New York Becomes First State to Pause Large Data Center Development

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New York Becomes First State to Pause Large Data Center Development

New York has become the first U.S. state to impose a temporary statewide moratorium on the construction of large data centers, aiming to balance the rapid growth of artificial intelligence with concerns over energy use and environmental impact. The one-year pause applies to new facilities requiring 50 megawatts or more of electricity, giving state officials time to establish new environmental standards and guidelines for future projects.

Supporters say the measure will help protect power grids, water resources, and local communities from the growing demands ...

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Manhattan Market Pulse: October 2023

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Manhattan Market Pulse: October 2023

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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Will Manhattan Be the Next Hollywood?

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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Tourists are back in New York City

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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Manhattan Market Pulse – September 2023

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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The City Needs More Housing But New Development Approvals Plummets

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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