The rental vacancy rate in New York City as of April 2014 was 3.45 percent according to the Housing Vacancy Survey results released this week. Some of the other statistics from the triennial survey were less expected, however. Although the press has been full of stories recently about foreigners buying up Manhattan condos to keep vacant as investments, the study found that the number of such units declined by 10,000 in the past three years. The vacancy rate for apartments renting for $2,000 or more is over 6 percent and over 7 percent at rents over $2500. Contract (lease) rents overall went up 3.4% in 2014 dollars since 2011 vs. 4.3% for gross rents, including utilities. The detailed tables show that the difference for gross rents was due to a 13 percent increase in utility costs.
The City Planning Department is exploring new design requirements for housing to reduce construction costs, maximize use of floor area, incorporate modern technology and perhaps improve appearances. A detailed proposal is out for comment. The Department also this week released the results of a survey on transferable development rights to promote discussion on changes to existing rules that have not worked as intended, particularly for landmark sites.
The Court of Appeals agreed to hear a challenge to NYU’s development plans with broad implications for construction on any city owned lot. The root of the issue is whether unofficially using a lot as a garden makes it a de facto public park.
In case you missed yesterday’s ABO Energy Forecast, Thom Devlin of the ABO-FS Energy Program reported that natural gas prices have fallen 34 percent since November, and that electric rates had fallen in turn. He noted that some fixed price customers were trying to blend and extend electric contracts but that they had to be careful of load charges that could reverse savings. Looking ahead, he believes gas prices will remain volatile, but stay under $4 per mmbtu in 2015, and that oil prices may loop up to $80 a barrel by year end.
The filing period for Façade Inspection Safety Program (FISP) Cycle 8 began February 21, 2015. Technical Reports filed under Cycle 8 must meet new submission requirements.
We are pleased to announce that Bronx Borough President Ruben Diaz Jr. has confirmed he will participate in the keynote panel for BuildingsNY, April 28th, on “Housing in the Boroughs: Who Wants It?” Register to attend now.