Implode-Explode Heavy Industries news feed Tracking the many faces of the global credit implosion. en-us iehi-feed-56812 Tue, 26 May 2015 21:22:31 GMT Fraudster Gets 7 Year In Slammer For $15M Mortgage Scam iehi-feed-56810 Tue, 26 May 2015 18:32:40 GMT Mark Yaffe Of National Gold Exchange Pleads Guilty In Fraudulent $35 Million Loan Deal iehi-feed-56807 Tue, 26 May 2015 15:53:32 GMT New home sales, prices rise strongly in April, on Midwest Strength iehi-feed-56801 Mon, 25 May 2015 14:59:45 GMT Where Is This Housing Rebound? | Alhambra Investment Partners iehi-feed-56797 Mon, 25 May 2015 00:40:06 GMT Portfolio Recovery Slapped With $83 Million Verdict iehi-feed-56796 Sun, 24 May 2015 23:25:34 GMT Florida's Infamous Rocket Docket To Die July 1st iehi-feed-56789 Sun, 24 May 2015 13:45:18 GMT Something is grotesquely wrong with Vancouver's housing market, and the time for denialism is over iehi-feed-56785 Sat, 23 May 2015 18:31:52 GMT Matt Taibbi: World's Largest Banks Admit to Massive Global Financial Crimes, But Escape Jail (Again) iehi-feed-56767 Thu, 21 May 2015 19:16:54 GMT High Ranking Connecticut Fraud Investigator Busted For Giving Lender Fake Paystubs iehi-feed-56766 Thu, 21 May 2015 15:54:32 GMT Sales of Previously Owned U.S. Homes Unexpectedly Decline iehi-feed-56748 Tue, 19 May 2015 22:42:32 GMT Massachusetts Lawyer Accused of Scamming Latinos iehi-feed-56747 Tue, 19 May 2015 22:20:36 GMT Tampa Area Man Indicted on Bankruptcy & Mail Fraud iehi-feed-56732 Sun, 17 May 2015 21:56:19 GMT So, You're Being Investigated For Mortgage Fraud? iehi-feed-56725 Sat, 16 May 2015 03:41:29 GMT Nomura, RBS Ordered to Pay $806 Million to Housing Agency iehi-feed-56717 Fri, 15 May 2015 14:28:39 GMT Gilbert & Quickens Are Attempting To Forum Shop DOJ Fair Claims Act Lawsuit iehi-feed-56699 Wed, 13 May 2015 14:57:40 GMT No Bubble Here: In SF, $1.5 Million for 750 Sq. Ft. Flat, Rent a Bed for $1,000/Month iehi-feed-56698 Tue, 12 May 2015 23:19:13 GMT With Manhattan Luxury Property Hitting Highs, Some Fear Air Is Getting Thin The buildings, aimed at the world's wealthiest buyers, are going up even as overall apartment construction lags behind historical norms.

That is skewing Manhattan's traditional real-estate barometers. The average price of newly developed condos is expected to pass $7.2 million in 2017, up from $4.8 million in 2014 and $1.9 million in 2008, according to New York property-tracking firm CityRealty.

Land, meanwhile, has gotten so pricey that developers buying many new sites must expect to sell units at more than $3,500 a square foot to make a profit, real-estate experts say--three times the break-even level of a few years ago.

There are signs demand for this rarefied product might be nearing its limits. The 1,004-foot green glass tower One57 remained about 25% unsold for much of last year. Its builder, Extell Development Co., lowered its expected total revenue from the building by about 4%, or $100 million, in part because of the slowdown, according to filings made with the Tel Aviv Stock Exchange in Israel, where Extell has issued $300 million in debt.

But for now, times are good for developers. Last week, Vornado Realty Trust Chief Executive Steven Roth told investors his project at 220 Central Park South secured $1.1 billion in sales commitments in just six weeks on the market. With just one-third of the building committed, then, it has already paid for itself, according to calculations based on securities filings.

"We are doing beyond well," Mr. Roth said.

At One57, Extell founder Gary Barnett said sales have picked up substantially in the past couple months. He declined to discuss specifics but said he hoped to fully sell out the tower by the end of the year.

Already, One57 is one for the record books. The building's penthouse fetched $100 million in January, the most expensive sale for a single unit ever in New York City. The nearly 11,000-square-foot duplex on the 89th and 90th floors boasts 24-foot-high walls of glass on three sides and sweeping views of Central Park, New Jersey, Long Island and the Atlantic Ocean. It features six bedrooms, six baths, a curved staircase, two powder rooms and access to a pool at a Hyatt hotel in the building, according to offering documents.

iehi-feed-56686 Mon, 11 May 2015 18:32:02 GMT MFI-Miami Is Expanding Into White Collar Criminal Defense iehi-feed-56678 Sat, 09 May 2015 19:21:45 GMT FL 4th DCA Slaps Foreclosure Mills iehi-feed-56676 Sat, 09 May 2015 17:05:46 GMT Australian Crime Commission finds global crime syndicates are buying expensive real estate