NYC real estate firm Douglas Elliman published a report this morning, showing that the development boom in New York City has had a significant impact on the real estate market. According to the report, the available housing stock has increased dramatically over the last year: the listing inventory for rentals in Brooklyn went up by 29.6 and just slightly more in Manhattan that saw a 30.3 percent increase in the last year.
Housing + Development
Given that New York City is a place where making “just” $70 to 92k a year can qualify you for affordable housing—thanks, Upper West Side condo developers—it makes sense that homeownership rates here are low. Just how low, however, is a little jarring. According to a new study published by NYU’s Furman Center and Citi, only 42 percent of homes sold on the market in 2014 were affordable even to those making as much as $114,000 a year.
It’s hard to imagine how anyone could get pissed off about ice cream. It’s pretty delicious stuff on its own, but when ice cream comes free, it’s capable of turning almost any New Yorker with a broken-AC situation into a sedated, softly smiling master of chill. But the tenants at 325 East 12th Street– owned by Brookhill Properties, a real estate company founded by notorious landlord Raphael Toledano, who’s currently under investigation by the State for tenant harassment– have been moved to a level of frustration that can’t be solved with tasty bribes. That’s why, when they started receiving invitations to attend an ice cream social bought and paid for by Brookhill, the tenants organized an ice cream protest.
Here’s a look inside the Ludlow House by the numbers.
The scaffolding covering the facade of the new 32-unit condominium at 100 Avenue A was recently removed, revealing it to be, well, like any other East Village condo development.
The eight-story property, which is the latest from controversial East Village luxury developer Ben “The Sledgehammer” Shaoul, is nearing completion and is “expecting closing this fall,” said Jordan Hurt of Nest Seekers International, the firm handling unit sales. The new development will feature amenities including a “zen garden,” landscaped rooftop and a new Blink Fitness gym, which opens around the same time as the building itself.
Charney Construction & Development and Tavros Capital are planning to build a 22-story mixed-used building in South Williamsburg that is positioned to be one of the biggest high rises in the area, according to documents filed with the city yesterday.
Since the news that the L Train will be shut down for 18 months became official, people have been scrambling, much like a crowd stuck behind a stroller on the Bedford stop’s narrow stairs, to figure out what to do about it.
Earlier this afternoon, a group of 32 elected officials, led by State Senator Daniel Squadron, called on the city, state and MTA officials to create an “interagency working group” to come up with mitigation solutions and prevent those along the L Train from getting completely stranded during the shut down. It’s important to remember, they argue, that, to a certain subset of Manhattan-bound commuters, this is a monumentally important issue: “As you know, the L train is a transit lifeline for many of the communities we represent,” Squadron said in a statement. “It is clear that mitigating the impacts of the closure requires bold action within and outside the MTA and significant interagency coordination.”
A major Manhattan real estate player has sold off three of its East Village buildings in deals totaling $32 million.
After making my way through a gilded, marble-floor lobby worthy of Home Alone 2, I found myself at Civic Hall. The techy meetup spot and educational center is where likeminded hackers convene for “labs” and shamelessly use the kind of words (“disrupt”) that have become emblems of that heady cocktail of superiority and entitlement powering controversial profit vacuums like Uber and AirBnB. I was hardly surprised to see that Pierre Omidyar’s foundation is a sponsor of Civic Hall, as is Google. Even if the #HackHousing event had been pitched as an occasion for discussing “creative ways to empower New York renters,” I was more than a little skeptical.
The rooftop of the William Vale Hotel isn’t finished yet—right now the floor is covered in some kind of black canvas—but I hardly noticed that when I was 21 stories up, with the Manhattan skyline to the west and all of North Brooklyn surrounding me. Across the river, this altitude is nothing (the Flatiron building is 22 stories, for reference) but in Williamsburg it’s pretty mindboggling.
A group of a dozen small business owners and community advocates from Bushwick gathered at Esmeralda Valencia’s restaurant on Myrtle Avenue this morning with an alarming message on posterboard: “Los pequeños negocios nos declaramos en crisis”—We small businesses declare ourselves in crisis.
It was difficult to ignore the fluttering signs at last week’s Bushwick Community Plan meeting. Sure, they were black-and-white, only about as big as two sheets of computer paper and just as flimsy, but there were tons of them. As City Council members Antonio Reynoso and Rafael Espinal touted their community-driven alternative to developer-led change, almost everyone sitting in front of them seemed to be holding a flyer reading: “EVICT THE RICH.” The rallying cry may have been more Mao Tse-tung than #BushwickBerners, but the Brooklyn Solidarity Network (BSN) couldn’t have been more serious.