Real Estate History – 1943: White-only Stuy Continue Reading →

The choice used to be an easy one. Those who could afford it chose the city. Those who wanted more space for their bucks chose the lower borough. That is no longer true these days. With sale prices and especially rents rising sharply in Brooklyn, many home-seekers are finding that popular Brooklyn neighborhoods no longer come at the discount they’re expecting.
Let’s look at rentals. The June issue of The Real Deal analyzed market data and found that rents have ...

The developers of one of the most luxurious buildings in Manhattan, 15 Central Park West, have their eyes set on midtown east (also known as Turtle Bay) — specifically First Avenue near 46th Street where a new luxury condo project is under construction. Arthur and William Lie Zeckendorf’s latest development, a 44-story tower, will be the area’s first new residential project since 2001 when the Trump World Tower was completed and is poised to set price records for that area. ...

The current inventory crunch, the worst in recent memory, has become the defining feature of New York’s residential market. At the end of the first quarter, there were just 4,960 co-ops and condos in Manhattan for sale – a 34% decrease from 7,560 in the same period of last year according to appraisal firm Miller Samuel. Current inventory is around the levels of 2004, before the real estate boom gathered steam. Inventory peaked in 2009 and has been falling ever ...

This month in 1939, Tiffany&Company announced it would relocate to 727 Fifth Avenue, 20 blocks north of its former store location at that time.
Tiffany’s headquarters at 401 Fifth Avenue was built in 1905 but by 1939 the area south of 42nd Street was losing its high-end shopping hub allure, the action was moving north.
In 1939 the New York Times wrote: “The move provides a significant touch of stability to the street, which has become known as America’s Rue ...

Lower East Side (LES)

The Real Deal reports interesting facts about the Lower East Side neighborhood of Manhattan. This is a new up and coming area for future city development.

The construction company Extell paid nearly $150 million for the site of a now-shuttered Pathmark store at 227 Cherry Street. The firm is expected to build a high rise residential rental tower on the site (apparently its name will be The Lo-Down).

More importantly a 1.65 million-square-foot development site, the largest piece of ...