Showing posts with label manhattan. Show all posts
Showing posts with label manhattan. Show all posts

Apr 14, 2014

East Harlem | Manhattan Neighborhood

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Metro North Railroad Station at 125th Street & Park Avenue

 
'There is a rose in Spanish Harlem
A red rose up in Spanish Harlem
It is a special one, it's never seen the sun
It only comes out when the moon is on the run
And all the stars are gleaming
It's growing in the street right up through the concrete
But soft and sweet and dreamin'

Ben E King 
"Spanish Harlem" 





Manhattan Neighborhood | East Harlem

El Barrio (Spanish Harlem) SpaHa (East/Spanish Harlem) community stretches from First Avenue to Fifth Avenue and from East 96th Street to East 125th Street.

Rich in history and residential charm, the diverse East Harlem neighborhood offers those in search of a new apartment or townhouse plenty to peruse. Housing stock runs the gamut from row houses to studios, from one-and two-bedroom co-ops to renovated tenements.

A big draw in East Harlem is space — apartments often come with a dining room, an outdoor garden, or even parking. Large rental complexes like Hampton Court (complete with gyms, garden decks and retail shopping) are now being joined in East Harlem by luxury condos offering views of the East River, the George Washington and RFK (Triborough) Bridges.

Lexington Hill Condominium (103/104th Streets)
East Harlem’s cornucopia of food, culture and lively street life reflects its history. From the exclusive Rao’s Restaurant, founded in 1896, and Patsy’s Pizzeria, established in 1933 in part of Old Little Italy, to modern-day bodegas and botanicas, shopping and dining in this neighborhood continue to evolve even as the Uptown apartments do.

On the artsy side of East Harlem, provocative murals by celebrated artist James De La Vega — some commissioned, some not — dot the neighborhood and the living legacy of Salsa greats continues at venues such as Creole, a jazz/supper club, and Orbit, a bar/restaurant that hosts open mic nights in its jazz and cabaret schedule.


East Harlem residents enjoy the East River Plaza on 116th Street off the FDR Drive that opened in ’09. If you want to stock your home with everything, big companies that will be offering their wares for sale in East Harlem include Target, Marshall’s, Best Buy and Manhattan’s first Costco. Other neighborhood attractions include the Museum of the City of New York, El Barrio Museum, Central Park East and North Meadows.

Easy access to get out-of-town. There's a Metro-North Railroad Station at 125th Street with a 4-5-6 Lexington Avenue subway stop and easy access to the FDR Drive and the west side via cross town bus on 125th Street. Easy access to La Guardia airport from 125th Street airport bus.

There currently are approximately 40 active apartments for sale in East Harlem. Ranging from $139,000 for a 2 bedroom, 1 bath, 5th floor walk-up to $2,980,000 for a 3 bedroom. 3.5 bath, 2849 square foot penthouse at the Crown Condominium.

Currently there are approximately 10 residential buildings (single family, multi family, mixed use and income properties) for sale in East Harlem ranging from $1,150,000 for a two family house to an 8-story income property delivered vacant under construction condo for $15,550,000.


                                                                                             There is a rose in Spanish Harlem...




Dec 31, 2013

Banner Year for NYC RE Ends | Happy New Year 2014

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2013 was a banner year in NYC real estate. It's been a great year for seller's. Lowest inventory in NYC history. While all indications point to a continuation in 2014, the end of 2013 marks the end of an era. The Bloomberg real estate era.

Mayor Michael R. Bloomberg became mayor 3 months after 9/11/2001. Lower Manhattan came roaring back. Since September 11, 2001, the number of people living in Lower Manhattan has nearly doubled. In fact, Lower Manhattan has added more people over the past 12 years than Atlanta, Dallas and Philadelphia combined.

Our city’s rapid economic recovery was the result of strong leadership at all levels of government (local, state and federal) and the resilience of all New Yorkers who were determined to come back from this unthinkable event stronger than ever.

Today Lower Manhattan is full of new housing, restaurants, hotels, bars, parks, schools, open spaces and new businesses big and small. Upper Manhattan including Harlem is thriving too. Neighborhoods throughout Manhattan and Brooklyn are thriving.

West Chelsea from 10th Avenue to 11th Avenue, from 16th Street north to 30th Street, is booming with new condo developments that have transformed the neighborhood into a fashionable destination. Most of the new developments are around the High Line. New condos with park views.

MTA Railyards in the Hudson Yards district was the single largest piece of undeveloped property in Manhattan and will be the biggest development that has been realized since Rockefeller Center. Manhattan's newest neighborhood, Hudson Yards will accommodate over 13 million square feet of commercial and residential space, development at the Railyards will transform the landscape of Manhattan and dramatically alter the City’s skyline.

I bid farewell to Mike Bloomberg and I welcome the new mayor Bill de Blasio. I hope he is as successful a mayor as Bloomberg was including his vision for affordable housing.  Lets hope he delivers on his promises and will build or preserve affordable units for the middle class and will continue in the right direction.

No matter who is mayor or what year it is currently well priced properties will continue to fly off the shelf in bidding wars. Buyers are enthusiastic yet cautious. Even in a low inventory environment, over priced properties will be over looked.
Good bye 2013. Happy New Year 2014 to all.









Sep 25, 2013

Does Landmarking Curtail Affordable Housing Development in Manhattan?

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Study Finds No Affordable Units Created in Landmarked Districts Since 2008;
Study Finds Decline in Diversity, Higher Incomes in Historic Districts

A study by REBNY (The Real Estate Board of New York) finds designating large swaths of Manhattan as landmarked districts has stifled the creation of affordable housing in New York City, according to a press release issued by the Real Estate Board of New York. 

Their analysis found that since 2008, zero units of affordable housing have been constructed in landmarked districts in Manhattan, with just five units built since 2003.  There were 8,070 new affordable housing units built borough-wide from 2003-2012. 
In addition, of the 53,220 new residential units built in Manhattan during the 10-year period, a mere 1.9% -- 998 units – were in landmarked districts.

According to the study, census data shows that residents within landmark districts have significantly higher household incomes and are dramatically less diverse than other areas of Manhattan and New York City.

REBNY singled out density restrictions, landmark compliance costs, and a lengthy public review process as main reasons why housing and particularly affordable housing development is extremely unlikely on landmarked sites. 

A July 2013 study by REBNY concluded that landmarking in Manhattan is growing at a rapid rate, with nearly 30 percent of properties protected by landmark regulations.   In some neighborhoods, such as the Upper West Side and SoHo/Greenwich Village, the level of protected properties has reached a staggering 70 percent. Given this and REBNY’s most recent study, it is clear that certain areas of Manhattan are closing off opportunities for affordable housing for future generations. 

In addition to new construction, 114 affordable units were created through renovation – all built before 2008 on City-owned properties, with 85% of these units located within West Harlem’s Hamilton Heights/Sugar Hill Historic Districts and none south of 87th Street.

As a proud member of the residential brokerage division of REBNY, I appreciate all their analysis and lobbying efforts on behalf of the real estate industry and NYC economy. The study makes sense because landmarking curtails all new construction development. 

The whole idea of landmarking and preservation to preserve the historic and architectural integrity of a neighborhood or building. Unfortunately that includes affordable housing new construction developments. I'm pro development but I'm also pro landmarking. Not every neighborhood and building should be designated a landmark without a valid reason but every 19th century townhouse shouldn't be razed for a new glass sliver building. I beleive in moderation.

 As a broker who specializes in affordable housing the term "affordable" and "low income" in Manhattan is subjective. I have sold many HDFC coops in Manhattan. These "affordable" and "low income" coops are for households with maximum incomes of 120% to 165% of the NY metropolitan area as determined annually by HUD. 

The median income of the NY metro area for 2013 is $85,900 for a household of 4. The maximum income 165% is $141,735 or $99,330 for a 1 person household. Most HDFC coops are in prewar buildings that NYC owned by default and sold them to the existing tenants. it is a successful program that offers affordable housing, home ownership, limited equity and equity. These coops helped gentrify blighted neighborhoods like West Harlem’s Hamilton Heights/Sugar Hill Historic Districts that the study mentions.

Most of the new construction affordable housing in Manhattan is in the 80/20 program. Developers that build luxury developments get tax abatement's if 20% of the project is affordable.

While this is an excellent way of creating affordable housing the 20% is usually rentals and the income requirements are so low $20,00--$32,000 (approx varies building to building) that moderate income New Yorkers such as NYC teachers, policeman, nurses and many other working middle class New Yorkers make too much money for these units. 

A new  luxury condo going up on Riverside Boulevard by Extell Corp under the 80/20 program created a lot of media attention recently. Local politicians, activists and mayoral candidates all pandering with empty rhetoric about the separate entrances for the 80% wealthy condo owners and the 20% low income subsidized renters having separate entrances to the building. Much ado about nothing.

Personally I would very very happy to get a $million+ apartment on the Hudson river for $500/month no matter what entrance led to my luxury subsidized apartment. Not one politician or news article suggested the need for "affordable" housing for middle class New Yorkers. 

Manhattan certainly needs affordable housing. It needs affordable housing for the middle class. 80/20 is a great program but in my opinion it would be much better if it included affordable units for moderate incomes and for middle class New Yorkers.

Aug 21, 2013

Manhattan Wireless Subway Service

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36 Subway stations in Manhattan have wireless voice and data communication capability service.  AT&T and T-Mobile USA customers can already use their phones at the 36 stations; Verizon and Sprint are expected to join by the end of the year.

Have you ever noticed some people are on the phone on the train?  While not great, some riders are able to complete calls and exchange text messages on trains, particularly along the No. 1 train line. I usually wait until the train pulls into the station before I hit send. 

While the MTA has no plans to wire the entire tunnels riders might be able to find cellphone signals not just on platforms but on moving trains themselves because the stations nearby are wired.

While the network allows full cell phone and Wi-Fi connectivity, enabling voice and data functions such as phone calls, text messages, emails, music and video streaming and more, all underground, it also enables important services that improve safety and security like E911.

The list of stations now connected is as follows (* first six were part of the initial build):

*1 23 Street – 8 Ave. C Subway Line IconE Subway Line Icon
*2 14 Street – 8 Ave. A Subway Line IconC Subway Line IconE Subway Line Icon
*3 14 Street – 7 Ave. 1 Subway Line Icon2 Subway Line Icon3 Subway Line Icon
*4 14 Street – 6 Ave. F Subway Line IconM Subway Line Icon
*5 14 Street – 8 Ave. L Subway Line Icon
*6 14 Street – 6 Ave. L Subway Line Icon
7 96 Street B Subway Line IconC Subway Line Icon
8 86 Street B Subway Line IconC Subway Line Icon
9 28 Street 1 Subway Line Icon
10 18 Street 1 Subway Line Icon
11 81 Street-Museum of Natural History B Subway Line IconC Subway Line Icon
12 72 Street B Subway Line IconC Subway Line Icon
13 79 Street 1 Subway Line Icon
14 23 Street 1 Subway Line Icon
15 96 Street 1 Subway Line Icon2 Subway Line Icon3 Subway Line Icon
16 66 Street-Lincoln Center 1 Subway Line Icon
17 72 Street 1 Subway Line Icon2 Subway Line Icon3 Subway Line Icon
18 57 Street F Subway Line Icon
19 47-50 Streets-Rockefeller Center B Subway Line IconD Subway Line IconF Subway Line IconM Subway Line Icon
20 57 Street-7 Ave. N Subway Line IconQ Subway Line IconR Subway Line Icon
21 28 Street N Subway Line IconR Subway Line Icon
22 50 Street 1 Subway Line Icon
23 50 Street C Subway Line IconE Subway Line Icon
24 23 Street N Subway Line IconR Subway Line Icon
25 49 Street N Subway Line IconR Subway Line Icon
26 5 Ave.-53 Street E Subway Line IconM Subway Line Icon
27 59 Street-Columbus Circle 1 Subway Line Icon
28 59 St-Columbus Circle A Subway Line IconB Subway Line IconC Subway Line IconD Subway Line Icon
29 7 Ave. B Subway Line IconD Subway Line IconE Subway Line Icon
30 Times Square-42 Street 1 Subway Line Icon2 Subway Line Icon3 Subway Line Icon
31 Times Square-42 Street N Subway Line IconQ Subway Line IconR Subway Line Icon
32 Times Square-42 Street 7 Subway Line Icon
33 Times Square-42 Street A Subway Line IconC Subway Line IconE Subway Line Icon
34 Times Square-42 Street S Subway Line Icon
35 5 Ave.-59 Street N Subway Line IconR Subway Line Icon
36 86 Street 1 Subway Line Icon
 
Will I still be able to use my favorite excuse for not taking a call? 
Sorry I missed your call I was on the subway ,-)

 
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