Biggest Bear Market Sign Yet: Deal to Build at Railyards on West Side Collapses

Developers who a year ago would have gleefully bid any price for a building or a project are now delaying or abandoning projects in New York and elsewhere as the economy has slowed and many lenders have balked at financing real estate projects in the wake of the credit crisis.

Hooray!! Terrific!!! Yes, you have proved your point!!! Yes, and the stock market is down, too!!

Steve JHX is right!! That is the important point!!!

Let's rejoice that the prophet, Stevejhx, has made a point.

Let's be gleeful whenever there is bad news about the economy. This is the heart of the religion of gloom, doom and pessimism. Not being a pessimist demonstrates a callous disregard for those being most severely affected. Optimists are dismissive and insensitive!

Everything is down... except ppsf in Manhattan...

Huge Bear Market Sign like it won't be developed by someone else.

You are such jerkuff. Please to take care of those Hemorrhoids

Yes it will be developed - at a far lower price. Read the details.

"Not being a pessimist demonstrates a callous disregard for those being most severely affected."

What about all those people who are priced out of the market but will be able to buy their life's dream once prices fall to reasonable, sustainable levels? That IS the nature of capitalism, is it not? Self-correcting markets?

Seems like we're capitalists when prices go up, Tony, but not when they come down.

wow steve, the economy is slowing and there's a credit crisis? where do you get this stuff, you're better than cnn.

ccdevi, are you challenging the fact that the economy is slowing and that there is a credit crisis?

Cause if you are, please make sure not to reproduce.

stevejhx - when the building you live in will disappear, will you be just as gleeful? I think you hate everything. You hate this country, you do not wish anyone well. What a advertisement for abortion you are.

Woah - ARE BUILDING DISAPPEARING???

Oh - sorry - I get it - stupid people who own multi-million dollar tiny apartments are posting. Nevermind.

dmag2020 - I think you're the one who just got fired fo the 11th time?

You are traveling through another dimension, a dimension not only of sight and sound but of mind. A journey into a wondrous land of imagination. Next stop, dmag2020 mind. Now that's a scary place.

Umm. Yeah, no, that wasn't me. Although it sounds like a rebuttal my 6 year old niece might come up with.

houser - what do you think of Natefind? I just discovered it and find it very helpful.

Spunk- I mean houser: maybe YOU'RE the one who just got fired for the 11th time? I don't know what that means, but it worked for westelle. He's funny.

dmag - you are the one who called people idiots for no reason other that they are richer than you.

Yeah houser, what do you think about Natefind? Westelle is curious to hear what you think about it...

dmag2020 you're at different level altogether. You are one crazy dude and very very scary as well.

"when the building you live in will disappear, will you be just as gleeful? I think you hate everything. You hate this country, you do not wish anyone well."

When the building I live in disappears, if I'm in it when it disappear, I couldn't give a damn.

"you hate everything."

I'm not Mikie.

"You hate this country."

Yes, that's why after living all around the world with the option to live the rest of my life in London, Geneva, Rome and Madrid, I came back to the US. Because I hate this country.

"you do not wish anyone well."

I wish well all the people who are priced out of an irrationally priced market. Not the few elite on this board who don't want to lose the paper value of their apartments - because that's all it is: paper values - to the detriment of people who actually might have to work for a living.

"What a advertisement for abortion you are."

Wow! And I hate everything?

LOL.

And, BTW, I can more than afford to buy right now. I'm just not a moron, and recognize what's overpriced.

wow dmag, you're about as bright as the rest of the moonies.

stevejhx is just another revolutionary! That should do it. Viva Che!
If you ever lived under the rule of the likes of you (I have, unfortunately), you'd be the first one to run away from it. You can try it. There're enough awful "just and fair" places on earth.

"when the building you live in will disappear, will you be just as gleeful?"

1) Buildings rarely disappear.
2) Unless you are predicting a disappearance of a building, the future tense of disappear in that sentence is "disappears" not "will disappear."
3) You should probably stop using the word gleeful altogether, in all contexts.
4) Mikie hates everything, but he loves life cereal.

Westelle: "If you ever lived under the rule of the likes of you (I have, unfortunately), you'd be the first one to run away from it. You can try it. There're enough awful "just and fair" places on earth."

'Nuff Said.

ccdevi:

34 minutes ago
wow steve, the economy is slowing and there's a credit crisis? where do you get this stuff, you're better than cnn.

dmag2020
28 minutes ago
ccdevi, are you challenging the fact that the economy is slowing and that there is a credit crisis?

dmag: poor westelle! Does westelle know that I was in Chile under Pinochet and Paraguay under Stroessner, in Peru when Sendero Luminoso blew the hotel across the street from me up about a week before the blew up downtown Lima, and in Colombia when you couldn't walk out the door w/o fear of being shot. I was in Spain shortly after Franco died and lived in Singapore - what could be more repressive than that?

westelle - and assuming the "elle" part refers to a woman - is a poor substitute for a critical thinker. Just because one believes a market will behave in a certain way does not make one a doomsayer or anything like it: it makes one a critical thinker.

And you are correct, for the future we presently use the present tense, except in certain cases when one would say, "If the building you live in SHALL disappear," which is correct English for the future subjunctive.

But then again what does westelle know - she thinks I'm a Communist.

Better - my bet is that westelle is Cuban. From my years in Miami, it makes perfect sense.

steve - all that and you're not even 80! Nothing is untested or unfamiliar to you. Well, the prophettic posters like yourself just prove the opposite of what you want to prove. Пока!

first off - westelle is hot. secondly, why is steve always in the midst of revolutionary and third world regimes?

time to play some poker, bitches

wow dmag you can cut and paste, and yet you really aren't sure what I meant in that post, seriously?

maybe my sarcasm is that subtle. nah.

stevejhx - Вы неправы насчёт Майами. No, I don't think you're a communist. You are a kitchen-variety revolutionary of whatever denomination.

I considered sarcasm, but the post didn't work from that standpoint either, so I went with stupidity. My bad.

By the wasy, that was @ ccdevi

duecescracked - is it just you and me left?

I don't understand this article can someone explain it and how it compares to steve's article on why this is the biggest bear sign. Thanks in advance

http://www.observer.com/2008/related-m-t-said-reach-deal-rail-yards

Developers who a year ago would have gleefully bid any price for a building or a project are now delaying or abandoning projects in New York and elsewhere as the economy has slowed and many lenders have balked at financing real estate projects in the wake of the credit crisis.--stevejhx

Could someone explain the above comment by steve

oh BTW here is the article

http://www.observer.com/2008/related-m-t-said-reach-deal-rail-yards

"My old gray mare, well she ain't what she used to be, ain't what she used to be....?

I mean "real estate."--steve

I don't understand what you mean

Here is the article

http://www.observer.com/2008/related-m-t-said-reach-deal-rail-yards

steve steve steve where art thou?

http://finance.yahoo.com/tech-ticker/article/17662/No-Bottom-in-Sight-Home-Prices-to-Fall-Another-10-15-Says-NYU-Prof;_ylt=AuMH3XIwvkOwT4LiP47rYFVl7ot4?tickers=CFC,WM&comment_start=21#comments

manhattanguy but what does youngstown Ohio have to to with Manhattan

The deal is back on as Related and GS reached an agreement

Evidently,

"That old gray mare still
IS what used to be
IS what used to be
IS what used to be..."

May 19, 2008
DEVELOPER IN DEAL WITH M.T.A. TO DEVELOP WEST SIDE RAILYARDS

In an act that could be described as loser's remorse, the developer Stephen M. Ross signed the billion-dollar deal he had abandoned only a few months ago to develop the railyards on the West Side of Manhattan.

According to one government official and a real estate executive who have been briefed on the deal, Mr. Ross, chief executive of Related Companies, signed an agreement Sunday night with the Metropolitan Transportation Authority to develop 12 million square feet of office towers, apartment buildings and parks over the 26-acre railyards, which sit on both sides of 11th Avenue, between 30th and 33rd Streets.
Mr. Ross essentially agreed to the same tentative $1 billion deal that Tishman Speyer Properties had signed in March and abandoned last week, the two people said.

Mr. Ross, one of the city%u2019s most prolific builders, had effectively abandoned the bidding for the railyards site in March when his partner and anchor tenant, the News Corporation, dropped out. But even without an anchor, he apparently jumped at a second chance to grab hold of the largest undeveloped site left in Manhattan, one that offers unobstructed views of the Hudson River and New Jersey.

Mr. Ross' financial partner is Goldman Sachs.

Famous last weasel-boy quote "...Yes it will be developed - at a far lower price..."

Ooops! Wrong!

So with the approval of the deal and with the title of this thread being "Biggest Bear Market Sign Yet: Deal to Build at Railyards on West Side Collapses", can we use logic to say this is now a bull signal? steve, what do you think?

but what ever happened to stevejhx? How come he doesn't come here anymore? Please Please stevejhx I missed you and I need you to tell everyone what is going on with this thread.

Hey Juice can we make this a 1000 post thread???????????????

Hey juice can we make this a 1000 post thread???????????????????????????????

Yes, maybe if we keep the thread fresh steve will see it. Would be curious to hear his opinion on the "Buggest Bear Market Sign Yet"

This thread is Krytonite for stevjhx. He won't dare go near this thread. Maybe he inadvertently open this thread up and is lying on a floor somewhere. Hope he's okay. Although I never thought he was Superman. I think he more looks like a follically challenged Perry White with moobs. (mens boobs)

That's Kryptonite for all you stevejhx fans.

Could someone tell me where all those morons who said the Manhattan RE market was going to crash are?

As I can see the biggest jerks on this board are Stevejhx, MMafia, ziziz,oberon faustus, imom and one of the fastest upcoming jeks paul100idiot. I will probably start adding to this list as I see fit.

The biggest jerk on the streeteasy boards is appropriately named -

"Jerkstore"

Oh yea I forgot him.

Let me also add dmag2020

spunky - we have to wait for atleast two more quarters to really see the impact of Wall st economy (jobs, bonus, earnings etc) on the NY RE market. I agree Manhattan market remains strong right now. But whatever you are seeing is a lagging indicator. If the economy avoids a recession, Manhattan RE market may not be impacted as much as bears are predicting. But if we go into a deeper recession, all bets are off. This is just my opinion.

Read this article -> Weak economy may dodge a recession

The New York-based Conference Board said its forecast of future economic activity rose 0.1 percent in April, matching a 0.1 percent increase in March. Economists had expected a 0.1 decrease in April.

http://biz.yahoo.com/ap/080519/economy.html

It will take couple of quarters to really see where this economy is heading.

manhattanguy I am realistic as well. I do think we are in presently in a recession but only time will tell for sure.

just want to make sure we keep this thread alive for Stevie-Boy.... Steve, come out and play....

manhattanguy:

This is only an observation, not a critique, so please take it in that frame of mind -

I, and many, many others have been seeing people write "...we have to wait for at least two more quarters to really see the impact of (insert catalyst of choice here)..."

I've been "two more quarteres" by posters here on Streeteasy since early 2006. It's just ridiculous. I agree the market is stiffening in different ways and speeds at different price levels, and I have also agreed that the market will (has to!) retract/reverse/correct/whatever-you-want-to-call-it at some point. But a year ago, in 2007, it was "Wall Street bonus season will tank the market - THIS time - for SURE!" And that was the third time in a row I had seen that prediction made here.

Steve been hard at work trying to get this thread taken off. How hypocritical is this. Yesterday i posted Best Thread of 2008 and they took it down. Rest assure this thread will be gone soon. It's okay for Stevejhx to belittle evryone who disagrees with him yet when it's done to him he yells foul play.
What's that all about.

Why did streeteasy remove the "Best Thread of 2008"? That is a load of crap. Maybe I should start a thread about moobs, steve would definitely read that one.

I don't get it either.

Can someone please clarify why getting this deal done is the biggest Bear sign. I don't understand why. Please can anyone explain. Steve I searched and searched through all this for your response but you appear to be conspicuously absent from this thread.

"Please Please stevejhx I missed you and I need you to tell everyone what is going on with this thread."

I know, spunky, I know. I miss you, too.

Sorry I don't know what thread of yours they removed.

houser - first you complain that I post too much, now you complain I don't post enough. Please decided what you want me to do so I can blindly obey.

As I said on the other thread, regarding this topic, "The two sides will take the next four months to complete a contract to buy the development rights." That's where the last deal fell apart. Let's see what it looks like in 4 months. This is merely an agreement to try to reach an agreement.

We are in a recession, OK. And we've been in one for a while now. And? Where's the crash, the pandemonium, the sellers giving their places for free?
Even the economists who say the recession is here agree it's a shallow and short one.
In a few months, stevie and imom will have to find a new vent for their compulsive/obsessive apocalyptic typing. Watch, they're getting down from their respective bunk beds now.

Steve, how about this?- http://www2.nysun.com/new-york/new-west-side-development-deal-said-solid/76654/

As I asked on the other thread, if this deal goes through with Stephen Ross and Goldman Sachs substantially as proposed, will you then admit that your first reaction to Tishman backing out was pretty stupid?

LICC:

"The district manager of Community Board 4, Robert Benfatto, said that of the original five proposals for the rail yards, Related's came in second to last in polls of the surrounding neighbors. But he said the residential component of Related's plan and its allocation of "affordable" housing would work in its favor.

"Related has done affordable housing work in the past, but the devil will be in the details. We will be seeking to reach out to the MTA and Related to meet with them soon," he said.

In March, Related's original bid suffered a blow when News Corp., which had signed on as a lead tenant, withdrew from the project. Now Related's proposal lacks an anchor tenant. Real estate experts say anchor tenants provide financial stability and more certainty that the developer will follow through on such deals.

The funny thing about steve is that had the initial deal gone through he would've created a post titled "Speyer's Bid Accepted: 500 Apartments added to Manhattan's Already Bloated Inventory. Wahhh!" On a side note when are you performin your standup in NYC? Not hating (seriously), thanks.

stevejhx has lost the minute credibility that he had been clinging onto . It is both sad and funny probably like his comic act. In fact I wouldn't be surprised if after he finishes each of his posting he has a good laugh himself. Probably cracks up at the few that actually supports what he says for he can't believe how really stupid they are.

splinky, how's your stock portfolio doing?

zizi my dollar cost average of the S and P per month over the last 10 years is doing just fine. My rental properties are doing just fine as well/ My investment in C is doing a lot better than a few months ago. I bought some more when it went down to 19. I expect my C investment to sparkle at the end of the year as well. Thanks for asking.