East Harlem Affordable Development

City taking bids for 400-unit East Harlem affordable complex The project will occupy a full city block and use “passive house” design

City Hall is seeking developers for a block-wide affordable rental complex in East Harlem.

The city is solic上海千花网 爱上海同城对对碰iting bids to build 400-plus units along East 111th. The complex will be the largest project in the country using the “passive house” design, according to mayor’s office.

The building standar新爱上海同城对对碰论坛 上海同城对对碰交友社区d puts a premium on energy efficiency and requires commercial, community and open space along with residential,上海夜网 阿爱上海同城 Politico reported.

This passive house request for proposals encourages developers to think creatively while taking a上海贵族宝贝论坛 上海贵族宝贝ction to fight climate change, Mayor Bill de Blasio said in a prepared statement.

The project will be 100 percent affordable. The specific affordability standards haven’t been finalized, but officials told politico it will include apartments for households earning $24,000 a year.

The East Harlem block, bounded by Madison and Park avenues, will likely be upzoned in connection with the project. [Politico] – Ariel Stulberg

Tags: East Harlem
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NYC Market Reports

Median rent for new development units drops 8% in April A weekly feature bringing you the industry’s latest intel

Credit: Savills Studley

According to the most recent market reports, concessions are up and rent is down across most metrics in Manhattan. Overall, median rent fell 1.8 percent in Manhattan, dragged down by softness in the top 10 percent and in new development units, which fell 7.8 percent in April compared to the same month last year, according to a Douglas Elliman report.

Residential

Manhattan, Brooklyn and Queens rentals | Douglas Elliman
Median rental prices in Manhattan decreased by 1.8 percent in April year-over-year overall, with luxury rents declining 5.8 percent and new development prices dropping 7.8 percent. Median rent in Brooklyn stayed the same while Queens rents increased by 12.2 percent. Read the full report here.

Broker confidence report | REBNY
Broker confide上海千花网交友 上海千花网论坛nce declined in the first quarter of 2017 in both the commercial and residential marke上海夜网 阿爱上海同城ts, after registering an uptick in the final quarter of 2016. Read the full report here.

Luxury Sales | Olshan Realty
The total asking dollar volume for the 37 luxury contracts signed last week, half of which were new development units, was $266.5 million. Read the full report here.

Commercial

Effective rent index | Savills Studley
In Midtown net average rent increased 3.6 percent in 2016 to $68.80 per square foo上海夜网论坛 上海夜网t, but the effective rent after concessions, fees, and tax爱上海同城对对碰 爱上海同城论坛es, increased less th[……]

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Southampton weighs buying site of proposed Tuckahoe shopping center for land preservation

Southampton weighs buying site of proposed Tuckahoe shopping center for land preservation

A patch of l新上海贵族宝贝论坛 上海贵族宝贝交流区and in Tuckahoe that was once slated to be part of a shopping center may be preserved as open space.上海龙凤论坛sh1f 上海龙凤论坛 Southampton Town officials are looking to purchase the 7-acre parcel on County Road 39 using a fund for preservation, according to 27east. Developers Lance Nill, Lyle Pike and Robert Morrow had proposed the controversial Tuckahoe shopping center for the property, which includes the parcel, however a change of zoning application for the project was pulled in April after years of resistance from nearby residents, the report said. A hearing on the purchase is planned for November 14 at 1 p.m. at Southampton 爱上海同城论坛 爱上海同城Town Hall. [Newsday]

Tags: Hamptons
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TOC Incentives Los Angeles

Everything you need to know about LA’s new transit-oriented development incentives Industry insiders mixed on whether TOC program will make a difference

(Photo illustration. Credit: Los Angeles Metro)

A new city planning initiative aims to add affordable housing development near mass transit, but some real estate insiders question whether it does enough to entice market-rate builders.

The Los Angeles Department of City Planning released the official Transit Oriented Communities (TOC) Affordable Housing Incentive Program Guidelines on Sept. 22. The new rules aim to streamline the development process and incentivize affordable housing development by implementing a section of Measure JJJ, which was passed by voters in Nov. 2016.

Roughly 20 applications have been submitted since the guidelines were released. Experts predict the TOC program will be most effective at increasing the scale of affordable projects. Whether it does enough to bring market-rate developers into the affordable housing business which experts say is essential to tackle the housing crisis is less certain.

“I see it benefiting mostly developers that already focus on affordable housing as their core product,” said Doug Bystry, CEO of Clearinghouse CDFI and a former La Habra City Council member.

Cost cutting
Allan Abshez, a land use and zoning attorney at Loeb Loeb, said he is unsure whether developers will use the TOC guidelines more than they use the state’s existing density bonus program.

The city program will be ava[……]

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240 East 86th Street

Florida pension manager lands $100M loan for Yorkville rental tower [corrected] Nationwide Life Insurance is the lender

240 East 86th Street

Correction: An earlier version of this article incorrectly reported that Related and L B Realty Advisors owned the building. The State of Florida is the owner.

UPDATED: Thursday爱上海同城手机版 新爱上海同城对对碰论坛, March 1 at 11:33 a.m. The state of Florida s pension management arm obtained a $100 million loan for the Ventura rental building in Yorkville, according to property records filed with the city Wednesday.

The property, located at 240 East 86th Street between Second and Third avenues, is a 22-story rental building with 246 units. The retail space at the base of the buil上海龙凤论坛 新上海贵族宝贝论坛ding is occupied by grocery chain Fairway Market. The tower contains a mix of studios to four-bedroom units with prices 上海千花网论坛 上海千花网starting at $2,695 per month, according to StreetEasy.

Nationwide Life Insurance provided the financing for the new mortgage. Before the transaction, the building itself was not encumbered by any debt, according to property records. However, Fairway took out a $4.6 million loan on its retail space in 2016.

The state of Florida, through its investment manage上海千花社区 上海千花网交友ment agency the State Board of Administration, acquired the building in 2000 from Related Companies. The SBA overseees the $191.5 billion in assets held by the Florida Retirement System, one of the largest public retirement plans in the country. The agency’s portfolio includ上海夜网论坛 上海夜网es investments in real[……]

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RXR Realty

Rendering of JFK International Airport

JetBlue Airways C上海贵族宝贝论坛 上海贵族宝贝orp. tapped RXR Realty and Vantage Airport Group to expand its terminal at John F. Kennedy International Airport.

The project is expected to cost between $2 and $3 billion and will add wi上海贵族宝贝交流区 上海贵族宝贝论坛der gates — as many as 12 — to JetBlue s terminal, which can currently only accommodate narrow, older model planes, the Wall Street Journal reported. JetBlue awaits approval from the Port Authority of New York and New Jersey, which is in the process of a $10 billion renovation of the airport. Port Authority is considering bids from the airports private operators to determine how to proceed with the redevelopment.

JetBlue selected the development team from nine other companies.This will be RXR s first airport development, though a company spokesperson noted it has experience 爱上海龙凤419桑拿 上海龙凤论坛sh1fworking on public-private partnerships. RXR CEO Scott Rechler formerly serve上海千花网交友 上海千花网论坛d as vice 爱上海龙凤419桑拿 上海龙凤论坛sh1fchairman of the Port Authority. He s now on the Metropolitan Transportation Authority board and is chairman of the Regional Plan Association. Vantage has more than 20 years of experience working on airports and is part of the team redeveloping Terminal B at LaGuardia Airport. [WSJ] — Kathryn Brenzel 

Tags: John F. Kennedy International Airport, Politics, RXR Realty
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Mineola is one of the healthiest housing markets in the state

Mineola ranked among th阿爱上海同城 阿拉爱上海同城e ten best housing markets in New York, according to a study by SmartAsset. The firm evaluated 160 communities acr爱上海同城 爱上海oss the state, based on the years owners spend in their homes, their value, ease of sale and cost of ownership. The study found that in Mineola, people stay in their homes for about 18 years and only 2.8 percent of owners have negative equity. Only about three percent of homes in the town lost value. No other Long Island markets broke the top 10. Number one on the list was Depew, New York, 10 miles 上海夜网论坛 上海夜网east of Buffalo, Newsday reported. [Newsday]

Tags: long island
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