Real Estate News from March 2012

  • The State of NYC's Economy Is Better Than You Think By Daniel Muhlenberg | March 15, 2012

    Judging by a couple of new reports, New York City’s economy may be the best it’s been in a long, long time. How good is it? According to the Department of Labor, the city’s economy grew nearly twice as fast in 2011 as previously estimated – they revised their numbers and found that the city added 85,300 new jobs rather than their original estimate of 44,800. That momentum carried into January, where the private sector in the city added 31,600 more jobs – including 9,300 jobs in professional and business services - according to data analysis by the real estate services firm Eastern Consolidated. In case you’re wondering, that’s the largest one-month gain for jobs in New York City since 1990. In terms of Manhattan apartment sales, this news is all the more reason to believe that the market will continue to recover.

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  • Translating Green-Building Certification on an International Level By Gabrielle Hughes | March 14, 2012

    The promotion of green buildings has been a domestic trend for over a decade, and within the past two years, desire to achieve environmentally friendly recognition has reached global level. Buildings worldwide are utilizing U.S.-based processes to efficiently use energy and water resources, and drastically reduce waste and pollution. While many structures are reaching green certification with ease, following the framework of standards set up by the United States has proven to be problematic for some international projects.

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  • Despite Low Profile, New UWS Condo Sets the Pace By Daniel Muhlenberg | March 14, 2012

    Even though condo sales on Manhattan’s Upper West Side and Upper East Side have lost steam recently - downtown lofts, condos, and penthouses are far outshining them - one luxury apartment building is defying these trends with steady sales and rising prices. The Laureate, located at 2150 Broadway on the corner of West 76th Street, has been selling luxury condos and penthouses at a steady clip for some time now, and it might be due in part to the fact that its owner, Shlomi Reuveni, refuses to reveal the identity or nationality of its buyers. This anonymity and relatively out-of-the-way location (i.e. not downtown) have attracted a steady stream of affluent clientele, although our guess is as good as yours as to who they are.

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  • Toronto vs. Manhattan: Vacancy Rates, Bubbles and City Growth By Justin Spees | March 13, 2012

    The housing market in Toronto, Canada has seen rapid upward movement over the past few years, sparking excitement among some developers, and fear in others that the city is headed towards an unsustainable bubble. The city has seen enormous growth in the number of apartments for sale as well as apartments for rent since 2010, when 15,000 new housing units were introduced to the market. The next year saw 18,000 new units. Realtors are projecting this number will increase to 20,000 in 2012, and stay around there over the next few years.

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  • The South Street Seaport Mall Gets a Big Upgrade By Daniel Muhlenberg | March 13, 2012

    Howard Hughes Corporation executives, owners of the Pier 17 mall on South Street Seaport, revealed their renovation plans to Community Board 1 last week to enthusiastic support. The new Pier 17 mall will bear little resemblance to the current structure; even though it will occupy the same footprint, the similarities end there. Designed by the architectural firm ShoP, the new Pier 17 will be a glass-shrouded, 3-story building with a rooftop park. The transparent structure will offer sweeping views of the East River for shoppers, beautify the surrounding Financial District neighborhood, and become a crucial part of improving the new East River Greenway that runs along the East Side of Manhattan, including neighborhoods like the Upper East Side and the Lower East Side.

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  • Plans for Third Section of High Line Revealed By Justin Spees | March 13, 2012

    Last night members of Friends of the High Line unveiled plans for the third and final section of the Chelsea neighborhood’s High Line to the community. The last stretch of what has quickly become one of Manhattan’s most drawing attractions will be a line that runs from West 30th Street between Tenth and Twelfth Avenues to 34th Street, before curving and running another half block towards Eleventh Avenue.

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  • Uptown Manhattan Parks May Get Free Wi-Fi Service By Daniel Muhlenberg | March 13, 2012

    A new initiative by the Parks Department is looking into the viability of installing free Wi-Fi service in multiple parks in Uptown Manhattan, something that should make residents of Washington Heights apartments very happy. According to a draft document from the department, Wi-Fi service would be installed at Inwood Hill, J. Hood Wright, Bennett, and Fort Tryon Parks; the department would install the program between this summer and the fall of 2013. A spokesman for the department said that the service will be provided by Time Warner Cable.

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  • Q&A With Don Elliott: National Planning Expert Weighs In on NYC's Zoning Laws By Daniel Muhlenberg | March 09, 2012

    For anyone who's interested in buying a luxury condo in Manhattan and staying here for the long-haul, we at Elegran believe that they should have a basic understanding of New York's zoning laws, which is why we've taken the time to write a primer about the future of luxury apartments in Manhattan. It's rare to find a Manhattan real estate subject whose importance so greatly exceeds the attention it garners, especially at a time when every other new construction angle is scrutinized to no end. To further this endeavor of informing potential buyers of Mahattan real estate, we contacted Don Elliott, a national expert in urban planning, zoning, and land use, to comment on New York City’s current zoning laws. Here's what he had to say about where we are and where we're going.

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  • Manhattan Buyers Are Careful, but Confident in the Housing Market By Justin Spees | March 09, 2012

    Manhattan’s housing market is heating up. While prices for quality Manhattan apartments have been rising steadily over the past year, the first two months of 2012 saw considerable action during a time that is normally dormant. One realtor recently told DNA Info that "the spring season started Jan. 3 instead of March."

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  • East 81st Street Walkway to be Redesigned By Gabrielle Hughes | March 09, 2012

    Redesigns for the walkway connecting East 81st Street to the East River waterfront have been in the works for nearly seven years, and with the recent completion of the East 78th Street pedestrian bridge, construction to makeover the other decaying passageway is set to begin.

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