The median net effective rent (face rent less landlord concessions) rose 9.5 percent to $3,121 in the Fourth Quarter of 2011 from $2,950 in the same period the previous year in Manhattan, according to the latest Douglas Elliman Report on apartment rents.
The study indicated that there was "no apparent shift in apartment mix was responsible for the increases" that were consistent across all rental price indicators. The sharp decline in mortgage rates pulled some potential renters into the sales market, the report continued.
One of the biggest regular agendas on community board calendars in the city is application for State Liquor Authority licenses, a reflection both of the popularity of consuming alcohol and the fickle survival rate of the restaurant business.
So it was big news yesterday when an article by Carl Campanile in The New York Post indicated that Mayor Bloomberg "wants to crack down on alcohol sales to curb excessive drinking, according to a provocative planning document....[from the city's Health Department's far-reaching Partnership for a Healthier New York City initiatives proposes to slash the number of establishments in the city that sell booze."
The New York City Department of City Planning has proposed new retail zoning regulations for the retail avenues on the Upper West Side to try to keep small "mom and pop stores" in the area and discourage the continued invasion of large bank branches and drug stores.
The regulations would affect 73 blocks between 72nd and 110th streets on the west side of Broadway and 74th and 110th streets on the east side of Broadway, both sides of Columbus Avenue between 72nd and 87th Streets, and the west side of Amsterdam Avenue between 75th and 110th Street on the west side excluding the blocks between 100th and 101st streets and 102nd and 103rd streets, and, on the east side, between 73rd and 87th streets and 105th and 109th streets.
New apartment development witnessed a 9 percent decline in median price in the Fourth Quarter of 2011 to $1 million compared to a year ago while average price per square foot increased 5 percent to $1,210 according to the Corcoran Report released this week.
The decline in median price, the report continued, was due to a drop in two- and three-bedroom market share and an increase in market share for Upper Manhattan. "These trends are a result of the limited amount of new product available, particularly in prime locations. Compared to a year ago, average price per square foot increased in every submarket except for the East Side," the report maintained.
In his State of the State speech yesterday, Gov. Andrew Cuomo proposed the building of a new convention center near the Aqueduct Racetrack and a casino in the South Ozone section of Queens and the redevelopment of the existing Jacob K. Javits Conventional Center in West Midtown.
The new center he proposed would contain about 3.8 million square feet as opposed to the 840,000 square feet of exhibition space at the 25-year-old Javits Center, which is completing a $500 million renovation that is expected to be completed in about two years.
The fourth quarter of 2011 had the lowest number of sales of luxury apartments in Manhattan in six years, 2,011, and 12.4 percent less than in the prior year quarter, according to the Elliman Report, which suggested that the decline was "perhaps related to the unusual surge in sales in the prior quarter," noting that "pending sales were also below the prior year level."
The report indicated that there were 7,221 active listings at the end of the fourth quarter, "essentially unchanged from the same period last year, but 2.6 less than the ten-year quarterly average of 7,412."
Extell Development has raised condominium apartment prices at One57, its 1,004-foot-tall mixed-use development at 157 West 57th Street that is under construction now and is already several stories higher than Jumeriah Essex House and Hampshire House on Central Park South just to the north across 58th Street.
The Landmarks Preservation Commission voted unanimously yesterday to approve revised and significantly reduced rooftop additions to the Puck Building at 295 Lafayette Street on the southeast corner at Houston Street.
The building is owned by the Kushner Companies. Jared Kushner, the head of the company and the publisher of The New York Observer, a weekly newspaper in Manhattan, had proposed in August adding six penthouse units on the stepped roofs of the 1885-6 building that had been originally designed by Albert Wagner. Mr. Kushner is married to the former Ivanka Trump, whose father is Donald Trump.
The stocky and robust, 13-story, rental apartment building at 500 West 23rd Street on the southwest corner of Tenth Avenue opens for occupancy next month, filling in the last gap at this very important intersection in Chelsea.
It is known as "Ten23" and has 111 apartments and overlooks the High Line Park and there is elevator access to the park on the sidewalk in front of this building. The building is notable for the subtle patterning of its cast-concrete piers, some of which are partially curved to provide depth for some "inset" windows and give the light-gray facades considerably more visual interest.
When William Zeckendorf started his redevelopment of the full-block Madison Square Garden site between Eighth and Ninth Avenues and 49th and 50th Streets in the mid-1980s, Eighth Avenue in Midtown was a dreary place full of tourist stores, pornography dens and bars despite its proximity to the theater district.
It has since been dramatically transformed with more than 15 new high-rise projects between 41st Street and Central Park South divided about equally between office buildings and residential towers.
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