Real Estate News from March 2013

  • Spring is here; Sandy Recovery Continues By Angela Richardson | March 27, 2013

    New Yorkers are packing away their winter coats and boots for a lighter wardrobe as we enter our first full week of spring.  Faces are adorned with sunglasses on the subway as the sun beams perspective rays for a hopeful spring and summer season. Walking around NYC it’s hard to believe that five months ago, this same city suffered devastating damage from Hurricane Sandy.

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  • Money out of Thin Air: Air Rights and Manhattan (Part 2) By Thomas Faddegon | March 27, 2013

    The idea that “everything is worth what its purchaser will pay for it” is a founding principle of capitalism. First voiced by Publilius Syrus and later echoed by Adam Smith himself in The Wealth of Nations, it applies to every commodity imaginable. In New York City real estate, air is no exception.

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  • Upcoming Luxury Developments Throughout New York City By Tim Sheehan | March 26, 2013

    In the City That Never Sleeps, neither does development. Luckily, we don’t either. Take a look at these upcoming luxury apartment buildings throughout New York City. 

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  • Midtown Rezoning Efforts Gets an Environmental Thumbs Up By Aby Thomas | March 25, 2013

    New York City has been known to devote a lot of time and money to preserving its historic buildings, and these efforts have extended to the maintenance of the mid-century glass towers that can be seen almost everywhere in Midtown Manhattan. But a new report suggests that we may be going about this the wrong way—according to the study by Terrapin Bright Green, an environmental consulting group, these old skyscrapers are so energy-inefficient that demolishing them and then rebuilding them would actually be better for the environment.

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  • Money out of Thin Air: Air Rights and Manhattan (Part 1) By Thomas Faddegon | March 22, 2013

    What exactly does a square foot of air look like? Instead of trying to visualize this rather abstract concept, simply picture anywhere between $250-$600 in cash. It’s a more concrete image, and in today’s Manhattan real estate market, it’s virtually the same thing. In the age of Ebay and Craigslist, we have learned that one man’s junk truly can be another man’s treasure, and empty space is no exception. Over the last few decades, the phenomenon of air rights has become a unique feature of New York City real estate, creating a massive multi-million dollar market quite literally out of thin air.

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  • NYCHA To Sell "Unused" Land By Janna Allen | March 22, 2013

    Housing developers may soon be able to get their hands on new land. This land, however, will be surrounded by public housing. Since the New York City Housing Authority is already digging deep into empty pockets, a plan has surfaced to gain revenue (along with controversy).

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  • 35 XV Reveals Its Future Self By Janna Allen | March 21, 2013

    Once Xavier High School sold off its unused air rights to Alchemy Properties, the Chelsea neighborhood was unsettled. Rumors of a hotel going up within the neighborhood were being whispered on the streets back in 2008. Residents were perturbed due to thoughts of losing a quiet neighborhood in lieu of a busy hotel, and protested vehemently. Alas, 35 West 15th street was destined to become a luxury condominium building (which residents still weren’t happy about) and plans were finalized in 2011. Despite simmering anger from residents, construction has commenced, a name of 35 XV has been given, and an official site has been launched portraying sparkling renderings.

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  • New Tower on the Horizon: 432 Park Avenue is on the Market By Aby Thomas | March 21, 2013

    Image Courtesy of DBOX for CIM Group & Macklowe Properties Move over, One57: 432 Park Avenue is taking over the title of the tallest residential building in New York City. At 1,396 feet, the new Rafael Vinoly-designed tower in Midtown Manhattan will be easily trumping the 1,004-foot One57 in terms of building height. And if the buzz surrounding the new skyscraper is any indication, 432 Park Avenue could soon be commanding prices that will rival the eye-popping amounts that were asked for the condominium apartments at One57.

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  • Tribeca's 56 Leonard Street: 50 Percent Sold and Counting By Tim Sheehan | March 19, 2013

    When Hurricane Sandy left Lower Manhattan drenched and in the dark this past October, several people questioned the downtown real estate market. But, one season later, downtown appears to be up again.

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  • The Empire State Building Could be Publicly Traded Soon By Aby Thomas | March 18, 2013

    The Empire State Building, one of New York City’s most prominent skyscrapers, is now close to becoming a part of a new real estate investment trust, which, if approved by investors, could lead to a $1 billion initial public offering for the iconic building. A recent Reuters report says that Malkin Holdings LLC, the company that manages the Empire State Building, has secured nearly three-quarters of the investor votes it needs to go ahead with the IPO plan that it has been spearheading.

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