FIDI?The Port Authority sent out an update alerting WTC followers that the steel installation for the 9/11 memorial is 95% complete. The PA's Flickr page has all sorts of interesting aerial photos, but how 'bout the one above? Air ducts! Things really are happening down there. [CurbedWire Inbox]
NYC?You may have seen yesterday's Times article on German banks. We didn't, because, yawn, German banks. But one Curbed tipster thinks we should be paying close attention! He writes: "On the surface, the article has nothing to do with NYC real estate, but when you dig deeper, it does."
OK, we're listening. Let's kick over the soapbox for a minute:
Not only has Germany's HSH Nordbank famously backed Manhattan House at the peak, but Germany's Hypo Real Estate has provided the construction financing for two big ones in the market - the Edge in Williamsburg and the Rushmore. Hypo is also the 1st mortgage holder for the Laurel, the Brompton and the Lucida.
The scary thing that the article points out is that just one German Landesbank -- WestLB -- has been recapitalized yet. Once these banks are recapitalized the plan is for them to put their non-performing loans into a "bad bank" for sale or dissolution. The unforseen "black swan" in the NYC condo market may well be what happens when the German banks are finally restructured.Germans doing harm to America? Could never happen. [CurbedWire Inbox]