Mayor Bloomberg announced 11 initiatives to support New York City's financial services sector and encourage entrepreneurship. The programs will help retain and grow financial companies and institutions in New York City and promote business innovation through entrepreneurial activity.
Create Incubators for Start-up Businesses:
To help entrepreneurs launch new start-up companies, the City is partnering with academic institutions, property management companies and commercial landlords to establish high-quality, ready-to-use office space that comes with basic business services and administrative support.
For the first incubator at 160 Varick Street at Hudson Square, the City helped negotiate a three-year master lease between the Polytechnic Institute of New York University and Trinity Real Estate. Beginning March 1, start-up companies will be able to sublease the space starting at $200 per person per month for six months with an option to renew.
The space comes with basic business services like telephones, computers, fax machines, copiers, shared conference rooms and shared kitchen areas, and will accommodate about 100 people. Bloomberg LP and Thomson Reuters have agreed to provide data feeds at no cost, and university partners will provide mentoring services, business seminars and networking opportunities for tenants.
The City and the Polytechnic Institute have an agreement with the Moinian Group for a second incubator at 90 John Street that will open in April and accommodate 100 people. In addition, the City has entered into an agreement with a coalition of existing providers of incubator space, able to accommodate about 700 people, to offer space at up to 40 percent below their standard rates.
Establish New York City Angel Fund:
Angel investors typically provide funding to small start-up companies before they are in a position to garner venture capital dollars a crucial stage in the entrepreneurial process.
The City will invest $3 million to create several funds totaling between $9 million and $10 million to make angel investments of $20,000 to $250,000 to New York City-based start-up companies.
Launch Annual International Financial Services Business Plan Competition:
To attract groundbreaking financial services start-up companies and enhance New York City’s reputation as a center for financial innovation, the City will market and conduct an annual business plan competition with top business and engineering schools throughout the U.S., Europe, Asia and Latin America.
Open "VC Connect" Online Information Portal and Provide VC Support Services:
To establish a central information clearing house and support network for entrepreneurs and startup companies and to help publicize the activity already occurring in New York, the City will create and manage a website that will include a calendar of seminars and networking events, real estate information, a discussion forum and other resources to help entrepreneurs. NYCEDC will release a Request for Proposals from website developers in the coming weeks, and the website will launch in Summer 2009
Begin FastTrac Program to Help New Yorkers Start Entrepreneurial Businesses:
FastTrac, a business training program to help emerging entrepreneurs, including those displaced from the financial services sector, start new businesses and help existing entrepreneurial business owners run their businesses.
Start JumpStart NYC to Help New Yorkers Join Entrepreneurial Businesses :
JumpStart NYC, a free job training and placement pilot program designed for workers laid off from the financial services sector looking for opportunities within New York City’s network of venture capital portfolio businesses.
Expand Incentives for Financial Services Companies Locating in Lower Manhattan: In the coming days, the City and State will announce details on the redeployment of more than $30 million in Federal incentives to attract new financial services firms and institutions to Lower Manhattan, the traditional heart of the industry in the City.
Attract and Grow New Financial Services Utilities:
Utilities such as stock exchanges and clearing institutions serve as the "glue" that holds together the financial services sector. The City will work with established and developing exchanges like the New York Mercantile Exchange’s Green Exchange and SecondMarket to help them capture business in growing areas, like carbon credits and other emerging asset classes.
Conduct International Recruitment Campaign:
As firms in emerging markets continue to grow and expand, many will look for appropriate locations in which to establish North American offices. To maximize the number that choose New York City as their regional base, the City will conduct an international recruitment campaign focused on attracting commercial banks and insurance companies headquartered in China, India and other developing economies
Establish Ongoing Financial Services Advisory Committee:
The Financial Services Advisory Committee will meet regularly through 2009 to maintain a dialogue between City Hall and the industry, as well as within the industry. The Committee will discuss industry developments and track the ongoing value and effectiveness of these and other initiatives that create jobs, additional revenues for the city and overall economic growth."
Refocus Regulatory Advocacy:
In January 2007, Mayor Bloomberg and Senator Schumer outlined national reforms to help keep the U.S. and New York City as global financial services leaders. While many of those issues continue to be of importance, the recent downturn has made the need for regulatory reform in Washington even more urgent though potentially in ways that are different from those envisioned in 2007.
Feb 24, 2009
Feb 21, 2009
NYC's First Subway Expansion in Half a Century
The first subway expansion in half a century, the $2.1 billion project - funded by the City and managed by the MTA - will spur development on Manhattan's Far West Side. Two Machines Will Drill 7,100-Foot Tunnels from 11th Avenue and 25th Street to Times Square.
The Number 7 subway extension will introduce subway service to an emerging mixed-use community in Midtown West, fostering transit oriented development in one of Manhattan's most underserved and underdeveloped areas.
The subway will extend to Manhattan's Far West Side. The city's long-term investment in infrastructure will transform areas into neighborhoods full of residents, park-goers, office workers and shoppers.
The City created two local development corporations, the Hudson Yards Infrastructure Corporation (HYIC), which is contributing $2.1 billion to the project, and the Hudson Yards Development Corporation (HYDC), which oversees planning and development in the Hudson Yards on behalf of the City. In January of 2005, the City Council approved the Bloomberg Administration's plan for rezoning the Hudson Yards area.
The Number 7 subway extension will introduce subway service to an emerging mixed-use community in Midtown West, fostering transit oriented development in one of Manhattan's most underserved and underdeveloped areas.
The subway will extend to Manhattan's Far West Side. The city's long-term investment in infrastructure will transform areas into neighborhoods full of residents, park-goers, office workers and shoppers.
The City created two local development corporations, the Hudson Yards Infrastructure Corporation (HYIC), which is contributing $2.1 billion to the project, and the Hudson Yards Development Corporation (HYDC), which oversees planning and development in the Hudson Yards on behalf of the City. In January of 2005, the City Council approved the Bloomberg Administration's plan for rezoning the Hudson Yards area.
Feb 16, 2009
Manhattan (NY) Loan limits increased to $729,750
The House and Senate passed the stimulus package called the "American Recovery and Reinvestment Act of 2009" President Obama is expected to sign the bill tomorrow.
While many real estate professionals and home buyers were hoping for a $15,000 tax credit for all home buyers without income caps that was introduced in the Senate unfortunately the final bill only includes an $8000, tax credit for first time home buyers that earn less than $75,000 per year ($150,000 on a joint return).
The bill allows Fannie Mae and Freddie Mac to once again purchase and guarantee loans of up to $729,750 in high-cost areas such as Manhattan. This applies to purchases after Jan 1, 2009 until December 1, 2009.
$729,750 is approximately 80% of $912,000. $729,750 is approximately 85% of $858,000. Most coops require a minimum of 20% down and although condos only require 10% down most lenders currently are requiring a minimum of 15% down.
Loans for more than $729,750 are called jumbo loans. Interest rates are much higher on jumbo loans. Because of the credit crises jumbo loans are harder to qualify for and rates are rising. Jumbo loans are not backed by the government they have been sold on the secondary market and there are less investors interested in them these days.
So while most buyers in Manhattan including first time buyers may not be eligible for the tax credit because of higher incomes in New York, the increase to the high conforming amount back to $729,750 will cost much less than a jumbo loan. Jumbo loans are currently difficult to acquire. High down payment (50%) are required on loans above $1 million.
To find out how much you qualify for click here for a free mortgage consultation and pre-approval.
While many real estate professionals and home buyers were hoping for a $15,000 tax credit for all home buyers without income caps that was introduced in the Senate unfortunately the final bill only includes an $8000, tax credit for first time home buyers that earn less than $75,000 per year ($150,000 on a joint return).
- Individuals with incomes between $75,001 and 94,999 (single) or $150,001 and $169,999 (joint returns) are eligible for a partial tax credit.
- Individuals with incomes greater than $95,000 (single) or $170,000 (joint return) are not eligible for this tax credit.
The bill allows Fannie Mae and Freddie Mac to once again purchase and guarantee loans of up to $729,750 in high-cost areas such as Manhattan. This applies to purchases after Jan 1, 2009 until December 1, 2009.
$729,750 is approximately 80% of $912,000. $729,750 is approximately 85% of $858,000. Most coops require a minimum of 20% down and although condos only require 10% down most lenders currently are requiring a minimum of 15% down.
Loans for more than $729,750 are called jumbo loans. Interest rates are much higher on jumbo loans. Because of the credit crises jumbo loans are harder to qualify for and rates are rising. Jumbo loans are not backed by the government they have been sold on the secondary market and there are less investors interested in them these days.
So while most buyers in Manhattan including first time buyers may not be eligible for the tax credit because of higher incomes in New York, the increase to the high conforming amount back to $729,750 will cost much less than a jumbo loan. Jumbo loans are currently difficult to acquire. High down payment (50%) are required on loans above $1 million.
To find out how much you qualify for click here for a free mortgage consultation and pre-approval.
Happy Presidents Day: C-Span Survey of Top Presidents
C-SPAN released the results of its second Historians Survey of Presidential Leadership. 65 presidential historians ranked the 42 former occupants of the White House on ten attributes of leadership.Historians Survey Results Category
Total Scores/Overall Ranking
Feb 14, 2009
Paul Simon Re-Opens Beacon Theatre for Valentines Concert
Paul Simon re opens the Beacon Theatre with a Valentine concert. The Upper West Side landmark has been undergoing a $16 million renovation for the last 7 months.
Recognized as a national landmark -- the interior remains legally protected from alteration and demolition -- the three-level auditorium is distinguished by 30-foot statues of Greek women on each side of the proscenium arch.
Other features include an open-air lobby, bronze front doors, ornate moldings, white marble floors, and corridor murals depicting elephants, camels and traders.
Over the years the theatre had been white washed. In 2006 the theatre was bought by Madison Square Garden entertainment and they restored it to it's original colors.
Happy Valentines Day!
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Feb 13, 2009
Mayor Appoints New HPD Commissioner
Mayor Bloomberg named Rafael Cestero to serve as Commissioner of the Department of Housing Preservation and Development (HPD).
Cestero will replace Shaun Donovan, who was chosen by President Obama to be Secretary of the U.S. Department of Housing and Urban Development after serving as HPD Commissioner since 2004. Cestero is expected to begin in the position on March 16.
The New York City Department of Housing Preservation and Development is responsible for developing and preserving affordable housing through a variety of programs in areas like new construction, foreclosure prevention, housing code enforcement and emergency repair of privately owned occupied buildings.
As the largest municipal developer of affordable housing in the nation, HPD supports the repair, rehabilitation and new construction of hundreds of thousands of units of housing.
HPD is responsible for implementing Mayor Bloomberg’s $7.5 billion New Housing Marketplace Plan to create and preserve more than 165,000 homes and apartments in neighborhoods.
From July 2004 through December 2008, HPD, along with its for-profit and not-for-profit partners, has begun construction or renovation of 84,651 affordable housing units, 25,913 of which are homeownership units.
Cestero will replace Shaun Donovan, who was chosen by President Obama to be Secretary of the U.S. Department of Housing and Urban Development after serving as HPD Commissioner since 2004. Cestero is expected to begin in the position on March 16.
The New York City Department of Housing Preservation and Development is responsible for developing and preserving affordable housing through a variety of programs in areas like new construction, foreclosure prevention, housing code enforcement and emergency repair of privately owned occupied buildings.
As the largest municipal developer of affordable housing in the nation, HPD supports the repair, rehabilitation and new construction of hundreds of thousands of units of housing.
HPD is responsible for implementing Mayor Bloomberg’s $7.5 billion New Housing Marketplace Plan to create and preserve more than 165,000 homes and apartments in neighborhoods.
From July 2004 through December 2008, HPD, along with its for-profit and not-for-profit partners, has begun construction or renovation of 84,651 affordable housing units, 25,913 of which are homeownership units.
Feb 10, 2009
New York Fashion Week Moving to Lincoln Center
New York City's bi-annual Mercedes-Benz Fashion Week events will be moving to Lincoln Center.The fashion shows will relocate from Bryant Park to Damrosch Park in Lincoln Center beginning in September 2010.
Until then, the event will take place at Bryant Park, including the Fall 2009 collections which begin February 13, 2009.
New York fashion week generates $773 million in economic activity. The fashion industry in NYC provides more than 175,000 jobs generating billions of dollars in wages for New Yorkers annually.
The new venue at Damrosch Park, which is managed by Lincoln Center, will provide about 87,000 square feet of space for the Mercedes-Benz Fashion Week shows, compared to the roughly 70,000 square feet available at Bryant Park - a 25 percent increase.
Feb 9, 2009
Millionaire Population Drops in NYC
The number of millionaires in New York City is dropping. There are approximately 44,000 millionaires in the city this year, a decrease of nearly 10 percent from last year.
NY state is considering a tax hike for the wealthy. One proposal would raise the state income tax for anyone making $250,000 or more. Other plans suggest increasing taxes for those making between $500,000 to $1 million a year.
Governor David Paterson is opposed to the hikes and has said that higher taxes would only be considered as a last resort. Mayor Bloomberg is opposed to the tax and said it would benefit New Jersey and Connecticut.
According to a new poll from Quinnipiac University New Yorkers would rather have the state cut services than raise taxes at all. Of the people surveyed, 53 percent say services should be cut to balance the state budget. Only 36 percent say taxes should be raised.
Broken down by party, the numbers change, 73 percent of Republicans favoring cutting services, and 48 percent of Democrats preferring tax increases.
Both Republicans and Democrats support raising taxes on people earning more than a million dollars a year, with 84 percent of respondents favoring a "millionaire tax" and 13 percent opposing.
60 percent of those polled disapproved the so-called "fat tax" on non-diet soft drinks, while only 37 percent supported it.
Quinnipiac surveyed 834 registered voters across the state from December 17 to 21. The margin of error is plus or minus 3.4 percentage points.
NY state is considering a tax hike for the wealthy. One proposal would raise the state income tax for anyone making $250,000 or more. Other plans suggest increasing taxes for those making between $500,000 to $1 million a year.
Governor David Paterson is opposed to the hikes and has said that higher taxes would only be considered as a last resort. Mayor Bloomberg is opposed to the tax and said it would benefit New Jersey and Connecticut.
According to a new poll from Quinnipiac University New Yorkers would rather have the state cut services than raise taxes at all. Of the people surveyed, 53 percent say services should be cut to balance the state budget. Only 36 percent say taxes should be raised.
Broken down by party, the numbers change, 73 percent of Republicans favoring cutting services, and 48 percent of Democrats preferring tax increases.
Both Republicans and Democrats support raising taxes on people earning more than a million dollars a year, with 84 percent of respondents favoring a "millionaire tax" and 13 percent opposing.
60 percent of those polled disapproved the so-called "fat tax" on non-diet soft drinks, while only 37 percent supported it.
Quinnipiac surveyed 834 registered voters across the state from December 17 to 21. The margin of error is plus or minus 3.4 percentage points.
Feb 7, 2009
What To Do If A Lien Is Sold On Your Property?
If you have received a lien sale notice by mail or if the property has been listed on a published lien sale list, (NY Post, NY Daily News, Department of Finance) it means that the City’s records show that you owe property taxes, water, sewer, or other property-related charges and accrued interest.
As a result, a lien for the entire delinquent amount will be sold in the 2009 lien sale, unless you resolve your debt by May 1, 2009.
The most important thing for you to do is to contact the Department of Finance if you owe property taxes and/or the Department of Environmental Protection if you owe water/sewer charges. You must arrange for payment, or, if you think that you do not owe the money, you must dispute the charges to correct the City’s records before May 1, 2009
When the City sells a lien, it is not selling the property. The lienholder does not take title to the property. The lienholder purchases the right to collect the money that was owed to the City. Ultimately, however, if the property owner does not pay what is owed, the lienholder can begin a formal foreclosure proceeding in court.
Once a lien is sold, the property owner then owes the taxes, charges, and accrued interest to the new lienholder, not to the City. The amount the property owner owes automatically increases once the lien is sold, because the lienholder is entitled to receive a 5% surcharge on the entire lien amount, plus 18% interest, compounded daily and payable semi-annually. The property owner may also be responsible for paying other administrative costs associated with the lien sale; for example, legal and advertising fees.
New York runs the largest municipal water system in the country, but for years it was the only major provider that never shut off service to residential properties, no matter how much was owed. Officials feared that tenants in multifamily buildings would be unfairly penalized if the owner, managing agent, coop board or landlord did not pay the bills on time.
If you own a residential cooperative or condominium apartment and your building owes property taxes for 3 years and or owes water/sewer charges for 1 year equal to or exceeding $1,000 the city may sell a lien on the property.
As a result, a lien for the entire delinquent amount will be sold in the 2009 lien sale, unless you resolve your debt by May 1, 2009.
The most important thing for you to do is to contact the Department of Finance if you owe property taxes and/or the Department of Environmental Protection if you owe water/sewer charges. You must arrange for payment, or, if you think that you do not owe the money, you must dispute the charges to correct the City’s records before May 1, 2009
When the City sells a lien, it is not selling the property. The lienholder does not take title to the property. The lienholder purchases the right to collect the money that was owed to the City. Ultimately, however, if the property owner does not pay what is owed, the lienholder can begin a formal foreclosure proceeding in court.
Once a lien is sold, the property owner then owes the taxes, charges, and accrued interest to the new lienholder, not to the City. The amount the property owner owes automatically increases once the lien is sold, because the lienholder is entitled to receive a 5% surcharge on the entire lien amount, plus 18% interest, compounded daily and payable semi-annually. The property owner may also be responsible for paying other administrative costs associated with the lien sale; for example, legal and advertising fees.
New York runs the largest municipal water system in the country, but for years it was the only major provider that never shut off service to residential properties, no matter how much was owed. Officials feared that tenants in multifamily buildings would be unfairly penalized if the owner, managing agent, coop board or landlord did not pay the bills on time.
If you own a residential cooperative or condominium apartment and your building owes property taxes for 3 years and or owes water/sewer charges for 1 year equal to or exceeding $1,000 the city may sell a lien on the property.
Manhattan's Maple Syrup Mystery Has Been Solved
What is that Sweet Smell in Manhattan?
It's Blowing in the Wind - From New Jersey.
The Mayor’s office has determined for the first time the source of mysterious, sweet-smelling odors that have periodically been present in New York City since October 2005.
Ongoing chemical analyses had shown that the unknown substance was not harmful, but it was not until a week ago, when the City fully launched a new strategy and response protocol that included mapping the time and location of 311 odor complaints, overlaying wind and atmospheric conditions, and expediting field air sampling while New Yorkers were smelling the odor, that the smell could be identified and traced conclusively.
Crunching the numbers, found that the highest concentration of complaints was from the Upper West Side and Morningside Heights neighborhoods of Manhattan. They also discovered that incidents tended to occur on days when wind speed was moderate - fast enough to move odors across the region, but slow enough that they were not quickly dispersed. And the wind on these days generally moved from west to east, so that the wind in northern Manhattan tended to blow from Hudson and Bergen counties in New Jersey.
The review of wind and atmospheric conditions identified industrial facilities in the Bergen and Hudson counties of New Jersey as the probable source. Those facilities are involved in the production of food additives and fragrances. These companies routinely process odor-producing products such as foenugreek seeds, but the odor is only present in New York City when certain wind and humidity conditions are present.
It's Blowing in the Wind - From New Jersey.
The Mayor’s office has determined for the first time the source of mysterious, sweet-smelling odors that have periodically been present in New York City since October 2005.
Ongoing chemical analyses had shown that the unknown substance was not harmful, but it was not until a week ago, when the City fully launched a new strategy and response protocol that included mapping the time and location of 311 odor complaints, overlaying wind and atmospheric conditions, and expediting field air sampling while New Yorkers were smelling the odor, that the smell could be identified and traced conclusively.
Crunching the numbers, found that the highest concentration of complaints was from the Upper West Side and Morningside Heights neighborhoods of Manhattan. They also discovered that incidents tended to occur on days when wind speed was moderate - fast enough to move odors across the region, but slow enough that they were not quickly dispersed. And the wind on these days generally moved from west to east, so that the wind in northern Manhattan tended to blow from Hudson and Bergen counties in New Jersey.
The review of wind and atmospheric conditions identified industrial facilities in the Bergen and Hudson counties of New Jersey as the probable source. Those facilities are involved in the production of food additives and fragrances. These companies routinely process odor-producing products such as foenugreek seeds, but the odor is only present in New York City when certain wind and humidity conditions are present.
Feb 5, 2009
Hollywood on the Hudson - Made in NY
This morning when I left my apartment I noticed a very familiar sight in Manhattan. A movie crew setting up to shoot on my block.While the city faces losses of billions of dollars in revenue from Wall Street, the film and television industry in the city is booming.
More and more productions are being filmed here. Thanks to tax discounts and incentives recently instituted by New York City and New York State. More TV shows are being filmed in New York, at sound stages in Long Island City and locations throughout the five boroughs. 19 prime time shows are expected to be produced in New York this season.
Over 100,000 New Yorkers work in film and television production. NY is the birthplace of film and television technology, and the nerve center for every major network news company in the United States.
Many entertainment industry movers and shakers prefer living and working in NYC than Los Angeles. Many say they can't get the real flavor of NY on a Hollywood set and they love the energy of the city. New York City has great film schools, a thriving industry, a creative community and talent pool.
New York has been busy with recent arrival “In Treatment,” as well as “Damages,” “Fringe,” “Life on Mars,” “Cupid,” “Kings,” "Ugly Betty" and all three “Law & Order” series: “Law & Order,” “Law & Order: Special Victims Unit” and “Law & Order: Criminal Intent" as well as numerous feature films, documentaries and commercials.
“Made in NY” films and TV shows are well represented among the nominees for the 81st annual Academy Awards, the Golden Globes, the EMMY's and at film festivals throughout the world including the Sundance film festival.
"Made in NY" offers incentives to local vendors who support neighborhood filming. Filming in NYC is a multi billion dollar industry and a great revenue source for the city.
Relocating to New York from Los Angeles? Click here to receive Manhattan Apartment and Townhouse Listings.
Feb 4, 2009
First City in the Nation to put Development Diagrams Online
The NYC Department of Buildings (DOB ) announced reforms to the development process that will give New Yorkers a stronger voice in the development of neighborhoods, create greater transparency, and clarify the process for the public and for developers.
New York City will become the first city in the nation to put diagrams of proposed new buildings or major enlargements online so the public can view the size and scale of a proposed building. A new 30-day formal public challenge period will be implemented to give the public a greater voice in the development process and provide clarity for developers about when and how a project can move forward.
New York City will become the first city in the nation to put diagrams of proposed new buildings or major enlargements online so the public can view the size and scale of a proposed building. A new 30-day formal public challenge period will be implemented to give the public a greater voice in the development process and provide clarity for developers about when and how a project can move forward.
Architects and engineers filing applications for new buildings and major enlargements will be required to submit diagrams, which will be available at www.nyc.gov. The diagrams will detail critical information that can be used by the public to determine whether a project is in compliance with required zoning regulations. The diagrams will include the size of the project, drawn to scale, and where a building will sit in relation to the street.
The 30-day public-challenge process establishes a defined and organized means for the public to challenge zoning decisions by DOB that they believe are incorrect, and will provide clarity and certainty for developers about when a project can move forward, and when changes to a proposed development need to be made. The current process, which has no formal timeframe, produces confusion and unnecessary and unintended costs for development in New York City.
New Formal Public Challenge Process
- Initial Public Challenge Period: When DOB approves plans for any new building or major enlargement, the building diagrams, called ZD1 forms, and other associated documents will be uploaded to the DOB website. In addition, once a permit is issued builders will be required to post the permit at the location within three days so the public is aware of the proposed development. New Yorkers will have 30 calendar days to review and challenge the development approval.
- Initial Zoning Challenge Review: After the initial public challenge period ends, the DOB Borough Commissioner will address every challenge by conducting a full review of the construction plans and rendering decisions that will be posted online. If a challenge is determined to be valid, appropriate enforcement action will be taken, including issuing Stop Work Orders, revoking of permits, and requiring redesigns of the proposed construction.
- Community Appeals Period: If the Borough Commissioner determines that a challenge is invalid, the public will be given an additional 15 calendar days to appeal to the First Deputy Commissioner.
- Final Zoning Challenge Review: Once the First Deputy Commissioner issues a determination, the decision may be appealed to the Board of Standards and Appeals for a final determination.
Feb 3, 2009
"This Old House" is Renovated in Brooklyn
“This Old House” heads to Brooklyn, New York, for the very first time. The long-running PBS remodeling show has set up shop in Prospect Heights as they work to transform a century old brownstone into a three-family home.
The three-decade running series, This Old House TV is finally taking on a renovation in New York City, home to one of the greatest collections of residential architecture in the country.
Originally a boarding house, the structure retains many of its signature architectural details that the renovation team is keen to preserve. By the end of the project, the home will be converted into a three-family residence.
Ten episodes are scheduled to air locally on Channel 13, WNET, on Saturdays at 7pm EST. Visit www.thisoldhouse.com/toh/tv for more information
The three-decade running series, This Old House TV is finally taking on a renovation in New York City, home to one of the greatest collections of residential architecture in the country.
Originally a boarding house, the structure retains many of its signature architectural details that the renovation team is keen to preserve. By the end of the project, the home will be converted into a three-family residence.
Ten episodes are scheduled to air locally on Channel 13, WNET, on Saturdays at 7pm EST. Visit www.thisoldhouse.com/toh/tv for more information
Feb 2, 2009
Green Real Estate Glossary
Alternative energy- An umbrella term used to describe any non-traditional energy source (wind power, solar energy) that replaces more traditional sources that use fossil fuels.
Carbon footprint- A measure of your impact on the environment terms of the amount of greenhouse gases produced. Carbon footprint refers to the overall carbon emissions a building creates including construction and operation.
Carbon neutral- A company, developer, or action that claims it does not make any carbon emissions or that if it does it offsets the emissions elsewhere.
Carbon offsetting- The process of reducing carbon emissions by donating money to organizations that will plant trees or create renewable energy technology. An example would be taking a flight and paying an organization to plant trees that will equal out the amount of carbon emissions used by the flight.
Eco-assessment - An evaluation of your home or workplace that aims to cut down your energy and water usage.
Energy efficiency - Methods and technology that can reduce the amount of electricity or fuel used to do the same work, such as keeping a house warm using less energy.
Fossil fuels- Coal, oil and natural gas made by the decomposition of fossilized plants and animals.
Green design - A design, usually architectural, conforming to environmentally sound principles of building, material and energy use. A green building, for example, might make use of solar panels, skylights and recycled building materials.
Going green - Adopting practices that reduce your overall impact on the environment. These may include reducing your energy usage, recycling, using public transportation, buying local products, and/or designing, remodeling, or buying a home that is more energy efficient.
Greenwashing - The practice of making a false or misleading claim about the environmental benefits of a company, product, service or technology. An example is a homeowner/REALTOR referring to his or her home/listing with few green features as a “green home.”
LEED – Leadership in Energy and Environmental Design is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of high performance green buildings.
Photovoltaic (PV) panels - Solar panels that convert sunlight into electricity. Power is produced when sunlight strikes the semiconductor material and creates an electrical current. While initial costs to buy and install these panels are still high, incentives and rebates as well as savings in utility bills offset the purchase price.
Sustainability- The U.S. Environmental Protection Agency uses the World Commission on Environment and Development definition that describes sustainability as: “Meeting the needs of the present without compromising the ability of future generations to meet their needs.”
Volatile Organic Compound (VOC): VOCs are organic chemical compounds that are emitted as gases from certain solids or liquids. They can have short- and long-term adverse health effects. In the home, VOCs are often found in paint, cleaning supplies, building materials and furnishings.
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Carbon footprint- A measure of your impact on the environment terms of the amount of greenhouse gases produced. Carbon footprint refers to the overall carbon emissions a building creates including construction and operation.
Carbon neutral- A company, developer, or action that claims it does not make any carbon emissions or that if it does it offsets the emissions elsewhere.
Carbon offsetting- The process of reducing carbon emissions by donating money to organizations that will plant trees or create renewable energy technology. An example would be taking a flight and paying an organization to plant trees that will equal out the amount of carbon emissions used by the flight.
Eco-assessment - An evaluation of your home or workplace that aims to cut down your energy and water usage.
Energy efficiency - Methods and technology that can reduce the amount of electricity or fuel used to do the same work, such as keeping a house warm using less energy.
Fossil fuels- Coal, oil and natural gas made by the decomposition of fossilized plants and animals.
Green design - A design, usually architectural, conforming to environmentally sound principles of building, material and energy use. A green building, for example, might make use of solar panels, skylights and recycled building materials.
Going green - Adopting practices that reduce your overall impact on the environment. These may include reducing your energy usage, recycling, using public transportation, buying local products, and/or designing, remodeling, or buying a home that is more energy efficient.
Greenwashing - The practice of making a false or misleading claim about the environmental benefits of a company, product, service or technology. An example is a homeowner/REALTOR referring to his or her home/listing with few green features as a “green home.”
LEED – Leadership in Energy and Environmental Design is a third-party certification program and the nationally accepted benchmark for the design, construction and operation of high performance green buildings.
Photovoltaic (PV) panels - Solar panels that convert sunlight into electricity. Power is produced when sunlight strikes the semiconductor material and creates an electrical current. While initial costs to buy and install these panels are still high, incentives and rebates as well as savings in utility bills offset the purchase price.
Sustainability- The U.S. Environmental Protection Agency uses the World Commission on Environment and Development definition that describes sustainability as: “Meeting the needs of the present without compromising the ability of future generations to meet their needs.”
Volatile Organic Compound (VOC): VOCs are organic chemical compounds that are emitted as gases from certain solids or liquids. They can have short- and long-term adverse health effects. In the home, VOCs are often found in paint, cleaning supplies, building materials and furnishings.
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Feb 1, 2009
Top 10 NY counties with most foreclosures: Manhattan (New York County) is not one of them
New York State foreclosure filings down in 4Q, up for 2008
The New York State Banking Department and RealtyTrac released New York county-level foreclosure statistics for the fourth quarter and 2008. According to RealtyTrac, New York State foreclosure filings decreased 42 percent in the fourth quarter compared to the third quarter of 2008. For the full year, foreclosure filings increased 29% compared to 2007.
New York’s subprime lending reform bill includes a mandatory pre-foreclosure notice that requires lenders to send a notice to borrowers of high-cost home loans, subprime home loans and non-traditional home loans at least 90 days before the lender may commence legal action against the borrower. This component of the bill was designed to encourage communication between all parties involved in an effort to limit the number of unnecessary foreclosures.
Manhattan (New York County) the most densely populated county in NY and the US is not one of the top ten NY counties with the most foreclosures. It is also the only county (borough) in NYC not on the list.
For 2008, the top ten New York counties with the most foreclosure filings were:
- Queens: 8,990 foreclosures - a 16.6 percent increase from 2007
- Suffolk: 6,324 foreclosures - a 12.5 percent increase from 2007
- Kings: 5,861 foreclosures - a 4 percent decrease from 2007
- Nassau: 4,481 foreclosures - a 25.8 percent increase from 2007
- Monroe: 2,999 foreclosures - a 0.8 percent decrease from 2007
- Erie: 2,811 foreclosures - a 207.9 percent increase from 2007
- Westchester: 2,722 foreclosures - a 79 percent increase from 2007
- Richmond: 2,412 foreclosures - a 43.6 percent increase from 2007
- Bronx: 2,227 foreclosures - a 4.5 percent decrease from 2007
- Orange: 1,739 foreclosures - a 273.5 percent increase from 2007
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