It's not just property values that are collapsing in New York; a construction crane collapsed in Tribeca and injured two workers who were working to repair the crane on the 300-unit residence building. The crane was 200 feet tall and buckled Friday under the strain of an overweighted payload of lumber. Initial reports said that there were no injuries and that several buildings surrounding the 450 Washington St. address had to be evacuated. A later......

Has the Super-real estate market finally encountered economic kryptonite? Manhattan's housing market has seemed utterly impervious to any hint of real estate meltdown, even as other boroughs have suffered mortgage foreclosures at four times the national average. But one can't pass a Chase bank branch or a Duane Reade before coming across yet another building going up or being retro-fitted as luxury condos. The New York Times has an article today indicating that the gilded......

The Independent Budget Office of the City of New York released a five page report [pdf] yesterday projecting that beginning next year, the City will face a serious fiscal crisis when it runs a deficit of $3.1 billion. By 2011, that budget shortfall could more than double, to $6.3 billion. The projections merely take into account current trends in New York City and don't factor in the possibility of a widespread national recession. The title......

Prefab housing isn't just for the..."thrifty" anymore! Yesterday Wired featured a selection of twelve modular, prefab housing units -- from lofts to place atop city skylines to 60 square-foot cabins with "cathedral ceilings". Today The NY Times reports that the idea has "become fashionable at architecture schools and among an upscale segment of the housing market." As such, MoMA has commissioned five architects to set up their prefab-ulous designs in their vacant lot on......

Sure, there are worries about the credit market and subprime mortgage situation, but real estate brokerages around the city are basking in good news: Third-quarter Manhattan apartment closings were at the highest average price ever and home inventory tightened as well. The average price for a Manhattan apartment was $1.37 million and the average price for a condo is $1.6 million, with the different brokerage saying that it's anywhere from 16-38% higher than the previous......

A Westchester couple were charged with promoting prostitution from their home. And what's more, the Journal News describes thirty-four-year-old Robert Werner and his 32-year-old wife Heather Mazzenga as "victims of the housing market"! The New Rochelle Police had been doing their rountine monitoring of Craigslist and became suspicious when they saw a few ads, including one that said, "Grand Opening Special! Hot models, soft sensual touch...New Rochelle has Westchester's first and only member's only club......

After a week in which the stock market reeled wildly due to concerns about the potential impact a collapse in mortgage debt could have on the economy, The New York Times examines the city's housing market and it's apparent imperviousness to downturn. The paper describes how despite a slump that was more of a pause in the second half of 2006, real estate sales and development continue to surge to this day, with property......

Remember that insane Asian-bashing in Queens last year? The perps just got sentenced-- 3 years in jail for one, 5 years on probation for the other. Happy ending? Jennifer Chow, a 30-year old Harlem resident, got mugged and put in a headlock in October. She went to get her injuries checked out, and the CAT scan revealed cancer in her thyroid gland-- which the doctors were then able to cure. Eric Brown is famous......

The $1.3 billion deal for Brooklyn developer Berkshire LLC to buy federally subsidized Brooklyn housing complex Starrett City may be blocked by State Attorney General Andrew Cuomo and the federal Department of Housing and Urban Development. Cuomo announced that his office will enforce an injunction barring the lead investor David Bistricer from completing "certain real estate for life and will not permit the conversion of any of the property to cooperative apartments." Cuomo's statement......

It looks like the Big Apple's building boom is taking a breather. The Post reports that building and construction permits are down this year. Some figures: - In 2006, 5,599 permits for new building construction were issued between January and November; in 2005, in 6,689 permits were issued during the same period -In 2006, 104,188 permits for construction (like demos, alterations) were issued between January and November; in 2005, 111,293 were issued during the......

We're so confused by all the stories on the city's housing market. AP: Manhattan Residential Market Cools Daily News: Manhattan apartment prices slip in latest quarters - But numbers up 12% from '05 NY Post: NY CRA$H PADS - MANHATTAN APT. PRICES PLUNGING USA TODAY: Manhattan: Except for 'very high-end' housing, 'market is quiet' NY Times: Buying in Manhattan? Apartment Prices Steady It seems that prices are dropping, apartments aren't being snapped up as quickly,......

The race for 2009 mayoral is on: The Post reports that City Comptroller William Thompson is holding a big fundraiser on November 15. He apparently already has $2 million on hand, but the "New Yorkers for Thompson" fundraiser at the Waldorf-Astoria won't hurt. Thompson wisely sat out the 2005 election, because it was hard for any Democratic challenger to go up against the Mayor's pretty good record and money (he spent $77.8 million for last......

- Ooh, here's the list of other GOP seats the Mayor may look to knock into the Democrat's ring - The Staten Island case of a 14 year old who was stabbed by a group of kids involves the SI borough president's grandson - Two Harlem restaurants were busted in a $20 million drug ring - The NY Sun speaks to the woman who wants the city to pay for her kids to go to......

Corcoran is reporting that the average price for a Park Slope brownstone has hit 3.35 MILLION dollars! New York Magazine has the rundown: Yes, Brooklyn Heights’ dreamy blocks continue to be a haven for townhouse types. But Park Slope is still the center of a certain kind of Brooklyn life, and last week, when the Corcoran Group released its end-of-the-year report—painting a patchy picture of a housing market that’s up, down, and sideways, all......

...NYC says, "You're crazy, U.S. Census Bureau!" The U.S. Census released its latest populations estimates yesterday, and New York City lawmakers freaked out. Apparently, NYC saw a decrease, from 8,109,626 to a current (as of July 2004) 8,104,079; though there were population increases in the Bronx and Manhattan, decreases in Brooklyn and Queens led to the net decrease. Any total decrease affects the amount of money the government distributes for housing subsidies and other aid.......