Mar 10, 2010 03:00PM

City to keep Tavern name, Vornado and Brookfield won't be buying at WTC ... and more

1. City to retain rights to Tavern on the Green name [Newsday]
2. Vornado, Brookfield out of the race to own WTC space [NYO]
3. State officials give city go ahead to complete Brooklyn Bridge Park [NYT]
4. AY opponents decry Nets arena groundbreaking as burying ?the Soul of Brooklyn? [Atlantic Yards Report]
5. Patrons braving tiny eateries, as space rents at a premium [Post]
6. NYC coffee shops gaining clout, street cred [NYT]
7. WNET getting on-the-street studio space [NYConvergence]
8. Oakland Lake Park Queens cleanup almost finished [NYDN]
9. The downfall of One Madison Park [NYO]
10. Some renters may get cash back by paying online [Rented Spaces]
11. Safety concerns abound over World Trade Center construction [NYO]
12. Rooftop sculptures raising suicide concerns [NYT]
13. More housing information available on smart phone apps [WSJ]
14. Retail receivership chances few and far between [Retail Traffic Mag]

Mar 10, 2010 02:30PM

Foreclosure prevention initiative dissected

The latest foreclosure prevention initiative unveiled by the Obama administration may have some homeowners scratching their heads. The Home Affordable Foreclosure Alternatives initiative is not a home loss prevention program but, rather, a way of facilitating short sales to eschew the foreclosure path. The program is, as Today Show financial editor Jean Chatzky explains in this video, ?for people who?ve tried to get a loan modification, but haven?t been able to or didn?t succeed? Essentially it?s offering a formulaic short sale.?

Mar 10, 2010 02:00PM

Bracing for more beds

From the March issue: Just as New York City's painful and protracted hotel sector slump finally seems to be hitting bottom, the industry has a new problem on its hands: It's about to be slammed with a dramatic increase in new hotel rooms. Research by The Real Deal and by hospitality analyst HVS found at least 28 new hotels slated to open this year or next. The largest is the more than 600-room Intercontinental Times Square, which is set to debut in July; the smallest is the boutique 56-room Habita Hotel on the High Line on the West Side. Meanwhile, another nine are in the works with unknown completion dates. Smith Travel Research estimates the increase of rooms in New York at 5.1 percent, while PKF senior vice president John Fox puts the increase at a possible 8 percent, with 5,000 to 6,000 new rooms set to be added to Manhattan's roughly 72,000 existing rooms available per night. The jump, Smith estimates, is the largest annual increase in hotel supply in Manhattan since 1987, the year the firm set up shop. [more]

Mar 10, 2010 01:30PM

Hyatt completes $12M ballroom renovation

The Empire Ballroom at the Grand Hyatt New York hotel at 109 East 42nd Street between Park and Lexington avenues has just completed a $12 million renovation, according to the Hyatt Hotels Corporation. The 18,000-square-foot space was redesigned by Looney and Associates. The nearly-century-old ballroom, once known as the Commodore Ballroom, has been an historic site, particularly for political figures -- it?s where John F. Kennedy accepted the Democratic nomination for president 50 years ago and where Hillary Clinton once celebrated her successful senate race. TRD

Mar 10, 2010 01:00PM

Residents booted from Flatiron building

Tenants were evacuated today from 1182 Broadway at 29th Street, a former manufacturing building that had been illegally transformed into a residential rental space, according to Curbed. The building lacked several basic safety features, the Department of Buildings said, including fire sprinklers, secondary exits and adequate stairwells to avoid entrapment. The building owner, Mocal Enterprises, was handed violations for the improper conversion and for allowing tenants to move in despite the building's lack of necessary permits. The units, which had rents ranging from $2,900 to $6,000, were marketed as ?live-work space[s],? that would cause ?your artistic juices? to flow.? Mocal, for its part, said it?s currently working with DOB to ?resolve this unfortunate situation.?