Daily Archives: July 17, 2014

Mortgage Rates Tick Down Slightly | Bedford NY Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey(R) (PMMS®), showing average fixed mortgage rates moving down slightly to remain near historic lows.

News Facts

  • 30-year fixed-rate mortgage (FRM) averaged 4.13 percent with an average 0.6 point for the week ending July 17, 2014, down from last week when it averaged 4.15 percent. A year ago at this time, the 30-year FRM averaged 4.37 percent.
  • 15-year FRM this week averaged 3.23 percent with an average 0.5 point, down from last week when it averaged 3.24 percent. A year ago at this time, the 15-year FRM averaged 3.41 percent.
  • 5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 2.97 percent this week with an average 0.4 point, down from last week when it averaged 2.99 percent. A year ago, the 5-year ARM averaged 3.17 percent.
  • 1-year Treasury-indexed ARM averaged 2.39 percent this week with an average 0.4 point, down from last week when it averaged 2.40 percent. At this time last year, the 1-year ARM averaged 2.66 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates were little changed amid a week of light economic reports. Of the few releases, industrial production rose by 0.2 percent in June, below the market consensus forecast. Also, the producer price index for final demand rose 0.4 percent in June, rebounding from a 0.2 percent decline the prior month.”

A Bronx Rite of Passage: Jump 110 Feet Into The Harlem River | Pound Ridge Real Estate

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C-Rock is a new documentary about a pastime that, for kids in the northwest Bronx, is “like a bar mitzvah.” Except that it entails jumping dozens of feet off of rocky cliffs into the Harlem River, where that waterway meets Spuyten Duyvil Creek. (It got its name because Columbia University athletes painted a big C on the rock face.) Fellow teens and Circle Line patrons bear witness to these daring dives, while older men—always men—reminisce about their plunges, which are virtually synonymous with adolescence. Director Jordan Roth spoke to Curbed about discovering the tradition, embedding himself with its practitioners, and what it was like to take the leap himself. Also, read on to find out how you can see the whole documentary.

Curbed NY: How did you first find out about this practice, both past and present?
Roth: The summer before we shot, I read a fantastic piece in the Times by Sam Dolnick about the tradition. I thought there must already be a doc about it because it immediately struck me as so cinematic. I researched more and was captivated by the whole thing.

It’s summertime fun, but people do get hurt >>

CNY: Explain the “levels” of cliff-jumping, to those who don’t know—the names of the different ledges, and all the rest.

Roth: There are jumping spots of varying heights along the cliff going from 25 feet up to about 110. The spots have names that are taken pretty seriously—some of them passed down from older generations. Also, some of the names are kinda dirty. Balls is at about 35 feet. (Editor’s note: you learn from the film that at that height, jumpers have to cover their, well, you know.)

C-Rock Documentary Daytime.JPG

CNY: What were a few of the most bizarre things you learned as you started to follow and interview the cliff-jumpers? Basically some highlights—bad, good, wild, whatever—of the production process.

Roth: What’s probably most surprising for people first learning about all this is that it is actually a tradition and that it does go back generations. But what I discovered while interviewing and following the guys was that everyone knows each other. I tapped into a network people of different ages and they all seemed connected by this place. That was amazing to me.

C-Rock Cliff.png
[Photo via Flickr/jag9889.]

There were so many highlights while shooting and discovering C-Rock. There were philosophies and strategies to jumping. There were anecdotes from earlier in the summer or from 40 years ago. Like, one kid in the late 60s landed badly and got a bruise all along the side of his body. He told his parents he was smacked with a broomstick. I heard a lot about the quality of the river water. It’s thankfully not bad now, but it was. Kids tried to avoid the “shit line” on the surface of the water.

There were also so many funny moments for us while shooting. The kids yelled ridiculous and terrible things to get each other to jump. Just them lounging on the rock, reminiscing, could also be hilarious. The rock face is sort of a summer afternoon home for them. Some guys leave shoes there, tucked away, because they prefer to jump in shoes. They’re like the Lost Boys, but with trash talk.

 

 

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http://ny.curbed.com/archives/2014/07/16/a_bronx_rite_of_passage_jump_110_feet_into_the_harlem_river.php

Unraveling the History of Central Park’s Bethesda Fountain | Bedford Corners Real Estate

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BethesdaFountain_Article_01.jpg
[Bethesda Fountain, 1901. Via Library of Congress]

“There’s a spot in Central Park, the Bethesda Fountain, where if you sit there long enough, the entire city walks by.”
—Matthew Perry as Alex Whitman, “Fools Rush In” (1997)

Central Park co-designer Calvert Vaux called Bethesda Fountain “the centre of the centre.” Its story is one of uplifting innovation in water transport, impressive architecture, and the novel creation of spaces dedicated to leisure in verdant surrounds; meanwhile, the little-known tale of its underdog designer getting her first shot in the art world is one that’s not touted nearly enough. The structure’s symbolic meaning, too, synonymous with love, peace, and healing, shouldn’t be overlooked. So let’s start at the beginning.

 

 

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http://ny.curbed.com/archives/2014/07/16/unraveling_the_history_of_central_parks_bethesda_fountain.php

Rentals in demand: Central Harlem back in top 5 | Chappaqua Real Estate

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With 20-somethings scavenging for more affordable rentals in Manhattan, demand for Central Harlem units among prospective renters jumped last week, according to apartment listings website Zumper.

Central Harlem made it into the top five popular neighborhoods for the first time in nearly two months. The Upper West Side, Upper East Side and East Village topped the list, followed by Central Harlem and Greenwich Village. The median rent inquiry in Manhattan fell to $2,450, largely as a result of the Harlem surge.

The priciest inquiry was for a four-bedroom Chelsea rental seeking $7,000 per month, while the cheapest was for a Washington Heights studio renting for $1,150 per month.

As for apartment sizes, two-bedrooms dominated with a bit more than a third of the leads and a median inquiry of $2,795 per month. One-bedrooms and studios were next with a 26 percent and 23 percent share of the leads, respectively. Three-bedrooms accounted for 15 percent of the leads.

 

 

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http://therealdeal.com/blog/2014/07/16/rentals-in-demand-central-harlem-back-in-top-5/

Property firms were major contributors in first half of year to governor’s re-election campaign | Armonk Real Estate

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The top four donors who contributed during the first half of this year to Governor Andrew Cuomo’s re-election campaign are all in the real estate industry, a review of state campaign filings show.

Leonard Litwin’s Glenwood Management, which has been Cuomo’s top donor overall, was the highest contributor, providing $219,200 to his coffers. The firm was followed by $205,000 that members of the Dolan family and their company Cablevision donated, followed by $125,000 given by limited liability companies owned by Richard LeFrak’s LeFrak Organization. Rounding out the top four: three entities affiliated with Stephen Ross’ Related Companies. The trio gave a total of $125,000, the review of the latest campaign filings show.

The filings are for donations provided to Cuomo’s campaign coffers between January 12 and July 11. During that time, he raked in a total of $8.4 million from all donors.

Other large real estate contributors include Ron Burkle, the California billionaire who purchased stakes in several Meatpacking buildings and the Soho House company. He gave $60,800.

Real estate developer Joseph Moinian, CEO of the Moinian Group, donated $30,000. Andrew Farkas, a real estate investor, donated the same. Jane Goldman, an heir to the Sol Goldman fortune and head of the company Solil Management, donated $25,000.

Others who gave $25,000 were Sheldon Solow, the owner of 9 West 57th Street; Michael Mattone, an executive vice president at the development firm the Mattone Group; and Kenneth Fisher, a partner at builder and owner Fisher Brothers.

 

 

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