Real Estate News from June 2012

  • Bryant Park Set to Host Musical Chairs Championship By Yuan Feng | June 18, 2012

    It’s not every day that Bryant Park turns 20 years old. And to celebrate this anniversary, the ever-popular park in Midtown West will be hosting a 400-person adults-only game of musical chairs on Wednesday. This sure to be frantic competition doesn’t come with paltry stakes either: the winner gets his or her very own Bryant Park chair to take home as well as the honor of having their name engraved on one of the park’s seats.

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  • Americans Imitate Foreigners By Investing In Manhattan Real Estate By Stephanie Spencer | June 14, 2012

    Manhattan brokers have been having a field day as American investors imitate wealthy foreigners who take to New York City to purchase luxury condominiums in what they believe to be a solid investment in an uncertain economy. The trend, which initially began in Midtown Manhattan in 2010, has exemplified Manhattan’s financial stability in the eyes of American and foreign moguls, with 7 of 12 apartments sold in Manhattan going to American investors.

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  • Bull Remains Confined Behind Barrier Amidst Safety Concerns By Olivier Fitzgerald | June 14, 2012

    A raging bull cannot be caged. Or at least the bronze bull sculpture on display by Bowling Green Park can’t, according to the Financial District's Community Board 1 members this past week. Arturo Di Modica’s 7,000 pound bull may finally be freed from the barricades surrounding its island sitting in the middle of Broadway. Residents, tourists, and hopeful buyers searching for property in the area have all complained of the enormous inconvenience the barricades cause, as well as the roadside danger.

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  • Luxury Apartments Slated to Offer Dog Concierge Service By Gabrielle Hughes | June 12, 2012

    New Yorkers are renowned for sending their kids to some of the world’s most elite daycares, so it comes without surprise that those with cherished family pets are placing their dogs or cats under similar supervision. The growth of pet concierge service is even starting to sprout up in Manhattan apartment buildings, where pet owners can take advantage of doggy daycares in their own home residence.

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  • NYC Government Agencies In Ownership Dispute Over WTC Museum By Andrea Garcia-Vargas | June 11, 2012

    Over the past 11 years, many apartment residents of Lower Manhattan have grown up with the memorial of the World Trade Center and seen it host dozens of events to commemorate the 2,830 deaths on September 11. But for a place that New Yorkers almost unanimously consider hallowed ground, Ground Zero has become Ground Dispute. Over the last eight months, building plans for a museum at the memorial have been halted due to concerns over the costs of the building’s construction and maintenance. The most recent development in the conflict was last Friday when officials got into a disagreement over the ownership and administration of the overall memorial.

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  • Makeover Contest Sparks Interest in the Redevelopment of the Esplanade By Gabrielle Hughes | June 08, 2012

    Right now, the East River Esplanade is 60 blocks of potholed concrete between the FDR Drive and the East River, but imagine this space with gondolas, kayaking areas, and boardwalks that stretch out into water. These ideas were brought about by CIVITAS, a New York City action group that sponsored a contest to redesign the deteriorating Upper East Side passageway. Drawing in 90 entries from 25 different countries, the designs encompass numerous futuristic plans to transform the pathway.

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  • Tips on How Residents can Find Temporary, Inexpensive Housing By Stephanie Spencer | June 05, 2012

    With New York City being one of the most expensive cities in the world to call home, it shouldn’t come as a surprise that aspiring residents looking to live in short-term housing have a difficult time finding something in their price range. Unfortunately, unless you are financially able to temporarily rent out an apartment for $5,000 to $15,000 a month, a price-range often associated with new construction and buildings with a suite of amenities, the likelihood of find a broker who would be able to assist you in finding an apartment is slim.

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  • Transformation to Come in Harlem Generates Uncertainty By Yuan Feng | June 04, 2012

    Harlem’s 125th Street recently seems to be an area perpetually slated for new construction projects. Recent plans include efforts to find a developer to transform a large parking garage into a 363,000 square foot office complex, a 600,000 square-foot office for Major League Baseball, and various other announcements regarding empty sites on 125th Street. Yet despite years of wanting the empty spaces on Manhattan's 125th Street to be occupied by new offices as well as trendy bars and hotels, this area of Harlem remains a region that is home primarily to fast-food restaurants and casual entertainment. While a slew of development plans seem to predict that the large empty lots will be transformed into office towers, those vacant spaces still exist, and soaring office towers are nowhere to be seen. 

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  • New Study Shows that Non-smoking Buildings Cost Less to Maintain By Stephanie Spencer | June 01, 2012

    A recent study published by the American Journal of Public Health found that smoke-free rental apartments prove beneficial to landlords by being cheaper to maintain, according to BrickUnderground. This study and continuing debates on whether or not smoking should be allowed in apartment buildings may slowly begin putting a damper on residents who like to smoke cigarettes while at home. The study, which briefly focused on the statistics of non-smoking rental expenses in California, showed that 1 in 3 rental buildings throughout the state did not allow smoking in apartments, therefore on average $5,000 was saved per year.

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  • Hell's Kitchen Residents Feel Unease Over Upcoming Water Main Construction By Yuan Feng | June 01, 2012

    Hell’s Kitchen is about to become quite the battlefield. Scheduled for upwards of five years of construction, the neighborhood is set to have its old water mains replaced with a new water tunnel, which will be connected to the rest of Manhattan’s main systems. Although most residents living in Midtown West understand the necessity of such a project, the circumstances are certainly troubling. Clearly, this is no small project and will gradually create massive trenches in order to plant water mains that could range anywhere from 30 to 48 inches. Over the next five years, construction will occur in phases of 6 to 18 months; sewers need to be replaced and all streets in the area will have to be uprooted gradually. At the end of the project, Hell’s Kitchen ‘s water mains should be able to receive water directly from upstate in a new and efficient system that will replace the old decayed tunnels.

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