Real Estate News from June 2012

  • Tribeca Shelter Gets Full Renovation By Olivier Fitzgerald | June 29, 2012

    The homeless in Tribeca will find more beds to sleep in soon thanks to upcoming renovations to the dilapidated 90 Lafayette Street shelter. $9 million will be invested in renovations at the shelter that will bring three new floors and hundreds of new beds to complement the existing accommodations. The New York City Rescue Mission, charged with handling the construction, focuses on helping homeless individuals cope with everything from extreme poverty to drug addiction. The shelter focuses on faith to help its tenants, requiring all those who stay overnight to attend evening chapel run by the local clergy.

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  • NYC in Talks to Host the World’s Largest Ferris Wheel By Gabrielle Hughes | June 28, 2012

    New York Harbor may soon feature a striking addition, as plans to build a giant Ferris Wheel near the Staten Island Ferry Terminal are beginning to surface. Similar to the London Eye, the observation wheel would allow visitors to look out over various parts of New York City - especially Ellis Island and the Statue of Liberty - and open up new mile-long views of Manhattan and the outer boroughs.

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  • National Housing Market Thrives as Home Prices in Major Cities Increase By Stephanie Spencer | June 27, 2012

    The national housing market has been enjoying great success as the prices of homes in nearly all major cities have steadily increased. According to the Standard and Poor’s/Case-Shiller price index released on Tuesday, 19 out of 20 major cities across the country have seen major improvements even with the job market continuing to slump. National prices rose by an average of 1.3% in April, with cities like Washington D.C. and San Francisco gaining the most in the striving market. Phoenix has seen the greatest overall improvement, however, as prices rose 8.6%, a feat the housing market hasn’t seen since early 2003.

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  • The Euro-Crisis: A Blessing and Curse for Manhattan Real Estate By Andrea Garcia-Vargas | June 27, 2012

    The headlines about the economic crisis across the pond seem to be getting more ominous every day. Experts left and right are weighing in at every second to analyze how many rescue loans Spain needs, what the new Greek finance minister is going to do about the country having to wait five years to sell its bonds, how to boot 12 European countries out of recession, and whether or not the Euro is about to meet an untimely death. Even more people are starting to voice what they think this means for the world economy and the U.S. economy. Many think that it will spell out bad news for the red white and blue, while others say we have taken the right steps to safeguard ourselves. But that’s an opinion about the general economy. What does this mean for our real estate industry—in particular, Manhattan’s?

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  • Parents of West Village’s PS41 Express Outrage Over Luxury Condominium Construction By Stephanie Spencer | June 26, 2012

    Parents of West Village’s PS41 expressed outrage yesterday when they met with Rubin Management to discuss potential health risks as a result of the massive construction of luxury condominiums replacing St. Vincent’s Hospital. The City Planning Committee approved the rezoning of St. Vincent’s on January 23rd, and shortly after parents of PS41 believed that the school’s air quality would drastically decrease due to the construction. Under the conditions of the project, which is estimated to cost $800 million, 450 luxury condominiums will be dispersed over four new residential buildings.  

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  • Upper East Side Residents Confront Fairway Officials Over Congestion By Stephanie Spencer | June 25, 2012

    Fairway Market’s latest branch on East 86th Street opened a year ago, and already it has caused quite a stir among residents who say that the store has failed to control the massive amounts of traffic it has created. The 86th Street Association assembled with supermarket officials to voice their concerns regarding overcrowding and noise last week. The association claims that delivery trucks are constantly blocking the sidewalk to pedestrians with forklifts, consequently taking away from the area’s residential appeal. The noise from Fairway’s workers and trucks have exacerbated complaints coming from the residents of the Upper East Side.

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  • Going Green on the Upper West Side By Olivier Fitzgerald | June 22, 2012

    Replacing the ugly with the useful can be a beautiful thing. The dilapidated fence located on the Upper West Side's Columbus Avenue between West 76th and West 77th Streets will be replaced by a new “streetscape” design intended to spruce up a traditionally unattractive street. Five new trees, metal benches, expanded tree beds and a multitude of plants are some of the many changes in store for the busy avenue.

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  • Controversy Surrounds New Pier A Developments By Stephanie Spencer | June 21, 2012

    Residents of the Battery Park area are reportedly taken aback by the city’s plans to incorporate a new oyster bar and catering hall at Pier A, changes that would allow boat attractions such as dinner cruises to embark around the city. The 126-year-old landmarked pier, which was in shambles until developers helped garner a $30 to $36 million project to reconstruct the rotting buildings, is expected to be fully finished for Manhattan residents by early fall of 2013. Local residents of the Battery Park City area are concerned, however, that these endeavors will bring pollution and tourism, cluttering the quiet neighborhood with unwanted visitors.

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  • Copacabana to Play Matchmaker for Baby Boomers By Andrea Garcia-Vargas | June 20, 2012

    Tomorrow, the Copacabana at Times Square will be Baby Boomer Central. What better way to reminisce about JFK or Neil Armstrong than a Dinner Dance party? In fact, the event will specifically cater to singles in their 40s-60s, courtesy of Boomer Parties Inc. From 6:00pm-8:00pm, guests can partake in a complimentary hot buffet and then follow it by hitting the dance floor to the Jackson Five, Cher, and other popular music from the 70s to the present.

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  • Times Square brings yoga to the people By Andrea Garcia-Vargas | June 19, 2012

    Tomorrow, hundreds of New Yorkers will tune out the noise and the chaos of urban living to partake in The Solstice in Times Square - New York’s 10th annual free mass yoga event. The “crossroads of the world,” usually filled with swarming tourists and flashing ads, will become the heart of a meditative assembly. Four famous yoga instructors from across Manhattan will direct people to contort themselves into everything from the Downward Dog to the Sun Salute.

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