CityRealty Insider > New Developments in the News

New Developments in the News

SEPTEMBER 26, 2011

City Museum may keep Seaport Museum’s fleet afloat; Price-chopped co-ops selling well at the market’s top

The Museum of the City of New York has entered into a deal in which it will take over the Seaport Museum with help from a $2 million grant from the Lower Manhattan Development Corporation. The takeover, which still requires final approval from the City Museum board, could rescue the financially struggling institution. The Seaport Museum at 12 Fulton Street explores the city’s maritime history with artifacts, historic ships and service boats, including its signature fleet of 11 vessels, many of which have deteriorated so severely that the museum had considered turning them over to other maritime centers.

According to a recent Wall Street Journal article, sales of Manhattan’s priciest cooperative apartments rebounded sharply during the first half of this year as reduced selling prices spelled opportunity for value-conscious big-ticket buyers. The article suggested that while $20 million co-ops aren’t flying off the shelves like they were in 2008 (13 compared to this year’s paltry three), people with money to spend are getting used to uncertainty and reaching for their checkbooks.

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