The central tower at ground zero, designed to rise to 105 stories, has been characterized by some as a symbol of New York’s resilience, and reviled by others as a white elephant. Now it will pick up a new label: for sale.

The Port Authority of New York and New Jersey wants to sell the skyscraper, the former Freedom Tower, known now by its original name, 1 World Trade Center.

In recent days, the Port Authority has asked a select group of commercial real estate developers and owners to bid for a partnership interest in the $3.2 billion tower, according to a developer who was contacted by the authority.

The offering would allow the authority to raise what it hopes would be at least $100 million for the project. But the authority wants its new partner to take on the difficult task of marketing the skyscraper’s space and negotiating leases with corporate tenants.

Stephen Sigmund, a spokesman for the authority, acknowledged that a potential sale was in the offing.

“As 1 World Trade Center continues to rise into the city skyline,” he said Thursday, “the timing is right to determine whether there is a strategic partnership that can add long-term success to the building.”

Although the steel latticework is only about five floors above street level today, the skyscraper has been laden with enormous symbolic weight since its inception. It will stand 1,776 feet tall, in a nod to the country’s founding. The tower, with 2.6 million square feet, will also be among the most expensive office buildings in North America when it is completed in 2013.

The sales effort is likewise just getting off the ground. According to executives briefed on the Port Authority’s strategy, it has hired two real estate advisers, Cushman & Wakefield and Jones Lang LaSalle, to handle the negotiations with the prospective partners. The authority has identified a half-dozen companies with the financial wherewithal and the commercial expertise for the job, including Boston Properties, the Related Companies, the Durst real estate family, Hines, Vornado Realty Trust and Brookfield Properties, which owns the adjacent World Financial Center.

The bidders are being asked to sign a confidentiality agreement and are being given access to a restricted Web site with detailed information about the skyscraper.

It is not an especially auspicious time to be selling real estate. Values have plunged since the market peaked in 2007. Rents are down by as much as 45 percent, according to real estate brokers. And the office vacancy rate downtown is expected to climb above 10 percent as A.I.G., the insurance giant, reduces its presence and Goldman Sachs moves this year to its new heavily subsidized headquarters near ground zero.

The Port Authority is also at loggerheads with the developer Larry A. Silverstein, who leased the World Trade Center only weeks before it was destroyed in 2001. Mr. Silverstein wants to build three office towers at ground zero with Port Authority financing, but given the lack of demand, the authority favors a slow, phased approach to construction. The two sides are in the last stage of arbitration.

Still, a number of real estate investors have recently created funds to buy real estate, at the right price. The publicly traded real estate investment trusts, like Vornado and Boston Properties, raised tens of billions of dollars this year, in part to take advantage of falling prices.

The Port Authority, executives say, believes it has a saleable asset.

“There’s a substantial amount of real estate equity capital looking for the right investment,” said Michael Rotchford, the executive vice president at Cushman who is handling the partnership sale for the authority. “We think this is potentially one of the best real estate investments available in New York.”

In March, the Beijing Vantone Industrial Company, a Chinese real estate firm, signed a 23-year lease for the 64th through 69th floors at 1 World Trade Center. The authority has also signed preliminary agreements with the state and federal governments for an additional one million square feet.

By CHARLES V. BAGLI
Published: January 3, 2010

It's been a humbling year for monstrously expensive, monumentally plush New York real estate: Not only is the most expensive townhouse ever sold in Manhattan asking a few million dollars less than it was bought for, but the price of Julian Schnabel's five-floor Palazzo Chupi penthouse has gone from $59 million to $38 million to $27.9 million.

Yet this month, according to city records filed late last week, a five-bedroom, 8,300-square-foot penthouse at the Time Warner Center, which was the single most expensive apartment on the market in New York City when it came on in 2008 for $65 million, has sold for just over half that asking price. Austrian-born, Princeton-educated investor Gerhard Andlinger got $37.5 million for his apartment, the biggest New York City residential deal in nearly one year. Nothing has sold for more than $35 million since a Fifth Avenue co-op was bought last July for $48,836,000, the appraiser Jonathan Miller confirmed.

Even if it seems odd and uncouth to complain about a $37.5 million real estate sale, the apartment was bought for $11.5 million less than its most recent, discounted tag. "It is a very low price," said Roger Erickson, the broker who sold a 75th-floor, 4,454-square-foot Time Warner apartment in January 2008 for $24.48 million. "What the hell did I get? I got $5,400 a square foot last year." Actually, he got $5,496.

Mr. Andlinger's penthouse, which was asking $7,831 per square foot back when the tag was $65 million, got $4,518.

"I think it's good news--it's a transaction happening!" Corcoran's Leighton Candler, who brokered the $48.8 million co-op deal last year, said Tuesday about the Time Warner sale. "Thirty-seven million is not chump change. That's a lot of money to spend on an apartment."

On the plus side, Mr. Andlinger paid only $25 million in March 2005 for the apartment, where the master bedroom suite includes an office, his-and-hers dressing rooms, his-and-hers bathrooms, and a gym; the 41-foot-long living room has floor-to-ceiling windows; the corner library/office is covered in red lacquer; the dining room has a view of the Hudson River; the pantry has a laundry center; and the five bedrooms all have en-suite bathrooms.

On the down side, the yearly maintenance charges and real estate taxes add up $356,316.

The apartment was bought anonymously under the name Southerndown, Inc. One lawyer listed on the deed did not return an email, and another declined to comment. Mr. Andlinger, who was barred from serving as a public company's director or officer for five years as part of a 2003 settlement with the SEC over insider trading allegations, could not be reached through his office, or at a Florida residence.

http://www.observer.com/2009/real-estate/gerhard-andlingers-time-warner-penthouse-once-65-m-sells-375-m-biggest-apartment-de

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A first-time home buyer tax credit of up to $8,000 has helped to move housing inventory during an otherwise sluggish real estate cycle. Now both legislators and the business community are hoping to build on the incentive's success by expanding it.

A number of bills have been introduced in the House and the Senate that lobby for an expansion of the measure. Among the proposed changes:

Setting a new cap of $15,000.
Extending the tax break into mid-2010.
Making the benefit available to all home buyers, not just first-timers.
Offering a separate tax credit to $3,000 for borrowers who refinance.

USA Today, Stephanie Armour (06/22/09)

Jon Gosselin of “Jon & Kate Plus 8” is hunting for a new apartment in New York City, Access Hollywood has confirmed.

According to Gawker, who first reported the news, the reality star dad was recently spotted at Trump Place in the hallway of the building with a realtor on the eighth floor.

We talking condo or rental? 120 Riverside? 140? 160? Some poor US Weekly intern has a lot of brokers to call.

http://www.streeteasy.com/nyc/search?search=trump+place

You would have to have been living in a cave these past few months if you haven't heard about the increase in foreclosed homes that have come on the market. Some states, like California and Florida, seem flooded with them. The tri-state area has its share, too.

There are foreclosure bargains on the market, but you have to be prepared with information and cash if you are serious about buying one. Don't expect to get a house for free -- banks want to make as much as they can, and even government foreclosures are not giveaways (although they can be cheaper than a bank-owned home).

That said, you can find great deals, especially if you are willing to put in a little TLC. (Foreclosures might have problems, starting with general neglect, depending on how long they have been on the market.) Here are a few points to consider as you start your search.

* FINDING HOMES

Government foreclosures, organized by state, can be found at hud.gov; the IRS lists them as well (ustreas.gov/auctions/irs/). These homes must be purchased and lived in or held for two years by the purchaser. Bank foreclosures can be found through banks, obviously (just go in and ask to see their listings), and via real estate agents. You can also use paid listing services that specialize in foreclosures, but in this market it's not really necessary.

* THE PROCESS

Each state has its own set of foreclosure laws. Don't go it alone -- consult a lawyer before you make a bid. And make sure you have the money to pay for the property. Most government foreclosures are sold on a cash basis. Bank foreclosures can be financed, but you need to be ready with pre-approval. Getting pre-approved for a mortgage also forces you to determine exactly how much you can spend on a property.

* CHECK OUT SEVERAL HOMES

Look at multiple foreclosures to get a sense of condition and price. You will see a wide range of homes in various states of disrepair. Some foreclosures will be in great shape -- many recently built homes have fallen into foreclosure or are available for short sale. (A short sale is when an owner cannot pay the mortgage and the lender accepts less than the total amount due on the mortgage from a new buyer.) Others may be in drastic states -- neglected, in disrepair or even victims of vandals (including angry homeowners). Be prepared and keep an open mind.

* GET AN INSPECTION

The market is still sluggish, so you do have time for this very important step: Hire a licensed home inspector to walk through the property to check the physical condition of the home's foundation, roof, plumbing, electrical system, appliances and structure. The inspector will provide you with a written report that details any issues, as well as the cost to repair them. Factor those costs into your bid. And don't bite off more than you can chew -- make sure you have a contractor lined up to make repairs and renovations if you decide to move forward.

* KNOW THE RULES

If you decide to terminate the purchase agreement for any reason, you could lose your initial deposit or down payment -- or both. So always read the fine print of any contract you sign, discuss it with your real estate agent and lawyer and understand exactly what you're getting into.

Buying a foreclosure could be your ticket to a beautiful home at a great price. Good luck!