Category: US News

Built upon the lands of time: Part 3, 8.2% annual appreciation for 32 years

22 July, 2015 (10:00) | Apartments, Co-ops, Elevators, Housing, Land leases, Land value, Mobile homes, New York City, Rental, Reversionaries, Rule of four-sevenths, Urbanization, US News, Verticality | No comments

[Continued from yesterday’s Part 2 and the preceding Part 1.] By: David A. Smith After capital reinvetsment While the story reported in The New York Times (12 June 2015) of the Tower – Trump Plaza at 167 East 61st Street – Lease expiration imminent – has already had its Magus and its Fool, its land-sundered […]

Built upon the lands of time: Part 2, The Rule of Four-Sevenths

21 July, 2015 (10:00) | Apartments, Co-ops, Elevators, Housing, Land leases, Land value, Mobile homes, New York City, Reversionaries, Rule of four-sevenths, Urbanization, US News, Verticality | No comments

[Continued from yesterday’s Part 1.] By: David A. Smith End of lease approaching In yesterday’s Part 1 chronicling the happy if expensive ending of a 32-year saga of a co-op that ‘forgot’ to buy the land underneath its apartments, reported in The New York Times (12 June 2015), we had met our Magus, Marc Cooper […]

Built upon the lands of time: Part 1, Land value = Property value

20 July, 2015 (10:00) | Apartments, Co-ops, Elevators, Housing, Land leases, Land value, Mobile homes, New York City, Rental, Reversionaries, Rule of four-sevenths, Urbanization, US News, Verticality | No comments

By: David A. Smith This post has a hero – and an unlikely one to be spotlighted in a story from The New York Times (12 June 2015) – an investment banker: Who was that unmasked man? Marc Cooper knew exactly what he was getting into in 2011 when he purchased three apartments at Trump […]

Month in Review: June, 2015

17 July, 2015 (10:00) | Bankruptcy, California, CalPERS, Delhi, Greece, India, Municipal bankruptcy, Olympics, Pollution, Public-employee pensions, Stockton, Urbanization, US News | No comments

By: David A. Smith Thought of the day, courtesy of my most faithful reader: If Vladimir Putin hadn’t wasted $50 billion (yup, billion) creating the instant-white-elephant of Sochi’s Olympics, he would have had the cash to buy Greece out of its difficulties and dramatically upset the European applecart. ”So, Vlady, you got that fifty extra-large […]

The bankruptcy lottery: Part 7, Without fear of reprisal

15 July, 2015 (10:00) | AIG, Bailouts, Chapter 11, Credit default swap, Federal Reserve, Geithner, Illegal extractions, Insurance, Law, Lehman Weekend, Speculation, Takings clause, TARP, US News | No comments

[Continued from yesterday’s Part 6 and the preceding Part 1, Part 2, Part 3, Part 4, and Part 5.] By: David A. Smith The children had stones already. And someone gave little Davy Hutchinson few pebbles. – Shirley Jackson, The Lottery Now, after six parts of establishment – important, nonetheless, like your vegetables – we […]