market
Wednesday
April 22, 2009


Welcome to the Broadsheet DAILY,

a bulletin of information about Downtown news, people and events that lands in your Inbox from
Monday to Friday.

The DAILY
is a supplement of
The Battery Park City Broadsheet,
which is published every two weeks and distributed throughout Battery Park City, the Financial District, the South Street Seaport area and Tribeca.



We welcome your comments, suggestions, kudos and criticisms. Send to
editor@ebroadsheet.com


The Editors


Terese Loeb Kreuzer
 Broadsheet Daily Editor

TereseLoeb@mac.com

Contributor:
Matthew Fenton


Robert Simko
Publisher
robert@ebroadsheet.com


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Dear Reader,

The Broadsheet DAILY is e-mailed to subscribers from Monday to Friday. Subscriptions are free; click here to subscribe. We welcome your comments, questions, kudos and criticisms. Send them to  editor@ebroadsheet.com. To forward this e-mail, scroll to the bottom and click on the "Forward email" link.

Today's Weather:  High: 59°. Low: 41°. Rain probable, possibly with thunderstorms.


MTA Advisories: For Metropolitan Transportation Authority (MTA) service advisories, go to www.mta.info or call 718-330-1234. 


If you enter your zip code on New York City Comptroller William C. Thompson, Jr.'s Web site, you can see exactly how the MTA's service cuts will affect you. To see the cuts in your neighborhood, click here.

Fireworks Alert: Fireworks are scheduled for tomorrow, April 23 (rain date, April 24), near Hoboken on the New Jersey side of the Hudson River, and on Saturday, April 25, 10 p.m., at Ellis Island.

Greenmarkets: The Tribeca and Union Square Greenmarkets are open today. Shell beans, cabbage, carrots, onions, parsnips, peas, potatoes and apples are available - all locally grown but sold from storage. In April, the first new greens arrive in the form of mesclun. Staples such as honey, maple syrup and baked goods are also available in the Greenmarket.
Fannie Mae ruling affects BPC condo owners
Financing now more difficult and expensive

condo sales

Many Battery Park City condo units are now ineligible for mortgages and refinance loans from Fannie Mae. (Photo: Robert Simko)

Last month, the Federal National Mortgage Organization ("Fannie Mae") quietly dropped a bomb that is now exploding in Battery Park City and other communities around the nation with a large number of condominiums.

"In light of the current condo market and the need to mitigate risk on condo loans," the release from Fannie Mae explained, the agency (which supports the housing market by bundling and guaranteeing mortgages loans, making them more attractive to investors) was adopting new guidelines. These rules prohibit banks in the Fannie Mae system from originating new mortgages or refinancing existing home loans on condominium units in buildings where the developer (or any other single entity) owns more than 10 percent of the apartments.

Although this release specifically stated that Fannie Mae was adopting these guidelines to avoid exposure to troubled condo markets in Florida, California and Nevada (where condo unit prices have been in free-fall for more than a year), the new rules are effective nationwide. This means that even established condominiums are suddenly ineligible for mortgages and refinance loans issued under Fannie Mae's umbrella. There are more than half a dozen condos in Battery Park City where the original developer retains more than 10 percent of the apartments. Many of these buildings were erected decades ago and developers have retained an ownership stake because they view the property as a good investment, not because they are unable to sell the units.

The reaction has been intense among real estate professionals nationwide. "Fannie Mae Takes a Wrecking Ball to Condo Market," observed the Real Concepts blog in March. Locally, multiple BPC residents have run into a brick wall when trying to obtain loans. "I have one client on Rector Place who wanted to refinance," said a mortgage broker who asked not to be identified. "He has a credit score of 780 and wanted a loan-to-value ratio of 56 percent - a banker's dream." Both the broker and her client were shocked when several major banks declined his application because, they said, "Fannie Mae called the building 'unwarrantable.'"

These new rules do not prevent borrowers from seeking loans with banks outside the Fannie Mae system. "But that means finding a smaller bank," the broker explained, "and it also means the loan is going to come at a higher interest rate."

"Ouch!" exclaimed real estate lawyer Luigi Rosabianca who often represents condo buyers and sellers in Battery Park City. "This is going to adversely affect anybody who is trying to purchase an apartment in this community and also hurt anybody who wants to sell. It means that getting financing for Battery Park City apartments will now become even more difficult and expensive. And that's going to impact prices at a time when they are already under pressure." Mr. Rosabianca added, "this is like adding salt to a wound."

- Matthew Fenton
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Letter to the editor
Trader Joe's?

To the editor:
If you'd like to see a Trader Joe's in Battery Park City, please contact them by clicking here.

The old Foxhound's restaurant site in the World Financial Center at the corner of South End Avenue and Albany Street could be perfect for them. I know that the WFC is open to it. We just need the community to get the word out to them. Please pass this on to your Battery Park City and Financial District friends! - Mary Beth Lawlor

Cadence
Downtown in the news
M6 bus to be discontinued

New York Post - Broadway Bus Axed, April 22: The New York Post is reporting today that the M6 bus, which runs from midtown to Tribeca, will soon be discontinued to "make way for Mayor Bloomberg's planned pedestrian plazas at Times Square and Herald Square." The article says that "this will leave a half-mile stretch between Worth and Houston Streets without a bus line." To read the article, click here.

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Downtown deals: Wine, clothes and jewelry
Wine discount; Sample sale; Jewelry and crystal giftware discounts; Jewelry auction for charity

Half price on all wine by the bottle at The Palm Tribeca: Every Wednesday through May 27, the Palm Tribeca is offering half price on its entire bottled wine list. Palm Tribeca, 206 West St. 646-395-6393. www.thepalm.com/

Sample sale at 17 Battery Place: Through April 26. 70% off retail prices for Galliano, Gianfranco Ferre, Malo, C'N'C and more. 17 Battery Place South, 5th floor. Open Mon.-Sat., 11 a.m.-7 p.m.; Sun., 11 a.m.-5 p.m. For more information, call 212-636-0865. http://itsamplesale.net/
 
Barthman clock

Barthman Clock: The Barthman Clock at the corner of Maiden Lane and Broadway was installed by William Barthman Jewelers sometime between 1923 and 1951, replacing an even older clock from the turn of the century. Although the store has since moved a few doors down the block, the clock remains in its original position. This week, Barthman Jewelers is offering discounts on some of its merchandise. For more information, click here. (Photo: Terese Loeb Kreuzer)

Jewelry discounts at William Barthman: From April 20-26, the William Barthman store on Broadway is offering 50 percent off some diamond jewelry and 25 percent off crystal giftware as part of the National Jewelry Institute's "Sparkle Week." The store is also offering a free gold or silver make-up bag with a purchase and raffles for New York Yankees tickets and a diamond-shaped crystal paperweight. William Barthman, 176 Broadway. 212-227-3524. For more information about Sparkle Week, click here.

Jewelry auction at Greenwich Jewelers: Also for "Sparkle Week," April 20-26, Greenwich Jewelers on Trinity Place is auctioning five pieces of jewelry with the proceeds going to a five-year-old Lower Manhattan resident, Kai Anderson, who has a rare form of leukemia and needs a bone marrow transplant. Each piece is worth a minimum of $500. Bidding starts at $20.09. Greenwich Jewelers, 64 Trinity Place. 212-964-7592. For more information about Greenwich Jewelers, click here. For more information about Kai and how to help him, click here.

Moran Restaurant
 
Calendar of events
April 22-23

Wednesday, April 22

Earth Day Fest at Rockefeller Park
Learn how to protect the environment and save money. Live entertainment, food, free Eco-bags, light bulbs and more, activities for children and adults. Organized by Stuyvesant High School's environmental activist group, whose mission is to make Stuyvesant more environmentally friendly by implementing recycling, waste reduction and energy efficiency programs. Free. 3 p.m.-6 p.m. Rockefeller Park, west of Stuyvesant High School (or in the lobby of Stuyvesant High School in case of rain.)

Earth Day Showcase of High-End 'Green' Living at the Visionaire
The Eco Loft Campaign is a touring showcase for high-end sustainable living. This event features Cheryl Eisen's progressive, eco-friendly interior design using sustainable luxury furniture from Duval Furniture at a three-bedroom model home at The Visionaire, designed to be the greenest residential high-rise in the nation. The featured artwork is from Bettina Werner "The Queen of Salt," the pioneer of salt as an artistic medium. Free. 7 p.m.-10 p.m. The Visionaire, 70 Little West St. (two blocks north of the Ritz-Carlton)

Blooming Through the Ashes: Violence and the Human Spirit at the Museum of Jewish Heritage

This multimedia program for Yom Hashoah will explore, through art and staged readings, how societies rebuild and heal through remembrance. With editor Clifford Chanin, The Legacy Project; Barbara Kirshenblatt-Gimblett, New York University; Dori Laub, Yale University; and dramatic readings from the anthology. $10, $7, $5. 7 p.m. Museum of Jewish Heritage - A Living Memorial to the Holocaust, 36 Battery Place. 646-437-4337. www.mjhnyc.com

Tribeca Film Festival Opening Day
The Tribeca Film Festival opens tonight with the world premiere of Woody Allen's "Whatever Works" and closes on May 3 with "My Life in Ruins" directed by Donald Petrie. For more information, www.tribecafilm.com/festival/

Taboo Talks: 'The High Cost of Invasive Parenting' at 92YTribeca
In her new book, "A Nation of Wimps: The High Cost of Invasive Parenting," Hara Marano provides an eye-opening examination of how "over-parenting" may be dooming an entire generation to a lifetime of immaturity and emotional fragility. Marano discusses the ways in which over-involvement hinders a child's development and offers candid advice for what parents can do about it. $16. 12 p.m. 92YTribeca, 200 Hudson St. 212-601-1000. www.92YTribeca.org/daytime
 
Film: 'The Revolution Will Not be Televised' at 92YTribeca
"The Revolution Will Not be Televised" charts the seven months leading up to the attempt to overthrow Hugo Chávez in April 2002, and provides an eyewitness account of the coup d'etat and Chávez's return to power some 48 hours later with unique footage of the divisive and polarizing political icon. Part of the series: Cinema Tropical's ˇREVOLUCIÓN! The New Latin American Left. Directors: Kim Bartlet & Donnacha O'Briain. 2003. 73 min. $12. 7:30 p.m. 92YTribeca, 200 Hudson St. 212-601-1000. www.92YTribeca.org/film

Theater: The Manhattan Monologue Slam at 92YTribeca
The long-running Manhattan Monologue Slam, formerly of the Zipper Factory and Bowery Poet's Club, comes to its new home at 92YTribeca for a night of electrifying theater. It's part Masterpiece Theater, part American Idol: Act One of the Slam features eight pre-selected actors who perform three-minute theatrical monologues (both dramatic and comedic), while Act Two features actors from the audience who have signed up on the spot to perform. A panel of industry big-wigs then rates the performances and offers their feedback. Whether you want to show off your monologue skills, or just want to see NYC's best up-and-coming talent in action, the Manhattan Monologue Slam will redefine the way you see theater. $10/advance; $15/door. 9 p.m. 92YTribeca, 200 Hudson St. 212-601-1000. www.92YTribeca.org/theater

New York harbor

New York Harbor as Seen from Brooklyn: Gene Carlucci, an educator with the South Street Seaport Museum, will give an  illustrated talk called "New York Harbor: Created and Obliterated" tomorrow evening. For the South Street Seaport Museum calendar including this and other events, click here. (Photo: Terese Loeb Kreuzer)

Thursday, April 23

A Streetwise History of New York City at the Fraunces Tavern Museum
More than any other American city, New York was designed with the pedestrian in mind. Join licensed tour guides Michelle and James Nevius as they talk about the beginnings of Lower Manhattan and introduce their one-of-a-kind history-cum-walking tour guidebook. $6. 6:30 p.m. Fraunces Tavern Museum, 54 Pearl St. www.frauncestavernmuseum.org

'New York Harbor: Created and Obliterated' at the South Street Seaport Museum
Follow the wake of Hudson's 1609 exploration of the river that now bears his name through this illustrated talk. $5. 6:30 p.m.-8 p.m. South Street Seaport Museum, 12 Fulton St. 212-748-8786. www.southstreetseaportmuseum.org

Talk: The Impact of the Economic Crisis on Globalization at 92YTribeca
"The Economist" comes alive at this candid conversation about the current economic crisis and its effect on globalization. Leading the discussion will be Zanny Minton Beddoes, Global Economic Editor at "The Economist," and Professor Jagdish Bhagwati of Columbia University, who will offer their insights on the international financial situation, and take questions from the audience. $27. 6:30 p.m. 92YTribeca, 200 Hudson St. 212-601-1000. www.92YTribeca.org/talks
 
Film:  'Body Typed,' Short Films by Jesse Epstein at 92YTribeca
Jesse Epstein's series of award-winning shorts, "Body Typed," explore every angle (and then some) about body image. The shorts are interspersed with discussion between New York activists, educators, community organizers and health care professionals about health, identity and body image. Co-presented by Chicken & Egg Pictures, Working Films, The Fledgling Fund, and Rooftop Films. $12. 7 p.m. 92YTribeca, 200 Hudson St. 212-601-1000. www.92YTribeca.org/film

Boot Camp
Downtown bulletin board
Tribeca Meet-and-Greet; PS 276 Parents' Network; Stand-up comedy auditions; Downtown Community Awards Dinner; Worms

··· Tribeca Meet-and-Greet

This month, Tribeca Friends and Neighbors will be meeting on Thursday, April 23 at the Soho Photo Gallery, 15 White St. Come at any time between 6 p.m. and 8:30 p.m. Everyone is welcome.

Tribeca Meet-and-Greet is an informal meeting in a different Tribeca restaurant or business, about once a month.  The purpose is to exchange ideas, do some networking and have a drink with the neighbors. Some people show up for the full evening, some just drop by to say hello. The important thing is to make an appearance.

In addition to chatting with your Tribeca neighbors, you may want to spend some time looking at the current photography exhibition at Soho Photo; this month features the best work of members of the gallery in a wide variety of subject matter and styles.

You don't have to live in Tribeca to attend! Our neighbors in Battery Park City are most welcome to share concerns, needs and ideas.

The next Meet and Greet will be held at Color Me Mine Tribeca on Tuesday, May 19.

For more infornmation about Soho Photo, call 212 685-8784 or go to www.sohophoto.com. For more information about Tribeca Meet-and-Greet, e-mail David Cleaver at
cleaverdavid@hotmail.com

··· PS 276 Parents' Network

Parents of children attending kindergarten at PS 276/Battery Park City School in the fall of 2009 are welcome to join the new parents' network and Yahoo message board.

The goal is to connect with each other and share relevant information about our new school, interim facility at Tweed Courthouse, Department of Education developments and community news. We hope that by banding together, we can help build a great school and a supportive school community.

To join the PS 276/BPC School Parents Network on Yahoo, go to
http://groups.yahoo.com/group/BPCSchoolParents/ or e-mail:
BPCSchoolParents-subscribe@yahoogroups.com

··· Downtown Community Awards dinner

On Thursday, April 23, Manhattan Youth will host a dinner with music and dancing to honor Elizabeth Berger of the Alliance for Downtown New York, Don Schuck of the Downtown Soccer League and Alex Roche, of the Downtown Community Center and to raise funds for The Lower Manhattan Family Fund, which helps families and children in need. Tickets start at $150. For more information and tickets, go to www.manhattanyouth.org or call 212-766-1104, ext. 232.

··· Children's Worm Composting Workshop

On Tuesday, April 28 from 3:30 p.m. to 4:30 p.m., the Lower East Side Ecology Center and the PS 150 Green Team present a free Children's Worm Composting Workshop. By using red wiggler worms, you can compost indoors and help nature to recycle its nutrients, while reducing the amount of waste that you produce. This workshop will cover the process of decomposition, as well as how the worms help the process along. Participants will have the chance to make and bring home their own mini worm-bin. For ages 5 and up. All children must be accompanied by an adult. Reservations required. Free and open to the public. E-mail marybethlawlor@msn.com to make a reservation. The workshop will be held upstairs at Whole Foods Tribeca, 270 Greenwich St.


bpc day nursery
 
Elected officials serving Lower Manhattan
Contact information

Rep. Jerrold Nadler (8th Congressional District)
2334 Rayburn House Office Building, Washington, DC 20515; Tel. 202-225-5635
Web address for e-mailing Rep. Nadler: www.house.gov/nadler/emailform.shtml
(For policy issues)

Rep. Jerrold Nadler
201 Varick Street, Suite 669, New York, NY 10014; Tel. 212-367-7350
(For personal issues dealing with a federal agency or other issues or concerns in Rep. Nadler's district)

Assemblyman Sheldon Silver (64th Assembly District)
District Office
250 Broadway, Suite 2307, New York, NY 10007; Tel. 212-312-1420
E-mail: speaker@assembly.state.ny.us

Assemblymember Deborah Glick (66th Assembly District)
District Office
853 Broadway, Suite 1518, New York, NY 10003; Tel. 212-674-5153
Web address for e-mailing Rep. Glick: http://assembly.state.ny.us/mem/?ad=066&sh=con

State Sen. Daniel Squadron (25th Senate District)
Lower Manhattan District Office
250 Broadway, Suite 2011, New York, NY 10007; Tel. 212-298-5565
E-mail: info@danielsquadron.org 

Council Member Alan J. Gerson (District 1)
District Office
51 Chambers St., Suite 429, New York, NY 10007; Tel. 212-788-7722
E-mail: gerson@council.nyc.ny.us

Council Member Alan J. Gerson
Legislative Office
250 Broadway, 18th floor, New York, NY 10007; Tel. 212-788-7259

Manhattan Borough President Scott M. Stringer
1 Centre St., 19th floor, New York, NY 10007; Tel. 212-669-8300
E-mail: bp@manhattanbp.org