Real Estate Update from: BuildingsNY

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Real Estate Update from: BuildingsNY

Norman
Longtime Brooklynites, Priced Out, Are Moving To Jersey City, Sunnyside. Over the weekend, in a piece running more than 2,000 words, the New York Times reported that longtime Brooklynites are leaving the borough for more affordable areas, including Jersey City, and Sunnyside in Queens. Drawing on the New York Times story, the Real Deal (NY) also reported the trend.

As Bowery Real Estate Prices Soar, Local Group Seeks To Limit Luxury Development.
The Real Deal (NY) reported that “fierce competition between investors and a lack of inventory have sent prices for new and redevelopment sites” on the Bowery “soaring.” Meanwhile, the Bowery Alliance of Neighbors is seeking to preserve the neighborhood’s bohemian character by limiting the ability of developers and existing building owners to sell or redevelop their buildings into luxury housing.

Upper West Side Crunch To Receive Three-Story Addition Containing 22 Apartments.
Curbed New York reported that an Upper West Side Crunch Gym on West 83rd Street will soon get a three-story addition containing 22 apartments.

Tech Facilities, Housing Coming To Roosevelt Island. In a feature story running nearly 2,600 words, Capital New York reported on new construction on Roosevelt Island, noting that the island’s south side will soon become a tech hub complete with housing for the new academic research center and start-up offices.

$125 Million Of New York’s Bank Of America Settlement To Be Used For Below-Market Affordable Housing Loans. Amid heavy coverage of the $17 billion Bank of America settlement, WNYC-FM New York offered brief coverage of the story, noting that the $800 million New York State will receive from the bank “will be applied in some new and unusual ways.” One of the ways the money will be used is to “make below-market-rate loans to developers of” affordable housing buildings in the sum of $125 million. Offering similar coverage, the Real Deal (NY) also reported the story.

Construction Association Lobbying City To Change Safety Inspector Regulations. The New York Post reported that the New York City Special Riggers Association “is petitioning the city to change safety regulations,” namely to increase the number of site safety manager licenses, “that have halted hundreds of jobs.” Previously a safety manager was only required at new construction sites, but since 2008 have been required at restoration projects as well, taxing the limited number of active inspectors.

Coverage Of East New York Affordable Housing Plan Continues. The Real Estate Weekly offers continuing coverage of Mayor Bill de Blasio’s plan to build 80,000 units of affordable housing, a large portion of which will be built in East New York. Although the neighborhood “is so far East in the borough, it isn’t always included on real estate listings and real estate brokerages’ websites,” the neighborhood “is being talked about as one of [New York’s] next gentrified neighborhoods, like Crown Heights and Bushwick before it.”

New York Daily News Criticizes City Council Speaker For Comments About Proposed Harlem Towers.
In an editorial, the New York Daily News criticizes City Council Speaker Melissa Mark-Viverito for her response to proposed Harlem towers in her district that will contain 25 percent affordable units. Rather than “offer constructive thoughts about a plan that could help Mayor de Blasio meet his goal of building 80,000 reduced-rent apartments,” the Daily News wrote that Mark Viverito “griped to the Daily News’ Juan Gonzalez about the ‘lack of affordable units’ and the height of the towers.”

Op-Ed: Reduce New Construction Restrictions To Increase Affordability. In an op-ed running more than 1,800 words for the New York Daily News, Harvard University economics professor and author of “Triumph of the City: How Our Greatest Invention Makes Us Richer, Smarter, Greener, Healthier and Happier” Edward Glaeser urges Mayor Bill de Blasio to prioritize large construction projects as part of his effort to increase affordability within the city. Rather than limit construction and mandate a percentage of units to be affordable, Glaeser argues in favor of far fewer construction restrictions, which he says would have the effect of increasing affordability more effectively than de Blasio’s current plan.

Their opinions - Possible places to shape -
Or funny Grandmother stories if you trust politicians and developers as much as I do.
Bet they'll ask for discounts and concessions.  -Norman
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Re: Real Estate Update from: BuildingsNY

Ethics
You will fair well there, Norman. Just surround yourself with fat, sweaty men, and you will by OK.
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Re: Real Estate Update from: BuildingsNY

martin66
In reply to this post by Norman
Yeah, buying a home is one of the most complex decisions. So, make sure you pay out plenty time and money in hiring the right notary.

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