A darker side to living in NYC!

Written by Posted On Monday, 24 March 2014 06:53

title insurance,closing costs,new york,new york city,long islandFrom the Hallmark Abstract Service, New York website

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If you live in, are trying to stay in or seek to get into the ‘glitzy scene’ in NYC, the effort can take a toll that was apparently evidenced by the recent suicide of designer L’Wren Scott!

Of course there’s the expensive real estate that makes owning or renting in NYC a challenge and the costly lifestyle that includes such things as private elementary and high schools with price tags commensurate with private college and university tuitions.

But along with high price tag for everything from parking a car to eating in some of the world’s best and best-known restaurants comes the stresses and pressure that’s felt by some to maintain a public persona that may be very different from their private reality!

And for those of us who are not members of the glitterati class, many have witnessed the phenomenon both in NYC and in suburbia that’s known as ‘keeping up with the Jones’ or doing whatever it takes to maintain outward appearances and the status quo for a given neighborhood, whatever that may be.

From the New York Post:

‘…As of September 2013, the median household income in New York City, according to the US Census, was $50,895. According to a 2012 report issued by the City Comptroller’s Office, 49 percent of New Yorkers had unaffordable rents — and rent, for half of us, gobbles up more than 30 percent of our income. This month, Forbes magazine ranked New York City the most overpriced metropolis in America.

Ironically, the New Yorkers most expected to live with no budgets, no cares and no limitations are members of the creative class, people with typically low-paying glamour jobs in media, the arts, fashion, publishing.

And the closer their proximity to wealth and fame, the higher the pressure — recall celebrity photographer Annie Leibovitz, one-time owner of three conjoined West Village townhouses who found herself $24 million in debt in 2009.

“How Could This Happen to Annie Leibovitz?” asked New York magazine. In 2004, Leibovitz was caring for her father, who had cancer, as well as her partner, Susan Sontag, who had also been diagnosed with cancer. She spent thousands shuttling Sontag around the country, in a private plane, for treatment.

But Leibovitz was also done in by reckless spending, possibly aggravated by too much time in the company of cultural and political power brokers.

“I see this a lot,” says Norah Lawlor, a longtime publicist who met Scott several times. “You come here, change your name and want to be fabulous. You get caught up.”

Scott was originally Luann Bambrough and was raised in a small Utah town by adoptive Mormon parents. But at some point, the persona she projected in the pages of Vogue — cool-girl courtesan to a rock ’n’ roll lothario, designer to A-list clientele — became her reality.

Until it wasn’t.

“She was turning 50, her business was closing, and she’s friends with celebrities but can’t go to them [for help],” Lawlor says. “People come to New York City and want to be part of a certain clique, and think they are. But it often catches up to them…” (Source)

The moral of the story?

Be yourself and live within your means!

If You are Buying or Refinancing Residential or Commercial Real Estate in New York City or Long Island…

…Hallmark Abstract Service can potentially save you hundreds of dollars in closing costs!

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Michael Haltman

Hallmark Abstract Service provides title insurance for both residential and commercial real estate transactions in New York State.

Hallmark Abstract President Michael Haltman is also extremely involved with the combat veterans 501(c)(3) Heroes To Heroes Foundation, serving as the Board Chair.

Hallmark Abstract Service

In 2008 we opened our doors focused on two primary goals:

Number one was to be a title insurance company that would provide clients with a superior finished product that completely protects their interests for what will likely be one of the largest transactions of their lifetime.

Number two was to insure that the experience of working with Hallmark Abstract Service was as easy and seamless as possible for all parties involved in the transaction!

From the number of satisfied clients who come back to Hallmark Abstract Service time after time for their title insurance needs, the evidence bears out that we have accomplished these two goals in the past and will maintain our client centric focus far into the future!

Michael Haltman

Post 1984 MBA in Finance from the State University of New York at Albany that concentrated on the tax-exempt market, Michael became a municipal bond analyst at Shearson/Lehman Brothers tasked with following general obligation issuers on the city and state level as well as housing bonds secured by mortgage pools.

This experience at Shearson/Lehman Brothers followed by stints at PaineWebber and Citigroup provided a broad framework and understanding of the real estate and mortgage markets.

As CEO of Exeter Commercial which underwrote and funded commercial mortgage loans as a correspondent lender, title insurance played a critical role in both the underwriting and closing process.

In 2008 recognizing both an opportunity and need, Hallmark Abstract Service was born.


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