Showing posts with label riverside south. Show all posts
Showing posts with label riverside south. Show all posts

Sep 8, 2014

Affordable Housing More Complex than a "Poor Door"

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To understand "affordable housing" in Manhattan, you must understand our housing market.  Manhattan is a unique place in the real estate universe. Not only does it have a large rental market (approximately 75% of the available housing units vs. about 5 - 10% in other markets), but it has  housing ownership and other important differences that are unique often puzzling and peculiar.

Approximately 70% of the housing inventory available for ownership in Manhattan are in coop apartments that converted from rental buildings. Coops are private corporations governed by a board of directors that can pick and choose who can live in their building. The coop board has the right to reject any potential purchaser for any reason other than housing discrimination although they are not required to give a reason for rejecting a purchaser. The rest are condos, and townhouses. 

Most new construction developments are condos or rental buildings. It's important to understand our peculiar housing market to understand the complexity, history and politics of "affordable housing" in NYC.

 Low income rental section
Mayor De Blasio’s Housing Plan
Housing New York: A Five Borough, Ten Year Plan 
defines Affordable housing in NYC by the Area Median Income (AMI) as follows: 

Extremely Low Income (0-30% of AMI)
Very Low Income (31-50% of AMI)
Low Income (51-80% of AMI)
Moderate Income (81-120% of AMI)
Middle Income (121-165% of AMI)
    
The NYC Department of Housing Preservation & Development (HPD) is the City’s lead housing agency.
HPD does not market rent or sell apartments but HPD requires that subsidized apartments be rented through an Open Lottery System to ensure fair and equitable distribution of housing to eligible applicants.
 



With so few affordable apartments even qualified applicants still have to win a lottery. Some "affordable" buildings such as Penn South a limited-equity housing cooperative development located between Eighth and Ninth Avenues and West 23rd and 29th Streets, in Chelsea opens it's 14 to 15 year waiting list with a new lottery every ten years or so. You need to win the lottery to get on their 14 year waiting list. 
West 62nd Street entrance to rental building segment

The NY POST, who's owner billionaire Rupert Murdoch recently paid $57.25 million for a new Manhattan condo with  a separate private "ULTRA RICH elevator separated from "RICH" elevator never the less is the local NYC Madame Defarge selling papers by channeling populist rage with the headline and artist renderings of a luxury new building on Riverside Boulevard with captions: “RICH DOOR on Riverside Blvd.” and “POOR DOOR in back alley.”

The NY Post article has been picked up and mimicked all over the world. "The rich and poor residents of a building on Manhattan’s Upper West Side, in a high-end development called Riverside South, will have to use separate entrances to their homes."

The "affordable" rental section of the development will have an entrance on West 62nd Street.

It was interesting hearing the term used by local politicians since they know the game. They play the game. They make the rules. The city and state give out tax incentives to developers in exchange for building affordable housing units, parks even subways stations.  NY state is running a $multimillion ad campaign "NY State Open for Business" promoting tax incentives to businesses offered by the state.

NYC property taxes are complicated and difficult to figure out but owner's of condos and coops pay a much higher tax rate than owner's of houses. The co-op tax abatement was created in 1996 to help eliminate the significant disparity in taxation between co-op and condo apartments, which are generally assessed and taxed at 45 percent of market value, and single, two- and three-family homes (mostly in the outer boroughs) which are assessed at 6 percent a year.

While most coops and condo owner's have been receiving a 17.5% tax abatement since 1996 the law was changed last year.  The new law only allows the tax break only on a primary residence. Pied-à-terre, or units held solely in a trust or by a limited-liability company, no longer qualify.
The tax benefit (421A) bestows property tax breaks for up to 25 years on new multifamily buildings.  It was put in place in the 1970s to spur development. The idea was that developers received a tax abatement passed on to owners in new developments in exchange the developers gave back to the city by building a public space and/or affordable housing units.

To be eligible for 421-A in prime Manhattan neighborhoods, developers had to include affordable housing, at least 20%. The 80/20 model has been used by developers primarily on rental buildings for decades.  A developer could build a luxury building on Upper West Side and build affordable housing in the Bronx to get the tax abatement. Prior to 2007 421-A tax abatement's were given to practically all new construction. 

In 2007, Mayor Bloomberg cracked down on 421-A. The tax breaks were applied to more NYC neighborhoods, including upper Manhattan and the outer boroughs. Developers could no longer build affordable housing in outer boroughs but had to build in same community as the luxury building.  The inclusionary housing mandates that the affordable units be in a separate building, in the same community or they can be clustered in what the city calls a building “segment,” which then has to have a separate entrance. Hence "Poor Door" 


The Ashley Market Rental building



The Ashley 400 West 63rd Street
Regardless of income renters and owners are often separated by a different door, separate building or segment of a building when a development has both a rental component and condominium. Hotel condos have separate entrances for condo owners and hotel guests. 

In fact right next door north of 50 Riverside Boulevard is The Alden at 60 Riverside Boulevard built by the same developer Extell. Right behind the Alden is it's sister rental building, The Ashley with a separate entrance at 400 West 63rd Street "the so-called back alley" The market rate rental apartments in the Ashley primarily have north, south and east views. The Alden condominium with the entrance on Riverside Boulevard features many units with west facing direct Hudson river views.






In the 1940's 50's and 60's the government built affordable public housing called "Housing projects".  NYCHA was created in 1934. There are deteriorating housing projects all over the city. The Riverside south project is located between Riverside Boulevard and West End Avenue. An exciting new neighborhood that didn't exist 15 years ago.

One block east of West End Avenue is Amsterdam Avenue. Amsterdam Houses a NYCHA housing project has 13 buildings, some 6 and some 13-stories high on 9.49 -acres. The 1,080 apartment complex houses an estimated 2,382 persons. It was completed in1948 located across Amsterdam Avenue from Lincoln Center and is bordered by West 61st and West 64th Streets, from Amsterdam Avenue to West End Avenue in Manhattan.

13 building housing project | Amsterdam Houses

Amsterdam Houses

















Amsterdam Houses were built more than a decade before the vast urban renewal program in the 1960's that included the new Lincoln Center for the Performing Arts and the eight Lincoln Towers buildings on 20 acres in the west 60's between West End Avenue and Amsterdam.

A separate door for the low income subsidized rental section of a brand new luxury condo located in a prime location or the alternative a door to a NYC Housing Authority project. In my opinion inclusionary housing with mixed incomes in new developments from the private sector in a new neighborhood is the future of affordable housing and a better option for new generations of low income New Yorkers than public housing projects from a bygone era. 

Bottom line 55 brand new affordable units available for low income households previously not available. I applaud Mayor Bill De Blasio's ambitious plan Housing New York:  A Five Borough, Ten Year Plan, to build and preserve 200,000 housing units, including 50,000 new affordable housing units. I hope he accomplishes this goal.

I hope more affordable housing becomes available for Moderate Income (81-120% of AMI) and Middle Income (121-165% of AMI) A "Middle/Moderate Door" and more affordable housing programs for  home ownership. 

Photos courtesy of: ©Mitchell Hall

More reading about affordable housing home owner opportunities:

HDFC Coops | Affordable Home Ownership
HDFC Coops | Facts vs Myths
HDFC Coop Income Standards
NY Tax Abatement's for Going Green
421-A Tax Abatement
HDC Affordable Condos & Coops


Feb 27, 2012

Riverside Boulevard - The New Upper West Coast

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The New York Times recently cited Corcoran Sunshine Marketing Group data that show prices and sales pace on Riverside Boulevard far outpacing the market.

The average price per square foot of a Riverside Boulevard condominium increased 10 percent year-over-year to $1,552 in the fourth quarter of 2011, compared to a 4 percent gain to $1,417 in Manhattan as a whole. Sales activity rose 23 percent between 2010 and 2011 compared to 6 percent Manhattan-wide.

In January, Yankee Alex Rodriguez sold his condo in the Rushmore with an asking price of $8 million despite purchasing it just 10 months earlier for $5.5 million.

The Times noted the area has come a far way from when Donald Trump first laid down the plans for Riverside Boulevard in the early 1990s. In fact, I remember taking potential buyers over there just a few years ago. They liked the apartments but said they didn't want to wait 5 years until the area developed into a real neighborhood. It's a real neighborhood now.

Riverside Boulevard AKA Riverside South is perhaps the most exciting new community in Manhattan. The new Upper West Side coast extends along the Hudson River from West 59th Street to West 72nd Street on 92 waterfront acres, formerly occupied by the Pennsylvania Rail Road yards.

Donald Trump bought the property back in the 1970's. The buildings range from 30 to 40 stories, and the waterfront park covers 23 acres. Design standards imposed variations among the towers, and the street plan respects the existing West Side grid. The first building was completed in 1998.

Trump Place: 240, 220, 200 Riverside Boulevard
The four Trump Place condominium buildings (120, 200, 220 & 240 Riverside Boulevard) front the Hudson River along the northern most boundary adjoining Riverside Park. Trump also built rental buildings located at 140, 160, and 180 Riverside Boulevard.

Trump Place was one of New York City’s first projects to offer a unique mix of richly diverse luxury amenities such as English billiard rooms, European spas, tranquil libraries & reading rooms, screening rooms, and sky terraces offering spectacular views.

With the 25-acre Riverside Park South offering waterfront bike paths, picnic and sporting areas, and an enormous public recreation pier, Trump Place completes the all inclusive lifestyle like no other neighborhood in New York. In 2000, seven acres of land stretching from 68th to 72nd Streets was added to Riverside Park, called Riverside Park South.

In 2005 The Carlyle Group and Extell Development Company purchased a large tract of land and three apartment buildings from investors and Donald Trump for $1.76 billion. The transaction included a tract of land, which is bounded by 59th and 65th Streets and West End Avenue and Riverside Boulevard, and three existing apartment buildings.

Extell developed The Avery, The Rushmore and The Aldyn. The Avery was completed in 2008 and The Rushmore in 2009. The Avery is sold out and only a few sponsor units are available at The Rushmore. However, there are currently resales available at both buildings. The Aldyn, now selling.
The buildings will be joined by several additional residential developments (Riverside Center) taking shape in the next few years.
    

The Avery, a 32-story building with 274 one-to-three bedroom residences, has views of the Hudson River and Riverside Park between 64th and 65th streets. Avery features a state-of-the-art fitness center that overlooks a large children's playroom, a gaming room, Abigail Michaels concierge service, an onsite parking garage and an unprecedented partnership with Lincoln Center for the Performing Arts.

The Rushmore's 16-story base gives rise to two soaring towers standing 43 stories tall. The Rushmore will offer its 289 residences world-class amenities, including La Palestra Fitness and Wellness Center, indoor lap pool, screening theater, private sundeck and an exclusive partnership with Kidville, NY.



The Aldyn, a new luxury residential 40 story building has rental apartments on the second through tenth floors and condominium apartments from the 11th floor through the 40th floor. The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River. Sports lovers and athletes will love LA PALESTRA Athletic club & Spa designed by Roman and Williams

The properties of Riverside South have some of the best amenities in New York City. The selection of apartments includes everything from small one-bedroom residences to large combinations with big ter

Riverside Park South, designed by landscape architect Thomas Balsley, spans from 62nd to 72nd street connecting Riverside Park with Hudson River Park.

Six more towers with about 3,000 apartments, along with an elementary school, retail space and a hotel, are planned between 59th and 62nd Streets.


The final piece of the Riverside South community will be built by award winning architect Christian de Portzamparc. Riverside Center will provide the neighborhood with much needed infrastructure, amenities and open space including a new 150,000 square-foot school.


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Jul 25, 2011

40 Riverside Boulevard - The Glassiest Tower

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Courtesy of Goldstein Hill & West 
The latest Riverside South Tower to be the glassiest reported Amanda Fung in Crain's New York Business.

40
Riverside Boulevard one of the last residential buildings at Riverside South will be considerably glassier than it's neighbors to the north according to the projects designers at Goldstein Hill & West Architects.

The 650,000-square-foot residential tower at 40 Riverside Blvd. will be 33-stories high and boast more glass than any of the other new buildings north of it according to Stephen Hill, a partner at Goldstein Hill & West Architects.
 


"The new tower at 40 Riverside will have a stone base but transition into more glass as it rises, It will have an “appearance of a curtain wall.” “It will look cleaner, sleeker and more beautiful,” Mr. Hill told Crain's reporter Amanda Fung.

Mr. Hill has been involved in developing Riverside South since 1995, first under his former employer Costas Kondyllis & Partners and now under his own firm Goldstein Hill & West. To date, he has worked on 10 of the projects, most recently, helping developer Extell Development design residential towers The Rushmore, Aldyn and Ashley.

Back in November I reported in this blog Riverside Center Development Approved. Riverside Center, the final piece of the Riverside South community received city approval for Extell to build Riverside Center, a proposed 3.1 million-square-foot, mixed-use property consisting of five high-rise towers on the southern end of the site, between West 59th and West 61st streets. Riverside Center will provide the neighborhood with much needed infrastructure, amenities and open space including a new 150,000 square-foot school.


Rendering Riverside Center


Riverside Center will be built on an eight-acre parking lot and former rail yard. Riverside Center will be built directly south of The Aldyn, Extell's new 40 story luxury condominium and rental building, now selling on Riverside Boulevard.




Jan 18, 2011

Offering Plan Accepted at The Aldyn

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The offering plan has been accepted at The Aldyn, a new luxury residential 40 story building at 60 Riverside Boulevard on the Upper West Side of Manhattan. The Aldyn has rental apartments on the second through tenth floors and condominium apartments from the 11th floor through the 40th floor.


The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River. Sports lovers and athletes will love LA PALESTRA Athletic club & Spa designed by Roman and Williams:


•Fitness Center with Yoga, Pilates, Personal Training, and Kinesis Rooms

•75' Swimming Pool and Hot ub

•Rock Climbing Wall

•Basketball Court

•Squash Court

•Bowling Alley, Game Room, and Club Lounge

•Golf Simulator

•Private Treatment Rooms

•Men & Women's Locker Rooms, Suana and Steam Rooms

•Private Landscaped Garden

The Residences include Brazilian Cherry Flooring, 9' ceilings, Bosch Washer and Dryer's. Choice of kitchens in teak or white cabinetry, Decorative Metal Pulls and Dishrack, Custom Lighting, Blizzard Quartz Countertops with Caldia Marble Chef Block, Blizzard Quartz backsplash with Integrated Teak Spice Shelf, Smeg Dual Fuel Range, Smeg Energy Star Rated dishwasher, Miele Refrigerator/Freezer Wine Refrigerator and Microwave Oven. The bathrooms feature Bianco Dolomite marble lors and Walls, Teak Accent Wall Panels, teak vanity and Mirrored Cabinetry, Marble Countertop and Backsplash, Zuma Tub, Waterworks Brushed Nickel Fixures and Toto Toilet.


One Bedrooms: 739 - 839 square feet starting at $775,000 - $1,195,000
Two Bedrooms: 1,071 - 1455 square feet starting at $1,425,000 -2,195,000
Three Bedrooms: 1,618 -2075 square feet starting at $2,600,000 - $3,350,000
Four bedroom: 2,505 - 2,755 square feet starting at $4,000,000- $4,950,000
Six Bedroom Duplexes and Penthouse Residences with terraces and pool 2,930 -5960 square feet range from $6,300,000 to $17,500,000.

Courtesy: Mitchell Hall, Associate Broker, The Corcoran Group

Nov 5, 2010

Riverside Center Development Approved

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Riverside Center
Members of the City Planning Commission approved the Riverside Center development at a meeting Oct. 27, praising the project as vibrant and a beneficial addition to the Upper West Side.
Riverside Boulevard - Trump Place,   The Rushmore, The Avery, The Aldyn - Riverside Center

Riverside Center, the final piece of the Riverside South community will be built by award winning architect Christian de Portzamparc. Riverside Center will provide the neighborhood with much needed infrastructure, amenities and open space including a new 150,000 square-foot school.

Riverside Center will be built on an eight-acre parking lot and former rail yard. Riverside Center will be built directly south of The Aldyn, Extell's new 40 story luxury condominium and rental building, now selling on Riverside Boulevard.

The Aldyn - 60 Riverside Boulevard

Aug 23, 2010

Riverside Boulevard - Manhattan's New West Coast

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Riverside Boulevard is perhaps the most exciting new community in Manhattan. The new west coast extends along the Hudson River from West 59th Street to West 72nd Street on 92 waterfront acres, formerly occupied by the Pennsylvania Rail Road yards.

Donald Trump bought the property back in the 1970's. The buildings range from 30 to 40 stories, and the waterfront park covers 23 acres. Design standards imposed variations among the towers, and the street plan respects the existing West Side grid. The first building was completed in 1998.
Trump Place 240, 220, 200 Riverside Boulevard
The four Trump Place condominium buildings (120, 200, 220 & 240 Riverside Boulevard) front the Hudson River along the northern most boundary adjoining Riverside Park. Trump also built rental buildings located at 140, 160, and 180 Riverside Boulevard.

Trump Place was one of New York City’s first projects to offer a unique mix of richly diverse luxury amenities such as English billiard rooms, European spas, tranquil libraries & reading rooms, screening rooms, and sky terraces offering spectacular views.

With the 25-acre Riverside Park South offering waterfront bike paths, picnic and sporting areas, and an enormous public recreation pier, Trump Place completes the all inclusive lifestyle like no other neighborhood in New York. In 2000, seven acres of land stretching from 68th to 72nd Streets was added to Riverside Park, called Riverside Park South.

In 2005 The Carlyle Group and Extell Development Company purchased a large tract of land and three apartment buildings from investors and Donald Trump for $1.76 billion. The transaction included a tract of land, which is bounded by 59th and 65th Streets and West End Avenue and Riverside Boulevard, and three existing apartment buildings.

Extell developed The Avery, The Rushmore and The Aldyn. The Avery was completed in 2008 and The Rushmore in 2009. The Avery is sold out and only a few sponsor units are available at The Rushmore. However, there are currently resales available at both buildings. The Aldyn, now selling.
The buildings will be joined by several additional residential developments (Riverside Center) taking shape in the next few years.
    

The Avery, a 32-story building with 274 one-to-three bedroom residences, has views of the Hudson River and Riverside Park between 64th and 65th streets. Avery features a state-of-the-art fitness center that overlooks a large children's playroom, a gaming room, Abigail Michaels concierge service, an onsite parking garage and an unprecedented partnership with Lincoln Center for the Performing Arts.


The Rushmore's 16-story base gives rise to two soaring towers standing 43 stories tall. The Rushmore will offer its 289 residences world-class amenities, including La Palestra Fitness and Wellness Center, indoor lap pool, screening theater, private sundeck and an exclusive partnership with Kidville, NY.



The Aldyn, a new luxury residential 40 story building has rental apartments on the second through tenth floors and condominium apartments from the 11th floor through the 40th floor. The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River. Sports lovers and athletes will love LA PALESTRA Athletic club & Spa designed by Roman and Williams

The properties of Riverside South have some of the best amenities in New York City. The selection of apartments includes everything from small one-bedroom residences to large combinations with big ter

Riverside Park South, designed by landscape architect Thomas Balsley, spans from 62nd to 72nd street connecting Riverside Park with Hudson River Park. 

The park offers a balance of recreational opportunities and amenities that reflect the culture of the Upper West Side, including an amphitheater, athletic facilities, community gardens, sunning lawns, café terraces and public art. Other aspects include a boardwalk that spans four city blocks, a bicycle path stretching from The Cloisters to the tip of Manhattan and Pier I stretching 750-feet into the Hudson.

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