Real Estate News from January 2012

  • AIDS Memorial Design Vetoed by Development Company By Justin Spees | January 31, 2012

    On Monday the AIDS Memorial Park coalition selected a winning design for an AIDS memorial to be built in St. Vincent’s Park next to St. Vincent’s Hospital. But Rudin Management, the development company that owns the park, said in a statement today that it would instead go with its own design. “Our neighborhood park design … allows for a commemoration of both those affected by the AIDS epidemic and of St. Vincent’s Hospital for its 160 years of service to the community and its steadfast commitment to care for those suffering from HIV/AIDS,” Rudin Management CEO Bill Rudin told the Real Deal earlier today.

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  • Hell's Kitchen Residents Get a Shot to Choose Bike-Share Stations By Daniel Muhlenberg | January 30, 2012

    Residents of Hell’s Kitchen apartments, take note: New York City’s Department of Transportation wants your advice. Community Board 4 and the DOT will host a Community Planning Workshop tomorrow in Midtown West that will let community members make specific proposals for how the DOT should implement an unprecedented program. Considering that the DOT is undertaking the formidable challenge of implementing New York City’s first bike share program by this summer, it shouldn’t come as a shock that they need some help. Just look at the size and scope of the project - 600 solar-paneled stations in Manhattan and Brooklyn will house around 10,000 publicly-available bicycles. It’s safe to say that without community input the DOT would only be able to make educated guesses as to where to place the stations, which is why they’re turning to community members. The only people who really know where the stations should go are the locals.

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  • Interest Rate Extension to Have Little Effect on Manhattan Real Estate market By Justin Spees | January 27, 2012

    The Federal Reserve announced on Wednesday that it would likely keep interest rates at their current near-zero levels until the end of 2014, over a year longer than it had originally planned to. This decision sparked questions about whether and how the New York real estate market would be affected. The Manhattan market has made a remarkable recovery since the crash in 2008, and experts have credited in no small part the practically nonexistent interest rates, which have encouraged investment, particularly among the ultra-rich.

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  • One Madison Bankruptcy Continues to Drag On By Gabrielle Hughes | January 27, 2012

    Although the controversy surrounding One Madison Park was seemingly over, a resolution regarding the newly-constructed luxury condominium’s bankruptcy suit has been put on hold, yet again.

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  • Chelsea House Recognized as Stop on Underground Railroad By Justin Spees | January 26, 2012

    A Greek Revival brownstone in the Chelsea neighborhood was honored two weekends ago for being the only documented Manhattan stop on the Underground Railroad. The house, at 339 West 29th Street, was presented with a marker.

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  • LMDC Votes to Fund Public Park at Pier 42 By Daniel Muhlenberg | January 26, 2012

    The Lower Manhattan Development Corporation (LMDC) formally announced today that they voted to approve to give $14 million in funding to the redevelopment of Pier 42 in Lower Manhattan. New York State Senator Daniel Sqaudron and U.S. Senator Chuck Schumer announced that they had secured a significant portion of the funds needed to turn Pier 42 into a Manhattan public park back in November, but now it’s official.

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  • Second Avenue Construction Producing Considerable Rent Drops By Gabrielle Hughes | January 25, 2012

    Those seeking affordable residency within a prestigious Manhattan neighborhood are now able to do so, as long as they can bear the discomfort of seemingly endless construction.

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  • Manhattan Valley, the Forgotten Neighborhood Part 2 By Daniel Muhlenberg | January 25, 2012

    The undervalued, overlooked neighborhood of Manhattan Valley has a lot going for it: Close proximity to Central Park and Riverside Park; a quiet residential feel that offers a respite from the relentless pace of Manhattan; numerous mom and pop shops and international restaurants; and, most importantly, very affordable housing stock for rental apartments, co-ops, and condos. It’s necessary to look at Manhattan Valley’s varied history, both distant and recent, in order to find out why people aren’t taking advantage of these apartment deals. With some of the most affordable housing and apartment stock in Manhattan (and a convenient location right next to the Upper West Side), the Valley should be far more desired than it is. The rest of this article will examine why this is the case, why it should change, and why it probably will.

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  • Chinatown Gateway in Manhattan Emerges on the Horizon By Daniel Muhlenberg | January 24, 2012

    Go to any traditional Chinatown in North America and you’ll be greeted by an iconic gateway arch, the unmistakable piece of artistry usually located on the main thoroughfare that leads into the neighborhood. Wait, that’s not true. Chinatown in Manhattan, while one of the largest and most historical Chinatown’s in America, is the lone exception to that rule; it has never had a gateway, although some Chinatown residents would like that to change. It’s only a few days after the Chinese New Year after all, and what better way to start the Year of the Dragon than by reviving plans to give Chinatown the iconic gateway it deserves.

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  • Development Company in Dispute With UES Residents Over Two Buildings By Justin Spees | January 24, 2012

    The New York-based development company Stahl Real Estate is in the middle of a dispute with preservationists in the Upper East Side over whether or not to tear down two affordable housing tenements near York Avenue. These buildings—part of a 15-tenement complex built around the turn of the century—currently house apartments for rent that go for around $600 a month.

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