Rushless Buyers! This is the Carlyle Group calling!

w67street - why the anger - does this affect your personal pocketbook? sounds like it.

like whoa!

Absolutely it affects my pocketbook as much as a bunch of nimwits at Citibank who were paid to "invest" my deposits and ended up gambling it away. So what did they do, they just "jacked" up my account maintenance fee, per transaction fees and are paying me 0%. This on top of the personal income taxes that are coming.

FWIW, I got over-bid on a Grand Millennium unit at the height and refused to bid higher and got hell from wife. In the 2 to 3 yrs since I've made $700K.... since that same unit on a higher floor is listed $700K lower and probably can be done down $1MM. So I am happy as a kitten suckling on DDD.

The other thing that I have been privy to is a bunch of lawsuits by "slip and fall" gypsies, BS lawsuits involving my tenants and other "entities" that amounted to nothing but "my lawsuit is gonna cost more than you to settle, mentality." I've never lost and always asked for my legal fees, but apparently the Judges are afraid if they do this, 99% of all frivolous lawsuits would die on the vine and they'd jsut be hearing "divorce" cases.

Seriously, if a lawyer brings 5 lawsuits in 10 years that are w/o merit, he should have his license revoked, but then again there are like a gazillion lawyers graduating every day and I'm sure they can act as "straw" lawyers for the BIG FIRMS!

seek therapy - that may be the ultimate investment payout for you.

I'm as balanced as they come... seriously, that other guy is crazy...

Gtratuitous personal vitriol says much more about the speaker than the intended targets. I wish this site didn't have so much extraneous stuff like this. Stick to the merits, people.

w67thstreet, don't forget crash-for-cash car-insurance fraud. Lots of it in NYC. I had a close call (the insurer got creamed) and am in never-own-a-car-again mode.

I know of a great law firm that represents buyers who want to cancel their contracts. It's called Cry Baby Buyers, LLP

The haters/gloaters on here are unintentionally hilarious; at some point it becomes so pitiful it's like self=parody. Talk about issues. I'm a happy waiting-to-buy guy, but geez, this is downright weird folks.

If this were, say... StreetSleazy, you just may have the makings of an epic thread there 67. I love the red-faced responses. OH YEA?! YOU YOU SICK MF'[er. Sucking on DDD??? Come lie on this couch and tell us about your mother!!!

Good laugh. Sorry Rushmores.. carry on.

w67, you seem to be a landlord yourself. So how come you didn't sell your real estate on time?

canegie.. good question.. it's the question equity should have asked when GS sold...

I promised my mother thad I'd keep a 1bdrm co-op for her.... but my in cost was $90K and that was leveraged money back in 1990's. My commercial properties are cash flowing like mad with 6 yrs to go, back-stopped with an LC from Citi (thank you tax payers). No debt and getting closer to $1.1MM cash, wife is a doc and our monthlies are ridiculously low. Saw this play before. In order to keep my 832 Credit score it helps to "own" debt free unit in NYC with a long term ownership and nothing like commercial RE w/ cash flow to leverage my ass up in the 1-5 yrs when rent vs. own equation flip flops.. Believe, me I am beyond buying "residential" at this point. Can you imagine picking up a General Growth asset at 30% of build cost, or Rushmore units at 80% discount or 70% of build cost and then I will reveal my real identity as Petrifitz!

Oh spinnaker, can you show me how to use that pole on a 50ft swan? Do you have an aversion to large breasts? or cats suckling? Or you think "SICK MF'er" is excluded in your "sick" expletives...

So what's your game, you an attorney, husband of Agentrachel, Rushmore buyer, leveraged 20 to 1 on your $1MM LIC condo... what's your deal as "spinnaker" a pole used on a "chute". Do you won a yacht or belong to a yacht club or maybe a Ericson 23... but that doesn't have a spinnaker.... hmmmmmmmm.... hmmmmm trying to get a picture.... repressed jack off in HS w/ no girls till college... afraid to tell gf/wife he likes it freaky? Which are you spinnaker...?

"I promised my mother .........No debt and getting closer to $1.1MM cash.............wife is a doc "

w67th, commercial real estate is not any better. Why didn't you sell at the peak of the market?

wasn't it idiotic not to sell w67 properties during the obvious bubble?..and isn't it delusional to act like all is wonderful now. because cashflow is blah blah blah....foregone profits..are...uh...gone

so not only did this guy screw up bad, he is obsesed with others mistakes...not to mention, posting about his mother, bless her, something went way wrong in that household during the formative years

I actually enjoyed the counterpoint 67.. maybe caps should have been in quotes. Love big breasts, Sweden's etc. You're beginning to lose me with the whole personal finance gloat though.

He makes a few substantive points (not that they haven't been made plenty of times on here); what I consider "wacko" is the vitriol and the stuff about his mother, his portfolio. It's an opportunity for everyone to play amatuer psychologist. Dropped as a baby?

jim? you gotz a problem with a good son mother relationship, not debt and $1.1MM cash and being married to a doc?

Was I a 100% sure, of course not, there were months where I regretted not bidding higher, but carnegie couple of items, taxes, estate planning and that's why I got a 10yr LC when the LL was KING and my free wheeling days of doing crazy trading are over with 2 kids. Wish I did sell, it's like the toxic assets on Citi's B/S. If I sold now, all I'd get is the PV of the 6 yr CF and they'd discount the perpetuity at a 75% discount... My problem w/ the banks is that these assets are NOT and NEVER WILL CASH FLOW, just a bunch of negatively amortizing IO loans to Commercial and Residential "homebuyers." Since I've got no debt in 6 yrs I can be 20% CF positive and live well especially with my better half in private practice (FWIW, last year was the first year she made as much as me, after 16 yrs in "training" :)) thats like a renting a 4 bdrm CPW apt that used to cost $10K for $2K... if that's the case I'm thinking the US has more problems that just a housing crisis.

I'm like a lot of you, there will be players who can hold on or have enough equity to look at this as a great opportunity (in the long term), but for anyone that can't make the nut/month bc of the 3D's (spinnaker thats' death, divorce, distress) will get crushed! And no I dont' think we'll have a V shaped recovery. :)

"jim? you gotz a problem with a good son mother relationship, not debt and $1.1MM cash and being married to a doc? "

we're cool spinnaker :) and jimmy boy. But just ask my wife, nothing gets this old dog's dander up than RE Recovery in 2010, and frivolous lawsuits. FWIW, it's an anonymous post... If I said I had a 48inch dick, would you guys say.. .stop showing off? :)

We are all filtering information on these Boards and interjecting a little bit of ourselves and that's what makes NYC so fun. Look Carnegie is "riding" me hard... but its' the yin to my yang... there needs to be balance. The Rushmore buyers need to put themselves into the Developer's shoes, that's the hardest thing to teach the young ones and the most beneficial IMHO. I gotta take a nap... this cold is not getting better w/ me being red-faced and screaming at the computer in my skivvies.... :)

Oh I have it on "Private" surfing so my wife doesn't see I've been on this all day :) Psssss don't tell my :)

jimmy boy, WTF r u doing? Worse than a hippocrit is a knowing hippocrit.. Ask you wife.

Not dropped as a baby, physically starved growing up in the old country and our family struggled like migrant workers for 10 yrs w/ my dad taking me to "interpret" for him as a 12 yo. Dad was harsher than harsh but had the moral fibre of Ghandhi, mom kept it light and I owe her a ton for keeping the family together at the worst of times.

The fact still stands, Rushmore buyers should be happy that their downside is limited to 10%, COUNT YOUR BLESSINGS! Peace out 2x!

A fact: an investor/financer in a very difficult, illiquid market who has a quasi-captive large group of potential, highly-motivated buyers, might well find it logical to speak with them, and cut some deal (sell to them at a massive discount, and give them some credit in effect for the deposit), and not just pocket the deposit, and then wait to sell in a dead market. You act like that is insane. It is not. You ridicule those who make this legitimate point,which makes me think you do not understand it. You may think it won't work for some practical reason, but that will be due to "transactions costs" impeding economic actors from acting in their best interest (eg, lack of communication between developr and finance provider).

A baby does not actually remember being dropped, and the supervising parent is not likely to tell the child such a thing. It was not a question to you. It was a question for others as to what they might deduce from your behaivior.

My husband was dropped on his head as a baby by his sisters. They didn't tell anyone about it until the day he got into an Ivy. Nicest guy you'll ever meet, and an optimist to boot (even after being married to me for almost 20 years).

My daughter was pushed off an elevated bed when she was three, hit the back of her head on the way down, was fairly seriously concussed, passed out, vomitting, CAT scans, the whole she-bang. She's doing well also.

Maybe there's something to the starvation theory, lack of vital nutrients, trauma, etc.

"Oh I have it on "Private" surfing so my wife doesn't see I've been on this all day :) "

Uh, so the wife checks what sites he surfs. How about the police?

jimmy.... the financials and information between the parties are not transparent... therefore the Rushmore is an inefficient market and the negotiations break down to zero with attorneys getting all the benefits. So save the legal fees and walk away... dude have you ever been "served." Do you know how emotionally draining that is the first few go-arounds?

Why don't you go negotiate with the Taliban... your stmts speaks to your lack of wisdom and consciousness, your parents did a great job!

That's why I feed my kids so well Aboutready :)

W67:

"Seriously, if a lawyer brings 5 lawsuits in 10 years that are w/o merit, he should have his license revoked"

Under both NY & Fed law, you can sue for frivolous litigation. I worked on a case like that & the court clerks were ordered to reject any further motions filed by that litigant. You can also file a complaint with NYS Court Administration.

jimmy, dont' forget the counter-suit asking for 3x damages.... you really have no clue... how old are u, 25? w/ an MBA from Dominican Republic on-line?

dwell :).... i stand corrected, I won the case and countersued for legal fees due to the "non-merits" of the case. The nice judge sort of rolled her eyes and said no, but if my counterparty sued me again, that I get to go to the head of the docket and sort of gave the other side a eat shit look.... but she didn't have the ballz to call it what it was.

FWIW they pointed out 22 breaches in my lease/by-laws, not a one was found in their favor.... so -shrug- what the hell do I know. It cost me at least $60K and 2 yrs of my life with my wife stressing all the time... and NWT don't get me started on the gypsy fender bender... in 1999 they sued me for $2MM for being hit... .yes I WAS HIT and ruined my Porsche.

w67th -- You will NOT read one word in any post of mine advocating a law suit. My assumption is that the law suit is fruitless. I am talking about negotiating because a lot of buyers are motivated and the developer has a dead building. And I recognized that this probably will not work, even though it makes sense, because of transactions costs. You're not reading what I posted, or don't understand it.

I made fun of you because of your bizarre decision to talk about your mother and personal finances, etc.. Now you're completely misconstruing what I posted. It's nutty.

Beyond parody.

w67...you are the man...you are my hero.

jimmy, there is nothing to discuss as the By-laws and Off Mem lays out all contingencies so a lawsuit is not warranted. That's what I've been saying all along... i assume even if a Whore house opened up next door, there is a clause in it that discusses this possibility and what happens. If the "lawsuit" discussion has merits, then let Reislamerica state them and point our the clauses in the by-laws. Whats' all this "spy" stuff?

They have nothing to contribute to SE other than to gain critical mass for a LAWSUIT! and if 500 people all at once threatened to push you into an on-coming train, does it make it right?

having said that Jimmyboy, it's an open forum... only through discourse does the truth emerge...

Look me up when you head to NYC...I'm sure we'll help you get the 2bdrm for $2K/month :)

W67,
I hear you. Ambulance chasers are part of the terrain, like cockroaches, mice & rats, they always figure out new & different ways to try to get ya. Courts can be reluctant to award legal fees, so in the future, maybe go for a frivolous litigation claim early on & file a complaint w/ Court Admin.

Carnegie,
If you have good, solid, cash flowing commercial RE & you don't need the $ & you foresee that the location will be solid for the next 10+ years, ya don't sell it just because the market's good. Selling triggers lotsa taxes, transaction costs & then you're sitting in cash. If you don't need that cash or you have no plans for that cash, ya don't sell.

I just wonder about this guy, quite seriously - his mental health.

Also, anyone else notice that he always happens to be ill?

shrimpwarppedinbacon... you finally found that password... thank goodness... was it "chicken with eggplant $9.99?"

Hey ladies back me up on this, when you have a 5yo and 3 yo playing with other children... it is just impossible to not catch every bug under the sun... We were good for 4 months and now we're passing it back and forth.....

hey... ask yourself, who's the mental one... a one off handle kind of a guy, or a idiot that needs to "create" multiple handles to ensure all the yrs spent on SE as someone else is not "poured" down the drain... I said "GOOD DAY SIR!"

Anyone notice similarities between w67th and 407pas? I don't believe they are the same person, but they both sure have similar mental problems.

Hell, w67th was one of the early congratulatory shills for 407 ... see post 12 of this 737 post discussion:
http://www.streeteasy.com/nyc/talk/discussion/9261-open-house-today-130-400pm-high-floor-corner-1-bedroom-407-park-avenue-south-18b

W67 is crazy like a fox. Hey, W67, you are building a room for me in the CP bomb shelter, right? I'm simmering the deposit in escarole.

"Hey ladies back me up on this, when you have a 5yo and 3 yo playing with other children... it is just impossible to not catch every bug under the sun... We were good for 4 months and now we're passing it back and forth....."

Oh yeah, once caught something akin to plague from a little bugger. When an adult catches it from a kid, the adult is effected 10xs worse. feel better.

Again, you stupid asses are deriding buyers for exercising their purchase option contracts in the negative. Get over it.

i think the problem is not that they chose not to exercise but the endless whining.

Oh the dayquil just kicked in hoorah! CC/Rhino86, the problem is the threat of a lawsuit to get your ways IMHO .

R we friends again Rhino? :)

I wouldn't call it a lawsuit. That is a poor choice of word. Its more of a negotiation. It goes like this 'If you do not lower the price, we would rather exercise our right to walk away'. I see nothing wrong with it at all. I mean to imply a corporation wouldn't use its rights under a contract for gain is foolish. Frankly I think its all moot. I'd probably walk away from a 25% deposit at this point and would think they should clearly walk from a 15% deposit in a marginal hood. That is why I said 35%...+15% is like a 50% discount from peak. Is there an allure to this part of Amsterdam? There are so many other places to pay $1700/ft.

I think a lawsuit is a waste of time, and have never ever suggested that (unless there are material contract breaches).

consider me just out from under a rock...what is the deal with rushmore?

it's tanking? only nine units show up as sold on ACRIS even though it started closings a couple of months ago? extell won't play ball? extell has no balls?

i've always thought that sanity, as measured by the common person, is vastly overrated.

petri dishes, that's all young children are. and then they grow up and do drugs and have sex and you pretend they don't, even though you were probably far worse than your children will hopefully ever be. BIG shout out to Sarah Palin here!!!

Palin, sex, what? Haha. This building is a modern disaster akin to folks walking away from their coops in the 70s. I don't know that lawsuit was ever threatened by the buyers here...they are just looking to renegotiate price as a collective group. I think they will reach the tough conclusion and walk away. They should probably give the real estate market the amount of time it will take to rebuild their savings anyway. This kind of space in marginal hoods will eventually be there for $600/ft or less.

you did not miss much

bottom line
Buying RE in a deflationary environment is just plain stupid.
Everybody else (not the Federals LOL) is de-leveraging like crazy - currently it is much wiser to go with the stream.

I agree... Momentum is the most powerful force in markets.

Jim, totally with you. W67 sounds completely insane.

WTF happened here?

I support the RANT!
Let it out baby, love the visuals.
Relax all RE Nazi party members.
Welcome to the 'Filene's Basement' of RE information.
Some where under this pile of crap is a prize.
The joy is in the jorney.
Try not to get it on your cloths.
RANT ON!

I thought I'd repost one of my favorite statements from little ole yepyepper
Has a bit of it all, he's a dog, big penis, and his own wealth and interests in commercial real estate
Oddly though in this one he forgot to mention the Porsche or the wife doctor or how much he does at the gym (probably because he was sick)

w67thstreet
about 3 months ago
ignore this person
report abuse we're cool spinnaker :) and jimmy boy. But just ask my wife, nothing gets this old dog's dander up than RE Recovery in 2010, and frivolous lawsuits. FWIW, it's an anonymous post... If I said I had a 48inch dick, would you guys say.. .stop showing off? :)

We are all filtering information on these Boards and interjecting a little bit of ourselves and that's what makes NYC so fun. Look Carnegie is "riding" me hard... but its' the yin to my yang... there needs to be balance. The Rushmore buyers need to put themselves into the Developer's shoes, that's the hardest thing to teach the young ones and the most beneficial IMHO. I gotta take a nap... this cold is not getting better w/ me being red-faced and screaming at the computer in my skivvies.... :)

Oh I have it on "Private" surfing so my wife doesn't see I've been on this all day :) Psssss don't tell my :)

How are closings here?

not so good. but a whole slew of apartments recently went into contract, look too expensive to be an investor. extell was offering to carry mortgage for 5 years and 3% of closing costs. still, over 250 units, 23 recorded sales (per SE) and about 80 in contract is not really worthy of celebration. ACRIS may show a better picture, but i'm an acris-phobe.

Joeffet you were just asking about 1 bedrooms and I think this has it, but none are much good because they don't have good views, they are all east facing or facing north or south from the low floor.

Extell was offering to carry mortgage for 5 years and 3% of closing costs.

Aboutready....you can't be serious? five years of mortgage payments?

riversider, provide the mortgage, not pay for the mortgage.

ah, assuming the second lien. thanks for the clarification. Heard second hand they were covering a years worth of common charges and closing costs..

Have you heard of any construction problems or any 'new building' problems?

http://www.nytimes.com/2009/07/26/realestate/26deal1.html?ref=realestate

Is Carlyle, the George Bush etc. investment company, involved in Rushmore? W67thstreet, do you work for either of them?

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