DAN'S PAPERS, March 21, 2008 Page 33 www.danshamptons.com
ALAN FRANK, 58 Alan Frank, a longtime summer resident known and beloved by hundreds of friends both in the City and in the Hamptons, died in his sleep at the age of 58 at his home in Bedford Hills, Connecticut on February 28. Alan was born and raised in Sheepshead Bay as the son of a well-to-do businessman. After college, he made a career out of winning the t-shirt contracts for events such as rock and roll concerts, Broadway shows and events at the Javitt’s Center. He spent his life in and around Manhattan, among them two years at the Plaza while his parents reno-
Foreclosures
vated an apartment. Alan might be best known in the Hamptons for his work as one of the five performers in the rock group Melissa and the Moguls. The group, which was formed by singer/composer Melissa Levis in 1995 (their songs include “Ooh La La Hamptons,” “Mine is Bigger than Yours” and “The A List”), included investor Jonathan Farkas, publisher Dan Rattiner, environmentalist and industrialist Andy Sabin and Pat Malloy, the developer of much of Sag Harbor. Comedian Robert Klein was a guest performer for the
group on their first CD. Concerts took place at the Stephen Talkhouse, and at venues in Aspen and Miami Beach. A reunion of the group took place at a club in Manhattan in 2003. The most wonderful thing about Alan, besides his friendship, was his sense of humor. Once in a kitchen he was asked to please turn on the stove. He looked at the stove. “You are gorg-eous,” he said in a heavy French accent. Friends are compiling an Alan Frank joke book. He leaves his parents, Blanchette and Jack, and a brother, Sasha.
recent excess of land development — have burdened those communities. With respect to the Hamptons, another pleasant fact is revealed that the majority of local homeowners currently retain a greater percentage of equity in their properties than the New York State average, as well as the national average — a sign of judicious and cautious planning on the part of our residents. Several newspapers have taken delight in reporting that, “even the super rich, the billionaires, are experiencing the dread of foreclo-
sures.” Veronica Hearst, the wife of the late Randolph Hearst, and Michael Jackson are among the wealthy celebrities labeled as victims of the mortgage crisis. But according to the New York Association of Mortgage Brokers (NYAMB), in all the Hampton Townships and Villages, property mortgages that exceed $1.5 million, are at present being serviced and no delinquencies past due over 20-days are reported. Even when the economy sinks into a recession, the well heeled have the wherewithal to survive.
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Simply speaking, in 2007 the home forfeitures in East Hampton totaled 52. Clearly, 52 mortgage failures out of 18,000 properties is an inconsequential proportion. In 2007, Southampton succumbed to 114 foreclosures out of approximately 28,000 houses, an innocuous amount. In New York State as a whole, the home loan collapse status in 2007 was less than 1/2-percent, still below the acceptable mean of The New York State Banking Department. But certain areas of the nation, for example, Clark County, Nevada (which includes Las Vegas), and parts of Western Florida have suffered from a greater volume of defaults, approximately 3.6-percent, a disastrous level three times the bearable limit. However, specific and extenuating circumstances — such as the
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