NYC developers who have used the EB-5 immigrant investor program to finance large scale luxury developments should be pleased that the program has been extended. The extension is expected to pass later this week and will give the program 10 more months. At which time, Congress and the real estate lobby can try to come to an agreement to change it. The current setup allows 10,000 visas a year to investors who put up at least $500,000 in job-creating businesses. Interestingly enough, having spoken to immigration attorneys this may not be the best program out there depending on an investor’s needs and desire to remain in control of their funds.
In New York City, outdoor spaces are coveted and as a result at a premium. In some new developments, outdoor space is priced at nearly the price of interior square footage. Typically in the cold months which used to be November through April here in Manhattan, outdoor spaces get neglected and not used. In Manhattan’s Park West Village on the Upper West side, many apartments have terraces which lay barren during the winter.
What should you do with them once the normally cold winter arrives? One obvious choice is storage and another suggestion given in Real Estate Weekly’s article is get heatlamps or if your space is ample enough then a gas fireplace may do the trick.
The LPC approved a contextually conceived condo development that will help Collegiate Church to raise capital for their charitable functions both nearby and throughout the world. Two buildings-260 west 78th street and 378 West end avenue on Manhattan’s upper west side will be built as one development on Manhattan’s upper west side.
COOKFOX architects designed the project. Given the success of similar new buildings in the area we can imagine family sized apartments probably ranging from $2500 and up per square foot.
On Thursday morning, a ceremony organized by the local community celebrated the centennial of the Jean of Arc Statue. The monument itself was a tribute to the friendship of France and the US. Honoring the bond between these two countries is even more significant given the recent terrorist attacks in Paris.
The statue is in Riverside Park at Riverside drive and west 93rd street on Manhattan’s upper west side. The local community is raising funds to restore the statue to its original glory and towards that end has already raised $5,000 from neighbors.
PC Richards is opening a 20,000 sqft store in Harlem on 125th street at 309 West 125th street. The store will have both frontage on 125th street and 126th street which will make access and pickups easier for customers. The chain is family owned and was founded in 1909.
The Pathmark on Harlem’s 125th street is closing by this Saturday. The store which opened with much fanfare in 1997 has little left on its shelves at this point. It is unknown whether the closure is a result of Extell’s purchase of the site for $39 million or the bankruptcy of the Pathmark’s parent company-A&P. Representatives of the former owner and the new owner have said it was not a result of the sale however.
This closure though leaves many residents with no supermarket to do their shopping. It was estimated the store served 30,000 customers per week. A new Whole Foods is opening up late next year or early 2017 but that will a long walk for residents of East Harlem and the prices may not be affordable for many in the area.
Several top real estate executives were interviewed and one of the fascinating questions that they asked was where they would invest $10 million dollars. The answers varied including the Kips Bay neighborhood and other up and coming areas. They didn’t mention Harlem which was a surprise and may still indicate that there is time to invest in the neighborhood where big money is quietly pouring in including Extell and other real estate heavyweights.
If you are considering buying an apartment in New York City to be zoned for a particular school, there are a couple of things to be aware.
1- Due to crowding in some public schools, there is talk of rezoning, most recently in Manhattan’s upper west side. The school in question is the desirable PS 199 on West 70th street. According to LINK, this year, there was a waitlist of almost 100 zoned students for kindergarten. As a result, there is talk about rezoning and unsurprisingly tremendous pushback from the community. The pushback comes both from parents who are zoned for PS 199 and non-parents who do not want to see the real estate values affected by a rezoning.
2-It is wise to speak to the parent coordinator for the school to see if rezoning is planned. You can find their information on the school site. They may be able help you to know if there is a planned rezoning.
Some of the nicest fall folliage is available for viewing just inside Central Park around the pool area near West 100th street and Park West Village. Here’s a sneak peek but make sure to hit the park before all of the leaves fall off the trees on the Upper West side.
On Monday, Microsoft opened the doors to it’s flagship retail store on Fifth avenue at 677 fifth avenue. The store will have 5 floors and 3 of them open to the public. It reportedly was a very busy day at the new store due to the launch of the Surface Pro 4 tablet.
The 22,369 square foot store will feature products from their partners as well including Dell. Ideally located on Fifth avenue and 53rd street and within a stone’s throw of the Apple Store on Fifth avenue and 59th street, this will be the 113th store in the MS network.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
