The city will open an incubator school in Tweed Courthouse in September to alleviate the overcrowding in Lower Manhattan’s schools until the two new schools under construction open. Tweed will house six classrooms for kindergarten students who otherwise would have crowded into P.S. 234 and P.S. 89. When P.S./I.S. 276 opens in 2010 and the Beekman school opens in 2011, the students at Tweed will transfer to the new schools.
Amid a weakening New York City real estate market, Manhattan renters are gaining the upper hand as market-rate rents drop and the vacancy rate rises. For the first time in recent history, landlords are no longer in denial about current conditions, and are trying to entice renters by reducing asking rents from record highs, as well as providing incentives.
With the recession in full swing, the nation’s employers shed 524,000 jobs in December and a rapidly deteriorating economy promised more big losses in the months ahead. December’s job losses brought the total for 2008 to 2.6 million, spanning a recession that started 12 months ago.
Financial giant Citigroup Inc will support a proposal in Congress to rewrite bankruptcy law to help troubled mortgage borrowers avoid foreclosure, Chief Executive Vikram Pandit said on Thursday.
What's in the stars for real estate in 2009? Astrologer Shelley L. Ackerman is here to explain and tell you what to expect this year: "For many, 2009 is a year in which things are more temporary than permanent. Prices are down, and so is lending. But as lucky Jupiter conjoins with Neptune..." probably just as accurate an analysis as any.
Jasmine Moran and Leo Muellner were able to sell their one-bedroom apartment in Williamsburg, Brooklyn, after repainting it and lowering the price.
America shouldn’t waste the current housing crisis. With prices plummeting, foreclosures soaring and the mortgage market in disarray, the country should rethink a federal housing policy that has failed.
Wall Street is just about to finish the worst year since 1931. American housing markets are finishing their worst year in recorded history. New York’s economy is highly dependent on Wall Street; about 40 percent of Manhattan’s total payroll was in finance and insurance in 2006. These three facts should have created the mother of all price crashes in New York City real estate. Yet New York’s housing prices are doing remarkably well relative to elsewhere in America.
Buyers who signed on before the economy tanked want out. Lawyer Jerry Feeney says he used to get two new calls a day from people drawing up contracts; up to 40 percent of inquiries these days come from clients trying to abandon ship.
Though brokers and analysts say that prices on contracts signed in the last few months have fallen sharply, the decline has not yet worked its way into the official records. A review of city filings suggests that when the final reports on the fourth quarter of 2008 are released early next month they will show that average and median prices on closed transactions increased slightly over the previous quarter and held their own compared with the same quarter in 2007.
This year will be remembered in New York as the one when the real estate boom definitively ended. On the ropes since at least the summer of 2007—when the subprime mortgage crisis snowballed into a general credit freeze—the market, both commercial and residential, stood still by the fall of 2008.
Innovative homes pioneered in Germany approaches the challenge of energy efficiency by using ultrathick insulation and complex doors and windows. The architect engineers a home encased in an airtight shell, so that barely any heat escapes and barely any cold seeps in. That means a passive house can be warmed not only by the sun, but also by the heat from appliances and even from occupants’ bodies.
Manhattan now has an 11.8-month supply of unsold inventory, said Jeffrey G. Otteau, whose Old Bridge, N.J., company analyzes contract sales figures and advises real estate brokers. “This is not terribly big,” he said, “but it is significantly bigger than a year ago...
Nearly $5 billion in development projects in the city have been delayed or canceled because of the credit crisis, which has had similar effects nationwide. The setbacks for development — perhaps the single greatest economic force in the city over the last two decades — are likely to mean that the landscape of New York will be virtually unchanged for two years.
In an unusual move, President Bush on Wednesday reversed his decision, announced a day earlier, to pardon Isaac R. Toussie, a Brooklyn developer who pleaded guilty to fraudulently obtaining federally insured mortgages and to defrauding Suffolk County, N.Y., by selling it overpriced land.
Home sales plunged last month, and housing prices fell at their fastest rate in 40 years, the latest indication that America’s battered housing market will continue to struggle in a rapidly deteriorating economy.
Who knew a year ago that we were nearing the end of one of the most delirious eras in modern architectural history? What’s more, who would have predicted that this turnaround, brought about by the biggest economic crisis in a half-century, would be met in some corners with a guilty sense of relief?
The board of the Metropolitan Transportation Authority approved an austerity budget for 2009 that calls for painful cuts in bus, subway and commuter rail service and a steep increase in fares and tolls, all aimed at plugging a $1.2 billion deficit.
Having reduced its key rate to a record low, the Fed said that it would use “all available tools” to fight the recession and downward pressure on prices.
Gov. David A. Paterson will propose a $4 billion package of taxes and fees on a range of items, from sugary soft drinks made by Coca-Cola and Pepsi to luxury items like furs and boats, when he unveils his plan to close a deficit that has ballooned to $15 billion, people with knowledge of the plan said on Sunday.