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February 28, 2007
Brownstoner has the documents outlining financial projections for the massive Brooklyn project. The real estate project's (which we take to mean the non-arena part of Atlantic Yards) internal rate of return (IRR) is 9.6%, with the arena bringing an IRR of 7.7% and the total investment IRR is 8.4%. If someone with IRR and/or real estate knowledge can explain if that's good, bad, fine, etc, please comment. (We're looking the Wiki definition of IRR which... [continue]
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Once upon a time at the corner of West 63rd and Broadway, there was a 6,000 square foot stationery store called Lincoln Stationers, where you could find airmail envelopes, buy a snazzy pen and order your wedding invitations. But Lincoln Stationers closed last year and a Starbucks and Duane Reade rose in its place - exactly what the neighborhood was in desperate need of, because the only other Starbucks and Duane Reades are 4-5... [continue]
February 26, 2007
Not only has New England Patriots coach Bill Belichick won the Super Bowl three times, he's also smart enough to invest in some Park Slope real estate. The "Mad Genius" (okay, only when he's playing against Jets coach Eric "Man Genius" Mangini) bought a $2.2 million townhouse on Sixth Street and is allegedly renting it out to his mistress. And by rent, we mean, Sharon Shenocca says she's renting it, but it's unclear whether he's... [continue]
February 23, 2007
South Street Seaport sea changes: amNew York reports that the mall at Pier 17 may be demolished - only for the company that owns the mall to build a new one in its place. Well, wait, make that a "mixed-use retail, residential, and open space development." General Growth Properties will be revealing its plans for the space to Community Board 1 on Monday. Its spokesperson didn't give detail on how many floors the new design... [continue]
February 21, 2007
"Across from the Port Authority Bus Terminal" is becoming the new benchmark in swank office location. Crain's reports that the New York Times Building (pictured right) designed by Renzo Piano and FxFowle has "breathed new life into the formerly moribund area" across from the Port Authority Bus Terminal. The proof? Sky-high rents from high-end corporate tenants. While Class A office space in the formerly "tawdry" district rented for about $30 per square foot in... [continue]
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February 20, 2007
Governor Spitzer who once called the Freedom Tower a “white elephant” and questioned its economic viability announced his support of the project today in lower Manhattan alongside the Mayor and NJ Governor John Corzine. Spitzer said that after looking into alternatives, he decided that it was best to proceed as planned, citing the strong real estate market. Plus, it's a good photo op. The site’s financials could change. The Associated Press is reporting that... [continue]
Developer Bruce Ratner has been letting the media know that construction will begin on the Atlantic Yards project. The controversial development will bring an arena for the Nets as well as commercial and residential space in the millions of square feet, as well as displace residents in its 22 acre footprint. Metro reports that for the first phase of prep work, a "temporary rail yard" will be set up on the eastern side so... [continue]
February 19, 2007
New Yorkers wishing to buy a home, there's a sort of depressing NY Times about how January housing sales show a hot real estate market in the city in 2007. There are bidding wars, busy open houses, and Wall Street bonuses to contend with. And while there's "cautious exuberance" about a better real estate market for sellers and brokers in 2007, the Times reports "for January, at least, both prices and the number of signed... [continue]
February 17, 2007
The $1.3 billion deal for Brooklyn developer Berkshire LLC to buy federally subsidized Brooklyn housing complex Starrett City may be blocked by State Attorney General Andrew Cuomo and the federal Department of Housing and Urban Development. Cuomo announced that his office will enforce an injunction barring the lead investor David Bistricer from completing "certain real estate for life and will not permit the conversion of any of the property to cooperative apartments." Cuomo's statement... [continue]
February 16, 2007
A state appeals court ruled that a couple can evict tenants at 47 East Third Street so they can turn the 11,575 square foot building into their private home. A five bedroom home with library, gym, and nanny's suite. The five-story building had 15 units, with many tenants that had rent-stabilized rents of $600-1200 a month, and last year, a Manhattan Supreme Court judge found there would be an "inescapable consequence" of converting the building... [continue]
February 15, 2007
City Council Speaker Christine Quinn will be giving a State of the City address today at noon, and one big thing she will propose is a tax break for renters. The tax break would be $300; individual renters would be eligible if they earn $43,000 or less while the salary is $54,000 for married couples. Couples with one child would be eligible if they make less than $65,000; couples with two or more are eligible... [continue]
February 13, 2007
In the crossroads of the "Can't Beat 'Em, So Join 'Em" chronicles and the "____ Diner, R.I.P." annals, there's is the Moondance Diner. The NY Sun reports the SoHo fixture will be razed for - you guessed it - luxury condos. But that's not all: Moondance owner Sunil "Sunny" Sharma was originally going to sell the property, but decided to develop it himself with Extell's Gary Barnett and others. Plans for a 66,743 square... [continue]
February 12, 2007
A condo on the Upper East Side has slapped a $500,000 lawsuit against the owner of a Subway franchise. The condo board of The Waterford, located at 300 93rd St, complained that the Subway, which opened two weeks ago around corner at 1776 Second Ave., caused the building to be "inundated with strong and nauseating food odors," and affected the value of their property. Welcome to New York! The lawsuit, filed in Manhattan Supreme Court,... [continue]
February 11, 2007
What do you look for when looking for a roommate? The Times entertains us today with a story about the special problems faced by roommate seekers in Williamsburg. In Williamsburg, the Times article would have us believe, most roommate-seeking ads on Craiglist are met with a flood of replies from people touting their hipster cred. That approach doesn't seem to have much success. Of the five people looking for roommates, four of them expressed... [continue]
February 10, 2007
Most New Yorkers love the Pepsi-Cola sign in Long Island City. But the for the new Queens West residents, the neon can be annoying. The NY Times spoke to tenants who live behind the sign:Like many of his neighbors in this new glass high-rise in Long Island City, Queens, [Yo Han] Cho is a newcomer to New York. When he first moved into his “humble room,” as he calls it, he did not quite... [continue]
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February 10, 2007
St. Vincent's Hospital, the venerable West Village institution that's been around for more than 150 years, is considering a radical plan to address its financial woes and better serve patients. First reported in the Villager last month, and subject to much speculation elsewhere, it appears as if the hospital is going to sell off its buildings to the east of 7th Avenue and construct a new building where the O'Toole Building now stands. The... [continue]
February 9, 2007
When you shell out $5.4 billion for thousands of apartments in Manhattan, some of them rent-regulated, clearly the next course of action is to oot out the illegal subletters. The NY Sun reports that private detective Fred Knapp has been hired by Tishman-Speyer to find out if tenants are violating rent stabilization rules. The Real Estate Board of New York says this is exactly what landlords should be doing, but housing advocates point out that... [continue]
February 8, 2007
The country's largest federally subsidized housing development was sold today for $1.3 billion. Berkshire LLC bought Starrett City, and Starrett City Associates say the money would be deposited today. Residents of the complex, which has over 5800 apartments over 140 acres, and community leaders recently had meetings to protest the sale, the fear being the new owners will eliminate the low- and middle-income housing. And even though there's potential for new development (new luxury... [continue]
If technology can see into the future, then the future is clearly Vegas for Coney Island. Gowanus Lounge looks at the new Coney Island website launched by Thor Equities' PR firm to trumpet the New Coney Island: THE FUTURE OF CONEY ISLAND. GL notes, "The site focuses on new amusements, job opportunities, community and retail opportunities. It omits mention of more controversial plans to develop luxury housing highrises on the boardwalk." And, boy howdy,... [continue]
February 7, 2007
After Assembly Speaker Sheldon Silver blocked Governor Pataki's Moynihan Station plans last October, we wondered how Governor Spitzer would take up the task and spar with Silver. To refresh your memory, Spitzer's problem with Pataki's Moynihan Station plans was that they were incomplete, given that developers had more extensive ideas about a Farley Post Office and Madison Square Garden revitalization (known as "plan B"); Pataki, on the other hand, wanted to get the plan A... [continue]