Development Project at 65 Franklin Street Has Been Sold by HAP Investments
By Manhattan Real Estate Tracker, February 16, 2025
The lot for a delayed residential development in Tribeca has been sold by HAP Investments to the Rabsky Group for $58M.
NYC MTA Begins Congestion Pricing Today
By Manhattan Real Estate Tracker, January 5, 2025
NYC MTA Begins Congestion Pricing Today
After years of legal challenges and delays, the New York City Metropolitan Transit Authority (MTA) began its congestion pricing toll starting today. This is the new toll fee schedule:
Source: MTA
Over the past 20 years the city has closed off more and more lanes to vehicular traffic by adding bike lanes and “pedestrian malls” where people can sit where cars, trucks and buses used to be allowed. This has contributed to congestion. New York City has concluded that its air quality has improved dramatically during the 2012 to 2022 period. From the data collected by New York City, which is located in Region 2, there was only one exceedance of the EPA ozone standard at a Queens monitoring site (which is only a concern in the summer and is also a regional problem) by only .001 parts per million. The data shows that for most pollutants measured, the city is well-below the EPA health standards as averaged over the past 10 years.
The NYC311 portal states the following:
Tolls vary by vehicle and the time of day. The peak period toll rate will apply from 5 AM to 9 PM on weekdays and 9 AM to 9 PM on weekends. All other times, drivers will be charged off peak toll rate.
Vehicles without an E-ZPass will pay 50% more than the usual rate.
| Type of Vehicle | Peak | Off Peak |
|---|---|---|
| Passenger and small commercial vehicles (Sedans, SUVs, pick-up trucks, and small vans) | $9 | $2.25 |
| Motorcycles | $4.50 | $1.05 |
| Trucks and buses | $14.40 – $21.60 | $3.60 – $5.40 |
Trucks and buses will pay toll depending on their size and function during both peak and off-peak hours.
Taxis and For-Hire Vehicles
Taxis and for-hire vehicles whose companies or bases are enrolled in the Per-Trip Charge Plan will be charged a per-trip toll, paid by the passenger.
- Green and yellow taxis and black cars: $0.75 per trip
- App-based for-hire vehicles: $1.50 per trip
This toll is separate from the State congestion surcharge for some taxis and for-hire trips entering Manhattan South of 96 Street.
Crossing Credits
Vehicles using a valid E-ZPass will get a credit to reduce Congestion Relief Zone Tolls when entering:
- Lincoln Tunnel
- Holland Tunnel
- Queens-Midtown Tunnel
- Hugh L. Carey Tunnel
| Type of Vehicle | Credit up to: |
|---|---|
| Passenger Vehicle | $3 |
| Motorcycles | $1.50 |
| Small trucks and charter buses | $7.20 |
| Large trucks and tour buses | $12 |
No crossing credits will be offered overnight. Tolls will be reduced by 75% from the peak tolls.
Party City to Close All of its Stores
By Manhattan Real Estate Tracker, December 23, 2024
Party City to Close All Stores
Manhattan Real Estate Tracker has learned that 40-year-old party store retailer Party City will be closing all of its stores in the next few months. Party City operates two stores in Manhattan and eight stores in the five boroughs. Several stores in New Jersey will be closing by the end of February.
Barry Litwin, the company CEO said that the company was hurt by stubbornly high inflation that sent costs soaring and deterred consumers from spending. “It’s really important for you to know that we’ve done everything possible that we could to try to avoid this outcome,” Litwin said. Unfortunately, it’s necessary to commence a wind-down process immediately.”
(Google)
The Container Store Files for Chapter 11 Bankruptcy
By Manhattan Real Estate Tracker, December 23, 2024
The Container Store Files for Chapter 11 Bankruptcy
Manhattan Real Estate Tracker has learned that the Container Store has filed for Chapter 11 bankruptcy protection. The store at one time had more than 1400 locations and now is down to about 100 locations. There is one store in Manhattan at 629 Sixth Avenue near the Flatiron Building.
The 1970s-founded store of organizing and storage solutions, The Container Store, has declared bankruptcy as a result of growing losses and cash flow issues. At the same time as demand for its products is being strained in a challenging housing market, where skyrocketing prices and high mortgage rates have slowed sales, the Texas company has seen an increase in competition from retailers such as Target and Walmart. The stores will continue to operate as it restructures.
Photo of the Container Store at 629 Sixth Avenue (Google)
US Economy Adds 227,000 Jobs in November
By Manhattan Real Estate Tracker, December 19, 2024
US Economy Adds 227,000 Jobs in November
According to the Department of Commerce, the US economy added 227,000 jobs in November which is more than analysts expected. More information can be found at the US Department of Commerce.
FARE Act Passed by New York City Council
By Manhattan Real Estate Tracker, December 18, 2024
FARE Act Passed by New York City Council
The FARE Act, also known as Introduction 360-A, became law on December 14, 2024. Mayor Adams did not sign the law. The new rule forbids landlords from charging potential tenants the fees of brokers they engage, and it will go into force 180 days after it is passed.
The full press release by the City Council can be found here.
New York Governor Kathy Hochul to Reinstate MTA Congestion Pricing Program
New York Governor Kathy Hochul to Reinstate MTA Congestion Pricing Program
By Manhattan Real Estate Tracker, November 14, 2024
Governor Kathy Hochul intends to reinstate the MTA’s congestion pricing program with a $9 base toll for passenger automobiles, which is $6 less than the price originally authorized by the MTA. Governor Hochul paused the implementation of the program during the recent election, but it was expected to be brought back after the election.
The program, which will charge drivers a fee for entering Manhattan south of 60th Street, was initially approved in 2019. Prior to June 30, the MTA had intended to impose a $15 base toll. The program’s proceeds must be used to pay for $15 billion in necessary transportation system maintenance for the MTA. Transit advocates argue that if the tolls are implemented before President-elect Donald Trump enters office, it will be more difficult for him to repeal them.
Over the past 20 years more and more streets in Midtown and Downtown Manhattan have been turned into pedestrian malls, bike lanes and parking lanes that are now almost in the middle of the roadway. These projects began with Mayor Bloomberg approximately 20 years ago. The sidewalk restaurant sheds also take away space on the streets. As a result, the congestion has been increased by these “green” projects.
According to the New York City Department of Health and Mental Hygiene (Health Department), the air quality in the city has improved dramatically during the 2008-2022 period. This survey concluded the following:
Citywide, annual average levels of four key pollutants have gone down between the first year of monitoring, 2009, and the most recent year of data, 2022.
Fine particles (PM2.5): -46%
Nitrogen Dioxide (NO2): -41%
Nitric Oxide (NO): -58%
Sulfur Dioxide (SO2): -97%
The data shows that air quality has improved significantly after local regulations required building owners to convert to cleaner heating oils by 2015. These heating oils were a major source of SO2 in New York City. In 2022, only eight of our 90 sites detected any SO2, and the levels at those sites were similar to SO2 levels measured on Whiteface Mountain in the Adirondack Mountains, demonstrating the success of the clean heating oil requirements.
The Fairness in Apartment Rentals (FARE) Act Passes in New York City’s Council 42-8
The Fairness in Apartment Rentals (FARE) Act Passes in New York City’s Council 42-8
By Manhattan Real Estate Tracker, November 14, 2024
A bill was enacted yesterday in New York that eliminates broker fees for residential apartment renters. The New York City Council enacted the Fairness in Apartment Rentals (FARE) Act, which was introduced by Brooklyn City Councillor Chi Ossé. It takes effect 180 days from now. Typically, on a “no fee” apartment, the tenant pays the broker commission that normally ranges from one month’s rent to 15% of the first year’s annual rent. This bill would now require whoever hires the broker to pay the broker. Now as a result of this act, if the landlord/owner wants his broker to market an apartment as “no fee”, the landlord/owner will pay the broker an agreed upon commission. If a tenant retains a broker to find an apartment, then the tenant would pay the broker he retained an agreed upon commission.
According to REBY, “For five years, REBNY has been fighting against harmful legislation that threatens brokers’ livelihoods. The newest version of the FARE Act, like its predecessor, is bad legislation that would harm tenants and kill jobs. The revised FARE Act (Intro. 360-A) will hurt New Yorkers by and could limit their ability to learn about rental opportunities. The FARE Act could also lead to increased rents. The FARE Act will certainly limiting housing access, raising rents, and jeopardizing the livelihoods of hardworking real estate agents.”
Mayor Adams, a former real estate agent did not support the bill since he agreed with REBNY that the landlords/owners will simply add the broker commission they had to pay to the rent each month so that the tenant will be paying more for the apartment in the long run.
Brooklyn City Councillor Chi Ossé at City Hall on November 13, 2024
Heating and Hot Water Requirements for Apartments in the Five Boroughs of New York City
Heating and Hot Water Requirements for Apartments in the Five Boroughs of New York City
By Manhattan Real Estate Tracker, November 13, 2024
Residential tenants are legally entitled to hot water and heat from building owners. A consistent minimum temperature of 120 degrees Fahrenheit must be maintained for hot water throughout the year. During the “Heat Season,” which runs from October 1 to May 31st, heat must be supplied under the following circumstances:
Day
If the outdoor temperature drops below 55 degrees between the hours of 6:00 am and 10:00 pm, the interior temperature must be at least 68 degrees Fahrenheit.
At night
The inside temperature must be at least 62 degrees Fahrenheit between 10:00 p.m. and 6:00 a.m.
From NYCHPD
City Council to Vote on FARES Act Tomorrow
City Council to Vote on FARES Act Tomorrow
By Manhattan Real Estate Tracker, November 12, 2024
Tomorrow the City Council will be voting on the FARES act, a bill that is sponsored by Brooklyn Council Member Chi Osse (D).
A day before the bill is anticipated to pass the chamber, Mayor Eric Adams voiced reservations on Tuesday regarding City Council legislation that would exclude the majority of renters from paying real estate broker fees. Adams stated during his weekly off-topic news conference on November 12 that although he supports the FARE (Fairness in Apartment Rentals) Act’s premise, he thinks it will have unexpected consequences. If the FARE Act is passed, the person who hires a real estate broker would have to pay the fee, which is typically passed on to the renter. Adams argues that the law would force landlords to pay for brokers themselves, despite supporters’ claims that it would remove a significant upfront financial burden for renters.
According to Adams, “Some of the ideals collide with the reality of the operationalizing implementation,” Adams said. “We got to get it right, make sure that we reach the goals that we’re looking for, and at the same time don’t hurt small property owners and try to get some relief to some of those who are trying to live in the city … I think the bill has the right intention, but sometimes good intentions do not get the results you’re looking for.”
In response to the mayor’s remarks, Brooklyn Council Member Chi Ossé (D), the bill’s primary sponsor, wrote on social media on Tuesday that the measure would result in lower rent payments rather than higher rent. Minutes after claiming that Democrats lost the presidential election to Donald Trump due to the party’s failure to address “pocketbook issues,” Ossé also criticized the mayor for not fully endorsing the proposal.
If the measure is passed, renters will no longer be able to choose from apartments that are listed with or without broker fees.