Tree muggers at the La Plaza Cultural

This past Saturday morning, city workers swooped in and cut down a beautiful willow tree on the corner of Avenue C and Ninth Street in La Plaza Cultural. I happened by minutes after the workers left. I spoke with someone who lives nearby. A branch had fallen earlier that morning in the high winds. So the whole tree was cut down "just in case." This resident didn't think that was necessary.

Decision 2008

Who will I go as this Halloween? And where the hell are the Sarah Palin masks? I asked a nice woman working at Duane Reade. She said "Who?" When I said she is the Republican vice presidential candidate, the worker threw up and her hands and said "all the masks that we have are out."

An end to the real estate boom

Excerpts from a Times piece titled "Failed Deals Replace Real Estate Boom:"

After seven years of nonstop construction, skyrocketing rents and sales prices, and a seemingly endless appetite for luxury housing that transformed gritty and glamorous neighborhoods alike, the credit crisis and the turmoil on Wall Street are bringing New York’s real estate boom to an end.

It is hard to say exactly what the long-term impact will be, but real estate experts, economists and city and state officials say it is likely there will be far fewer new construction projects in the future, as well as tens of thousands of layoffs on Wall Street, fewer construction jobs and a huge loss of tax revenue for both the state and the city.

After imposing double-digit rent increases in recent years, landlords say rents are falling somewhat, which could hurt highly leveraged projects, but also slow gentrification in what real estate brokers like to call “emerging neighborhoods” like Harlem, the Lower East Side and Fort Greene.

“Any continued impediment to the credit markets is awful for the national economy, but it’s more awful for New York,” said Richard Lefrak, patriarch of a fourth-generation real estate family that owns office buildings and apartment houses in New York and New Jersey.

“This is the company town for money,” he said. “If there’s no liquidity in the system, it exacerbates the problems. It’s going to have a serious effect on the local economy and real estate values.”

What we can learn from Meyer Mishkin...or not

David Leonhardt writing in the Times today:

In 1929, Meyer Mishkin owned a shop in New York that sold silk shirts to workingmen. When the stock market crashed that October, he turned to his son, then a student at City College, and offered a version of this sentiment: It serves those rich scoundrels right.

A year later, as Wall Street’s problems were starting to spill into the broader economy, Mr. Mishkin’s store went out of business. He no longer had enough customers. His son had to go to work to support the family, and Mr. Mishkin never held a steady job again.

Frederic Mishkin — Meyer’s grandson and, until he stepped down a month ago, an ally of Ben Bernanke’s on the Federal Reserve Board — told me this story the other day, and its moral is obvious enough. Many people in Washington fear that the country is starting to spiral into a terrible downturn. And to their horror, they see the public, and many members of Congress, turning into modern-day Meyer Mishkins, more interested in punishing Wall Street than saving the economy.

Revisiting "Riding out the Credit Collapse"

At BoingBoing today, Douglas Rushkoff passes along the link to an article he did this past spring for Arthur magazine titled "Riding out the Credit Collapse." As he writes on BoingBoing, this is "a way to review the steps that led to our current fiasco, explain it in the greater context of centralized currency, and help people not feel so very terrible about it all."

Here is an excerpt of the Arthur magazine piece:

...Bush’s tax cuts and other measures favoring the rich led to the biggest redistribution of wealth from poor to rich in American history. The result was that the wealthy—the investment class—had more money to invest, or lend, than there were people and businesses looking to borrow.
The easiest way to bring more borrowers into the system—and to create more of a market for money—was to promote homeownership in America. This is precisely what the Bush administration did, touting home ownership as an American right. Of course, they weren’t talking about home ownership at all, but rather pushing people to borrow money tied to the value of a house. If people could be persuaded to take mortgages on homes, real estate values would go up for those already invested (like land trusts and real estate funds) and banks would have a market for the excess money they had accumulated.
In short, there was a surplus of credit in the system. Americans were encouraged to borrow in the form of mortgages, which created demand for the credit banks wanted to sell. In many cases the credit itself wasn’t even real, but leveraged off some other inflated commodity that the bank or investor may have owned.

When headlines go terribly wrong

From today's Page Six:



Wow. A few angry readers have chimed in on the "fear of frying" headline.

Lou Reed wants us to remember him

The Daily Star has this Lou Reed item today:

The 66-year-old rocker was born in Brooklyn and has spent all of his life living in Manhattan, where he was once nicknamed the Bard of the East Village. Reed is fiercely proud of the city, and hopes a future mayor will recognise him - in the same way punk star Joey Ramone was honoured when the 2nd Street East Village block where he once lived was officially renamed Joey Ramone Place. Reed says, "Lou Reed Way would be nice. Any little street would do."

(Via City Room)

Bonus! Please watch Lou Reed in a Honda Scooters ad from the 1980s...

Wizz kids

Columbia University's New Media Newsroom site has a handy-dandy interactive map showing 311 reports of urinating in public in Manhattan since the beginning of 2008 by zip code.

And the winner? 10011 in Chelsea. Woo-hoo! Nice going! (Uh, so to speak.) And in the 10009 zip code of the East Village? Just one! Hmm.

According to the post:

Admittedly, information about where we pee illegally may be subject to reporting bias: residents of tony Gramercy, for instance, may be quicker to complain to 311 than those in the neighboring (and more transient) Lower East Side, which may explain some of the difference captured in the DoITT's reports. Indeed, neighborhoods that rank the highest in complaints may even try to claim superior citizenly virtue, for being so quick to notify the city of their misbehaving brethren. This isn't the last word in the Great Manhattan Inter-Neighborhood Piss-off. But until then, let's let the numbers tell their own story.

Things better than we think on Wall Street?

Here's a photo of a locked box for members at the New York Sports Club on Wall Street across the street from the New York Stock Exchange. As the photo below sent by a tipster shows, the occupant of this particular box couldn't be bothered with collecting the pennies that were left behind.

Was not Was

Gawker has this shot taken along Avenue A by a tipster:



As Ryan Tate notes at Gawker: "[G]iven that the WaMu's failure was the largest in U.S. history , the branch's signage could hardly have malfunctioned in a more appropriate fashion."

Farewell to the Emerald Inn

This just makes me sick. The Emerald Inn on Columbus Avenue (near 69th Street) will be closing next spring. Rent for the bar, which opened in 1943, "is more than doubling" to $350,000 a year "for the cozy, 800-square-foot saloon."

And get this: Owner Charlie Campbell, whose grandfather opening the place when FDR was in office, "got the bad news when he saw the location advertised for lease on the Web site of real estate brokerage CB Richard Ellis."

Here's some of the report from the Post:

The cozy inn, with a few booths and faded pictures on the walls, was once well known as a "beer and a shot" joint.

In the mid-1980s, Columbus Avenue was a rough stretch of blue-collar taverns, bodegas and hardware stores, with few of today's high-end boutiques and beaneries.

But the Upper West Side's whirlwind gentrification changed everything, and the Emerald Inn today draws mostly upscale customers.

Among them yesterday was Michael Morfit, 46, a partner in Lighthouse Financial, who said he comes in twice a week.

"We used to have all these ma-and-pa shops," Morfit lamented over a couple of Buds. "Now all you have is big companies like Circuit City and Best Buy, because smaller companies can't afford the rents."

Well, I'll spare you from yammering away about how much I like the Emerald Inn. It's expected to close in May. Go and enjoy while you can... and stop by the P&G while you're at it.

Four more years of Bloomberg?

Looks that way. (New York Post)

RIP Margot Gayle

Margot Gayle, who marshaled shrewdness, gentility and spunk to save the Victorian cast-iron buildings of New York — using a little magnet as a demonstration device — in a crusade that led to the preservation of historic SoHo, died Sunday at her home in Manhattan. She was 100. (New York Times)

[Photo: Don Hogan Charles/The New York Times]

The 10-year-anniversary celebration of when Drew Carey met Joey Ramone

From season four of The Drew Carey Show, which aired Sept. 30, 1998.