Real Estate News from November 2011

  • Time for an Update on New York City Housing Laws? By Justin Spees | November 14, 2011

    As a cursory glance through any tabloid magazine will confirm, children and families are all the rage right now in America. This focus on the family extends all the way to New York real estate, where developers by and large build residencies with an eye on housing adults who have children. But, as reported by the New York Times, this family-oriented real estate might not match the actual situation of most people looking to buy apartments in New York City. A mere 17% of families with children under 25 currently live in New York, the rest are singles, couples without children, or couples with children who have since moved away. Some developers are concerned that artists, musicians, actors, and others trying to make it in New York on the cheap, are being boxed out of the housing market, and turning to other cities. So last Monday, according to the Times, a number of architects met with a group that included five city commissioners, to propose new ideas for affordable residences in New York City.

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  • The New Museum Mile By Daniel Muhlenberg | November 04, 2011

    Would you believe that there’s not a single building designed to host traveling art installations in Manhattan? Well, it’s true, although it might not stay that way for long. A new arts center called the Culture Shed will fill that void; it is a vital part of New York City’s Hudson Yards project. The center is being planned in conjunction with two other major projects: the extension of the High Line from 30th - 34th Street, and the construction of a major office tower directly next door to the Culture Shed. Fundraising is underway for the High Line extension, and the office tower recently found their first tenant in Coach Inc., a major step in the revitalization of what was once a barren part of Manhattan.

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  • Sutton Place Park Goes Public By Daniel Muhlenberg | November 02, 2011

    After 10 years of protracted negotiations, New York City and community board 6 wrestled back a 10,000 square foot park that they already owned. The story of how this came to be is somewhat incredible, but suffice it to say that the powerful, wealth residents of One Sutton Place didn’t give up their private park without a fight. Sutton Place is valued for its exceptional privacy, and opening the park to the public will likely change the character of the neighborhood. It was bound to happen eventually though; technically speaking, the co-op board hasn’t owned the land for over 20 years.

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