manhattan Archives - Page 2 of 17 - Rava Realty

“City of Yes”: Mayor Adams’ Plan to Transform NYC Housing

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Mayor Eric Adams has proposed an ambitious housing agenda named the “City of Yes,” aiming to address New York City’s housing crisis and alleviate high rents. Unveiled at the end of September, this proposal aligns with the “Yes in My Backyard” (YIMBY) movement, with a goal to construct 100,000 new homes over 15 years by easing zoning restrictions.

Key measures include the elimination of mandates for parking in new developments, the legalization of dorm-style shared housing, and the approval of accessory dwelling units, which include unregulated basement apartments susceptible to ...

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Manhattan Market Pulse: October 2023

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The monthly contract activity stood at 571 in September, down 13.4%, with 88 fewer contracts signed than last year and 18% with 127 fewer signatures from the 698 historical average for the month. The Median Sales Price is $1,130,000, 2.2% down from last month and 5% down from last year. The supply of units on the market stands at 7,219, down 6.7% from a year ago. While the number of pending sales and units currently in contract stands ...

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Will Manhattan Be the Next Hollywood?

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Manhattan is set to become a new hub for the film and content industry with plans for a massive 266,000 square-foot studio at Pier 94 on the Hudson River’s West Side. This project is a joint venture between Blackstone and Vornado.

Additionally, there’s a significant 11-soundstage studio in Queens, located in the old Steinway Piano Factory, in a partnership involving Wildflower and Robert DeNiro’s Wildflower Studios. This expansion is part of a larger trend, with over 130 new production facilities added in New York over the past ...

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Tourists are back in New York City

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New York City is experiencing a tourist resurgence, highlighted by record-breaking attendance at the U.S. Open and a nearly 10% increase in jobs within the hotel and restaurant sectors.

Nevertheless, Chinese travelers remain notably absent due to travel restrictions and long visa wait times; NYC remains on track to welcome an estimated 63.3 million visitors this year, representing a 12% increase from the previous year. Times Square, in particular, has witnessed a vibrant revival, with pedestrian traffic exceeding pre-pandemic levels and spending rebounding to 92% of ...

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Manhattan Market Pulse – September 2023

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The monthly contract activity stood at 796 in August, with 28 fewer contracts signed than last year and down 5% from the 841 historical average for the month. The Median Sales Price is $1,180,000 at the moment, basically the same amount as last month and just 1.6% down from last year. The supply, the number of units on the market, stands at 6,480, down 4.2% from a year ago. While the number of pending sales, which is the ...

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The City Needs More Housing But New Development Approvals Plummets

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In July, Zero buildings and zero units were approved for construction in Manhattan, and only 10 buildings and 279 units were approved for construction across all of New York City. Manhattan’s president, Mark Levine, highlighted this as a crisis and expressed the need to address the issue. 

The likely reasons for this decline are high-interest rates and the expiration of the crucial tax incentive program 421a, which provided tax breaks to developers who included affordable units in ...

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