Results tagged “apartments”

A new congressional report card judging the progress of the Second Avenue Subway has given the project a B-minus, possibly the highest ratings ever handed out to the mythical subway line. The MTA immediately snatched the report card out Congress's hands and tried to get a signature on it before anyone noticed further problems, the agency expressing gratitude that Congress recognized the elements of the project that they are handling well. That "praise" includes the MTA being diligent in meeting with affected businesses, including the dozen that have closed along the route. Nonetheless Congresswoman Carolyn Maloney, who headed the study said, "Up until now, the project has been marred by missed deadlines, cost overruns and a harsh impact on local businesses."

[UPDATE BELOW] The dream of the Second Avenue subway line is turning into a nightmare for dozens of Upper East Side residents who must relocate to make way for ventilation shafts, stairwells and infrastructure for the $4.5 billion line, scheduled to open in 2017. (Coincidentally, that's the very same year a team of leprechauns and unicorns will finish transforming the East River into hot chocolate waterfalls.) Some 60 residences in the neighborhood must be vacated, and tenants—many of whom occupy rent-stabilized apartments far below market rates—say the relocation service hired by the MTA is not providing them with comparable options, as required by federal eminent domain laws.

Painfully aware that they no longer have the upper hand in the bargaining process with renters, more and more landlords are taking the inevitable step to keep the tenants they have from looking for unbelievable Craigslist deals and simply cutting their rent—sometimes voluntarily. The Times talks to landlords who admit that they've been sending out new leases at renewal time with unexpected discounts since they've seen so many tenants eager to jump ship to test a buyer's market. After a big spike in new rentals this spring after a tremendously slow first quarter of the year, one president of an appraisal firm tells the Times, “There’s a confusion between more activity and rents rising. I think the spring saw more activity.” Making things worse is the fact that 14,000 new units are expected to come online in 2010 alone. While some renters are getting unsolicited price cuts, one Williamsburg resident had to make an offer he had his doubts about. Not only was it accepted, he didn't even have to renew his lease. He tells the paper, “After I got my rent lowered here, I started negotiating with everyone. I got my cable bill lowered!”

With college graduation season in full swing, New York is about to be invaded with this year's crop of postgrads following the legends they've heard of this safe version of New York City that now apparently even promises affordable apartments in neighborhoods they've seen in movies since they were kids. The Times talks to recent transplants and realtors about just how affordable Manhattan apartments have gotten recently. One apartment hunter tells them, “I can type in my search criteria now and see 50 listings in Manhattan...they are definitely there and two years ago, they weren’t.” Others say that they're just satisfied with how spacious apartments are in neighborhoods they find pleasantly surprising such as Gowanus and Harlem. A recent grad described how many college friends she has in Astoria saying, “I guess it’s the same idea as immigrants—they find ways to stay near one another." One realtor tells the paper that things certainly have changed since the 32,000 graduates who arrived in 2007 when "Wall Street gave them $60,000 a year and $10,000 in moving fees.”

The real estate firms have released their third quarter sales information and they are reporting drops between 14% and 24%. Brown Harris Stevens had the 14% drop and Prudential Douglas Elliman had the 24% drop--both said median prices were down versus 2nd quarter, up versus last year (due to more expensive inventory). The average price of an apartment rose to $1.5 million in the third quarter, again driven by expensive apartments. Jonathan Miller of real estate tracking firm Miller Samuel tells the NY Times, which reports that there the inventory is the highest in 8 years and many contracts are being canceled, "I have great concern about 2009."

It seems hip-hop mogul Damon Dash may be an entrepreneur, but he's certainly not in the business of paying the bills. The NY Post is now reporting that the Eastern Savings Bank has filed suit against him, "charging the Roc-a-Fella Records co-founder hasn't made a payment on his $78,504.20-a-month mortgage since January." The $7.3M mortgage is split between two properties, at both 25 N. Moore Street and 79 Laight Street, and Dash and his wife (Rachel Roy) have been warned in writing that they are in danger of losing both. The Daily News adds that the suit "cites numerous judgments against Dash in which he was ordered to pay more than $2 million in New York state taxes, more than $100,000 in federal taxes and $95,000 in unpaid rent to the landlord of the W.39th St. building that houses Damon Dash Enterprises." Last year he "sued his accountant for allegedly costing him millions of dollars by filing faulty tax returns."

In a sort of addendum to coverage of Lenox Terrace, the Harlem apartment building with well-know residents like Representative Charles Rangel and Governor Parterson who have rent-stabilized apartments, the NY Times points out that 215 East 68th Street has a lot of political starpower. Some tenants include former Mayor David Dinkins, former police commissioner Howard Safir, former fire commissioner Thomas Von Essen, and New York county clerk Norman Goodman (Dinkins, Goodman and Safir say they pay market rate--or "a lot" in--rent) and many say their friendship with the building owner Rudin Management helped get them. Back at Lenox Terrace, the Post breaks down the famous people who seem to be paying not very much for their apartments.

              

The Bronx houseboat, measuring in at only 250-square-feet, really should have cleaned up ship and entered this contest.

On January 20th, residents of 475 Kent in Williamsburg were evicted from their apartments, which were deemed illegal, after the Fire and Buildings Departments found multiple violations (including a matzo factory housed in the building).

The New York Times has an interesting piece of service journalism for upcoming college graduates around the country planning on moving to New York. As a recent college grad, you are likely to be poor; and getting an apartment will likely be far more expensive and disappointing than you could ever dream. Fueled by expectations of a New York portrayed in the media, people imagine themselves living in neighborhoods like the West Village in a cute one bedroom apartment with lots of closet space.

Having to move out of and in to apartments in the city is not a fun task. One group of avid bikers decided to try an apartment move with just their two hands, two feet and two wheels. In just under four hours they managed to complete the Brooklyn-to-Brooklyn move, which included the contents of a one-bedroom apartment. At one point they pass another man who is helping a friend move with a U-Haul, something he declares they could never do with just bikes and a little manpower...

**Tied for 3rd