Look, Up In The Air

It’s summertime, and the City Buildings Department is turning its attention to outside space, issuing a reminder that balcony screens or enclosures need to have a permit, and suggesting, surprisingly, that rooftop terraces and recreation areas need enclosures.

REBNY launched its expanded residential listing service Tuesday, with the capacity for brokers to syndicate listings to Realtor.com and other sites, but not Streeteasy.

Ten X Commercial this week issued a residential vacancy forecast of 11% for the New York metro area by year-end 2018, based on a projected 40,000 new apartment completions and flat or declining job growth. It’s a theory.

The Bronx Borough President, Wednesday, announced $7 million in capital funds would be directed to 10 apartment development projects to fund 1589 “affordable” units. That works out to $4,405 per subsidized unit on top of other benefits the projects are receiving.

Median rents and median asking rents are two different things. A report by RentHop analyzing asking rents citywide (with a neat interactive chart) found the median asking rent for a two bedroom on the lower east side was $3,495—134% of median income and three times the actual median rent in the neighborhood.

ABO members can register this month for free show passes and discounted education programs at the International Builders Show scheduled January 9-11th in Orlando. And, ABO members have until August 25th to file for additional rebates on products they’ve bought from April thru June from 50 manufacturers such as Lutron, Delta, Carrier, and Sherwin Williams.

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