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New Developments in the News

NOVEMBER 15, 2010

New home sales are up slightly in September but remain at half-century low; Planning Commission approves developer’s Riverside Center plan

According to figures released by the Commerce Department, sales of new single-family homes were up 6.6 percent for the month of September, though the actual figure is reportedly one of the lowest the department has seen since it began tracking new home sales in 1963. The median price paid for a new single-family home was up slightly for the month as well—to $223,800 from $220,500 the month before.

The City Planning Commission has voted 12-1 to approve Extell Development’s plans for Riverside Center on the Upper West Side. The plans, which envision a redevelopment of what commission chair Amanda Burden called “a bleak eight-acre parking lot,” include five residential towers, a retail space, a garage and more on the site that lies west of West End Avenue between 59th and 61st Streets. The sole “no” vote was cast by commissioner Anna Levin, who voiced concern that the planned development was “just too big.”

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