Carter's View

Fourth Quarter Manhattan apartment rents rose reportedly 9.5 percent in past year

January 13, 2012

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.

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Mayor Bloomberg reportedly scuttles plan announced yesterday to curb booze outlets

January 12, 2012

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."

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City plans rezoning of retail spaces on commercial avenues of Upper West Side

January 12, 2012

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.

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New development apartment prices rose about 5 percent in Fourth Quarter 2011

January 5, 2012

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.

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Gov. Cuomo proposes building a very large convention center at Aqueduct in Queens

January 5, 2012

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.

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