Showing posts with label housing. Show all posts
Showing posts with label housing. Show all posts

Aug 15, 2014

NYC Residential Building Permit Comparison


REBNY Research department (Real Estate Board of New York) compared the peak year for housing production (new units of housing permitted) before the recession (generally 2005-2008) in New York, San Francisco, Boston, Seattle, and Washington D.C. with their housing production in 2013. 
New York City has by far the largest population and the most housing units of any of these major U.S. cities.

Of these five cities, New York is the only city whose production has not reached its pre-recession peak.  However, building permit levels are on the rise in NYC for 2014, up almost 2,500 units from the same time last year.  

If NYC experiences the same level of increase in building permits in the second half of 2014 as it did in 2013, its annual total will compare positively with the average annual new housing unit permits we achieved in the last decade.  The last decade was the highest annual average in thirty years.  

Aug 10, 2013

President Obama Answers Questions on Housing

President Obama answered questions from US homeowners, renters and prospective buyers moderated by Zillow CEO Spencer Rascoff.

Jan 15, 2010


City Will Use Funds to Assist Homebuyers, Purchase and Renovate Foreclosed Units and Develop Vacant Sites

U.S. Department of Housing and Urban Development (HUD) has awarded more than $20 million in Recovery Act funding to the New York City Department of Housing Preservation and Development under HUD's Neighborhood Stabilization Program 2.

The grants were awarded competitively to applicants who developed the most innovative ideas to address the impact of the foreclosure crisis on local communities while demonstrating they have the capacity to be responsible stewards of taxpayer dollars. The City will use the funds to buy, renovate and resell foreclosed properties in the most-affected neighborhoods to low- and moderate-income families.

In addition to the award to HPD, two other New York City housing agencies received NSP funding in Round 2: Habitat for Humanity New York was awarded $10.5 million and Community Builders received an award of $5.5 million.

Aug 26, 2007

Columbia, NYU; Apartments - Real Estate Empires

Summer is almost over as evidenced today by the crowds of NYU students in Greenwich Village. With a little help from their parents they moved into dorms and apartments in Greenwich Village. Today is NYU "move-in-day."

A similar scenario takes place in Morningside Heights as Columbia University students begin moving in to their dorms and luxury apartments that Columbia owns.

Both NYU and Columbia have been building real estate empires in their respective Manhattan neighborhoods. Both private non profit institutions have real estate holdings worth more than half a billion dollars. Columbia ownes more than 7,000 apartments and it's real estate is worth approximately $635 million. This number excludes the value of wharehoused property it has not yet converted to educational use.

Columbia has ambitious plans to expand the campus from Morningside Heights to include 18 acres from 129th St. to 133rd Street in the Manhattanville section of West Harlem. The expansion plan will take 25 years with phase 1 to be completed by 2015.
The new campus will utilize and convert some existing manufacturing plants in the Manhattanville industrial section including the old Studebaker plant. Open public roads and spaces through the Manhattanville campus will connect West Harlem to the Hudson river waterfront.

While there has been growing community opposition both school's strategy is to build prestige by buying up real estate in an effort to recruit top faculty and students from around the world by offering apartment housing perks in Manhattan.

Many community leaders feel both these private non profit institutions are benefiting at tax payers expense by reducing the city tax revenue by taking so many buildings off the city's tax rolls.

There is no doubt that Columbia and NYU bring cultural, scientific and intellectual prestige to NYC. Many graduates will choose to live in NYC as their careers will be here. They will pay city and state income tax. They might even start whole new industries. They will buy real estate.

Manhattan attracts graduates from top schools from all over the country and abroad. More than 50% of Wharton Business School's class of 2007 have moved to Manhattan.

To all the new students entering NYU, Columbia and all the other fine undergraduate, graduate, law schools and med schools throughout NYC, I wish you all much success.

Parents from all over the country are investing in Manhattan real estate while their children are attending schools here. Many parents are buying condos for their adult children and for themselves and other family members.

For many it is a great investment. Children get housing while in school and starting their careers, the parents get a great asset and a pied-a-terre in Manhattan.

To search Manhattan MLS listings ~ To receive ALL Available Apartment listings emailed.

This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

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