icon Greta Garbo from 1954 until her death in 1990 is up for sale. The residence, which takes up the entire fifth floor of the exclusive Campanile apartment building at 450 East 52nd Street, is being put on the market by Derek Reisfield, the actress’ great-nephew, whose family owned and occupied the residence since Garbo’s passing.
 
During her years living in New York, sightings of the notoriously private Garbo became something of a tabloid sport—Garbo frequently shielded her face whenever she detected cameramen lurking near her—and the current listing for the property marks the first time that public ever saw her home. The residence is accessed by its own private elevator and covers 2,855-square feet, with three bedrooms, three full baths, a home office, a laundry room, storage space and sweeping views of the East River.
 
The asking price for the co-op is $5.95 million, with a monthly maintenance of $9,090. Alas, mortgage brokers will not have a chance to be a part of this celebrity real estate deal because the Campanile requires all-cash transactions for property purchases.
Winter 2017 home sales remained strong during February in New York State, with the 7,391 closings representing the second highest total for the month, according to the housing market report released by the New York State Association of REALTORS (NYSAR)
Winter 2017 home sales remained strong during February in New York State, with the 7,391 closings representing the second highest total for the month, according to the housing market report released by the New York State Association of REALTORS (NYSAR). The January statewide median sales price of $242,000 represents an increase of 4.3 percent from a year ago.
 
“It’s been a very strong start to 2017, reminiscent of the first months of 2016’s record-setting run,” said Duncan R. MacKenzie, CEO of NYSAR. “With one eye on rising mortgage rates and the other on a declining selection of homes, it appears that buyers are jumping at the opportunity to make an offer when they find the right property.”
 
The February 2017 sales total of 7,391 represents a decrease of 6.7 percent from the February 2016 record total of 7,925. The February 2017 statewide median sales price was $242,000, an increase of 4.3 percent from the February 2016 median of $232,000. February 2017 pending sales increased by three percent from a year ago to reach 9,410.
 
“We continue to monitor the ongoing decline in homes listed for sale,” MacKenzie said. “In February, both the number of homes for sale and the number of new listings declined. As we move closer to the typically active spring and summer months, low inventory may apply a braking action to an otherwise strong housing market.”
 
The month’s supply of homes for sale dropped 23.9 percent at the end of February to 5.4 months’ supply. It was at 7.1 months at the end of February 2016. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 60,570, a decrease of 18.8 percent compared to February 2016.
The Brill Building, one of New York City’s most culturally significant commercial properties, was foreclosed upon by Brookfield Properties
The Brill Building, one of New York City’s most culturally significant commercial properties, was foreclosed upon by Brookfield Properties, which held a mezzanine loan on the historic structure.
 
According to a Crain’s New York report, the 11-story Times Square-area landmark was purchased by the real estate investment firms Brickman & Associates and Allied Partners in 2013 for $185.5 million. The new owners sold a minority share to additional partners last summer in a deal that valued the property at $310 million. However, the owners ran into problems in leasing the 40,000 square feet of retail space in the building’s ground floor, which resulted in their mezzanine loan going into default.
 
"We made an investment four years ago that was predicated on certain retail rents, and instead those rents dropped tremendously, and we couldn't generate the cash flow we expected," said Steven Friedman, Brickman's chief investment officer. "Across the spectrum you're seeing retail just getting creamed for a variety of reasons, and this is an unfortunate result of those problems … It's very tough when, call it, 40 percent of your space isn't performing where you thought it would." Friedman said.
 
Built in 1931, the Brill Building became the epicenter of pop music production in the 1950s and 1960s, with offices and recording studios of the music industry’s leading songwriters and producers. At its peak in 1962, 165 different music-related businesses were headquartered in the Brill Building.
When living in the world’s financial center capitals, it helps immeasurably to have plenty of money to pay for rental properties
When living in the world’s financial center capitals, it helps immeasurably to have plenty of money to pay for rental properties. And according to a new survey from RENTCafé, three U.S. financial centers have the world’s highest rents.
 
In an overview of the 30 top global financial centers, New York City boasted the highest monthly rent, with a $3,680 average rent for a one-bedroom apartment. San Francisco came in second, averaging $3,360 for the rent on a one-bedroom apartment, followed by Boston at $2,930. Other pricey markets included Hong Kong at $2,740, Geneva at $2,320 and Zurich at $2,200.
 
At the bottom of list, the most affordable global financial center was the Moroccan city of Casablanca, where the average rent on a one-bedroom apartment was $820. 
The Big Apple has become increasingly tastier for Russians in search of U.S. real estate
The Big Apple has become increasingly tastier for Russians in search of U.S. real estate, according to new data released by the residential start-up TripleMint.
 
In tracking inquiries from prospective international buyers searching the TripleMint Web site for New York residential property, the company discovered an extraordinary increase in online searches out of Russia. Last year, Russian inquiries ranked 20th among overseas web searches, but for 2016 the Russians were ranked second, just behind searches emanating from the United Kingdom.
 
"We had no idea that we were going to find that," said David Walker, TripleMint's CEO, in an interview with CNBC. "It was fascinating seeing this data and how much search traffic has picked up from Russia."
Rounding out TripleMint’s top 10 nations searching for New York real estate were the prospective buyers from Canada, India, France, Philippines, Australia Germany, Argentina and Italy.
 
In keeping with their slogan, “multiply the good,” Ridgewood Savings Bank has teamed up with the New York Islanders
In keeping with their slogan, “multiply the good,” Ridgewood Savings Bank has teamed up with the New York Islanders, pledging to donate $10 to local charities for every save made by an Islanders goalie this season. So far, past the halfway point in the season, the “Save With Ridgewood” sponsorship has led to nearly $20,000 in donations.
 
“The Islanders goalies have made 2,058 saves, as of today,” said Leonard Stekol, Ridgewood Bank’s president and COO. “Which means we’re on pace for donating more than $20,000 again this year.”
 
As the Islanders goalie tandem continue to make saves, future money will also be donated to Brooklyn Community Housing and Services (BCHS), committed to ending homelessness in Brooklyn, providing short-term, transitional and permanent housing services.
 
“With the funds raised so far, we’ve donated $10,000 to the Prospect Park Alliance for its free ‘Sticks and Skates presented by HSS’ weekly kid’s clinics,” said Domenico Ciaccio, AVP of Community Relations for Ridgewood. “We are so pleased to help out the Brooklyn community. That money goes to providing children with the helmets, sticks, pucks, elbow pads, gloves and with a chance to learn how to play hockey.”
 
Fans can track saves and make donations as the season progresses on the Islanders’ Web site. Last year, with this program, Ridgewood Savings Bank donated $22,410 to charities.
The 2017 Annual Strategic Real Estate & Lending Summit will be held at The Stewart Hotel in New York City on Thursday, June 15, 2017. This year's Summit will explore the state’s residential and commercial markets, regulatory and compliance challenges, and emerging trends in the mortgage industry.Luncheon Keynote Speaker Adam Schefter of ESPN, will be joined by Clark Gillies, former NY Islander, as well as featured AM Speaker AnneMarie DiCola, CEO, TREPP.
 
Click here to register.
MBA of NY Presents: Loan Officer University, Thursday-Friday, May 11-12 at Marriott Courtyard Westbury, 1800 Privado Road in Westbury, N.Y.
 
MaryKay Scully from Genworth Financial will provide a comprehensive training program (conventional loans) for your origination staff. Get a complete overview of mortgage lending and conventional loans. Hosted by ESMBA, Genworth and MBA of NY, along with REFPNY. 
 
Click here for more information.
The MBAofNY/ESMBA -Breakfast Panel -"Ace Your Banking Exam" will be held Thursday, April 6 from 8:00 a.m.-10:30 a.m. at the Offices of First Nationwide Title, An AMtrust Financial Company, 50 Charles Lindberg Boulevard in Uniondale, N.Y.
 
 A comprehensive look at the examination process, this seminar will provide guidance for the Banking Audit Preparation featuring speakers 
Bonnie Nachamie, Esq., Partner,  Bonnie Nachamie, P.C. and CEO, First National Compliance Solutions, Inc.; Wayne E. Watkinson, Esq., Principal Attorney for the Office of Offit Kurman; and Michael G. Barone, Managing Partner, Mortgage Compliance & Document Preparation Practices for Abrams Garfinkel Margolis Bergson, LLP.
 
For more information, click here to register, call (516) 997-3707 or e-mail Admin@MBANY.org.
NYAMB's 29th Annual Wholesale Conference & Trade Show will be held Tuesday, May 16 at the Mansion on Broadway, located at 139 North Broadway in White Plains, N.Y.
NYAMB's 29th Annual Wholesale Conference & Trade Show will be held Tuesday, May 16 at the Mansion on Broadway, located at 139 North Broadway in White Plains, N.Y. 
 
This year's Conference brings together leading experts in the mortgage financial industry, mortgage professionals of every kind. Hear from the industry insiders and regulatory experts and gain the competitive edge to succeed in your business.
 
NYAMB's Conference offers professional growth and networking opportunities in a knowledge-intense and enjoyable atmosphere. Join the conversation and interact with a prestigious community of like-minded professionals to share challenges and collaborate together for a better tomorrow in Wholesale Mortgage.
 
Click here for more information, call (914) 315-6644, e-mail etella@teammgmtsvs.com or visit NYAMB.org.