Liu says mayor wants to take over Battery Park City
After grabbing Governors Island and Brooklyn Bridge Park from the state, Mayor Bloomberg has now set his sights on a new acquisition: Battery Park City. Bloomberg’s office asked Comptroller John Liu earlier this year to study the feasibility of taking over Battery Park City, which is now under the state’s jurisdiction
Gowanus Canal in Brooklyn Is Given Superfund Status
The federal Environmental Protection Agency announced Tuesday that it was designating the Gowanus Canal in Brooklyn a contaminated Superfund site, opening the way for a cleanup of the long-polluted waterway.
U.S. Economy Grew at 5.9% Annual Pace Last Quarter
The U.S. economy expanded at a 5.9 percent annual rate in the fourth quarter, more than the government reported last month, reflecting stronger business investment and a greater contribution from inventories.
Bernanke Reaffirms ‘Extended Period’ of Low Rates
“Although the federal funds rate is likely to remain exceptionally low for an extended period, as the expansion matures, the Federal Reserve will at some point need to begin to tighten monetary conditions to prevent the development of inflationary pressures,” Mr. Bernanke said in a prepared statement.
New-Home Sales at a Low in U.S.
New-home sales unexpectedly fell to a new low in January while mortgage applications dropped last week to the lowest level since 1997, according to data released by the Commerce Department. The reports rekindled worries that a turnaround for the housing market would be elusive in an era of high unemployment and huge debt burdens.
Housing Prices: Up, But Not by Much
The Case-Schiller housing price indexes were released this morning, and both the Composite 10 (C-10) and the Composite 20 (C-20) showed monthly increases of 0.3% on a seasonally adjusted basis.
Citigroup Offers to Help Americans Lose Their Homes
With much self-congratulatory fanfare, Citigroup (C) announced a new program to help itself maximize profits on foreclosures – as it boots one American family after another onto the streets.Citigroup's “generous” offer allows foreclosure victims to stay in their homes for up to six months, along with a grand sum of $1,000 to help their victims try to start over again. In return for Citi's generosity, the homeowner agrees to sign over title of the property to Citigroup – and thus Citi avoids a formal, foreclosure proceeding.
Home Builders Are Back, Kinda
The good news continues rolling in for home builders, who hope they’ve hit bottom and are in recovery mode. But, as we’ve told you before, headwinds remain for the beleaguered sector. Bank of America Merrill Lynch started seven builders with a “buy” rating, a bullish view based “on an expectation of growth in 2010 driven by improving economic conditions.
Mortgage Rates Flat at 4.94%
Mortgage-loan applications dipped 2.1% for the week ended Feb. 12, the Mortgage Bankers Association reports. This comes as the average mortgage rate for 30-year fixed loans remained flat at 4.94%, with a slight increase in points.
Years of Street Work Planned for Tribeca, North and South
Shane Ojar, a deputy director of the city’s Department of Design and Construction, told Community Board 1’s Tribeca Committee on Feb. 17 that a five-and-a-half-year replacement of water mains in northern Tribeca could start by the end of the summer. In addition, he said, crews will begin a three-year overhaul a five-block-long stretch of Chambers Street in early April that will narrow the street to one lane for the duration of the project.
Concrete-Testing Company Guilty in Partial Verdict
A concrete testing company and its owner were convicted on Wednesday of filing false test reports on various projects throughout New York, including the new Yankee Stadium, the Freedom Tower and the Second Avenue subway line.
Aerial Photos of World Trade Center Attack Are Released
Newly released aerial photographs of the World Trade Center terror attack capture the towers’ collapse, from just after the first fiery plane strike to the dust clouds that spread over Lower Manhattan and New York harbor. The images were taken from a police helicopter carrying the only photographer allowed in the air space near the towers on Sept. 11, 2001. They were obtained by ABC News after it filed a Freedom of Information Act request last year.
The demolition of the 1951 Moody's building at 99 Church Street has revealed, for the first time in 57 years, this unobstructed view of Cass Gilbert's neo-gothic design for the Woolworth Building's western facade. It is the site for a major new addition to the lower Manhattan skyline— Architect Robert A.M. Stern's design for the new, downtown, Four Seasons Hotel and condominium tower. The new skyscraper will rise on the construction site visible in the foreground and will eclipse this view forever. The new tower will be taller than the Woolworth, which was the world's tallest building when it was completed in 1913. Mr. Stern is working for World Trade Center developer Larry Silverstein on this project. It's scheduled to open in 2011 around the time the World Trade Center Memorial will be completed.
