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NYC Real Estate News
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Tuesday, 30 November 1999 00:00 |
Poe Cottage
Da' Bronx, one of the five boroughs of New York City is located mostly on the mainland and includes several small islands in the East River and Long Island Sound. Seperated from Manhattan by the Harlem River and from Queens by the East River.
The land between the rivers was first settled in 1639 by an European immigrant by the name of Jonas Bronck. After his death in 1643, a river was named after him, thus the name Bronx (an abbreviated version of Bronck)was created.
The territory within Bronx county today was originally part of Westchester county and consisted of four towns, Westchester, Yonkers, Eastchester and Pelham. Over the centuries, especially in the 1800's, the county underwent many changes as far as what towns seceded or stayed within the county. Today, the Bronx borough is made up of 24 smaller towns including Westchester, Throggs Neck, Mott Haven and Riverdale.
The Bronx is rich in culture and is home to the Poe Cottage. A small farmhouse built in 1812 providing views of the rolling Bronx hills and Long Island Sound was the home of poet Edgar Allen Poe from 1842 until his death in 1849.
Performing arts are also prevelant in the county from the many Off-Off-Broadway theatres staging productions from immigrant playwrights to the creation of "Hip Hop" in the South Bronx in the 1970's. It has also been home to a few celebrities such as Jennifer Lopez, Billy Joel and Cuba Gooding, Jr.
Other entertainment and culture can be found at the famous Bronx Zoo, the New York Botanical Garden and the Hall of Fame for Great Americans overlooking the Harlem River.
Many education opportunites can be found in Bronx county ranging from public or private schools to colleges. In the 1990's, the NY Department of Education started closing the large public schools and opening smaller ones in order to provide better teacher/student ratio's and for safety reasons as well.
Bronx County is the fourth most populated county in New York and despite the sterotype that it is a poor urban area, a majority of the borough does have affordable housing areas and even some upscale neighborhoods.
For more detail about Bronx County, please visit here |
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NYC Real Estate News
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Tuesday, 30 November 1999 00:00 |
Located on the lower east side of Manhattan. Chinatown covers roughly two square miles. Bounded on the north by Kenmore and Delancey streets, on the south by East and Worth streets, Allen street on the east, and Broadway on the west. With a population between 70,000 to 150,00 Chinese immigrants, NYC's Chinatown is the largest Chinatown in the United States, surpassing San Francisco's Chinatown in the 1980's.
Chinatown is one of New York's most densely populated neighborhoods, thus it's resident's need for employment is met by more than 200 restaurants, tea houses, produce and fish stands, laundries, and numerous stores selling anything from jewelry to traditional herbal remedies.
Chinatown's close proximity to the garment district once provided much needed employment at the garment factories, but over the years the manufacturing of clothing has moved to China. There a few factories left providing "quick" manufacturing and piece work, though this is generally done at a person's home.
Through the course of Chinatown's history there has been little in the way of architecture to in a sense "announce" to someone that they have entered the area. In 1962, at Chatham Square the Kam Lau memorial archway was erected in memorial of the Chinese-Americans who died in World War II. In the 1970's, the local telephone company decorated the pay phones with pagoda style tops.
Chinatown today is rich in culture and the Chinese society. It continues to grow as immigrants continue to migrate to the neighborhood.
For more about New York City's Chinatown, please visit here
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NYC Real Estate News
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Tuesday, 30 November 1999 00:00 |
MRG and World Wide Notary Form Alliance to Provide e-Closing and e-Notarization Through DocPrep Platform
Nov. 17, 2005--MRG Document Technologies (MRG), a provider of document preparation services for the financial industry, announced that it has formed an alliance with Vernon, Texas-based World Wide Notary (WWN) to develop an interface between MRG's Miracle DocPrep platform and WWN's DigaSign's e-closing and e-notarization applications.
The agreement enables MRG to provide mortgage lenders with a seamless, end-to-end electronic solution for processing loans. The company's lending customers will now be able to electronically post, review, close, record and file completed electronic mortgage documents.
"This partnership moves MRG's customers the next step closer to the realization of the e-mortgage," said Bob Rice, CEO of World Wide Notary. "When accessing MRG's Miracle DocPrep documents through WWN's DigaSign application, lenders can have error free document packages that are fully compliant and electronically delivered, fully notarized, within minutes of closing."
"MRG's alliance with WWN is an expansion of the services we provide to our customers in order to give them technology solutions that simplify the way they do business," said Terry King, group chairman of MRG. "The new services available through Miracle DocPrep will enable our clients to provide better value and service to their own customers by reducing turn-around time and delivery costs of closing documents, and enhancing their levels of compliance."
MRG provides document preparation services including fully customizable interfaced systems, Web and email delivery and real-time automated compliance testing. The company's forms and documents offer lenders increased flexibility because they are designed by MRG's staff of legal professionals and IT specialists and allow quick, cost-effective customization to meet each lender's specific mortgage documentation needs. MRG offers products such as A-paper, sub-prime, option ARM lending programs and HELOCs to correspondent lenders throughout the country with a variety of delivery options using email and Web site delivery.
DigaSign is WWN's Internet based notarization service that enables multiple parties to sign documents from different locations during a real estate closing. Using a biometric signature pad, the buyer can review and sign once and have the appropriate signatures, initials and notarizations placed throughout the document. Within seconds, authorized parties can retrieve the electronic documents for review.
About World Wide Notary
Vernon,Texas-based WWNotary, L.L.C., the leading provider of electronic notary services, is a privately held corporation. Pioneering electronic signatures, as early as 1996, WWNotary's management team has years of experience in the Internet technology industry working with stringent Federal mandates, such as HIPAA, E-SIGN and UETA, regarding security and the use of electronic and digital signatures.
For more information about World Wide Notary, visit www.wwnotary.com.
About MRG Document Technologies
Dallas-based MRG Document Technologies designs, maintains and warrants as compliant, electronic documents for the mortgage industry. Founded in 1980, the company has more than 400 customers including lenders of all sizes, located nationwide. With more than 150 employees, MRG is dedicated to bringing more than 3,000 lender-specific forms and documents, guaranteed to be in compliance with the most recent legislative and regulatory changes.
For more information about MRG, visit www.mrgdocs.com.
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NYC Real Estate News
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Tuesday, 30 November 1999 00:00 |
A midtown office building at 57th Street and Park Ave. gave tribute to the ever-rising demand for Manhattan commercial real state after it sold for approximately $510 million last week, $1,589 a square foot. This price is believed to be the highest to date on a per-square-foot basis for office space in the United States. This comes during a time of concern over tight lending practices in the commercial real estate market.
Somerset Partners LLC, a New York Based private equity firm that won the bid on 450 Park, identified the space as an asset they were prepared to go as far as they needed to acquire. Somerset receives its capital mainly from Europeans trusts but finds New York commercial properties a bargain compared to sites in London or Dublin.
Somerset's win shattered the per-square-foot record for NYC commercial real estate set just four weeks ago, where a building at 660 Madison went for $1,476 a square foot. Real estate experts see this as a trend that will condense the amount of potential buyers, helping to eventually bring down massive property prices in New York.
Read the original article by JENNIFER S. FORSYTH from The Wall Street Journal Online
Summary by Eric M. Hoover
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TopNYCApts.com is always glad to hear about a flourishing New York marketplace, but the real estate "experts" above seem contradictory. A smaller pool of high price buyers still increases the cost of the property. Period. As long as there are consumers willing to pay top dollar, property fees will continue to grow.
If you disagree, sound off and turn us into a believer of so-called "declining prices."
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NYC Real Estate News
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Tuesday, 30 November 1999 00:00 |
All across NYC, renters are dealing with the rising cost of rent. Many renters have seen their rent go up by as much as 15%. The rising cost of energy isn't making matters any easier.
Landlords cover the cost of heating, but with heating oil expected to double or triple this winter, it's only going to make matters worse as landlords pressure the rent stabilization boards to increase rents even further. With rental prices going up faster than salaries in NYC, many New Yorkers are having to digger deeper into their pockets to cover their bills. Many are opting to move to even smaller apartments or cope with a longer commute. Landlords don't seem sympathetic, claiming that they can get 20% more rent if they put the apartment on the market. In many cases people are just moving across the street to avoid rent increases in their building.
Sarah Miller is moving out of her $4,000 rental, which she shares with her roommate, because her landlord has raised the rent to $4,400. She is moving to another 2 bedroom 3 blocks away, which is $3,600, but doesn't have a nice view. She's doesn't understand why she can find a comparable apartment for far less, yet her landlord is increasing the rent for her apartment by 10%. That's the irony of NYC real estate. An apartment can rent for 20% less than one fairly similar to it in the same neighborhood.
Many New Yorkers wonder how people get by paying these astronomical rent prices, but the average person living in Manhattan makes $70,000 a year, so there is an argument to be said that prices are actually reasonable. Not much comfort for people that living paycheck to paycheck and seeing their housing costs eat up more than half their paychecks. |
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