Real Estate News from June 2013

  • Coney Island Ferry Service Gets Another Push By Joel Bennett | June 14, 2013

    A group calling itself, simply, the Small Business Coalition, is pushing for a regular ferry service from Lower Manhattan to Coney Island. According to the group’s founder Louis Jerome, the service could bring in an additional 3 million tourists annually, serving as a boost for local businesses. This is a new push for an old idea, though – one that has failed to gain momentum many times in the past.

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  • Look Out, Upper East Side: Downtown Manhattan is Coming for You By Nikki Hess | June 14, 2013

    The Upper East Side is a Manhattan neighborhood synonymous with high culture, wealth, and luxury. Historically, it has been viewed as the place to live for those who have a "little extra" in their bank accounts, and its hefty price tags have no doubt served as a reflection of such. Nevertheless, in recent years, the chic uptown area has been facing fierce competition from its friendly neighborhood competitors, and according to recent reports, it has been ousted from its number one spot for the city's priciest homes by none other than the trendy, cronut-filled SoHo. 

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  • Fundrise: Community Funded Development on Your Block By Thomas Faddegon | June 13, 2013

    Since its inception in 2009, the revolutionary website Kickstarter has helped raise hundreds of millions for creative projects ranging from art, film, and games to design and technology. Now, the concept that made it so successful has come to real estate. The San Francisco-based startup Fundrise has proposed the idea of crowdfunded real estate, wherein small shares of urban development projects are sold to the public. 

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  • Seaport City: New York City’s Newest Neighborhood? By Aby Thomas | June 13, 2013

    Mayor Mike Bloomberg on Tuesday unveiled a number of impressive ideas to help protect New York City from any possible flooding situations in the future, but perhaps the most interesting one of the lost has been his proposal to create a new Battery Park City-like neighborhood called Seaport City, which will be formed on the East Side of Manhattan just south of the Brooklyn Bridge. This new neighborhood, which will install “a multi-purpose levee with raised edge elevations,” will not only help in protecting much of the East River shoreline, but will also provide a new area for commercial and residential development in Manhattan.

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  • The Race Over New York’s Next Mayor is Tightening By Clemence Fontaine | June 12, 2013

    The race for mayor is going full speed and candidates are becoming more virulent with one another as the primary comes closer. Seven Democrats vs three Republicans and one Independent will be competing until September 10th. The twenty year long control of City Hall from Republicans is probably soon coming to an end providing that even Joseph J. Lhota does not appear as a real threat to the other Democrat candidates.

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  • Brooklyn Bridge Park Gears Up For A Facelift By Andrew O'Neill | June 12, 2013

    Since the first ferry landing opened in 1642, Brooklyn Bridge Park has experienced a lot of traffic and transformations.  The latest transformation underway is the highly controversial hotel and residential project, in which units are expected to be available for purchasing this Fall.

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  • MoMA’s Rain Room has Enthusiasts Pouring In By Andrew O'Neill | June 11, 2013

    “Being able to control the rain makes you feel like a God,” stated one spectator, as art enthusiasts battled the long lines to witness MoMA’s PS1 exhibit titled the Rain Room.  The exhibit is located on 54th st. between 5th and 6th Ave in a lot across from The Museum of Modern Art. The Rain Room has taken Manhattan by storm and and shows no signs of weakening.

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  • Upper West Side’s Best kept Secret By Shwetha Ravishankar | June 11, 2013

    Photo Courtesy John Montgomery Tucked away in the upscale neighborhood of Upper West Side, is Manhattan’s best kept secret - Manhattan Valley. Never heard of it? Don’t fret, this has been a neighborhood often eclipsed by its plush cousin. Ideally located between Broadway and Central Park between 96th Street and 110th on the West Side, Manhattan Valley’s elusive nature has been the prime reason for its distinctively low prices for its brownstone townhouses and co-ops; both for sales and rentals alike.

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  • 'America’s Diner' Not Welcome at 150 Nassau Street By Aby Thomas | June 11, 2013

    Denny’s may call itself “America’s Diner,” but residents of 150 Nassau Street in the Financial District are not too keen on having a franchise of the fast food restaurant chain open up in their hallowed premises. According to a recent report in The Real Deal, the condominium board of the building has filed a $10 million lawsuit to block the restaurant from operating on the site’s commercial space. According to them, Denny’s presence in the building would attract an unsavory crowd to this residential locality, and therefore disrupt “the dignity and storied character” of this elite address. The Babaev Group, the owners of the commercial space at 150 Nassau Street, have cried foul at the lawsuit, and have vowed to “have a Denny’s in the building one day.” However, they have a hard fight ahead of them—the Department of Buildings had rejected the construction plans for the restaurant once before, and so they will be required to submit paperwork again to show their adherence to building codes and zoning regulations. Given that 150 Nassau Street is a landmarked building, Denny’s would have to jump through a number of loops to get the DoB’s approval. Built in 1895, 150 Nassau Street was most recently in the news for its fantastic penthouse called the Skyhouse, which had caused quite a buzz for its stunning architectural design. Designed by architect David Hotson and interior designer Ghislaine Viñas, the 6,600-square-foot apartment had an 80-foot long stainless steel tube running through the space as its most striking feature. If one considers this home to be an indication of the upscale nature of this address, it’s easier to understand why the condo board at 150 Nassau Street would be so opposed to having a Denny’s in their building.

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  • Return of the Sellers Market: How to Price Your Apartment By Andrew Warren | June 10, 2013

    It’s a bright and sunny Sunday afternoon in Chelsea. The owners of a newly listed apartment on West 24th Street are hosting their very first open house at 1:00 pm.  It’s now 12:45pm and already the lobby is full of people waiting to see this 18th floor two-bed/two-bath with an asking price of $2,500,000. At the end of the two-hour open house, the sellers are faced with the enviable task of creating a bidding war from between multiple all-cash offers they have received.

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