On this past January 1, the 421-a tax abatement program expired after 44 years in existence. Any new construction permitted before January will still benefit from the program, but many want to know what the expiration of this program mean for new construction? And how will the projects still under the 421-a umbrella use their reduced tax status to promote their buildings? While some experts feel that shutting down the abatement was an action long overdue, many others believe that the program’s end has prompted “a self-created recession.”
All posts by Michelle Sinclair Colman
Every four years, in the lead up to the presidential election, a new group of voters declare they will leave the country if their candidate does not get elected. According to the Google Data Editor Simon Rogers, searches for “how can I move to Canada” spiked 350 percent following March’s Super Tuesday results.
But, in the run-up to the presidential election, is there any evidence that New Yorkers will either decamp from Trump properties—this is, after all, a city where dozens of high-rise properties bear his name—or leave the city altogether?
Ah, the Second Avenue Subway. It’s been the topic of discussion for over 96 years (yes, the line has been in the works since 1920) and it is finally nearing completion despite reports of delays due to last minute design changes and absentee workers. But the question is, will the Second Avenue subway revitalize the Upper East Side?
Wednesday Martin, the author of the eye-opening, amusing and often shocking anthropological memoir of life on the Upper East Side, “Primates of Park Avenue,” says, “What a lot of people who don’t live here don’t know, and what many of us who do live here know, is that there is not one Upper East Side. There are at least two. The Upper East Side west of Lexington has pretty much always been and remains expensive, fancy, and established. It is the eastern UES or FEUES (Far East Upper East Side; or Yorkville) that has undergone so many demographic shifts—from slum to chic to post college kids to young families. The Second Avenue subway will bring another shift.”
July is a big month for Deborah Berke, the founder of the New York-based architecture and design firm Deborah Berke Partners. Not only will Ms. Berke become Dean of the Yale Architecture School on July 1st (the first woman to do so in the school’s 100-year history), taking over for Robert A.M. Stern, but her new book, “House Rules: An Architect’s Guide to Modern Life,” will be released on July 12th.
In “House Rules,” Ms. Berke outlines her eight guiding principles for modern living. The principles range from “Property lines do not define a site” and “Any material can seduce”, to “Circulation does more than connect” and “Reckon with tradition.” Berke, a born and bred New Yorker, believes that those principles become even more important with city living.
Recently, CityRealty spoke to Ms. Berke about her big month ahead and her exciting plans for the future.
It is well known that Eloise lived in The Plaza. But the book was published in 1955, well before Manhattan real estate skyrocketed. So what would her apartment be worth today?
In fact, many children’s books have been set in New York City—think “Harriet the Spy” or “Stuart Little.” In this day and age of record-setting prices, how much would those fictional characters have to pay to live in their homes today? Who would have seen the most appreciation, Eloise or Lyle Crocodile?
Much detective work (à la Harriet) reveals the residences of a boy-mouse and a anthropomorphized girl dog span various neighborhoods including the Upper East Side, Gramercy Park, and Park Slope. What follows is a survey of six iconic picture books set in New York City and the current valuations of their fictional homes.
What if your home was more than just a place to live? What if it took care of the tedious parts of everyday life (like cleaning, paying utility bills, and shopping for the basics) and there were always a bunch of interesting and like-minded people hanging out in your living room? Brad Hargreaves, CEO of Common, has structured his co-living housing company to be just that.
While we’ve reported on Common before (as well as WeWork’s similar new shared housing setup in FiDi), today we’re going behind the scenes at Common’s first outpost located in Crown Heights. We asked three residents why they chose to live at Common, if this catered style of co-living beats the standard New York roommate setup, and, of course, what we all really want to know—with 10 different personalities under one roof, just how “Real World” do things get?
Will new federal regulations aimed at clamping down on shell companies buying luxury real estate send a chill through Manhattan’s high-end real estate market? The reaction to a page one article in the New York Times last month suggests fear is in the air. But that fear may be misplaced for two reasons: firstly, the Treasury Department’s database of buyers’ names will not be public, as many have inferred; and secondly, in New York, title insurance is not mandatory when you’re making an all-cash deal.