real estate trends

affordable housing, Policy, real estate trends

Image via Creative Commons

Recent news of Kushner Companies’ filing of false documents outlining the residential makeup of their buildings in order to get construction permits has prompted a closer look at the practice, which, according to Politico, has been rampant among New York City property owners for years with few consequences. Last month the Department of Buildings fined Kushner Companies $210,000 for repeatedly submitting inaccurate paperwork. Tenant advocacy group Housing Rights Initiative (HRI) will release a report Monday outlining how landlords filed more than 10,000 deceptive PW1s (Plan/Work Applications) in the span of two and a half years.

What’s going on here?

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Features, Manhattan, Murray Hill, real estate trends

Via Jeffrey Zeldman on Flickr

Unlike many New York City neighborhoods that have reputations that travel far beyond their borders, for many years, Murray Hill has remained low key. If Murray Hill hasn’t always been quick to flaunt its assets, it may have something to do with its Quaker origins. After all, the “Murray” in Murray Hill points back to the Murray family—the clan of Quaker merchants who first settled the area in the mid-18th century.

Since the days of the Murray family, much has changed in the neighborhood. The “hill” has been leveled, the neighborhood is no longer considered uptown, and since the early 2000s, the neighborhood’s reputation as a quiet and staid residential enclave has also been shattered as a younger crowd has moved in. In fact, for much of the past two decades, at least some parts of Murray Hill have become synonymous with the bar scene along Third Avenue, which is primarily known as a playground for young professionals. More recently, the neighborhood is undergoing another shift as a new era of higher-end rentals and condo developments attract a somewhat more mature demographic.

More on Murray Hill

Manhattan, real estate trends

Photo via WeWork

With 5.3 million square feet of office space, WeWork is officially Manhattan’s largest private office tenant. Last month, we reported that the co-working giant needed just 74,000 more square feet to take the title from JPMorgan Chase & Co., and with their new, 258,344-square-foot location at 21 Penn Plaza, their 50th in the borough (they have 60 in NYC total), they’ve now surpassed them. The news comes via a blog post by WeWork exec Granit Gjonbalaj, who credits the company’s “expertise” and the team’s “holistic nature” that has allowed them to “identify, build, and deliver new locations better and more quickly than a typical developer.”

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Bronx, real estate trends

Via Nelson Mejia Jr. on Flickr

Out of the 20 New York City neighborhoods with the most residential units approved within the past year, seven of them are in the Bronx, more than any other borough. According to a new report from Localize.city, a group that analyzes data related to housing, 13 percent of all approved apartments between 2010 and 2015 were in the Bronx. In the first half of 2018, the Bronx had 27 percent of the city’s share of approved new units. While a majority of new buildings in the borough are affordable, increasing land prices could mean more market-rate projects are on the horizon, the New York Times reported.

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Features, real estate trends, Transportation, Upper East Side, yorkville

Second Avenue Subway, 96th Street, Yorkville subway

Photo via Flickr cc

For over a decade, a large swath of the Upper East Side was under construction, but for many residents, it felt more like being under attack. As the Q Line was being built—after a century-long wait—the neighborhood not only had to tolerate restricted traffic along Second Avenue above ground but also more dramatic interruptions. Indeed, at one point in the subway line’s construction, underground explosions even shattered the windows of several local businesses. But with the noise, traffic, and disarray of the Second Avenue Subway in the past, the surrounding neighborhood has already quickly bounced back. As per predictions, since the completion of the line, real estate values, volume of sales, and rental prices in Yorkville have experienced an upswing.

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real estate trends

Trump-run attractions in NYC suffer from declining revenue

By Devin Gannon, Wed, September 12, 2018

Trump-run Wollman Rink via subherwal on Flickr

Although President Donald Trump continues to profit from his family-run business while serving in office, the New York-native is seeing a drop in revenue in his hometown. At four concessions in New York City run by the Trump Organization, sales have dropped or have been flat since Trump became president, the New York Times reported on Wednesday. Even as tourism is on the rise and the city’s economy is bustling, business is not booming for two Trump-affiliated ice rinks, a Bronx golf course, and a carousel in Central Park.

More this way

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Features, Financial District, real estate trends

One world trade center, skyscrapers, tall towers, supertalls

Image courtesy of Michael Vadon’s Flickr

In 2010, Lower Manhattan was still deeply scarred by the attacks of 9-11. With much of the neighborhood under construction, a high vacancy rate, and few full-time residents, walking around the area, especially outside business hours, often felt like walking through a ghost town. It was, in many respects, a neighborhood in waiting.

Since 2011, which marked the opening of the 9/11 Memorial—and the symbolic end of the neighborhood’s long period of recovery from the 9/11 attacks—Lower Manhattan has undergone a transformation that is difficult to ignore. New businesses have opened, new residential developments have launched, the vacancy rate has drastically declined, and in many respects, an entirely new neighborhood has taken shape.

The dawn of a new Downtown

Manhattan, real estate trends

Image via WeWork

If WeWork leases just 74,000 square feet of office space, the co-working space company will become the biggest private office tenant in Manhattan, the blog recode reported Thursday. This means WeWork would bypass JPMorgan Chase & Co. as the largest private office tenant in the borough. WeWork currently has 57 locations in NYC and represents a little under three percent of office space in the city, but is expected to grow to represent between five and 10 percent over the next decade. How are they securing all of this square footage? Offering brokers 100 percent commissions and huge rental discounts for tenants.

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Battery Park City, Manhattan, maps, real estate trends

Via Wiki Commons

Despite a year-over-year decrease in its average rent, Battery Park City ranks as the most expensive zip code for renters in the United States, according to a RentCafe report. In 2017, the average rent in this downtown neighborhood was roughly $6,000/month. And while it experienced a nearly two percent decrease this year, with average rent falling to $5,657/month, Battery Park City is still the not-so-winning winner. Not surprising but still bleak, 26 out of the 50 zip codes with the most expensive average rents in the U.S. are located in Manhattan.

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

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