Real Estate News - 15 Central Park W, New York
NY 10023 NASCAR Chairman Brian Franc sold his 34th-floor condo for $18.8
million. That’s $8.2 million more than he paid three months earlier.
manhattan.blockshopper.com/condos/developments
In what will surely go down as one of the most
splendid flips in the history of ultra-posh New York City real estate, the
young hedge fund executive Scott Bommer and his wife Donya, once an anchor
for "Good Day Philadelphia," have sold their duplex penthouse at 1060 Fifth
Avenue for around $48.9 million, according to a source. Not only does the
sale come in the middle of a relatively sludgy, even gloomy real estate
market, but there's the downright flabbergasting fact that the Bommers
bought the apartment in January 2008. They paid $46 million, setting a
record for a Manhattan co-op sale.
That record was broken this summer, when the chairman of the Loews
conglomerate, Jonathan Tisch, agreed to pay $48 million for a co-op at 2
East 67th Street. So not only will the Bommers be making a quick couple of
million dollars, but they'll be reclaiming their slot atop the New York City
co-op hierarchy.
It's not clear who's buying the penthouse duplex, with its greenhouse and a
114.5-foot-long terrace facing south, plus a maze-like master bedroom suite
and a corner living room facing Central Park. But Mr. Bommer is
well-connected: He sits on the board of the tremendously important Robin
Hood Foundation with Richard Fuld, Bob Pittman, and Gwyneth Paltrow. The
apartment, besides its $48.9 price, still needs quite a bit of work, which
according to the source was one of the reasons why the Bommers decided to
sell. Among other things, the top and bottom floors have to be combined into
a real duplex: The owner who sold the apartment in January, had proposed
combining the units last year, though the building's board turned her plans
down
NEW YORK – May 12009 – Bank of America, one of the country’s largest
mortgage lenders, says it is loosening its policies on short sales in
response to the U.S. Treasury Department’s announcement last week that it
would increase incentives for lenders to work out short sale deals. The
government’s plan is a boon to banks because it provides guidance when there
are multiple liens, a potentially litigious issue for lenders. In the past,
the bank followed Fannie Mae’s policy of giving second lien holders about 10
percent of the second mortgage balance in a short sale. Now when it holds
the second lien, BofA will accept 5 percent of the net proceeds of the short
sale. When it is the first lien holder, it will offer 5 percent to the
holder of the second lien. Homeowners considering short sales should contact
the bank within five days of getting an offer on the home and expect its
cooperation as long as the offer is within the range of other sales in the
area and the borrower can demonstrate financial hardship.
Florida, now the fourth most populous state, would edge past New York into third
place in total population by 2011. Three states - Florida, California and Texas would
account for nearly one-half (46 percent) of total U.S. population growth between 2000 and
2030, according to Census Bureau state population projections.
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