The Rent Guidelines Board approved one and two year renewal guidelines of 4 and 7.75 percent last night, for leases commencing October 1, 2013 thru September 30, 2014. The complete RGB Order number 45 should be available at the above link later today. The media highlighted the largest percentage increases since 2008, but owners have to remember that many of the leading mayoral candidates have called for a rent freeze…and, according to the Fed, a little inflation can be expected in the next four years.
An RFP for a residential, commercial or community facility development of a 26,000 square foot lot at 280 Cadman Plaza West was issued on behalf of the Brooklyn public library yesterday. The project has to include a 20,000 square foot replacement for an existing library at the site.
The State Legislature in Albany is rushing to a close of session. At this writing, it seems they will pass Gov. Cuomo’s Tax Free NY plan, renamed Start-Up NY, which will allow tax free business development at five CUNY campuses in economically distressed neighborhoods, to be identified by a State board. And, it also looks like the Hudson River Park Trust will be allowed to sell air rights up to one block east of the park in order to fund improvements at Pier 40 and elsewhere.
Meanwhile, NIMBYs had a big week as Manhattan Community Board 5 voted against Mayor Bloomberg’s Midtown East rezoning plan; the Board of Ed backed down from public/private plans to redevelop P.S. 191 and 199; and Queens Community Boards 3 and 4 are expected to endorse the down-zoning of East Elmhurst to prevent multifamily development that was attracted to the area.
You knew that foreign buyers were propping up the New York residential sales market, but did you know the zip codes foreigners know? According to real estate listings site Trulia, 28 percent of the searches in zip codes 10013 and 10007 — Tribeca/Little Italy and World Trade Center/City Hall — are made from abroad. 27 percent of searches in 10019, the West 50s and 26 percent in 10065, the East 60s come from overseas. Most other Manhattan zip codes are below 20 percent, and the outer borough zips are all below 10…most less than 2.5 percent.
Join us for the ABO Summer Celebration from 6-8 p.m. Thursday, July 18th at the Water Club. Reserve now or call 212 385-4949 for information.