Real Estate News from March 2012

  • Chinese Fund NY Property Market as Debt Crisis Sweeps Europeans Away By Gabrielle Hughes | March 23, 2012

    Last month, investors from China were called in to refinance the Mandarin Oriental, as investors backed by Switzerland’s Credit Suisse Group decided to withdraw mortgage loans on the Columbus Circle area hotel. Europe's ownership of New York real estate has been on a steady decline since the continent entered its financial crisis, and this recent loss has attributed to removing some of the last New York financiers.

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  • Design Firm Chosen for Upcoming East River Blueway By Daniel Muhlenberg | March 22, 2012

    Mayor Bloomberg has made the revitalization of the East River, one of Manhattan’s most underutilized areas, into a very high priority. While plans for the East River Greenway have generated much attention, there is also a lesser known plan that complements the new public park, one which emphasizes accessibility as a way to change the character of the East River and hence the East Side of Manhattan, especially in regards to increasing the value of luxury apartments near the park. The East River Blueway, a plan to create numerous points of direct water access between the Brooklyn Bridge and East 38th Street, is now in full swing: city officials have chosen WXY Architecture + Urban Design as the lead designers for the project.

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  • Hitting the Sweet Spot in the Upper West Side By Justin Spees | March 22, 2012

    While the Upper West Side has long been a bastion of refined culture and taste, a string of new developments have turned it of late into a haven for those with a sweet tooth. The past year and a half have seen Broadway, Amsterdam and Columbus Avenues between 59th and 96th Streets inundated with over 12 stores that specialize in candy, baked goods, and other sweets.

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  • Times Square Now Powering Manhattan's Economy By Frances Gonzalez | March 21, 2012

    People visiting New York City as tourists or as transplants searching for Manhattan apartments for sale tend to visit many iconic NYC destinations that a more jaded local wouldn't necessarily consider his or her go-to place to spend the day. A few landmarks come to mind: The top of the Empire State Building. The Brooklyn Bridge during rush hour. And the most famous symbol of New York City, Midtown Manhattan's Times Square. But in yet another indication of Manhattan's changeable ways, Times Square is on the up-and-up, and has the numbers to prove it. Times Square's growing reputation as a popular commercial and residential neighborhood has turned the district into an economic powerhouse, with Times Square now accounting for a large chunk of New York City's economy.

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  • WTC Subcontractors Owed $50 Million in Unpaid Construction Costs By Daniel Muhlenberg | March 21, 2012

    After years of government infighting about construction costs at the September 11th Museum, it appears that subcontractors who have nothing to do with the dispute have been shouldering the weight. The Port Authority of New York and New Jersey and the Sept. 11 Memorial & Museum have been unable to agree upon who should pay for the ongoing construction at the landmark Manhattan museum, and, unsurprisingly, new construction at the site has almost ground to a halt – there’s virtually no chance that it will be open in time for the eleventh anniversary of the attacks. Even worse: according to one trade group leader, the two government giants have left subcontractors holding a $50 million bill.

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  • A Museum Guide to Subway Art: There's an App for that By Gabrielle Hughes | March 19, 2012

    New York City's art scene is arbuably the most expansive in the world, and since 1985, neighborhood subway stations have been adorned with mosaics, stained glass, and even randomly dispersed miniature bronze men. The artwork is seen daily by 8.5 million commuters, and now, discovering the artist responsible, or gathering further information about a particular piece, can simply be done through consulting a smartphone.

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  • Riverfront Revival Continues with Pier 26 Restaurant By Daniel Muhlenberg | March 16, 2012

    The Hudson River Park Trust is planning to open a new restaurant on Pier 26 in Battery Park City. Pier 26 is one of three new restaurants slated to open in Hudson River Park, and in April the trust will seek proposals to develop the 200-seat waterside restaurant there. The new space will feature an open rooftop terrace and sweeping views of the Hudson River and the New York Harbor, something that should please current residents of apartments in Battery Park City and the Financial District and attract new potential buyers and renters as well.

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  • Newly Listed 27-Story Rental Building Could Return $100M By Gabrielle Hughes | March 16, 2012

    Lenox Hill’s 300 East 64th Street property is on the market to generate enormous financial returns, as the Upper East Side building is expected to yield over $100 million. Comprised entirely of rental units, the 27-story property is being sold to take advantage of high investor interest in residential buildings.

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  • St. Vincent's Hospital Compromise Leads to Big Changes By Daniel Muhlenberg | March 15, 2012

    In a compromise designed to address the objections that residents of Greenwich Village apartments had about the condo conversion of the former St Vincent’s Hospital site by Rudin Development, the City Council voted yesterday to rewrite many of the terms of the agreement between the development company and the city. "[The] agreement reached today between the City Council, Rudin Development and the Bloomberg Administration will bring much needed educational capacity to the West Village," said City Council Speaker Christine Quinn said in the statement. West Village apartment dwellers credit her with playing a key role in the decision.

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  • New York State Senate Denies MTA Request For Additional Funding By Justin Spees | March 15, 2012

    The New York State Senate yesterday dealt what could be a major hit to the MTA 2010-2014 Capital Program, and a fatal blow to the Second Avenue Subway, the long-term construction project on 72nd Street that has made waves throughout apartments in the Upper East Side.

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