New York City saw more 12,800 units open in the first half of this year, with another 31,000 expected to open by 2020, according to an analysis from Localize.city.Nearly 60 percent of the new units are opening in the top 10 neighborhoods; more than a quarter are in just three neighborhoods: Long Island City, Williamsburg and Bushwick.
New York’s Pennsylvania Station is among the most unpopular places anyone in the Northeast United States has to visit. Today’s station structure, shared with Madison Square Garden, is an urban renewal project from 1963 that replaced a majestic Beaux-Arts building, whose demolition provoked outrage and sparked the historic preservation movement. The late architectural historian Vincent Scully said of the original station, “Through it one entered the city like a god. … One scuttles in now like a rat.” In the
A useful tool not just for L-Train Hell but understanding commute times from various locations in the City and hopefully additional cities.
Endless train delays and calcifying surface traffic have lately painted the New York City transit experience a deep shade of red. Soon, commuters will unlock a fresh level of hell when the tunnel housing the L train closes for 18 months to address Hurricane Sandy damage. Starting as early as 2019, the shutdown of the tunnel—and all L train stations west of Bedford Avenue in Brooklyn—will directly impact the 250,000 riders who shuttle between Brooklyn and downtown Manhattan every day.
The map isn’t only great for arguing about whose commute is about to suck the most. You can also debate how travel options compare, for better and for worse, as they presently are. Dropping a single pinpoint onto the map reveals, in shaded color, relative access by train and bus from that location to everywhere else in the city. Bed-Stuy is a transit-friendly place to live, with lots of places easily accessible:
Last week the New York Public Library made over 180,000 images from their digital archives available in the public domain, and free for high-resolution download. Not only are the images available for download, but since they are in the public domain and free of any copyright restrictions, users have the freedom to get creative and alter, modify, and reuse the images in any manner they see fit. Featuring a wide variety of images including drawings, engravings, photographs, maps, postcards, and in some cases, digitized copies of entire books, the collection has been noted for fascinating historical artifacts such as a set of color drawings of Egyptian gods and goddesses, and a digitized book from the 18th century containing over 400 color plates depicting various current and historical fashion trends.
These days, hardly a week goes by without a new report about struggling retailers and rising vacancies in Manhattan.
Average retail asking rents fell year over year in seven of the borough’s 12 main retail submarkets in the first quarter of 2016, according to Cushman & Wakefield. And several prime shopping districts now have availability rates well over 20 percent, while stretches on Bleecker Street and Broadway have become notorious for their empty storefronts.
These signs of trouble are coinciding with record spending by retail investors and the rise of the retail condo.
Investors have shelled out $25 billion on Manhattan retail properties since the beginning of 2011, according to data from Real Capital Analytics. And in recent years, buyers have been more willing to dig deeper into their wallets and accept higher per-square-foot prices — forcing them to find tenants willing to pay high rents to justify their purchases.
Since 2000, RCA’s database counts 24 Manhattan retail condo sales that were priced at $10,000 per square foot or more. All of them closed after July 2011 and 17 closed in 2014 and 2015.
“I don’t want to say it’s a bubble but it’s been constantly bid up for six years,” Lee & Associates Managing Principal Peter Braus told The Real Deal.
Consolo added that retail condo sales prices have gone into the “stratosphere” in recent years.
“It is clear that there were numbers that were far too aggressive and the market just couldn’t keep up,” she said.
While real estate insiders are reluctant to call it a retail bubble, many acknowledge that a correction is imminent.
Michael Weiser, president of commercial brokerage GFI Realty Services, said the best indicator of whether Manhattan’s retail market is weakening is vacancy.
Availability rates — which measure the amount of retail space that is vacant or will become available — rose in all but one of Manhattan’s main retail submarkets between the first quarters of 2015 and 2016, according to Cushman.
Among those neighborhoods, several stand out: On Fifth Avenue between 42nd and 49th streets, a staggering 31 percent of retail space was available for lease. Meanwhile, Soho clocked in with a 25 percent availability rate followed by Herald Square and the Meatpacking District (both at 22 percent), Times Square (20 percent) and Madison Avenue (17 percent).
Braus said that owners who paid a steep price for retail space are more reluctant to accept lower rents. “That’s one reason why you’re seeing a lot of vacancies in those neighborhoods,” he noted.As it happens, those six districts were also home to the bulk of the priciest Manhattan retail purchases in the last two and half years, accounting for 57 of the 73 sales priced at $100 million or more recorded by RCA since January 2014. (That excludes office properties with retail components.) They are also among the neighborhoods where asking rents saw the steepest rise over the past two years, the numbers from Cushman & Wakefield show.
Worth the time to read the entire article here:
Several modern public housing projects are not only beautiful living spaces, but smart, money-saving, eco-friendly designs using innovative technologies.
The U.S. overwhelmingly remains the most popular place in the world among foreign commercial real estate investors to place capital, according to the 23rd annual survey among members of the Association of Foreign Investors in Real Estate (AFIRE).
New York City returned to its accustomed spot as the top global market for foreign investment in real estate after being briefly displaced in 2014 by London. With the exception of last year, New York has held the top rank both globally and among U.S. cities since 2010.
NYC Recaptures Top Global Investment Market in Foreign Investor Survey – CoStar Group.