Real Estate News from January 2012

  • Folk Art Museum Heads Uptown By Gabrielle Hughes | January 23, 2012

    2011 presented troubled financial times for the Upper West Side's American Folk Art Museum, but the new year has brought change and a positive outlook for the New York City neighborhood gallery. Housing the nation’s primary works of American folk art, the museum incorporates a variety of pieces, dating all the way back until 18th century. As the institution celebrates its 50th anniversary, a new exhibit has been launched, hoping to rejuvenate both the museum and its collection.

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  • Lack of Tenants Forces Silverstein to Cap Construction of WTC 3 By Daniel Muhlenberg | January 23, 2012

    Yet another setback has emerged in the construction of the World Trade Center site. Unless famed New York City developer Larry Silverstein pulls a rabbit out of his hat, World Trade Center Tower 3 will look nothing like it was supposed to. Silverstein planned to build an 80-story high-rise, but a lack of any large tenants forced him to scrap those plans and cap construction at a mere 7-stories.

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  • World Trade Center Steel Contractor in Big Financial Trouble By Daniel Muhlenberg | January 19, 2012

    One World Trade Center, the symbol of America's recovery from the terrorist attacks of September 11th, has taken much longer than expected to complete. Now it might take even longer still. DCM Erectors, the steel firm contracted to fabricate and pull up steel at One World Trade Center, is struggling to keep their head above water, so much so that Port Authority officials in Clinton have been quietly paying their subcontractors for months.

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  • Five Boro Bike Tour Deals With Rapidly Increasing Participation By Justin Spees | January 17, 2012

    Today kicked off the first day of the raffle for TD Five Boro Bike Tour, the annual biking event in New York City that bills itself as “America’s largest cycling event.” The tour takes place on May 6th, when over 32,000 cyclers will bike 42 miles across all five boroughs of New York. The raffle will stay open until February 7th, and the 32,000 selected riders will be notified by early March.

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  • Lower Manhattan's Baby Boom Increases Pressure for New Schools By Daniel Muhlenberg | January 13, 2012

    After spending the past decade attracting younger couples with kids, the Financial District gained a reputation as a quiet, family-friendly neighborhood, one that has grown by way of new construction and its subsequent appeal. Now, new numbers about the number of births in Community Board 1 - the area south of Canal St. - really drive the point home. According to the Department of Health and Mental Hygiene, 1,086 babies were born there in 2010, up 12% from 2009, and up more than 100% from 2001.

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  • Reality Checking the Claim that New York is the Next Silicon Valley By Justin Spees | January 12, 2012

    In July New York Mayor Michael Bloomberg announced his intention to award $100 million for infrastructure, and real estate on Roosevelt Island for practically nothing, to any university that would use the land to build a “world-class” science and engineering school. The aim was, at least in part, to make New York City the next Silicon Valley. Bloomberg said his “ultimate goal” was about “reclaiming our title as the world capital of technological innovation.” The mayor hoped that a tech school in New York would rival Stanford and MIT, where each year graduating students go on to start successful technology companies.

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  • Sale of Harlem Lot by Mormon Church Generates Controversy By Daniel Muhlenberg | January 12, 2012

    Harlem has witnessed a wave of new construction of luxury condos and rentals over the past decade, one which has enhanced the neighborhood and threatened its identity at the same time. In this climate, every announcement of new development has taken on increased importance, as exemplified by the recent sale of an abandoned building and adjacent garden by the Mormon Church.

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  • Manhattan Valley, the Forgotten Neighborhood Part 1 By Daniel Muhlenberg | January 11, 2012

    In Manhattan today, one neighborhood has escaped recognition. Manhattan luxury real estate is so highly scrutinized that it might seem unimaginable that a great neighborhood could go unnoticed, but one has avoided the attention of even the closest observers. This neighborhood contains some of the best real estate deals in Manhattan. It’s well connected to the rest of the city. It’s safe, quiet, and charming. It’s located next to Central Park, the Upper West Side, and Columbia University. It’s got an authenticity that many Manhattan neighborhoods boast about but few actually possess. It's its own place with its own identity, one that doesn't fit the Upper West Side, or the rest of Uptown Manhattan for that matter. The neighborhood I’m talking about is Manhattan Valley.

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  • OWS Returns to Zuccotti Park After Barriers Go Down By Daniel Muhlenberg | January 11, 2012

    In a surprising turn of events, security guards working for Brookfield properties - the owners of Zuccotti Park - took down the barricades which had surrounded the park since November on Tuesday night. This was unexpected for a couple of reasons: Mayor Bloomberg went to great lengths to remove the protesters, and most Financial District residents were upset about their presence and happy to see them go. Unluckily for them, they’re back; since the barriers were removed, over 200 Occupy Wall Street protesters have re-entered the park. Immediately after this happened, conflict between security and protesters picked up right where it left off: Many protesters intentionally disregarded warnings not to lay down in the park, and at least two people were detained for violating those commands.

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  • From Tragedy Comes Community: Neighborhood Comes Together After Inwood Fire By Justin Spees | January 11, 2012

    Last Tuesday night, January 3rd, beginning around 11:00 PM, a fire broke out in a commercial building in Inwood on 4945 Broadway off 207th Street. Residents and nearby store workers came outside in the freezing cold to watch the fire blaze. According to a bartender at Piper’s Kilt, a bar across the street from the building, the FDNY arrived roughly ten minutes after the fire began. It took 138 firefighters almost 4 hours to put the fire out. Two firefighters suffered minor injuries.

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