Real Estate News from February 2013

  • Buying a Home in Manhattan May Be Better Than Renting Right Now By Aby Thomas | February 15, 2013

    Thanks to the recent spate of increases in apartment rents in Manhattan, the city’s landlords have been grinning all the way to the bank for quite some time now. But now, it looks like that smile is going to be wiped off their faces very soon—New York’s apartment hunters, exasperated with the high rents for apartments in the city, have realized that buying a home makes better sense than renting one in this climate. As a result, many have chosen to leave the vagaries of the rental market, and have decided to scout the options available to them in the buyer’s market instead.

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  • Lady Liberty Has a Date This Memorial Day By Janna Allen | February 14, 2013

    It’s been a lonely year for Lady Liberty. The sound of tourists footsteps echoing within her as they climb up her many staircases has been absent for some time. There have been no families in her crown; no daredevils standing triumphantly amidst her torch. She’s been isolated from the public since the late weeks of August in 2011 due to a nearly $30 million renovation project. New fireproof stairways, elevators, and exits were being constructed, and security measures were also receiving a boost. From Battery Park City, one could glance at the lonely statue, as she stood awaiting to open her doors to her beloved tourists. 

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  • Reimagining the Waterfront: The East River Blueway Plan By Aby Thomas | February 13, 2013

    Having a beach on the East River waterfront may seem like a big stretch of the imagination right about now, but if the East River Blueway project goes according to plan, then New Yorkers will soon be seeing a new public beach come up directly beneath the Brooklyn Bridge. In fact, they will be seeing a lot more than a beach on the waterfront—the entire shoreline is being revamped under the East River Blueway Plan.

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  • NYCHA Planning to Lease Land for Luxury Apartments with a Catch By Tim Sheehan | February 13, 2013

    Several popular Manhattan neighborhoods could soon be home to more luxury apartments as part of a plan unveiled by the New York City Housing Authority (NYCHA). NYCHA would lease the property to private developers and result in some 3 million-square-feet of market rate apartments to be built on parks, playgrounds, and parking lots of public housing. The plan is expected to generate millions of dollars for the struggling housing authority.

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  • NYC Brokerages Prepping Up for Good Year in Real Estate By Aby Thomas | February 11, 2013

    If the lack of a winter slowdown in the market is any indication, all signs point to 2013 being an extremely good year for New York real estate. And it’s not just New York’s apartment hunters who are taking note of this phenomenon—the city’s residential real estate brokerages are expecting an increase in business, and are staffing up to prepare for that onslaught. (And yes, Elegran is hiring too—get in touch with us if you want to become a part of this exciting industry!)

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  • What's Next for New York? A Pyramid, Of Course By Janna Allen | February 08, 2013

    Something’s going to be amiss about Midtown West’s skyline. Buildings gracefully soar over the streets. They glisten in the sun’s presence and twinkle aside the moon. They’re awe-inspiring and easily something one will marvel at for years to come. Yet the question often arises: What’s next for newly constructed buildings in New York City? Will they continue to be built in a fashion that we’ve grown comfortable with - tall and in a box formation? Well, formations are oftentimes broken.

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  • No Winter Slowdown Seen in Manhattan Real Estate By Aby Thomas | February 08, 2013

    Although a dip in temperature usually translates into a decline in sales in Manhattan real estate, the market doesn’t seem to be following tradition this year. An article in The Real Deal cites an industry report that says there were about 19 contracts over $4 million that were made in January this year, a significant rise from the seven similarly priced contracts that were made during the same period in 2012. As a result, the new year has started on a good note for the city’s real estate industry, with many now expecting 2013 to post as good results as the ones they saw in the previous year.

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  • Could Midtown East Rezoning Hurt Hudson Yards’ Prospects? By Aby Thomas | February 06, 2013

    New York City’s history bears testament to the city’s resolute commitment to continually develop itself, which is why New York continues to be known as one of the world’s finest metropolises. One of the city’s latest efforts to encourage business and development in New York is the Hudson Yards Redevelopment Project, which recently got underway on the Far West Side of Manhattan. Close on this project’s heels comes the proposed rezoning of Midtown East, which aims to bring newer buildings to this already popular neighborhood. While these developments are occurring fairly independent of each other, there is some concern that one might hurt the chances of the other.

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  • SoHo Tops the 10 Priciest Neighborhoods in New York City By Tim Sheehan | February 05, 2013

    Want to know what a million dollars can buy you in New York? Well, it’s not so much ‘what’, but more of a ‘where’. According to data from PropertyShark, all but three neighborhoods posted median sale prices of less than a million dollars in 2012--not that you’d struggle to find a million dollar listing anywhere in the City.

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  • Rent or Buy? Well, Mayor Koch Chose the Former By Aby Thomas | February 04, 2013

    Residents of New York City are known to grapple with the decision of whether they want to buy a home in the city, or simply rent one instead. Both routes have their own inherent lists of advantages and disadvantages, which cause most New Yorkers to flip-flop when trying to make up their minds on the issue. However, for Ed Koch, the former New York City mayor who died on Friday, his position on this debate seemed to have been a resolute one: he was a renter during almost all of his adult life in New York City.

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