real estate trends

Featured Story

affordable housing, Bed Stuy, Bushwick, City Living, Crown Heights, Features, Greenpoint, Inwood, Morningside Heights, NYC Guides, real estate trends, Roosevelt Island, Top Stories, Washington Heights

Columbia campus, via Pixabay

If you can’t bear the idea of living in the dorms for another year, you’re not alone. Unless you happen to go to Columbia where over 90 percent of students live on campus, there’s a high likelihood you’ll be searching for your own apartment at some point during your college years, just like 57 percent of students at NYU and 74 percent at The New School. And if you’re like most students, you’ll be looking for an apartment far from downtown that strikes the right balance between affordability, commutability, and access to services.

To help you make the smartest decision possible, 6sqft has compiled a list of affordable, student-friendly neighborhoods in Manhattan and Brooklyn. By New York City standards, all of these are both safe (e.g., reported fewer than 1.5447 crimes per 1000 people in June 2018) and within reach (e.g., on average, three-bedroom units can still be rented for less than $5,000 per month). Using July 2018 City Realty data on average neighborhood rents, we’ve broken down how much you’ll pay on average to live in a three-bedroom shared unit in each of these neighborhoods. We’ve also provided average commute times to both Union Square, which is easily walkable to NYU, The New School, and Cooper Union, and to the Columbia University campus.

Get the guide

affordable housing, Policy, real estate trends

Via CityRealty

Update 8/7/18: Mayor Bill de Blasio on Monday signed into law a bill that cracks down on the number of illegal Airbnb listings in New York City. Taking effect in February 2019, the new law requires the company to disclose the names and addresses of its hosts. The information will be turned over to the Mayor’s Office of Special Enforcement. 

The New York City Council passed a bill on Wednesday that requires Airbnb and other home-sharing sites to provide the names and addresses of its hosts to the city. Under state law, it remains illegal in most buildings to rent out an apartment for less than 30 days unless the permanent tenant is there. Just hours before the council unanimously voted for this legislation, an Airbnb host from Brooklyn, Stanley Karol, sued the city in federal court for fining him $30,000 after speaking out against the bill. “I believe that the City has sought to silence me, by not only saddling me with massive fines, but also making me feel unsafe in my own home,” Karol said.

Find out more

condos, New Developments, real estate trends, Tribeca, yorkville

Photo via Chris Goldberg/Flickr

For followers of Manhattan real estate it would be hard to miss the bumper crop of innovative, eye-catching and pricey new developments rising what seems like daily in Tribeca; but big numbers for new towers may come as a surprise when they’re attached to old-school Yorkville on the Upper East Side. In the city that never fails to surprise, recent research from CityRealty shows that Tribeca and Yorkville are the top neighborhoods for new development condo sales so far this year. There are, of course reasons for the unlikely pairing at the top.

See who else is on the list

Policy, real estate trends

NYC, nyc skyline, new york

Photo via Creative Commons

In addition to having some of the highest rents in the country, New York City requires renters to provide a substantial chunk of money up front to cover an apartment’s security deposit. According to a new report by City Comptroller Scott Stringer, New Yorkers forked over more than $507 million for security deposits over the course of 2016. Stringer is calling for an overhaul of the city’s security deposit system, which he says has created a financial barrier that has intensified the city’s affordable housing crisis. “For too long, the deck has been stacked against New York’s working-class renters but we’re taking a step forward to reimagine how the housing system works in our City,” Stringer said in a press release.

Learn more

Celebrities, Flatiron, real estate trends

Even if golden couple Tom Brady and Gisele Bündchen have left the neighborhood for a $20 million five-bedroom spread at Robert A.M. Stern’s 70 Vestry in Tribeca, a buyer was happy enough to snatch up their Flatiron pad at 23 East 22nd Street after a price chop. As 6sqft previously reported, the New England Patriots’ quarterback and the Brazilian-born supermodel seemed to be getting serious about selling when they cut the asking price to $13.95 million; the apartment is now spoken for and off the market, according to the New York Observer. The couple bought the 48th-floor unit for $11.7 million in 2014 and put it on the market for $17.25 million in 2016–with no takers until now.

Get one last look

Hudson Square, Major Developments, real estate trends

Disney, ABC, 77 West 66th

Photo via Wikimedia

The Walt Disney Company announced Monday it will move its operations from the Upper West Side to Lower Manhattan, where the media giant is planning to build modern production space and offices. Disney purchased the rights to develop Trinity Church’s property at 4 Hudson Square for $650 million under a 99-year agreement. The site covers a full city block, bordered by Hudson, Varick, Van Dam and Spring Streets.

“This move represents an historic step forward toward our long-term vision for our New York operations,” Robert Iger, CEO of Disney, said in a statement. “The Hudson Square district is rapidly becoming a dynamic, innovative hub for media, technology and other creative businesses.”

Get the details of the Disney deal

City Living, maps, real estate trends

MAP: See city owners vs. renters, block by block

By Michelle Cohen, Tue, July 10, 2018

maps, real estate, renters, owners, demographics

Renters and owners in Manhattan. Map by Ryan McCullough

New York has been called a city of renters and with good reason. The real estate rent vs. own breakdown here is far different than that of other parts of the country, for a multitude of complex reasons. But it’s also interesting to take a look at neighborhoods within the city. Ryan McCullough of Mapbox and Tippecanoe, the map geeks responsible for whizzing up this view of the U.S.A., was motivated to dig deeply into this particular data. The result was Owners vs. Renters, an interactive dot map showing every single homeowner and renter in the United States. You can zoom in on a major city hub and to see where more residents tend to be homeowners and where more people rent.

Find out more

Featured Story

affordable housing, Features, Policy, real estate trends, renting 101

Image via Flickr CC

If you’ve ever applied for affordable housing in New York City, you already know that the process can feel more like an IRS audit than a typical housing application. While owners and management companies are empowered to ask for a lot of paperwork, to qualify for an affordable housing unit, you’ll need to do more than provide recent pay stubs, tax returns, and bank statements. You’ll need to share several years of financial, housing, and employment information, and if the developer doesn’t think you’ve provided enough evidence to quality, they can always ask for more evidence as the selection process unfolds. Fortunately, as of July 1st, the process of applying for affordable housing and the baseline credit criteria needed to qualify just got a bit easier for applicants.

Everything you need to know

Featured Story

Features, real estate trends, Upstate

Photo via Dennis Fraevich’s Flickr

Located on the Hudson River adjacent to New York City’s northern border, Yonkers is the third-largest city in the state with nearly 200,000 residents. And with five major highways, two commuter train lines that are just a 28-minute trip to Grand Central, and the highest number of bus lines in Westchester County, it’s no surprise that many are going bonkers for Yonkers.

Phillip Gesue, chief officer of development at Strategic Capital, the developer of the Hudson Park residential project, told 6sqft that Yonkers is in transition. “Unlike Manhattan, which is, perhaps, over-baked, Yonkers is an affordable place to live and play,” Gesue said. “It has people who have been living here a long time and new transplants who largely want to work in New York City. There is a growing population, development momentum and job growth.” Ahead, find out how officials are working to attract millennials, get a breakdown of all Yonkers’ new developments, and learn why there’s a lot more to do here than you might think.

Get the Yonkers low-down

Midtown, real estate trends

Photo courtesy of Lord & Taylor

Lord & Taylor’s iconic New York City flagship store will close its doors next year, after occupying the Fifth Avenue building for 104 years. In an attempt to keep afloat last year, Hudson’s Bay, owner of the department store, sold the 676,000-square-foot building for $850 million to WeWork, who planned to make the landmark its new global headquarters.

While Lord & Taylor was left with roughly 150,000 square feet of space at 424 Fifth Avenue, the company struggled to maintain profitability after the turnover of the building to WeWork. Including the iconic flagship, the company will also close as many as 10 Lord & Taylor stores total (h/t Bloomberg). In a first-quarter report, Hudson’s Bay said: “Exiting this iconic space reflects Lord & Taylor’s increasing focus on its digital opportunity and HBC’s commitment to improving profitability.”

More here

SIGN UP FOR OUR NEWSLETTERS

Thank you, your sign-up request was successful!
This email address is already subscribed, thank you!
Please provide a valid email address.
Please complete the CAPTCHA.
Oops. Something went wrong. Please try again later.