Gothamist: Report: After Peaking This Year, Construction Will Decline into 2010

Spiny

Wed, 15 Oct 2008 02:08:44 -0500

A construction decline? Woohoo! Fewer cranes.

emilydickinson

Tue, 14 Oct 2008 23:07:51 -0500

If the city gave 1/10th the tax breaks to residential developments that do for commercial half the city could one where they live. I'd really like to see a ton of cash pumped into a Mitchell-Lama style program. The city could subsidize the construction with nice tax breaks, create jobs, and then do a lottery for anyone who makes less than 150k a year.

Snoopy

Tue, 14 Oct 2008 22:53:36 -0500

I remember when I bought my loft back in '73 the big thing back then was a J51 tax abatement. Due to a stupid ass lawyer we worked with we never applied for it. Meanwhile other friends of mine who bought lofts at the same time did. I envied them while our taxes went up and we were paying five times what they paying. When the J51 expired they all bailed out because of the massive increase in taxes. I see the same thing happening here.

blablanyc

Tue, 14 Oct 2008 22:12:46 -0500

It's a good thing Bloomberg gave these guys a 7 year tax abatement.

blablanyc

Tue, 14 Oct 2008 22:10:22 -0500

Duh. When there will only be nine national banks in a few months, it's gonna be more difficult to get money on favorable terms. I'm just waiting to see what happens to the properties like the old tenements, Stuy Town and the old NY Times building which are all on the brink of default. Will NYU and SVA step in an purchase them all?

mikehawk

Tue, 14 Oct 2008 20:48:23 -0500

This is the 52 story tower going up on Amsterdam Avenue and 68th

NannyState

Tue, 14 Oct 2008 20:06:48 -0500

Why wouldn't JP Morgan Chase build a new tower? They just got a #25 billion injection and they own Bear Stearns. They need that tower so Jamie Dimon can peer over Vikram Pandit with a smug expression on his face.

Snoopy

Tue, 14 Oct 2008 18:02:03 -0500

Don't worry about the construction workers. Just you wait and see with the Atlantic Yards, the World Trade Center site, the West Side yards, Pier 40 and the rest of the HRP, Duane Reade and Chase bank retrofits, all these projects just getting ready to start. Overtime city for the unions.