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 Robinhood Snacks‘ newsletter (blanketed with this unshakable food theme), here are your RealEstateSnacks so I can make this newsletter tax deductible.
1. After years of appeals, lawsuits, community outcry, the infamous trio of Two Bridges buildings that have been on hold got the green light to start construction.I wrote about this project a few years ago, as this lower-income neighborhood, bustling with character, is finally on the helm of becoming another over developed pocket of the city. The development plans have been hit with a barrage of lawsuits, however developers emerged victorious from the appeals court with ground to proceed. Seeing how sluggish the sales have been at the monolith One Manhattan Square, maybe developers should take the hint and ease the gas on the project…For visual sake, the insanity on the forecast for Two Bridges:
2. In the least surprising news, vacancy rate reached an all-time high in Manhattan in July as No Fee rentals surged, bringing to light the true plight of the city’s landlords. No-fee listings made up 85% of all inventory in Manhattan and Brooklyn in August, the NYT reported, up from 25% in January. Manhattan has seen three straight months of record vacancy, as landlords are willing to make a deal to get an apartment rented. In July, Manhattan saw the largest annual rent decline in nine years – and that was accompanied with increasing concessions. Also in July, nearly half of all new leases included some freebies. Sadly, the areas of NYC that saw the highest rates of Covid also saw the rent increases…
3. With land at a premium, developers are trying to jump through legislative hoops to push residential buildings taller than historical precedent has allowed. However with one hotly contested Upper West Side project, a Manhattan Supreme Court judge is voiding permits, arguing the project defies common logic and zoning rules. 50 West 66th was poised to become the largest tower on the UWS, but mainly due to a development trick where entire floors house mechanical equipment, maximizing height and profits through sales of apartments with better views. The mechanical void in W 66th would be 198 ft, a whopping half of a football field, which is clearly excessive and the judge duly ruled an egregious overreach. However this litigation will only become more common so the outcome of this sets important precedence…
And for the two homes I’m ogling this month…
…this spectacular Townhouse in Brooklyn Heights for $10,995,000…
…the breathtaking bones and original detail of this Fort Greene Park Facing Townhouse…
