Real Estate News from October 2012

  • Long Way Ahead for NYC Recovery After Hurricane Sandy By Aby Thomas | October 31, 2012

    Halloween usually decorates New York City in a fun, festive atmosphere but today, the city doesn’t seem to be showing any of that. Hurricane Sandy struck the city on Monday night, and the aftermath of the storm has not been pretty. Destruction of houses, power outages, transit stoppages, flooding of buildings—the list of troubles caused by Hurricane Sandy is a long one, and therefore, it is no surprise that Halloween is the last thing on people’s minds as they try to get their city back on its feet.

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  • A Spooky “Tick Tock” Halloween is Headed to Greenwich Village By Laura Simmons | October 26, 2012

    If you haven’t already decided what you want to be Halloween, get ready to shop for the scariest costume you can find, or dig through your closets for your Cinderella costume from last year as soon as you can—it’s time for this year’s 39th annual Village Halloween Parade! On Wednesday, October 31st, more than two million people are expected to fill the streets of Sixth Avenue in some of the most creative costumes in the world. This year’s thriller theme is “Tick! Tock!” which acknowledges the ancient Mayan calendar prediction of the end of the world this year.

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  • Bloomberg Report Claims Roadway Initiatives Boost Business, Controversy Continues By Joseph Lee | October 26, 2012

    After battling with New York residents and businesses over the safety and convenience benefits of its transit initiatives, the Bloomberg administration has discovered a new selling point to these roadway developments: economic growth. These developments include controversial bike lanes, express bus lanes, and sidewalk seating and plazas. A report released on Wednesday publishes the city’s findings that, in areas that have seen significant roadway changes, businesses have seen rapid boosts in sales and traffic.

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  • Jaguars and Wolves as Pets? Only in New York By Aby Thomas | October 26, 2012

    New Yorkers love their pets, and they leave no stone unturned to make sure that their furry and/or feathery friends are given luxury lifestyles that mirror their own. A spa for your shit-tzu, day care for your cockatiel, an exercise regimen for your Siamese—these are just a few of the many facilities available for animals in the city, and many luxury apartment buildings in Manhattan have started to host their own pet-friendly amenities as well. Having said that, there are times when the best of facilities aren’t enough for the pets people keep in their homes—simply because these aren’t the usual  animals that you’d expect to see in a luxury apartment.

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  • Washington Heights Fights to Protect Rent at Foreclosed Buildings By Brittany Tenpenny | October 25, 2012

    The affordable housing market in Manhattan took another hit on Tuesday when it was announced that a cluster of 10 Washington Heights and Inwood buildings are up for foreclosure. Poor living conditions and a rising price tag are threatening the affordability for tenants.

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  • Chelsea Market Expansion Breeds Contention, Then Concession By Angel Jiang | October 25, 2012

    The last hearing to determine the direction of the Chelsea Market expansion resulted in Jamestown Properties conceding to two key items: commitment to not alter exterior elements such as windows and facades on the 17 buildings of the complex between 9th and 10th Avenue, and an agreement to support the establishment of a technology-oriented internship program at Fulton Houses, a nearby affordable housing project. City Council Speaker Christine Quinn’s vote for her district is critical for the project to win approval, thus she has had to consider activists’ pleas to prevent Jamestown’s rezoning, which would add thousands of square feet of office and hotel space at 9th and 10th Avenue. Local residents, many of whom inhabit the luxury condominiums built after the conversion of historic buildings, consider their neighborhood a prime area for retail and industry; however, some also oppose the expansion on the basis that the area is, in short, already too saturated and cannot accommodate more development, as profitable as it would be.

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  • Large Families Left Hanging in Microunit Boom By Liam Delaney | October 24, 2012

    Mayor Michael Bloomberg is pushing for miniscule apartments called microunits. With his announcement that the city was planning to build new super-small apartments he is moving forward in his goal to build or preserve 165,000 homes for poor and moderate income families across New York by 2014. But housing advocates and community leaders are worried that low-income residents with large families could well be left in the lurch.

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  • Christmas Comes Early: $100 Million Gift for Central Park By Aby Thomas | October 24, 2012

    It looks like Santa Claus came early to Central Park this year, and he came in the form of hedge fund manager John Paulson. On Monday, Paulson, along with the Paulson Family Foundation, announced that they would be giving a whopping $100 million as a gift to the Central Park Conservancy. Paulson, a hedge fund manager with an estimated net worth of $11 billion, called Central Park “the most deserving of all of New York’s cultural institutions,” and the donation was his way of showing his appreciation for one of the city’s most cherished landmarks.

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  • MTA To Raise New York Base Fare in March 2013 By Brittany Tenpenny | October 23, 2012

    Just last week, we reported on the MTA’s proposal to raise subway fares for commuters. MTA Chairman Joseph Lhota confirmed the plans on Monday, hinting that base fares might see an increase. This is bad news for Manhattan residents, a group that has endured a number of fare hikes in recent years. If the proposal passes, the change will go into effect March 1, 2013.

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  • Garment District Reclaiming its Passion for Fashion By Laura Simmons | October 19, 2012

    Fashion, fashion, fashion! New York City is known for being one of the most prominent homes for the world of fashion. Birthing some of the most acclaimed clothing designers, models, cosmetics and anything related to the fashion industry, New York City is the place to jumpstart a life in the fashion industry. Every year Fashion Week kicks off, bringing together celebrities and top-notch workers in the fashion industry from across the globe. So the question remains, where has the passion for fashion gone? Well, architects are planning to reclaim the Garment District as a symbol of fashion by developing it into more of a fashionable district. May not be a bad idea for the center of the fashion industry to actually look the part.

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