Real Estate News, Information, Data and Insights for New York City Real Estate
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.
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
Ares Management to Acquire a Large Hell’s Kitchen Residential Building
By Manhattan Real Estate Tracker, November 12, 2024
The majority (75%) of 525 West 52nd Street will be purchased by Ares Management. The deal was structured to incorporate an assumed $200 million loan at a below-market rate. This building was designed by Handel Architects. According to the building’s website, the apartments include state-of-the-art appliances, including in-home Bosch washers and dryers, high ceilings, and rooms are framed by oversized windows showcasing city and river views. Current availabilities range from approximately $3600 for a studio to $8000 for a two bedroom. It’s great living in Hell’s Kitchen.
By Manhattan Real Estate Tracker, July 26, 2024
Photo: Crains New York Business
Trader Joes is coming to Harlem at 123 West 125th Street. This will be their first store in Harlem. The store is 18,000 sq. ft. in size and the company said that over 100 employees will be hired. The 125th Street corridor has transformed over the past 10 years into an amazing blend of local and national retail stores and restaurants. Neighbors to this new store include Whole Foods, Marshall’s, Old Navy, Shake Shack, McDonald’s, Bath and Body Works, Chipotle, Wingstop and Checkers.
Trader Joe’s was founded in California in 1967 and has grown to 571 stores nationwide. There are now 10 stores in Manhattan.
By Manhattan Real Estate Tracker, July 2, 2024
The lottery for a newly constructed 19-story building at 339 West 38th Street is open until August 19, 2024. The Department of Housing Preservation and Development states that the apartments in this building have washers and dryers. There is also a lounge, outdoor terrace, fitness center, ping pong center, bike storage, tenant storage, and conference center in the building. The building will also have a 24-hour lobby attendant and two package rooms. Tenants will pay for electricity including electric cooking and heating, the rent includes hot water. The eligible household income range is $31,612 to $218,010. More information can be found at the HPD website at Lottery Details -Housing Connect (nyc.gov)
Photos of 339 West 38th Street from HPD
By Manhattan Real Estate Tracker, June 27, 2024
Manhattan Real Estate Tracker has learned that the financially troubled American Strategic Investment Company (ASIC) has entered into a contract to sell the building at 9 Times Square for $63.5 million. The company will be taking a huge loss on the sale price since according to company records, the property was purchased for $162,291,000 prior to 2015 – a loss of more than $98 million. Formerly New York City Reit trading under the NYC symbol, the company changed the name to American Strategic Investment Company in an effort to purchase property outside of the city. This REIT has been a disaster for investors who have lost a huge amount of their initial investment. The stock went public 2021 and has dropped approximately 90% in value. After paying off the loan, the sale is expected to net only $13.5 million which the company claims will be used to buy other properties outside of Manhattan. The sale price of 9 Times Square reflects how the Midtown office market has plunged since the pandemic resulted in many employees working remotely.
Manhattan Real Estate Tracker spoke with a couple of law firms this week who have shuttered their Manhattan offices giving back large chunks of space to the landlord. Some companies have most of their employees working remotely with only a receptionist and a few conference rooms to meet with clients. Other law firms outside the city in New Jersey and Long Island have also closed offices and are working remotely. The same business model change has also occurred in the insurance industry with many adjusters now working from home.
Michael Anderson, the Chief Executive Officer of ASIC stated, “We expect this sale to generate approximately $13.5 million in net proceeds at closing, which we intend to use to pursue the expanded asset acquisition and diversification strategy into higher yielding assets that was announced last year. Additionally, if completed, we expect that this strategic disposition will strengthen our balance sheet.”
More information on the sale of 9 Times Square can be found on the ASIC website.
From: Yimby
Image from Google.com.
BY: VANESSA LONDONO 6:30 AM ON SEPTEMBER 24, 2022
Permits have been filed for an 11-story mixed-use building at 489 Ninth Avenue in Manhattan’s Midtown West. Located between West 37th and West 38th Streets, the lot is four blocks from 34th Street-Penn Station subway station, serviced by the A, C, and E trains. Susan Wu of ZD Jasper Realty is listed as the owner behind the applications.
The proposed 120-foot-tall development will yield 63,264 square feet, with 57,250 square feet designated for residential space and 6,013 square feet for commercial space. The building will have 59 residences, most likely condos based on the average unit scope of 970 square feet. The concrete-based structure will also have a cellar and a 30-foot-long rear yard.
Archimaera Architecture is listed as the architect of record.
Demolition permits will likely not be needed as the lot is vacant. An estimated completion date has not been announced.
A New York City Councilman introduced a package of bills in honor of the beloved celebrity owl who died after surviving in the wild on his own for more than a year after leaving the Central Park Zoo.
Elected officials, scientists, bird experts and New Yorkers held a City Hall rally Thursday to announce the introduction of the historic package of bills.
Flaco died after eating pigeons infected with virus and was exposed to rat poison before flying into an Upper West Side building on Feb. 23.
Council Member Shaun Abreu introduced the first of three pieces of “Flaco’s Laws” to stem unnecessary bird deaths like Flaco’s. One part of the bill would require the health department to replace rat poison with rat birth control.
“Flaco’s autopsy confirmed our worst fears: he ingested a fatal dose of rat poison. Rodenticides are not only toxic for the animals we love, they are increasingly ineffective at reducing rat infestations. It’s time we put new practices in place to build a better, safer, more eco-friendly city,” said Abreu said. “We can’t poison our way out of the rat problem, but we can certainly do a lot of damage trying.”
Another bill would address light pollution and reflective windows on buildings that disorient birds.
Flaco’s Laws introduced to New York City Council in honor of beloved Central Park owl© Provided by ABC 7 New York. This photo provided by David Lei shows Flaco the owl, April 28, 2023, in New York. Courtesy David Lei via AP
Flaco was freed from his cage at the Central Park Zoo in early 2023 by a vandal who breached a waist-high fence and cut a hole through a steel mesh cage. The owl had arrived at the zoo as a fledgling 13 years earlier.
Zoo officials and his fans were at first worried about his survival, but he soon proved adept at catching rats and other prey. The zoo later suspended efforts to re-capture him after failed attempts.
Flaco’s death was a heartbreaking end for the birders who documented his daily movements and the legions of admirers who followed along, as people posted photos and videos of the majestic owl with a nearly 6-foot wingspan perched on tree branches, fence posts, fire escapes and water towers – as well as his hours of hooting.
In addition to the package of bills introduced Thursday, a tattoo parlor in Brooklyn offered discounted tattoos of the beloved bird from noon to 7 p.m. They were offered at East River Tattoo in Greenpoint and cost $150 with tips donated to the Wild Bird Fund.
“It’s something that people connect to on a personal level and just their own struggle to exist in a challenging place to live,” said tattoo artist Duke Riley.
The package of bills will eventually go through the Sanitation Committee before going to a committee and then will be voted on.
Efforts are also underway to put a statue of Flaco in Central Park.
(The Associated Press contributed to this report.)
From ABC News:
For all of modern American history, the movie theater has been a cornerstone of our culture.
It has become a gathering point for families, friends and maybe a first date.
And for more than 30 years, people in the Bronx turned to Concourse Plaza Multiplex Cinemas, but next month, the theater that has housed laughs, cries and everything in between, will shut its doors.
The theater first opened its doors in 1991 when “Home Alone” and “Thelma & Louise” were screening, but just ahead of summer, the final film will flicker across the theater’s iconic screens.
Locals are convinced the boom in digital platforms has made the movie-going experience more irrelevant.
“All these streaming networks, that’s probably what it is. Instead of spending money on movies, they probably just want to stay home,” resident Brook Schuler said.
The Bronx has just two theaters left. Once the multiplex shuts down, moviegoers will have to make their way to Bay Plaza in Co-op City.
Showcase Cinemas, the parent company of Concourse Plaza Multiplex Cinemas, was apparently unable to reach a new lease agreement.
Bronx Borough President Vanessa Gibson says the shutdown does not come as much of a shock.
“This is happening across the board where you sometimes have landlords and owners that are raising the price exorbitantly where the tenants can no longer afford it and they’ll say it’s not worth it anymore,” Gibson said. “We’re losing customers, we’re losing revenue, we can’t meet payroll and we just can’t maintain a business we’re operating at a deficit and no one wants to do that.”
Meanwhile, Feil, the landlord of Concourse Plaza, rejects claims that a new leasing deal could not be reached.
“Despite negotiating with the theater company and getting them to renew the lease, they chose to leave the community,” a representative for the company said
They said they are hoping to replace them with another theater.
The theater is just the latest entity in the once bustling shopping center on 161st Street to shutter. A food court and a grocery store also closed their doors for good in recent years.
Assemblywoman Jenifer Rajkumar, who has advocated for the bill at rallies around the city, announced in a press release that her SMOKEOUT Act was included in the state budget. PHOTO COURTESY NYS ASSEMBLY
The SMOKEOUT Act enables local municipalities to close illegal smoke shops if the location is an “egregious actor,” such as operating next to a school or selling unregulated cannabis. PHOTO BY KRISTEN GUGLIELMO
New York City and all local municipalities will now have the power to shut down illegal pot shops, according to Gov. Hochul.
Assemblywoman Jenifer Rajkumar (D-Woodhaven) penned the Stop Marijuana Over-proliferation and Keep Empty Operators of Unlicensed Transactions Act, colloquially known as the SMOKEOUT Act, to combat the illicit shops, and provisions from this bill are to be included in the state budget, according to a press release from her office. In the other house of legislature, the bill was carried by state Sen. Leroy Comrie (D-St. Albans).
“Unlicensed dispensaries have littered New York neighborhoods, blatantly circumventing our laws and selling potentially dangerous products,” Hochul said Friday in a statement. “Enough is enough. I promised to protect our communities and hard-working, legal cannabis licensees by expediting the closure of illicit storefronts. I’m proud to stand up and say we got it done.”
The New York City Administrative Code will be amended, allowing the City to act under the law immediately. Hochul is also launching a statewide task force to carry out civil enforcement to close illegal stores.
“I am proud to say that New York City and all localities will now have the power to shut down illegal cannabis shops on their own, without waiting for the State Office of Cannabis Management,” Rajkumar explained. “In New York City, the Office of the Sheriff will now be able to deputize the NYPD and all agencies to help padlock the shops. This means New York City can use its full manpower to get the job done.”
Provisions include that localities can padlock a spot immediately, provided that the shop is an “egregious actor,” which is defined as selling cannabis to children, operating next to a school or place of worship, selling unregulated cannabis or products that lead to illness or hospitalization or the presence of illegal firearms.
Unlicensed shops that do not fall into one of the above categories can be closed upon a second inspection, and any previous inspection conducted before the passage of this law counts for the purposes of padlocking.
Violating a padlock order will be a Class A misdemeanor, and if landlords fail to bring forth eviction proceedings against tenants in violation of the cannabis law, they will be subject to strict penalties, including a $50,000 fine for any landlord notified of the violation within NYC, and five times the rent from the time the landlord was notified of the violation outside of NYC.
There are also due process provisions that give violators a chance to “cure and be heard,” according to Rajkumar’s press release.
Violators can file an appeal within seven days and are entitled to a hearing on the appeal within three days of filing. A decision on the appeal must be rendered four days after the hearing, and failure to appeal leads to a default judgement against the egregious actor.
“We’ll notify bodega owners if they continue to sell illegal products, we’ll take away their liquor, tobacco and lottery licenses,” Hochul said Friday.
Rajkumar said that during the next few weeks, she will be raiding illegal shops alongside city Sheriff Anthony Miranda.
Mayor Adams has been an outspoken supporter of the legislation, and has said that if the bill passed, he would be able to shut down all of the city’s illegal smoke shops within 30 days.
Asked for comment, a City Hall spokesperson said, “We carried our bold agenda to Albany for several requests, and thanks to our efforts, this budget will achieve our core priorities, including the power to finally close down the illegal smoke shops plaguing our streets. Thanks to our work with Governor Hochul and other state partners, this budget will allow our city agencies to use the full force of the law to enforce against, regularly inspect, and permanently close illegal dispensaries more quickly and efficiently.
“We celebrate the important steps forward we have made toward uplifting the legal cannabis market and ensuring New Yorkers are safe from illegal cannabis products and shops.”