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Getting the Best NY CD Rate

April 17, 2014

For those living in the New York area seeking out the best Certificate of Deposit  rate, they are in the right place.  A recent report issued by The Street’s RateWatch showed how New York CD rates are somewhat higher than the average nationwide.

In particular, Doral Bank is currently offering some superb rates for those seeking out a one-year CD.  A rate of 0.94 percent for a 1-year CD, compared with 0.39 percent for the Greater New York region is Doral Bank’s offer.  In addition, for a 6 month CD worth $10K, the average rate in New York was 0.24 percent, with Doral Bank offering the highest at a significantly higher rate of 0.87 percent.

Also in New York, the average 5-year CD rate stayed the same at 1.17 percent, likewise a little higher than the average nationwide which was 1.13 percent.

A CD is a promissory note issued by the bank whereby an investor deposits money for an established time period.  When the money is not touched, the investor receives interest on the total sum when the investment matures.

Rash of Car Break-ins Have Clinton Hill Residents Nervous

March 6, 2014
Clinton Hill Car Break-Ins on the Rise

Clinton Hill Car Break-Ins on the Rise

The past few weeks residents of Clinton Hill have not only had to deal with inclement weather, but an increased number of car break-ins, causing concern.

“My wife was passing by and told me that the window is broken, and it’s the second time, actually,” said one resident.

The police say that during the past 10 days or more, they have received about seven reports of cars which were broken into, with broken windows, along Clinton Avenue. Residents themselves claim there have been many more, probably at least a dozen during that time span.

“It’s really curious. Every day, I’ve seen five or six car windows at least, just on this street alone, for the past two weeks,” said a second person.

“In the middle of the night, we hear car alarms going off all night, because I’m up with the baby. So I’m up, and I hear them all night long. Yeah, it’s been a consistent thing,” a third resident said.

One person has been taken into custody so far by the police; 48-year-old Kerry Blackwell. Blackwell has been charged in connection with four of the break-ins. Police are still conducting surveillance of the area and the probability of more arrests is high.

Getting Help with Mortgage Payments

February 24, 2014

Many people today in the New York area and beyond find themselves falling behind on their mortgage payments and being terrified of losing their homes. For this reason, organizations like Doral Bank offer guidance and alternatives that can help a family to keep their home. Doral Bank explains, through its Loss Mitigation program, that it has helped over 30,000 families to keep their homes when faced with difficult times.

Here is a rundown of the basic way that the Loss Mitigation program works.

  1. Payment Plan: In this situation, the customer has a temporary issue that has caused him to be late with his payments. The bank performs an analysis and comes to an agreement with the client about making payments and even raising the monthly payments, at times, to help him catch up.
  2. Modification: Here, the client has experienced a long-term income reduction. The analysis shows that he is able to make a certain monthly payment, but not the amount he was making before. A modification can be created to extend the term of the mortgage, to reduce the interest, and to do other things.
  3. Short Sale: If the client and Doral Bank realize that there is no way to retain the house, the client may put the property up for sale. Here, it’s possible that the customer will qualify for relocation expense help and other assistance.
  4. Deed-in-lieu: If the client needed to sell the house and has been unable to do so for at least six months, Doral Bank would evaluate the possibility of taking the property on as a voluntary surrender.

Broken Angel Finds a Buyer

February 20, 2014
Broken Angle in Clinton Hill Sold

Broken Angle in Clinton Hill Sold

Iconic Clinton Hill building dubbed the Broken Angel was finally sold after one year on the market for $4.1 million. The story of this property and its recent sale begins when the owner, artist Arthur Wood, and his late wife, Cynthia, added homemade installations and stained glass windows to the building.

In 2006 the building was found to be not up to code. Wood tried to fund the necessary renovations with a condominium conversion, but the conversion failed. Madison Realty Capital took over the property, which is located at 4-8 Downing Street after Wood defaulted on a $4 million loan.

Last February the building was listed for sale at the asking price of $4.5 million. The new owners are Barrett Design & Development, a Brooklyn-based development company. Barrett is planning to move ahead with conversion to a condominium.

“We are thrilled to begin work on this important project. The property has a great deal of history, dating back to its construction as a walk-up apartment building in the 1880s,” Alex Barrett, founder of Barrett Design, said.

Clinton Hill Adding New Retail Outlets as Neighborhood Improves for Residents

February 7, 2014
Welcome to the new Clinton Hil!

Welcome to the new Clinton Hill!

During just the past two months Clinton Hill has welcomed at least six new businesses into its apparently booming commercial district. Once known as “Murder Avenue” due to the rampant violence in the neighborhood, today Clinton Hill is brimming with new shops and the shoppers to go with them.

The recently opened retailers include a tobacconist, wine-seller and a barbecue house. They have all opened up along Myrtle Avenue within a half-mile of each other, between Carlton and Classon Avenues. Six more stores are also due to open soon.

“It’s amazing that I’m raising my family here and I’m happy to do so,” said Theo Peck, owner of the newly opened specialty food shop and deli, Peck’s. Peck first penetrated the neighborhood in 1995 when he rented an old theater basement for a few months. At the time he needed an inexpensive place as a workshop while he was building a bar on the Lower East Side. He still remembers his feeling of fear waiting for the G train at night on his way back home to Manhattan.

Now Peck has a real presence in this up and coming area, minus the scare factor.

“I walk home, and sometimes I feel like I’m in high school — I say ‘hello’ to so many people,” said the Fort Greene resident, who lives on nearby Clermont Avenue.

Improvements in the neighborhood have come at a slower pace than in some adjacent neighborhoods such as Prospect Heights and Park Slope. In those places the opening of the Barclays Center put unprecedented pressure on the area, forcing rents through the ceiling. That allowed Clinton Hill to remain relatively affordable at about $37 per square foot of retail space per month. Lower rents have allowed the neighborhood to keep its eclectic flavor with a mixture of hardware stores, nail salons, and restaurants.

Michael Blaise Backer, executive director of the Myrtle Avenue Brooklyn Partnership said,

“The effort is to make the corridor meet the shopping needs of everyday residents. We’re not trying to compete with the area around the Barclays.”

FHLB of New York Awards Loan to Valle Dorado Project in Puerto Rico

February 1, 2014

FHLBNY LogoDoral Bank, a member of the Federal Home Loan Bank of New York, submitted an application to the Bank for funding for a project which will create 32 affordable residences for very low-income seniors in Puerto Rico. The FHLB of New York granted the loan to the project.

Pathstone, Inc was awarded $400,000 to help finance what will be known as the Valle Dorado project. The funding will be used to build a five-story apartment building which will have 32 separate apartments. The building will be located in Utuado, Puerto Rico, a rural section of the island, and will only offer one-bedroom units, with two of them fully accessible for handicapped individuals. Additional financing will come from the US Department of Housing and Urban Development and the Housing and Human Development Trust Fund of Puerto Rico.

“We are very satisfied that the application that we submitted for the funding was accepted. Doral Bank is always committed to supporting our communities, especially low and moderate income. By partnering with PathStone, a reputable community organization who has dedicated his time on helping the community by providing housing needs much needed, we are able to provide safe and secure housing for adults over 32 low-income residents in a rural area of PR” said José A. Rivera-Urrutia, CRA Manager at Doral Bank.

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