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New Developments in the News

JULY 19, 2010

Landmarks hearing turns raucous over proposed TriBeCa Mosque; Inventory and owner perks shrink as Manhattan rental market heats up.

A public hearing by the Landmarks Preservation Commission turned rather lively over proposed landmark designation of the five-story loft building at 45-47 Park Place in TriBeCa. One man was asked to leave after a lengthy invective accusing other witnesses of McCarthyism and scapegoating. The building—partially damaged in the 9/11 attacks—has been at the center of recent controversy between residents with strong feelings about its landmark status and others who cite bigotry and bias against the faith of its Muslim owner. The building’s new owner hopes to replace the building with a newly-erected Muslim Center.

A report issued in early July by Prudential Douglas Elliman stated that apartment rents in Manhattan rose in the second quarter of 2010 on a per-square-foot basis. Though rents were shown to have fallen (the average rental price fell by 3.3 per cent), the average size of apartments rented fell as well, causing the calculated rent-per-square-foot to rise by 12.3 percent. A similar report by Citi Habitats showed that demand has increased, and the vacancy rate for rentals is at its lowest in three years, adding that owner-paid enticements may soon become “a thing of the past.”

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