City of Yes Passes by a Vote of 31 - 20

Stephen Ross, REBNY Members & the Adams Family Won & NYC Lost

December 6, 2024 / NYC Real Estate & Business / NYC Government & Politics / City of Yes Special Section / News Analysis & Opinion / Gotham Buzz.

The City of Yes for Housing Opportunities bill passed yesterday afternoon / evening in the City Council Chambers at City Hall. The City of Yes or NYC Municipal Legislative Bill - L.U. 181 & Res 689 - App. N 240290 ZRY (City of Yes Zoning for Housing Opportunity) amendment of the Zoning Resolution of the City of New York, modifying multiple Sections to expand opportunities for housing within all zoning districts, Citywide. *

The photo snapshot at right shows the NYC Council voting on the City of Yes.

City of Yes [Wo]Men - Roll Call Vote Tally 31-20

Voting For the City of Yes Members. Carlina Rivera District 2, Eric Bottcher District 3, Keith Powers District 4, Julie Menin District 5, Gale Brewer M District 6, Shaun Abreu District 7, Diana Ayala District 8, Yusef Salaam M District 9, Carmen De La Rosa M District 10, Kevin Riley Bx District 12, Pierina Ana Sanchez District 14, Oswald Feliz District 15, Althea Stevens District 16, Rafael Salamanca Bx District 17, Amanda Farias District 18, Francisco Moya Q District 21, Tiffany Caban Q District 22, Shekar Krishnan Q District 25, Julie Won Q District 26, Nantasha Williams Q District 27, Speaker Adrienne Adams Q District 28, Selvena N. Brooks-Powers Q District 31, Lincoln Restler District 33, Jennifer Gutierrez District 34, Crystal Hudson District 35, Chi Osse District 36, Sandy Nurse District 37, Alexa Aviles District 38, Shahana Hanif District 39, Rita Joseph District 40, Justin Brannan Bk District 47.

Pay attention to the delineation of NYC Council members by the boroughs noted above by letters. Speaker Adrienne Adams delivered enough Queens council member votes (7) in favor of the legislation, which had they voted as their Community Boards did, would have killed the City of Yes bill.

Did Adrienne Adams and these NYC Council members betray the people of Queens they were elected to represent? Well, if so, keep in mind they are up for re-election in June 2025. So please educate yourself, fact check the statements made herein by using the power of the internet, and then after you've done enough research to know what's true, start spreading the news and get behind people who will represent you, the voters, not the big money that funded their campaigns.

Voting in the Negative. Joann Ariola District 32, Chris Banks District 42, Joseph C. Borelli District 51, David Carr District 50, Eric Dinowitz District 11, James Gennaro District 24, Kamillah Hanks District 49, Robert Holden District 30, Linda Lee District 23, Farah N. Louis District 45, Kristy Marmorato District 13, Christopher Marte District 1, Diane Mealy District 41, Mercedes Narcisse District 46, Vickie Paladino District 19, Lynn Schulman District 29, Sandra Ung District 20, Inna Vernikov District 48, Kalmar Yeger District 44, Susan Zhuang District 43.

We will keep this roll call of the vote on our site indefinitely in the City of Yes Special Report Section, because you, the voters, can use it as one benchmark vote, that helps you understand who is representing you, and how they are representing you. This becomes particularly important as there is the Democratic Primary in June 24, 2025 and the general election is November 4, 2025. Almost all of the elections are decided in the June primary because 56% of NYC is Democratic and only 26% is Republican. The remaining 18% are independent.

* Editor's Note.  The summary of the bill leaves out the part about the NYC Council members forfeiting their power, and because they represent us, they are forfeiting our power and legal rights to weigh in on new developments in our neighborhoods.  The summary also leaves out the part where by rushed passage of the 1,388 bill, the real estate developers and international investors can harvest a huge amount of tax abatements for 'affordable housing' that would be 'affordable' to individuals making up to $141,000 and a family of three making up to $183,00 per year or making rental payments of $4575 per month.  And the summary leaves out the part about the negotiated deal, wherein how Eric Adams is going to miraculously fund the $4 billion, that magically appeared just by Eric Adams promising it, after Eric Adams tried to cut $100 million from the budgets of public schools in January 2024 and cut $22 million from the budget for public libraries as recently as November 2023.  Adams promise of $4 billion is just that, and only that - a promise - as it is NOT IN THE BUDGET. And we all know the value of a politician's promise, especially when it's made by someone like Eric Adams, who has a documented history of lying, and is managing a tight budget that doesn't have $4 billion of funding lying around. He's going to have to take that funding from other places like public schools, public libraries and the NYPD.

* Just Saying No to the City of Yes

See What's Driving the Urgency to Pass the 1386 Page 'City of Yes' Bill Now ...

... in Addition to being a Dishonestly-Sold, Anti-Democracy Bill, that Strips Communities of their Rights, Guarantees NO Affordable Housing, Likely will Inflate the Cost of NYC Real Estate, and Mostly Benefits the Elite, Super Rich Class of Real Estate Donors who Staffed the Group that Wrote the 1386 Page Bill & Funded the Campaigns of Mayor Adams and Numerous NYC Council Members, and Deprives NYC & NYS of Much Needed Future Tax Revenue for 10 to 40 Years

December 3, 2024 vs 11.29.24 / NYC Neighborhoods / NYC Things To Do Events / News Analysis & Opinion / Gotham Buzz NYC.

The photo above or at right shows NYC Council Speaker Adrienne Adams, who made an effort to rectify some of the deceitful promises of the City of Yes zoning changes, by negotiating some changes which are more likely to result in the creation of some truly affordable housing - but still very far short from justifying the incredible amount of government tax abatement giveaways that the City of Yes will enable, in light of the 421a NYS property tax law extension, wherein the taxpayers give the rich developers' properties 10 - 40 years tax free, in exchange for the real estate developers building apartments for tenants who earn up to between $141,000 and $183,000 per year.

Is this kind of public policy borderline or outright insane?

• CLICK this link to view our report about how Adrienne & Eric Adams sold the City of Yes, taking away New Yorkers' rights & power, without any guarantees of affordable housing.

* What did the NYC Council Speaker get After 'Negotiating' a 'Better' City of Yes Law?

She got 29,000 Fewer Affordable Housing Units, for which the Taxpayers will Pay $5 Billion More

November 27, 2024 / NYC Neighborhoods / NYC Things To Do Events / News Analysis & Opinion / Gotham Buzz NYC.

If this wasn't real, I'd be laughing pretty hard.

But because it is real, so I'm only laughing cynically, because it is so close to unbelievable ... and it's happening in - as Eric Adams likes to say - 'the Greatest City in the World'. To which I would comment, 'not for long, if this keeps up'.

Evidence Indicating the City of Yes Legislation has been Dishonestly Sold to Us

To give you an idea of how dishonestly the City of Yes legislation appears to have been sold to us by Mayor Eric Adams and Daniel Garodnick of the Department of City Planning - consider this.

Last week, City Council Speaker Adrienne Adams, 'negotiated' a better City of Yes legislative package.

So what did she / we get?

She / We got a package that costs $5 billion more, of our hard earned tax payer money, to be used to support wealthy and super rich real estate developers' and investors' projects; and in exchange she / we got 29,000 LESS AFFORDABLE HOUSING UNITS promised. So when is the last time you negotiated a better deal, for which you paid billions more, and got tens of thousands of units less, and walked away thinking you got a 'better' deal?

Come on. This is funny.

But in reality it is not very funny at all. It's dishonest.

This shows you how dishonestly Mayor Adams and his side kick Garodnick, appear to have been selling this package to the public. Part of the reason for the lower number of units is that they actually included some honestly affordable housing in the renegotiated legislation.

What Speaker Adrienne Adams got was a more honest [but not completely honest] assessment of what seemed to be a very dishonest legislative package, but it's still far, far less than anything that should fully justify it.

See 'Affordable Housing' story below dated 10.23.24, where 'affordable housing' is used to describe housing units that require an income of up to $250,000. And assuming my understanding of this is correct, Mayor Adams and Garodnick want taxpayers to give real estate developers and investors tax abatements, to build similar 'affordable housing' units, that would be rented to those earning 100% AMI [Area Median Income], which for a three person family is currently $127,000. The incentives might possibly extend to higher income levels [above 100% of the AMI], as the story below indicates - but I need to do more research to obtain confirmation or refutation that tax abatements would be given for units built for incomes above 100% of the AMI in the in the City of Yes legislation.

• CLICK here to view our report on NYC Council Speaker Adrienne Adams helps Eric Adams pass the City of Yes zoning law changes into law, transferring NYC voters' power to billionaire real estate developers and international investors.

Stats & Facts Missing in the City of Yes Proposal

Have Mayor Adams & Daniel Garodnick been Selling Us 108,000 Units of Hooey?

November 12, 2024 / NYC Government & Politics / NYC Real Estate & Business / News & Analysis / Gotham Buzz NYC.

Adams Administration Fails to Provide Straight Answers Two Very Specific & Very Basic Questions - 1) How Many Affordable Housing Units Guaranteed by Passage of this Legislation & 2) a) What Size Units, b) at What 'Affordable' Price and c) in What Borough?

What 'Affordable' Housing Guarantees? It is being sold as a cure-all for NYC's housing crisis, yet when I asked the Adams Administration Department of Planning how many units of affordable housing would we be guaranteed by passage of this legislation, the answer that came back to me was a long-winded form of 'none'.

I'll say this again - No 'affordable' housing units are guaranteed by passage of the City of Yes legislation.

What Size Apartment, at What Price & in What Borough? When I asked the Adams Administration's Department of City Planning to provide me with details of how many units of affordable housing would be built, at what 'affordable' price, for what size apartment, and in what borough - I again received another round-about answer via a link they sent me, to one of their selling pitches on a website, where I found no specifics related to the question above.

Let me say this again - No description of what sized units, at what 'affordable' price and in what borough. I found this hard to believe, since for the past year Mayor Adams and Daniel Garodnick of the Department of City Planning have been publicly selling this legislation, by promising it will result in over 108,000 new units of 'affordable' housing being built.

My papa once told me, "No proof. No sale."

Or as the 1980's Reagan commercial asked, "where's the beef?". In this case 'beef' = 'affordable housing'.

Get it While it's 'Hot' - 'Affordable Housing' Lottery in LIC

150 'Affordable Housing' Units Available for Folks w/ Incomes of 'Only' $99K to $250K

October 23, 2024 / NYC Neighborhoods / NYC Real Estate & Business / Gotham Buzz NYC.

'Better hurry' to participate in this 'affordable housing' lottery for apartments in the Jasper at 49-20 5th Street in Long Island City, Queens. Studios are renting for the 'low, low price' of $2,900 per month and two bedroom apartments are a 'steal' at only $4,400 per month.

To qualify you 'only' need to be earning between $99,000 and $250,000 per year. These annual incomes, which are an eligibility requirement, are only 'slightly' higher [+50% to +291%] than the median NYC salary of $64,000 per year.

But don't worrry, if you miss this 'great' opportunity for 'affordable housing', because the real estate developers, real estate investors, billionaires, property owners and Mayor Adams, are pushing hard to get through the City of Yes Zoning Law changes, which will provide huge tax breaks to investors, billionaires and real estate developers to make even more of this kind of 'affordable housing' available all over NYC.

Isn't that 'exciting'? It looks like more 'affordable housing' is finally on its way ...

See related stories below and in our City of Yes Special Report section on Gotham Buzz.

And you still have time to be heard by the NY City Council regarding your opinion of the City of Yes. Written Testimony is accepted for 72 hours after the hearing that was held Tuesday 10.22.24. Use this email address to send them your opinions - landusetestimony@council.nyc.gov - mailto:landusetestimony@council.nyc.gov. I believe the comment period expires at the close of business on Friday 10.25.24.

The LIC Summit 2024

The Changing Cultural and Real Estate Landscape in Long Island City

October 8, 2024 / LIC Neighborhood / Queens Real Estate & Business / Queens Buzz.

A. Prelude to Attending the LIC Summit 2024

It was a beautiful, sunny, dry day as I walked over to the Museum of the Moving Image in LIC / Astoria.  I arrived around 11 am to attend part of the second half of the LIC Summit, which is a real estate and business conference which examines in depth, an LIC centric world, but also mindful of the surrounding environment.

After I made my way through a flawless check-in, I found my way into the theater and sat down to listen in on the panel providing a Long Island City real estate update.  These panels are structured such that the moderator serves up a number of questions to the panelists for comment, which is then followed by audience questions, which sometimes are the best, because they are asked by people like you and me, who have lived and worked in the area for a long while and witnessed and have adjusted to the huge changes that have occurred in Long Island City over the past couple of decades.

I.  First Panel - LIC Residential Real Estate Update

This panel included Patricia Dunphy of SVP of Rockrose Development, Eric Benaim CEO / Founder of Modern Space, Dan Mogolesko SVP of the Durst Organization, Peter Papamichael Principal of the VOREA Group and Crystal Xu Director of Business Development United Construction & Development Group.

As I came in at the end of the panel presentation, I only caught the Q&A portion of the program, which follows.

A performance theater / school owner pondered aloud whether the developers were still interested in involving and supporting the arts and culture scene in Long Island City.  At the turn of the century LIC was well known as a thriving artists community, as it offered very competitive rents and good access to mass transit.  In the near quarter century since then, many - if not most, of the artists have moved out of the area as they can no longer afford the rents, which have skyrocketed from under $1,000 / month to over $4,000 per month.

One of the panelists said they are interested in supporting the arts and he mentioned Culture Lab LIC as one of the arts institutions that has survived the changes.  But that was pretty much the full extent of the conversation surrounding the arts community.  So I reckon the short answer would be no.

• CLICK here to read the rest of our report on the LIC Summit 2024 - Real Estate Development in LIC Queens NYC.

How Corrupt is the 'City of Yes' Zoning Legislation?

Proposed Massive Overhaul of Zoning Regulations Strips Power from Local Communities and Neighborhoods & Transfers it to Wealthy & Super Rich International, National & NYC Real Estate Developers & Investors - Many of Whom have Funded Adams' Campaign(s)

Updated September 24, 2024 & began February 21, 2024 / NYC Real Estate & Business / City of Yes Special Report Section / NYC Neighborhoods / NYC Government & Politics / News Analysis & Opinion / Gotham Buzz.

The 'City of Yes' - By, for and of, the Billionaire Investors & Real Estate Developers

This section contains the reporting we've been doing on the proposed City of Yes legislation. The City of Yes legislation appears, in essence, to be a major effort by Mayor Adams to have New Yorkers almost completely give up their power vis-a-vis having any kind of say with respect to real estate development in their neighborhoods and communities. The power is transferred to the Mayor's Office & NYC Department of Planning which is controlled by the Mayor, as well as to the billionaires, international investors & wealthy real estate developers - many of whom have contributed generously to the Mayor's election campaigns and legal defense fund, and appear to be continuing to do so. If this doesn't look right, then you're seeing what I'm seeing.

Is Mayor Adams Selling New York Out from Under Our Feet?

The City of Yes legislation seems a complete capitulation to the billionaires and real estate developers interests. In fact they are the ones who put together the 1366 page legislation. Given Mayor Adam's other ethical and legal problems, it is very troublesome that many of the same folks who will benefit significantly from the passing of this legislation, are also major contributors to the Mayor's - and also many City Councilmembers' - re-election bids / campaigns. It's time to pay attention, because this matters and with the election coming up, you can do something about it.

It's an Election Year - Pay Attention to What the NY City Council does

Mayor Adams isn't the only Mayoral candidate taking wealthy real estate developers' and billionaire property investors' cash, which oftentimes contain invisible strings that seem to be used to manipulate what gets done at City Hall ... like the City of Yes legislation appears to be.

Pay attention to whether any of the candidates running this election cycle, have the courage and integrity to call out this legislation for what it appears to be - a sell out of the masses of New Yorkers by their elected representatives - to the wealthy and super rich people who fund their campaigns.

Democracy only works if 'We The People' pay attention to who is who, and what they do, before we vote.

Unfortunately, you're not likely to be informed about this by the TV news teleprompter readers, who recite lullabies, while showing NYPD crime and social media accident videos, instead of reporting the news. Even on their best days, the TV teleprompter readers barely scratch the surface of what's really going on in this city - and on those rare occasions when they do - they seem oblivious to it.

Is the 'City of Yes' the Mayor's [and City Councils?] Quid Pro Quo?

What follows below are the reports we've done to date on the City of Yes - a nearly complete overhaul of New York City's zoning regulations.

More reports to follow, as time and resource allow.

City of Yes Text Amendments - Huge Zoning Changes in the Works - Part II.

The Proposed 'City of Yes Text Amendments' will Roll Back Local Community Board [and Hence Communities] Input into What is Built & What Activities are Allowed in Their Communities

April 2, 2024 / Brooklyn Neighborhoods / NYC Real Estate / NYC Government & Politics / News Analysis & Opinion / Gotham Buzz NYC.

Just over a week ago I attended a Zoom call, organized by Community Board 6 in Manhattan, regarding the proposed City of Yes Text Amendments Part II being promulgated by Mayor Adams and his Administration. We collectively sat through about an hour long presentation, which I found to be most enlightening as well as a bit disconcerting should the proposed changes pass without significant alteration.

I have obtained permission to publish the slides, which due to technical issues, I have had to publish in the three [vs one] slide shows you see below [they are in chronological order].  I'll post my full report early next week, but in the meantime the slides should give you an idea of how big the changes really are and has been done in such a manner that you can begin to figure out how these changes may affect you.

Whether you are a tenant, landowner or real estate developer - and no matter in which borough you live - these changes, if passed unalterred, are going to significantly change how things are done in NYC. And the more I dig into this, the more it seems to be a roll back of community input, which is - in my mind - an essential / core element of any democratic process.

Isn't it?

While I'm still not done with the research, these changes look to be quite harmful to the people of NYC, in so many different ways, while failing to provide any sure path to growing our inventory of truly affordable housing.

Much more coming next week and over the next couple of weeks.

•  CLICK here to view the slide show presentation made regarding the City of Yes at the Manhattan Community Board 6 Meeting on March 25, 2024.

Editor's Note - We are adding this story back into the mix to remind people what Mayor Adams did with the City of Yes Zoning Legislation during his four years in office [minted money for the uber wealthy]. The City of Yes was a huge giveaway to billionaires and wealthy real estate developers and investors seeming to net very little if any truly affordable housing for working class New Yorkers. This is in stark contrast to Adams' predecessor, Mayor de Blasio, who did move the needle on truly affordable housing, without providing the wealthiest among us with the massive giveaways, as it appeared Adams did.

De Blasio's State Of The City Address

NYC Mayor Maps Out A Framework To Tackle NYC's Affordable Housing Crisis

Real Estate Lobbyist: "Zoning Is The Equivalent Of Minting Money"

February 9, 2015 / NYC Neighborhoods / NYC Government & Politics / Gotham Buzz NYC.

Mayor Bill de Blasio sent the NYC political, media and real estate worlds abuzz on Tuesday, February 3rd, 2015 when he laid out his administration's plan to solve one of the severest shortages of affordable housing in the history of New York City. It seems everyone had something to say in response to it - from the folks on the street to the NYS Governor. NYC Mayor Bill de Blasio is shown standing in the bottom left corner of the photo, after giving his first State of the City Address.

The housing crisis in New York City reached crisis proportions during the Bloomberg Administration. Former Mayor Bloomberg's approach to the issue was to let rent regulated apartments expire or become transformed to encourage investment, provide generous tax incentives and city land deals to real estate developers to build luxury high rise apartments, and build more homeless shelters.

A severe shortage of affordable housing was lurking in the background, as candidate Bill de Blasio began running for the office of mayor with the theme of "the tale of two cities". His campaign keyed into the pinch being felt by the 70% of New Yorkers who rent.

Thus one year later, while giving his first State of the City Address, the 109th Mayor of New York City put the affordable housing problem front and center for his Administration in a manner similar to what he had done on the campaign trail.

And in doing so, the Mayor set afire talk about affordable housing by city and state pols, the media and city real estate developers.

Mayor Bill de Blasio's State of the City Address in 2015 was followed with reactions by banking and real estate executives, members of labor unions and other government officials.

The LIC Summit at the Museum of the Moving Image

The One Things that was Clear, Amidst a Number of Rapidly Shifting Trends, was that the Times They are a Changing

October 23, 2023 / Queens Neighborhoods NYC / Queens Business NYC / Queens Buzz. 

Last Tuesday, on a fairly nice October day, I visited the Museum of the Moving Image, to attend the LIC Summit which was organized by the Long Island City Partnership [LICP].  According to their website - at https://www.longislandcityqueens.com - the description and mission of the Long Island City Partnership is as follows:

"... [The] Long Island City Partnership(LICP) is the neighborhood development organization for LIC [Long Island City]. Our mission is to advocate for economic development that benefits the area’s industrial, commercial, science and technology, cultural, tourism, and residential sectors. The goal is to attract new businesses to LIC, retain those already here, engage residents and visitors, and promote a vibrant and authentic mixed-use community. LICP also operates the LIC Business Improvement District and LIC Industrial Business Zone (LIC IBZ), providing business services and assistance...".

The photo at right shows that it was a packed house at the LIC Summit this year at the Museum of the Moving Image in Astoria / LIC in Queens.

I believe the first Long Island City Partnership Summit was held in 2014 [also at the Museum of the Moving Image], which we reported on at the time.  Based on their outreach this year, the purpose of the event remains largely intact, which is as follows, " ... to shape the future of the neighborhood, focusing discussions on LIC’s public spaces, sustainability and resiliency, as well as the challenges and opportunities of NYC’s fastest growing neighborhood ...".

So, while a lot has changed in Long Island City, Queens, NYC - and for that matter the world - their goals and efforts remain constant amidst this changing world.  Likewise, many of the key issues of nearly a decade ago, haven't gone away.  These include the scarcity of affordable housing, the need for public space and accessible transit, and the challenge of curating an environment where local small businesses can create and operate viable business models.  And ... to be sure ... we are also facing new challenges, which include the time sensitive need to transition to renewable energy, and build and sustain resilient infrastructure - particularly in low lying and waterfront neighborhoods. 

What follows are some excerpts from the participants of the Keynote panel at the LIC Summit.  The participants included Moderator Carl Weisbrod, Senior Adviser at HR&A; and panelists Justin Ginsburgh, Managing Director Infrastructure Jet Blue; Donovan Richards, Jr, Queens Borough President; and Maria Torres-Springer, NYC Deputy Mayor of Housing, Economic Development, and Workforce for the City of New York.

• CLICK here to read the rest of our report on the LIC Summit by the LIC Partnership / real estate in Long Island City, Astoria & Queens NYC.

Public Park Land Grab?

Billionaire Looking to Privatize Queens Parkland?

Bill Pending in Albany Would Enable it

May 10, 2023 / Queens Neighborhoods / Queens Real Estate / News Analysis & Opinion / Queens Buzz / 1068.

NYS Assemblymember Jeffrion Aubrey has sponsored a bill to allow a billionaire to build a casino on Queens parkland.  Why can't the billionaire buy his own land to build the casino?  And why has Aubrey supported this public park land grab?

Click here to read the OpEd by the President of a local non-profit explaining the situation. Billionaire Steve Cohen appears to be making bid to essentially privatize Flushing Meadows Corona Park in Queens.

• CLICK here in the future for an update on Billionaire Steve Cohen Mets Owner Making a Public Park Land Grab with the help of Jeffrion Aubrey?

What Happened at the LIC Partnership Real Estate Breakfast?

LIC Real Estate Owners, Managers & Tenants Discussed the Current State of the Long Island City Real Estate Market

April 25, 2023 / NYC Neighborhoods / NYC Things To Do Events / Queens Buzz NYC / 1067.

NYC Weather. The temperature highs will be / Weather coming tomrorrow.

I never thought I would become one of the 'old timers' covering the LIC Partnership Real Estate Breakfast. But I think that perhaps I am. I hadn't covered one of these breakfasts since before the pandemic, so I found myself looking to regain my balance, vis a vis my Queens real estate sea legs.

But some things are like riding a bike, meaning they come back to you quickly, and covering the LIC Real Estate Breakfast seemed to fit that bill. As I sat there listening to the panel assembled to discuss the current state of affairs, I noticed a number of folks from prior gatherings, and while the issues were largely the same, the current state of them is constantly changing.

And I'll provide the update this weekend.

• CLICK here to read the rest of our report on the LIC Real Estate Breakfast of 2023 / real estate in Queens NYC.

Economic Outlook 2023

Employment Steady, Inflation Subsiding, Consumer Confidence Up, Government Stimulus Fading, Fed Tightening 'Should' Stop After .25% Increase at Next FOMC Meeting, Most Global Supply Side Issues have been Corrected, Oil Prices Below a Year Ago, and the Dollar is Strong

January 17, 2023 / NYC Business News / New Analysis & Opinion / Gotham Buzz NYC / 469.

NYC Weather. The temperature highs will be in the mid to high 40's and the temperature lows will be around 40, dropping to 35 degrees on Friday. No rain is expected EXCEPT on Thursday, where up to an inch of rain will fall during the day. Winds will be 5 - 10 mph on Tuesday and Thursday and will be 10 - 15 mph on Wednesday and Friday. Humidity will rise from 45% to 80% on Tuesday, fall back into the 60% range on Wednesday, rise into the 80% range on Thursday with the rain, and fall back into the 60% range on Friday.

I. Economic Background - CoVid Disruptions of Global Supply Chains and U.S. Government Fiscal & Monetary Policy Responses

In recent months I have spent a fair amount of time catching up on what's happening in the economy overall, in an attempt to guage what lies ahead. It's important to realize where we are in the business cycle, in order to figure out what to expect going forward.

* Since March of 2020, we've been in a bit of a pandemic spin. The 2020 pandemic essentially halted most hospitality businesses and softened demand for some services, but drove high demand for both durable and non-durable goods. This is on the demand side. Meanwhile on the supply side, businesses were closing down, or working at far less than capacity, because of the health impact of the pandemic. For example in China, they didn't just appear to shutter businesses, but almost entire cities, to curb the spread of CoVid. China is where much of our electronics are made so this impacted the availability / supply of electronics at a time when Americans were spending more on them, because they weren't traveling, vacationing or even eating out much, so they had extra cash to spend on items, most notably electronics.

The U.S. federal government [as did many governments throughout the world] kept many businesses afloat through expansive monetary policy and generous fiscal spending via CoVid Relief packages which put money in the hands of local businesses, governments and individuals. The fiscal stimulus / excess government spending began in 2020 during the Trump Administration, and ended in early 2021 under the Biden Administration.

The first chart above right shows the federal government excess fiscal spending during the pandemic. Both Trump and Biden temporarily increased government spending in order to keep the economy rolling through the pandemic.

• CLICK here for our report on our perspective on the economic outlook for NYC in 2023.

The Great Supply Chain Crisis 2021: Hype vs Reality

TV & Murdoch News Sensationalized the Great Supply Chain Crisis of 2021 - Telling us for Months on End No Pumpkins for Halloween, No Turkeys for Thanksgiving, No Trees for Christmas & No Cream Cheese in NYC

But How Much of that Hyping was a Murdoch Inspired Perspective in Pursuit of Political Profit & Fear Mongering Ratings at the Expense of Reporting What's Really Happening?

January 3, 2022 / NYC Neighborhoods / NYC Things To Do Events / News Analysis & Opinion / Gotham Buzz NYC.

The closer I pay attention to what's happening in our mass media, the more concerned I get. Nearly half of our daily nationally branded news media is controlled by one man, Australian born billionaire Rupert Murdoch - who strikes me as either a sociopath or psychopath. Based on the seven years I've been covering Murdoch, it appears as if he doesn't care about anything other than enriching and empowering himself, even at 90 years of age [his mother lived to 103 so he's likely going to be with us for a while].

What Those Who Know Murdoch Say About Him

In Australia - where Murdoch has been operating all his life - former Prime Minister Kevin Rudd described,

"Murdoch's media empire as a cancer on democracy".

And in Britain, a Parliamentary Report stated that,

[Murdoch] "was not a fit person" to exercise stewardship of a major international company].

Keith Rupert Murdoch, controls the Wall St. Journal, Fox News, the NY Post, Harper Collins Publishing, MarketWatch, Barrons - and along with two of Fox News largest shareholders - Murdoch appears to have a controlling interest in Disney / ABC by virtue of what seems his proximity to their relatively new CEO. Murdoch's influence appears to be manifesting itself in personnel moves being made since he became one of their largest shareholders in March of 2019. The personnel moves are in their news and related programming areas, and ultimately impact what ABC News presents to the public. I just witnessed one of many subtle changes on Sunday, while watching This Week with George Stephanopolous. I'll say more about this at the end of this report.

Fox News Lyin' Laura Ingraham, earned that moniker, as you can see in the image above. Fox News has repeatedly used misleading photos and images to lend deceptive and misleading support to their news accounts, which appear designed to influence the unaware and low information voters, in order to get them to vote for billionaire Murdoch's favored pols and against the very government officials who are trying to help the manipulated victims.

• CLICK here for the rest of the story about mass media's ratings-driven hype, and media manufactured distortions about the global supply chain disruptions.

NYC Landlord Harassments Continue

NYCCM Helen Rosenthal Hosts Housing Clinic to Inform Renters of Their Rights

May 29, 2018 / Upper West Side Neighborhood / Manhattan Real Estate / Manhattan Neighborhoods / Manhattan Buzz NYC.

MB - S.

On Wednesday, May 25th I went to the Goddard Riverside Community Center on Columbus Avenue at 88th Street to attend a housing clinic designed to inform renters of their rights.

***The following introduction is based on prior research done by me, and was not information provided at the housing clinic. I'll let you know when I segue out of my preamble and into the housing clinic.***

Over the past decade landlords appear to have become increasingly aggressive in trying to wriggle out of NYC and NYS rent stabilization regulations, that govern the rental payments under which about two million New Yorkers live.

It is my understanding that the government contributed land and / or financing to build or repair the buildings governed by NYC / NYS rent stabilization laws in exchange for the pricing rights on rent stabilized units. Many of the new landlords who have acquired rent stablized buildings, may possibly be in violation of approaching their business contract(s) in good faith, as the definition of good faith according to Wikipedia is:

"In contract law, the implied covenant of good faith and fair dealing is a general presumption that the parties to a contract will deal with each other honestly, fairly, and in good faith, so as to not destroy the right of the other party or parties to receive the benefits of the contract. It is implied in every contract in order to reinforce the express covenants or promises of the contract. A lawsuit (or a cause of action) based upon the breach of the covenant may arise when one party to the contract attempts to claim the benefit of a technical excuse for breaching the contract, or when he or she uses specific contractual terms in isolation in order to refuse to perform his or her contractual obligations, despite the general circumstances and understandings between the parties. When a court or triar or fact interprets a contract, there is always an "implied covenant of good faith and fair dealing" in every written agreement."

What is at stake, throughout the city, is literally hundreds of millions and more likely billions of dollars in - rental benefits or rental income streams - depending on which side of the struggle you're on. The landlords appear to be trying - using the torturtous side effects of construction including noise, health risk dust [inhalation], privacy loss and apartment functional loss - to wrest away the billions of dollars of rental pricing rights benefits from tenants to be pocketed by the landlords themselves. Given the high dollar value of what's at stake - including people's homes - this seems like attempted grand larceny, especially in cases where landlords are breaking the law to achieve their goals.

This will be continued at a later date. Including the segue into the information provided by the Housing Clinic to inform tenants of their rights.

Tenants' Rights March & Rally - June 14th Midtown at 4.30 pm

P.S. There's a March & Rally scheduled for June 14th, beginning at 4.30 pm, at the NY Public Library at 5th Avenue and 40th Street. They plan to march to Governor Cuomo's office at 3rd Avenue and East 41st Street. For details contact info@realrentreform.org or call 212.979.6958. All but one of the No IDC NY senatorial candidates have been invited to participate, and there's a possibility that NYS gubernatorial candidate Cynthia Nixon will be there too - as this seems to coincide with her reasons for challenging Governor Cuomo.

Amazon Backs Off Building HQ2 in LIC NYC

Have the Opponents of the Deal Lost by Winning the Battle?

February 14, 2019 / Long Island City Neighborhood NYC / Queens Business NYC / Queens Buzz NYC.

Amazon, one of the world's largest and most successful companies, has withdrew its plans to locate a second headquarters in the Long Island City neighborhood of Queens. The giant retailer / technology company said it would continue with its other development plans in Nashville, Tennessee and in Arlington, Virginia - but was withdrawing from its plans to set up a second headquarters in New York City at this time.

Queens & NYC Residents Favor Amazon's Plan for HQ2 in NYC

According to a Quinnipiac Poll in December of 2018, 60% of Queens residents and 57% of NYC residents favored the arrival of Amazon HQ2. The reasons for favoring Amazon's move to New York include:

1) The promise of 25,000 new jobs.

2) Pricing pressure to lift rents and real estate prices [beneficial to property owners].

3) Higher tax revenue for the government because of economic growth. The arrival of Amazon HQ2 would increase the NYS / NYC taxable base by billion(s) in annual wages and commercial sales, although some of this would likely have come at the expense of existing businesses.

4) The promise of a tech / business eco-system.

But a Sizeable & Vocal Minority Oppose Amazon's Arrival

But a sizeable and vocal minority opposed the plan. The Quinnipiac poll indicated that 39% of Queens residents opposed the tax incentives [versus 55% who supported them], while majorities in Manhattan and Brooklyn opposed them, and majorities in Bronx and on Staten Island favored them.

Opponents cited the following rationales for opposition to the Amazon move.

1) The $3 billion in NYS and NYC tax breaks.

2) Opposition to unionization by Amazon.

3) The expected inflationary impact on local rents and real estate prices [negative impact for tenants / prospective home buyers].

4) The ground terms of the deal were secretly negotiated by the Governor & the Mayor without legislative input.

The Opposition by Local Pols Was Cited as Squelching the Deal

Amazon issued a statement citing opposition by local pols as its reason for withdrawing from its plans at this time, while simultaneously thanking NYS Governor Cuomo and NYC Mayor de Blasio. Here are a few excerpts from a statement issued by Amazon.

“... we’ve decided not to move forward with our plans to build a headquarters for Amazon in Long Island City, Queens. For Amazon, the commitment to build a new headquarters requires positive, collaborative relationships with state and local elected officials who will be supportive over the long-term ... While polls show that 70% [Editor's Note: the percent favoring the move differs from the independent Quinnipiac poll taken in December 2018] of New Yorkers support our plans and investment, a number of state and local politicians have made it clear that they oppose our presence and will not work with us to build the type of relationships that are required to go forward ... We are deeply grateful to Governor Cuomo, Mayor de Blasio, and their staffs, who so enthusiastically and graciously invited us to build in New York City and supported us during the process ... We do not intend to reopen the HQ2 search at this time. We hope to have future chances to collaborate as we continue to build our presence in New York over time.”

I added the bold on the last couple of lines, because it seems to indicate that Amazon is still interested in expanding here. As of just before 11 am today, only an hour or two before the announcement was made [lunchtime EST], Amazon's ads pitching the community continued airing on the New York Times website - see graphic above right.

So what's next? Dunno, and I am not sure anyone else does either. Perhaps nothing for a while.

But I conjecture that Amazon, like Google and Facebook who preceded them, will grow its footprint in New York City, even without the special tax incentives. Why? Because New York City is one of the few places equipped to provide a diverse, well-educated, sophisticated workforce to accommodate large and rapid corporate growth. It's worth mentioning that only a couple of months ago, in November 2018, Google announced that it would proceed with a $1 billion expansion in New York City without any special tax incentives.

Meanwhile, remember to do something nice for your loved one and yourself, for Valentine's Day. Life goes on.

The Times They are a Changing

Amazon Coming to LIC w/ Sites Secured

New Jobs, Tax Incentives, Real Estate & Housing Impacts & Dissent

November 13, 2018 / Long Island City Neighborhood / Long Island City Real Estate / Queens Buzz NYC.

According to a November 13, 2018 Washington Post report, yesterday Amazon, NYC and NYS made public, that half of the second headquarters for Amazon would be erected in Long Island City. The other half is going to Crystal City in Arlington, Virginia; and there was a third award - not of headquarters - but rather a new operations center which is to be erected in Nashville, Tennessee which is expected to create 5,000 additional new jobs there.

The photo at right shows Hunters Point Park South along the East River in LIC. This park is just south of and adjacent to Anable Basin, one of Amazon's new HQ2 sites, and only a ten minute walk from the other one on Jackson Avenue near Citibank.

New High Paying Jobs?

The announcement included that the two new HQ2 units would eventually create 25,000 new jobs - EACH [Long Island City, NY & Arlington, Va]. In Long Island City it was expected that 3,000 new jobs would be added over the next three years, with the remaining 22,000 coming roughly over the course of the coming decade [ending 2030]. The hiring for the new locations will begin in 2019.

The NY Times in a November 12, 2018 report indicated that many of the salaries paid to the people working at the new HQ2 would make upwards of $100,000*, which they contrasted to the median income of those living in the nearby Queensbridge Housing projects where the median income is $15,000. They noted in that report that many local citizens are leery of the change, feeling rents and the cost of real estate will rise forcing many residents to move. We've heard this anecdotally as well.

HQ2 Near Low Income Queensbridge Housing Projects

The same NY Times report also stated that Amazon said it would spend $5 million on jobs training programs and resume workshops to assist Queensbridge Housing project residents. They also said they would provide incubator space for artists and tech start ups.

The November 13, 2018 Washington Post report included some indication of the upside / downside in the real estate market stating,

"Amazon’s growth is also likely to put new strains on housing. Since Amazon’s arrival, Seattle has become one of the most expensive places in the United States to live, forcing lower-income residents to move to far-off suburbs. The city and surrounding King County declared a state of emergency in 2015 over homelessness."

At right is a photo of one of the Queensbridge Housing projects in LIC a couple of years ago. The Queensbridge Housing projects have been the recipient of government investments in recent years, including significant roof repairs. Queensbridge Houses are located about a half mile north of the old downtown LIC by 50th Avenue and Vernon Blvd [St Mary's Church is the landmark] and only a stones throw from Queens Plaza.

Amazon Founder Pledges $2 Billion to Address National Housing Crisis

The report went on to include some heartening news for those feeling threatened stating,

"Since beginning the headquarters search, Bezos and the company have made several announcements that could soften Amazon’s image as it moves to open its second hub. Bezos announced in September that he would donate $2 billion of his own money to support groups battling homelessness in America and to create a network of preschools in underserved communities. In October — after bearing months of criticism from Sen. Bernie Sanders (I-Vt.) over its treatment of workers — Amazon announced that it would raise its minimum wage for all employees to $15 per hour."

The photo at right shows Sunnyside Yards, for which a development plan is in the process of being drafted. Sunnyside Yard is on the eastern border of LIC and it is a large swath of over 192 acres of land that separates Long Island City from the rest of Queens. An NYEDC [New York Economic Development Corporation] spokesperson told me that a study indicated that 180 of the acres are potential development property.

Click here to view a special report series on the Sunnyside Yard.

Market Turbulence: LIC Real Estate Market Supply, Demand & Prices

But real estate speculation appears about to begin, as the November 13, 2018 report by CNN noted,

"The real estate listing website Redfin found searches in the first six days of November grew 345% from the same period last year in Crystal City and 659% in Long Island City."

This has roiled the real estate markets, with sellers ratching up their asking prices, or deciding to rent instead of sell. A memorable quote by developer Tien Vominh in the CNN report was,

"everything's kind of cloudy ... I think it'll settle down once people realize that those 25,000 people are not on a plane headed in this direction."

In recent years LIC has seen the largest residential unit growth of any neighborhood - not just in NYC - but in the nation as well, according to a September 2017 report in the National Intelligencer. Prices for LIC rentals had been languishing the last year or so because of the rapid growth in residential unit supply. There have been reports / rumors of generous incentives being offered to potential tenants, and LIC residential unit sales prices have reportedly been softening. Continued demand, rapidly growing supply and ongoing price fluctuations seem likely in the coming years, as Amazon begins hiring in 2019, while many more residential units are scheduled to come online over the next couple of years. And there's the big unknown regarding the development of most of the 192 acre site of Sunnyside Yard.

In the photo at right is the Anable Basin during the summer time. The Anable Basin is located just north of, and adjacent to Gantry State Park along the East River in LIC. According to the LIC Post, this is where part of Amazon's HQ2 will be located using a combination of public and private land. I hear that the site deals have already been secured.

Dissent: Pros / Cons of Governor Cuomo's Generous Incentives

A November 13, 2018 NY Times report also said that NYS Governor Cuomo pledged up to $1.5 billion** in tax incentives / credits through its Excelsior discretionary fund. And NYS Governor Cuomo offerred up to $500 million in a capital grant to aid Amazon in erecting new buildings. Traditional local and state tax incentives will also be made available to the retailing giant.

In a November 9, 2018 Op Ed in the NY Times former gubernatorial and NYS Attorney General candidate, Zephyr Teachout, and NYS Assemblyman Ron Kim of Flushing / Whitestone / College Point / Murray Hill, took a strong stance against the deal, stating the NYS return on incentives given to businesses is the second worst in the nation [based on a study by the Citizens Budget Committee NY a non-profit watchdog] and that the incentives given by NYS represent 77% of the total tax dollars paid by businesses.

In a November 14, 2018 Democracy Now interview, Queens Assemblyman Ron Kim also accused Governor Cuomo of bypassing the legislature in order to allocate billion(s) of taxpayer funds, to a company controlled by the wealthiest man in the world, to subsidize expansion plans that likely would have occurred with or without the subsidies.

The map at right shows approximately where the Amazon sites are being developed. The Sunnyside Yard, just east of them, represents over 192 acres of a mix of federal, state and municipally controlled land [per Wikipedia] of which 180 of the acres are currently in the planning process for potential future development [NYEDC spokesperson]. A mix of affordable housing has been mentioned as one of the top contenders for site development, but it should be noted that the Administration of former Mayor Michael Bloomberg labeled apartments that rented for over $48,000 per year in Hunters Point South - affordable.

Amazon Cites Economic Impact Using Seattle as Example

According to the LIC Post, One Court Square West [aka the Citibank Building] is where one of the Amazon HQ2 buildings will be located. An NYEDC spokesperson said that Amazon has rented some of the floors in the Citibank Building on Jackson Avenue, but that he was not familiar with any of those details as they were part of a private transaction. In the photo at right you can see the Citibank Building where Amazon will begin working / hiring in 2019.

Winners & Losers of Amazon Arrival

On November 13, 2018 CNN reported that Amazon said that from 2010 to 2016 it added $38 billion to the economy of the city of Seattle - its current headquarters. In a November 11, 2018 report CNN also said that employees who work in Seattle will have an opportunity to relocate.

Lastly, there was a second report in the Washington Post on November 13, 2018 - which by the way is owned by Amazon founder Jeff Bezos, so the Washington Post ought to know - that outlined who it expected to be the winners and losers. The winners are property owners and developers and highly skilled workers, while the losers will be renters, low income residents, commuters due to increased transit volume, some small businesses and rival tech companies.

* The incomes reported by Governor Cuomo have been higher than those reported by news outlets [I heard $150,000 in one report]. This may possibly be due to Governor Cuomo's use of 'average' income versus a more fair metric of 'median' income. Using average income can significantly distort the picture - as by averaging in one or a few very high income earners - the average amount can rise significantly, making up for a lot of lower earning jobs. While median income means that half of the people are earning more than the median amount and half the people are earning less than the median amount. Hence median income is generally considered a more fair metric, as a few big wage earners' incomes won't distort this measure.

** The tax incentives / government subsidy numbers reported / estimated by Amazon and government officials - appear to lower than those reported / estimated by opponents - by totals ranging from $600 million to more than $1 billion.

NY Real Estate Expo

NYC Professionals Discuss Manhattan & NYC Metro Real Estate

April 23, 2018 / Midtown Neighborhood Manhattan / Manhattan Real Estate NYC / Manhattan Buzz NYC.

I attended the 10th annual NY Real Estate Expo at the New York Hilton last week. The event was well attended by hundreds of real estate, development and financial professionals from the NYC and metro area. Anthony Kazazis, Director of the event, had organized a series of panels to discuss key aspects affecting the real estate market ranging from software platforms, to financing, to NYC real estate market assessments.

Generally the mood was upbeat, but not without some concern about the future, given changes in the tax laws, foreign interest in NYC investment, interest rates forecasts and technological challenges facing the industry. But, I thought, that is why everyone is here. To find out what's going on so they can navigate the market changes - rather than be surprised by them.

While I had intended to stay only a short while, I found the topics and panelists too interesting to leave, so I stayed most of the day. I started with a discussion of a new information technology platform called Blockchain, which is intended to serve as an information clearing house, and it includes some artificial intelligence capability. I then found my way into a discussion about New York City versus Silicon Valley with respect to attracting large technology companies like Amazon, Facebook and Google. And I ended my visit after listening in on a discussion by NYC and metro area realtors discuss the residential real estate market in Manhattan and outer boroughs.

Sound like an interesting NYC real estate conference? It was. In the photo above you can see the audience at the well attended panel discussions at the NY Real Estate Expo this year.

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NYC / NYS Congestion Pricing 3.0

NYS Senators Liz Krueger & Brad Hoylman Host Community Transit Discussion

March 5, 2018 / Midtown Manhattan / Manhattan Neighborhoods / Manhattan Business / News Analysis & Opinion / Manhattan Buzz NYC.

It was a cool Thursday evening as I made my way to the CUNY Graduate Center in Midtown. The CUNY Graduate Center is located on Fifth Avenue just north of 34th Street kiddy-corner from the Empire State Building.

I was headed to a community discussion about the public transit crisis facing NYC. I suppose, not surprising, was that one of the Congestion Pricing representatives, Alex Matthiessen, was there to present. Alex started out the conversation with a presentation of the new Congestion Pricing Plan, which is now called Fix NYC, telling us how this Congestion Pricing plan was different from the two prior ones floated by the Bloomberg Administration and by Mattheissen’s Move NY group a few years back.

Click here to read our report about NYC Congestion Traffic Pricing posted in March 2016 when we took a pretty in-depth view at who has been pushing this plan [consultancies & businesses that will profit from the infrastructure build out], how much of the London implementation revenue went back into improvements in that city [about 50%], how congestion pricing didn’t reduce traffic, but time shifted traffic in a New Jersey bridge / tunnel implementation [they had claimed emissions reductions and used a ‘green’ label to promote the last version of this plan], and other important things to consider regarding implementing a ‘new and improved’ congestion pricing system along the East River Bridges.

• CLICK here for the rest of our report on NYC Congestion Traffic Pricing forum organized by NYS Senator Liz Krueger at the CUNY Graduate Center in Midtown.

Update: LaGuardia Airport Development Project

First Phase Moving Along with Second & Third Phases About to Begin

April 24, 2017 / Astoria Neighborhood / Queens Real Estate / Gotham Buzz NYC.

I attended a Community Board One meeting at the Astoria World Manor on Wednesday, April 19th. People representing the LaGuardia Airport development project were scheduled to provide the community with an update regarding several of the multi-billion dollar renovation projects associated with LaGuardia Airport, that are either currently in the works or nearing the end of the planning process.

The presentation was split into three parts: 1) LaGuardia Airport development project construction updates, 2) traffic mitigation efforts and 3) community outreach including job opportunities related to the projects.

Click here to read our report on the LaGuardia Airport development project & expansion, related job opportunities, its possible impact on travel times to the airport and the public hearing details on May 3rd, 2017 in Flushing. We have also included a small bit of history about the airport and the fight over the property and development in Flushing Meadows Corona Park. The graphic at right was created as part of the LaGuardia Airport development project.

Update on the Steinway Mansion in Astoria Queens

Visionary Investor Makes Good on Development but Still no Announcement of his Plans for the Steinway Mansion

September 12, 2016 / Astoria Neighborhood / Astoria History / News Analysis & Opinion / Queens Buzz NYC.

On May 3rd, 2014 the Halberian Family sold the Steinway Mansion to Steinway Mansion LLC for $2.65 million. In the two and a half years since, the new Steinway Mansion owner parceled the property into a eleven additional smaller lots and built eleven two story commercial buildings on each. We watched as the owner quietly developed the property, likely in line with his plans while making the investment.

Just over a year ago I visited the site and took some photos, which momentarily revealed the resplendent glory of the old mansion, overlooking the East River and distant Rikers Island and Bronx shores. The new owner had cut away most of what remained of the Steinway Mansion yard to make way for the new buildings at a height on a level with 42nd and 41st Streets. The construction site seemed well maintained and the historic mansion structure appeared to be treated respectfully both last year, and as I learned in my most recent trip, also since.

The photo above was taken in August of 2015.

Northern Ditmars Neighborhood Real Estate Development

Last weekend I returned to the site to shoot photos and see what was happening. I came in along 42nd Street, and for a moment I wondered if I had gotten my coordinates wrong, as the street had been transformed. The emptiness on the street of the construction site of a year ago had been filled in with a number of spanking new buildings lined along the street with what appeared an exacting precision. The photo to your right shows roughly the same space in September 2016 as was shown in the August 2015 photo above.

A year ago, 42nd Street was an empty, slightly soiled, commercial industrial hub. But on my visit this year the street took on a wholly different appearance with the new buildings / storefronts. There were eight new buildings along 42nd Street, with red brick exteriors complemented by black trim and large floor-to-ceiling paned storefront windows, which I believe could also serve as garage doors. It almost seemed like these new edifices could as easily become art galleries, as manufacturing locales and / or storage facilities.

Click here to read the rest of our report about the Steinway Mansion real estate development in Northern Ditmars, Astoria.

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South Street Seaport Neighborhood & Real Estate Development

An Historical Site and Shopping, Dining & Tourist Destination in NYC

January 28, 2016 / Tribeca Neighborhood & Downtown NYC / Manhattan History / Manhattan Buzz NYC.

I have visited the South Street Seaport several times over the past year and I have found it to have enough of the blend of old and new to merit several or more visits. In this report I will take you on a brief tour of the South Street Seaport to show you what you can find along the East River, looking up at the Brooklyn Bridge from the southern downtown neighborhood in Manhattan.

South Street Seaport Neighborhood

Many subway lines traverse the downtown area, so it’s not hard to get to from most other parts of Manhattan. And many subway lines from the Bronx, Queens and Brooklyn traverse or terminate in lower Manhattan, where the South Street Seaport is located.

The South Street Seaport neighborhood has a number of dimensions to it. To be sure it’s a tourist destination as one can sit along the East River wining or dining while looking out at the Brooklyn Bridge. There are plenty of shops and restaurants in the neighborhood, so it’s not hard to find ways to feed or amuse oneself.

A new real estate development of the South Street Seaport is currently in process. The planning for it was decided upon in 2013 and it is expected to be completed in 2017. The renovation is expected to free up the East River waterfront to more pedestrian activity.

Click here to read about the history of the South Street Seaport neighborhood & real estate development.

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Superscraper Forum

CCM Ben Kallos Hosts Superscraper Zoning Forum

July 23, 2015 / Upper East Side Neighborhood UES / Upper East Side Real Estate UES / Manhattan Buzz NYC.

I attended a ‘Superscraper Forum’ hosted by NYC Councilmember Ben Kallos of the Upper East Side neighborhood on a comfortable Thursday evening at the Lenox Hill Neighborhood House. It was to begin at 6.30 pm and 250 people had reserved seats for an auditorium that held 140 seats and had space for about 40 standing.

To be sure the auditorium was full when I arrived and I caught only the tail end of what the first speaker had to say. There were over a half dozen speakers, including NYC Councilmember Ben Kallos who organized the meeting which was attended by Manhattan Borough President Gale Brewer who arrived near the end of it.

The other speakers included the first speaker who was from the NYC Department of Housing & Planning, who I missed, as well as the following: Emma Marconi Bologna of Civitas NYC, Tara Kelly of the Friends of the Upper East Side, Margaret Newman of the Municipal Art Society, and three other people whose names and associations I did not catch. One may have been an architect, one may have been a representative of the East 50’s Association which is a group dedicated to reining in Superscrapers, and there might have been one from the Sutton Area Community neighborhood association.

Click here to read the rest of our report about Superscraper Zoning for the Upper East Side & Sutton Place.

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What Is A Decent City?

The Museum of Modern Art Explores Zoning & Real Estate Development

May 11, 2015 / Midtown Neighborhood / Manhattan Real Estate / Manhattan Buzz NYC.

MoMA Exhibit: Uneven Growth: Tactical Urbanisms for Expanding Megacities

I attended a presentation and panel discussion at the Museum of Modern Art [MoMA] on Monday evening. The event was being given in conjunction with an exhibit at the museum entitled: Uneven Growth: Tactical Urbanisms for Expanding Megacities.

The presenters and panel consisted of two political scientists [Ira Katznelson & Margaret Levi], two architects / designers [Marion Weiss & Jose Castillo], one urban planner [Diane Davis] and the curator of the MoMA exhibit [Pedro Gadanho].

The presentations and discussion were - as billed - about what makes a decent city.

Click here to read a short report with photos taken at the Museum of Modern Art in Manhattan at the panel discussion entitled What Makes A Decent City?

BALCONY - Business And Labor Coalition NY

Forum Discusses Challenges & Opportunities Of De Blasio's Affordable Housing Plan

February 23, 2015 / Midtown Neighborhood / Manhattan Real Estate / Manhattan Buzz NYC.

One day after Mayor de Blasio gave his State of the City Address, the Business And Labor Coalition of New York [aka BALCONY] met to discuss affordable housing and their role in it.

A high quality panel of speakers had been enlisted to help stimulate the discussion which happened on an early Wednesday morning in February. The panelists included a real estate lobbyist, a unionized labor representative who oversees the management of labor pension investments, Public Advocate Letitia James, a representative from the Governor's Office and others. The BALCONY forum attracted a full house of real estate, financial and labor professionals, as well as government officials.

By the end of the morning I had heard how a number of large and important participant groups were processing Mayor de Blasio's plan to address NYC's affordable housing shortage. We'll have more a bit later this week about this informative housing forum.

New York Boat Show @ Javits Center

Full Steam Ahead For Boat & Yacht Dealers & Manufacturers

January 25, 2015 / Midtown West NYC / Manhattan Business / Manhattan Buzz NYC.

For the price of a small apartment in Manhattan you can buy yourself a floating power palace with about the same amount of space, and water views on all sides.

It was my first venture into the New York Boat Show on Sunday at the Jacob Javits Center in Midtown West. There were about 400 boats and yachts on display [364 was the unoffical count] for those looking to buy, trade or just look at the state of the art in boating technology and comfort.

Again unofficially - using one of the dealer's gate count numbers - it seems attendance was up a bit this year versus last year. They surmised that the lower gas prices, the better economy and apparently a few folks were looking to replace what had been damaged or that they'd lost to Hurricane Sandy. And so it was ... show on.

Later this week I'll post a photo slide show of the event and take you onto a few of the boats and yachts so you can see what owning or riding on one of these floating palaces would look like. Ship Ahoy.

Hudson Yards Real Estate Development NYC

Manhattan Real Estate: West Midtown Undergoing Massive Transformation

October 6, 2014 / Midtown West NYC / Manhattan Real Estate NYC / Manhattan Buzz NYC.

I spent a fair bit of time surveying the construction projects underway in west Midtown Manhattan this weekend. I went to see for myself what was going on in the area just adjacent [kiddy corner south and east] to the Jacob Javits Center which is located on 11th Avenue and 31st Street.

The deals were cut during the Bloomberg Administration with two real estate development companies - the Related Companies of NYC and Canadian partner Oxford Properties of Toronto, Ontario. The negotations took about five years and involved the MTA leasing the airspace above their track space - the Hudson Yards.

Most of the development will reside atop a huge platform covering the yards, but the building in the photo to your right - the first of the development to come online - has been erected ajacent to the yards on terra firma.

Click here later this week to read more about the Hudson Yards real estate development in NYC, including numerous photos in a slide show.

New York Market Expo

Marketing Your NYC Business In The 21st Century

June 2, 2014 / Manhattan Small Business / Chelsea Neighborhood / Manhattan Buzz NYC.

On May 29th I attended the New York Market Expo at the Metropolitan Pavilion at 125 West 18th Street in the Chelsea neighborhood of Manhattan. There were dozens of vendors there to help small businesses with their sales and marketing efforts.

It seems the online media has moved front and center at this expo with a multitude of vendors generally representing national firms offering a variety of online services. Many of the large social media firms sponsored slide show presentations showing how their offerings differed from the others.

There were also a number of other organizations there, including the traditional media, as well as a number of government and non-profit business organizations whose missions are to help businesses in their endeavors. The Manhattan Chamber of Commerce is shown in the photo to your right. The Manhattan Chamber of Commerce is a very active sponsor of networking events, seminars and workshops in NYC.

We'll post more including a photo slide show of the New York Market Expo of 2014.

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Real Estate Loans - Manhattan Mortgage Market Condition

Expo Highlights Opportunities, Risks & Other Considerations

May 28, 2014 / Midtown Manhattan Neighborhood / Manhattan Real Estate NYC / Manhattan Buzz NYC.

I attended the 2014 NYC Finance Expo at the Roosevelt Hotel on May 14th. The expo was well attended by Manhattan real estate professionals and financiers of Manhattan real estate including banks and other lenders.

The organizers had three or more seminars running simultaneously throughout the morning, with most sessions running between 20 minutes and an hour. About every 15 minutes a new session started, so there were plenty of ways to spend one's time productively.

The topics of the seminars covered a cross section of interests of those in the Manhattan real estate financial industry, from social marketing to real estate finance to real estate planning. I sat through a couple of sessions where I listened to Manhattan real estate and financial executives talk about where we are in the current cycle in the Manhattan real estate market, with an eye toward Manhattan real esate prices and valuations from a lender's point of view.

Billionaire businessman John Catsimatidis is shown in the photo at right at the NYC Finance Expo in Manhattan.

Click here to read the rest of our story about Manhattan real estate mortgage market conditions & the NYC Finance Expo.

NYC Manhattan Real Estate & Realtors

Manhattan Real Estate & Realtors

December 28, 2013 / Manhattan Real Estate / Manhattan Buzz NYC.

Real estate in Manhattan was been 'on the rise again' in 2013 with prices rising as the economy gained ground and the super low interest rates made payments on high priced properties possible.

Interest rates began to rise in 2013 as the year wore on and are expected to continue rising in 2014 and beyond. But not too fast say the pundits as the U.S. and world economies are fragile and the central bankers do not want to upend the recovery.

This section will begin to be populated with stories about condos and co-ops in Manhattan NYC, as well as stories about apartment rentals in NYC.

Manhattan Real Estate & Business - Page Directory

Click or scroll down for:

How The Other Half Lives

September 23, 2013 / Long Island City Neighborhood /Manhattan Real Estate / Manhattan Buzz NYC.

I attended a reception hosted by TF Cornerstone in late September to celebrate the official opening of their fifth property. The building had been completed earlier this year and the first tenants had moved in sometime in May. I understand they've rented about 70% of the units, so they've been moving briskly.

I visited a couple of the units for rent, including a studio that started at about $2,300 per month and a two bedroom corner that likely rented for something like $5,000 per month [give or take several hundred]. To those of us who live in Queens, these are expensive units, but to those who live in Manhattan - given the views and amenities - these are good value. Like the headline says : )

The photo to your right shows a view of one of the new properties currently lining the LIC waterfront, with a northward looking view of Manhattan.

Click here for a link to a realtor handling apts for rent on the upper east side nyc.

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Manhattan Business Meetings

Manhattan NY / March 14, 2014. This section contains business meetings, business events, business seminars in Manhattan for the midtown, upper east side nyc, upper west side nyc and village business meetings in NYC for the month of March of 2014.

Click here to view the Manhattan Things To Do Calendar for the month of March 2014.

Stringer Conditionally Approves Midtown East Development

September 12, 2013 / Manhattan Real Estate / Manhattan Buzz NYC.

We attended the Community Board 6 Meeting in Manhattan on Wednesday following the election and heard the announcement that outgoing Manhattan Borough President Scott Stringer had conditionally approved the large scale development in the eastern section of Midtown Manhattan.

Stringer noted that the new developments would put significant stress on existing infrastructure and must be addressed as part of the plan.

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Roosevelt Island To Become Techno Queens

Borough of the Arts, will one day become Borough of the Applied Sciences

Updated Spring 2014 / March 7, 2012 / Long Island City / Manhattan Real Estate / Queens Buzz. I just returned from a breakfast where the NYC Deputy Mayor of Economic Development presented the NYC plan to develop an eleven acre campus on the southern end of Roosevelt Island, into an applied sciences academic institution.

Development of the new facility will take place over the course of the next thirty years, but the first classroom will open [somewhere in a leased facility] in the fall of 2012. When the applied sciences campus is done, the facility is expected to include about 2 million square feet of new construction and a half million feet of open space. Over the course of the next few decades, the institution is expected to become the academic home to 280 faculty members, a student body of 2,500, and to provide ongoing employment for about 8,000 people.

Click here to read the rest of our report on the presentation given by Robert K. Steel at the LIC Partnership breakfast about the new applied sciences development on Roosevelt Island, which legally is considered Midtown Manhattan real estate.

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Forum - Condos & Co-ops Governance

Updated April 16, 2014 / December 7, 2010 / Jackson Heights / Manhattan Real Estate / Manhattan Buzz NYC.

City Council Member Daniel Dromm, NYS Senator Peralta in tandem with ACCO [Alliance of Condo & Co-op Owners] organized a forum in Jackson Heights to inform people about their rights and responsibilities as condo and co-op owners.

In addition to the councilman and senator, the panel included two lawyers and the president of ACCO. About two hundred people showed up for the event, packing the Jewish Center of Jackson Heights. See photos in our report of the large crowd that attended this forum.

The panel informed condo and co-op owners in Jackson Heights & Queens about their rights, and discussed new state legislation which has been introduced to more clearly define the processes through which a tenant / owner can assert their rights. Click here to read the rest of our report about the forum about condo / co-ops governance in NYC and the Upper East Side.

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LIC Real Estate: New Face of a Changing Borough

LIC Real Estate Development Continues - Just Across From Midtown

October 1, 2013 / NYC Real Estate / Midtown Buzz. I, like many in the borough, have been watching in near amazement at the rapid pace of real estate development in Long Island City. On September 18th of 2013, I attended the Grand Opening of 4545 Center Blvd, the fifth of the six TF Cornerstone buildings to go up along the Long Island City waterfront.

As you will see from the photos in the slide show at the end of the story, the apartments are beautiful. The new high rise is an airy, modern building with amenities, and apartments that have breathtaking views of the Manhattan skyline and the Queensboro Bridge. I saw a studio and corner two-bedroom apartment, which rent for about $2,300 and $5,500 per month respectively – so it’s not only the views that are breathtaking, but the rents as well. Five of the six TF Cornerstone buildings along Center Blvd in LIC are rentals, and only the condominiums in The View [the only building TF Cornerstone named] were for sale.

Click here for a story about apts for sale / apartments for rent near Midtown Manhattan NYC, including a bit of the history of TF Cornerstone, Rockrose Real Estate and real estate development in the LIC neighborhood of Queens.

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East Side Access Project Moving Along

How Will This Project Affect Manhattan Real Estate?

Updated April 16, 2014 / October 4, 2010 / Upper East Side Neighborhood & Midtown Manhattan / Manhattan Real Estate / Manhattan Buzz NYC.

Progress on the East Side Access Tunnel project has been visible in Queens since early Spring 2010. The MTA has been busy drilling a new tunnel under the East River from LIC / Astoria, using the Sunnyside Railway Yard as its staging grounds. The photo to your left shows the view of the new tunnel being built underneath the East River from an Astoria / LIC perspective. The tunnel connects into Manhattan around 63rd Street.

Meanwhile in the Sunnyside railway yards, many of the buildings that once dotted the landscape have been demolished. Thankfully this doesn't include an old train station which has been around for many years [see photos in rest of story / slide show]. They’ve also cleared away a number of old warehouse and garage like structures along 43rd Street between Northern Blvd and 39th Avenue.

Click here to get an update on the East Side Access Project impact on Manhattan real estate & the upper east side NYC.

Midtown NYC Election Results

De Blasio Wins But May Face Runoff, Stringer Edges Out Spitzer

September 11, 2013 / Manhattan Buzz NYC.

Scott Stringer, outgoing Manhattan Borough President, edged out Elliot Spitzer in the Democratic primary. Bill De Blasio won the Democratic NYC Mayoral primary with about 40% of the vote. A tabulation of some paper ballots may determine whether there will be a runoff later this month. And Gale Brewer, City Council Member of the Upper West Side in Manhattan District 6 won nearly 40% of the vote in the race for Manhattan Borough President. Jessica Lappin, formerly Community Board One Chair won nearly 24% of the vote and City Council Member Robert Jackson of District 7 of Morningside Heights and West Harlem won 29% of the vote. In District 5 Ben Kallos won nearly 46% of the vote, while Assemblyman Micah Kellner won nearly 40% of the vote. And in District 4 there wasn't any primary as the candidates went uncontested.