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

spunky: about 6 months ago

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.

zizizi: about 6 months ago

splinky, how's your stock portfolio doing?

spunky: about 6 months ago

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.

RClavi: about 6 months ago

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: about 6 months ago

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.

LICComment: about 6 months ago

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?

thebelltollsforthy: about 6 months ago

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.

stevejhx: about 6 months ago

"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.

houser: about 6 months ago

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.

spunky: about 6 months ago

I don't get it either.

JuiceMan: about 6 months ago

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.

spunky: about 6 months ago

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.

malraux: about 6 months ago

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.

shapeshifter: about 6 months ago

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

spunky: about 6 months ago

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

manhattanguy: about 6 months ago

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.

spunky: about 6 months ago

Let me also add dmag2020

spunky: about 6 months ago

Oh yea I forgot him.

malraux: about 6 months ago

The biggest jerk on the streeteasy boards is appropriately named -

"Jerkstore"

spunky: about 6 months ago

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.

spunky: about 6 months ago

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

spunky: about 6 months ago

That's Kryptonite for all you stevejhx fans.

spunky: about 6 months ago

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)

JuiceMan: about 6 months ago

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"

spunky: about 6 months ago

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

spunky: about 6 months ago

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

spunky: about 6 months ago

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.

JuiceMan: about 6 months ago

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?

malraux: about 6 months ago

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!

Slee: about 6 months ago

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

spunky: about 6 months ago

manhattanguy but what does youngstown Ohio have to to with Manhattan

manhattanguy: about 6 months ago

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

spunky: about 6 months ago

steve steve steve where art thou?

houser: about 6 months ago

"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

houser: about 6 months ago

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

houser: about 6 months ago

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

westelle: about 6 months ago

duecescracked - is it just you and me left?

dmag2020: about 6 months ago

By the wasy, that was @ ccdevi

dmag2020: about 6 months ago

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

westelle: about 6 months ago

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