Commercial Real Estate

Residential + Manufacturing + Commercial = Mixed-Use Success

MX. Those two letters, as well as being the abbreviation for Mexico, are the product of New York City’s Department of City Planning, the same department that’s done contextual rezonings of North Tribeca, West Clinton, Chelsea, and Williamsburg and Greenpoint, to name a few of their more famous projects. While these have gained some attention, in part due to their large scale and high-profile neighborhoods with rapid development, some of its other concepts have been pretty muted. One of them is the mixed-use (MX) district, a type of special use area, which seeks to balance and broaden the range of land uses in a given area.

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The Luxury Trend

“It smells like 2006,” said Peter Hauspurg, Chairman of Eastern Consolidated. 2006 was a time when the property sales market was full of inventory and prices were on the rise. According to the statistics, it looks like NYC is very much riding the second wave of that trend and coming back full-swing after the 2008 market crash, and there are many ways to interpret that trend.

 

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The Trouble with Midtown East’s Rezoning

With the end of Mayor Bloomberg’s final term in sight, Mr. Bloomberg and his administration are pushing harder than ever to pass the rezoning of Midtown East. Despite a series of setbacks and revisions to the plan, the rezoning project was recently approved by the City Planning Commission and does have chance to pass. The deadline for final approval from the City Council, however, is quickly approaching and Bloomberg is having trouble passing this rezoning despite his previous 125 successful rezoning proposals.

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Illegal Iran-Operated Skyscraper in Midtown Seized by Feds

Following the seizure of properties linked to a massive Russian money laundering operation, the Southern District of New York has made a major move against another money laundering scheme in Manhattan. U.S District Judge Katherine B.

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Tech Explosion in Brooklyn: is BK the Next Silicon Valley?

Brooklyn’s remarkable real estate boom has been the talk of the town for the last few years. Rents have risen dramatically as young professionals, hipsters and artists flee Manhattan—and fly in from Wyoming—in search of cheaper housing options. Their quirky little businesses have inevitably followed. Every Brooklyner must now wade through an endless swamp of artisan flatbread shops, organic coffee houses, and locally sourced tofu vendors just to get back to their roach infested, 2,000 a month studio apartment.

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A Chat With Elegran's Andrew Warren

With Summer officially in full swing, we decided to talk with Elegran’s own Andrew Warren about a little more than just the weather. Fresh off of a big sale in Chelsea, he was happy to talk about one of his favorite neighborhoods and why it's only getting better.

 

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SoHo Residents Try to Change Artist Residency Law

Apartment residents of SoHo—particularly, the artists of SoHo—are teaming up to call attention to an artist-in-residence zoning law that has existed since 1971, but only in name. Enforcement measures, to say the least, have fallen short.

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Non-Profits Today, Tech Start-Ups Tomorrow

Foursquare. Tumblr. Google. The stretch of Midtown South from the Flatiron District all the way down to SoHo and TriBeCa is home to some of the country, never mind the city’s, most prolific tech start-ups. As it currently stands, the office and commercial vacancy rate in Midtown South Manhattan is one of the tightest in all of the country at 5.9 percent (a drop from 6.4 percent the quarter before.) However, as emerging tech and information companies continue to plant roots in the neighborhoods and rents continue to skyrocket, many non-profits and arts group are finding it more and more difficult to stay in the area.

Get your social on

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Bloomberg Fast-Tracks Rezoning Plan for Grand Central

In an attempt to stay competitive on an international level, Mayor Bloomberg’s administration is fast-tracking a transformative rezoning plan for the area around Grand Central Terminal. The proposed changes would apply to the area between Fifth and Third Avenues from East 39th Street all the way up to East 59th Street, and the plan would open the door to replacing older buildings with large, ultra-modern high-rises in Midtown Manhattan. Bloomberg feels that the area has become outdated – office buildings in the area are 68-years-old on average – and wants to encourage new construction projects that would fully modernize the district.

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