The Commerce Department reports orders for durable goods such as planes and computers fell 1.1% in May for the second month in a row and registered the biggest drop in six months, suggesting that an early-year surge has faded.Economists expected only a 0.8% drop. Orders for commercial airplanes, which often show big swings, fell almost 12% in May. Orders for new autos rose 1.3% and increased for the second straight month.
The Chicago Federal Reserve Bank’s National Activity index fell to a negative 0.26 in May from an upwardly revised 0.57 in April, pulled down by manufacturing, but also by the employment and consumption/housing components. That was the lowest reading since January’s negative 0.26.
Marketwatch reports a Manhatten condo that once sold for $50.9 million is headed to a foreclosure auction. The building, known as One57, is home to the city’s only $100 million condo unit. It was the city’s tallest residential building for a short time until nearby 432 Park Ave. was completed. The latest unit in the building to hit foreclosure is a full floor penthouse bought for $50.9 million in 2014 by a mystery buyer who made the purchase in an LLC. The buyer took out a $35.3 million mortgage from Banque Havilland in Luxembourg in 2015 and never repaid the loan, so the bank is forcing a sale.,
Serving the West Side first, I am Bill Roller of BR Capital for 1360 KUIK.
