Digestible Real Estate News
We’re keeping this recurring piece to do a bit more for those genuinely interested in New York real estate, not just food porn, and give my LinkedIn designation a little luster. Taking a note from the easy to absorb nuggets of information in MarketSnacks‘ newsletter (blanketed with this unshakable food theme), here are your RealEstateSnacks so I can make this newsletter tax deductible.
*drum roll*
1. THE L-TRAIN IS NO LONGER SHUTTING DOWN. 4-months out from the slated 15-month shutdown, Governor Cuomo pulled the plug on the project that has been in the works for over 4 years. While the NYC Transit President announced that Cuomo’s plan will undergo independent review, this is a Hail Mary Pass for both the 250,000 daily L-train riders and the real estate market. Curbed breaks down the new solve in this article and thank goodness there are still advocates for continuing to develop alternative transit options for knowing NYC, this current plan isn’t surefire…as they haven’t even addressed the toxic dust issue yet…
2. The landscape of the Lower East Side continues to morph with average price per square foot for new developments creeping over $2,000. This awesome interactive piece from Curbed lets you chart what sparkly new condos are coming to the neighborhood…and whose place in the neighborhood fabric they’re taking.
3. For your monthly dose of history, here’s an interesting tidbit about how microbes and general illnesses shaped the city way more than any new development project. Microbes altered the city from water sources, to proper sanitation, to stigmatism and destruction of tenements, to certain building codes, to the creation of public parks to name a few. For those of you who aren’t squeamish, there’s an exhibit about all of this at the MCNY – good luck touching the subway rails after.
4. The general populous doesn’t exactly know where and what it will look like BUT WE GOT AMAZON. NYC handed off more than $1.7 billion in subsides to make the deal happen and many are up in arms as it seems Cuomo is letting Bezos by-pass City Council to get whatever his heart desires. The 8 million square foot campus is focusing on the waterfront, plus factoring in where 25,000 employees will live, and how this will effect the train systems…Jesus take the 7 Train Wheel.