Senate Bill S6760, which proposed an elimination of the cap on the residential floor area ratio (FAR), was quashed late last week.
Should the bill be passed, development in some of New York’s highest density areas, including Downtown Brooklyn, would be significantly less restricted.
Preservationists have long lobbied for landmarks protections not only to preserve the city’s culture and architecture, but also its affordable housing. They argue that without landmarks, many rent-stabilized buildings would be torn down for market rate developments.
But the Real Estate Board of New York — a real estate industry trade association — released a report on Monday that says landmarked neighborhoods in the city lost rent-regulated apartments at four times the rate of non-landmarked neighborhoods. REBNY argues that landmarking an area makes it the opposite of affordable.
Already taking sides? Check out the details for yourself.
The Real Estate Board of New York released its third quarter numbers and found that the quarter marked the highest total residential sales values New York City has recorded since 2007 — we already knew that sales in Queens rose to a three-year high this past quarter. REBNY reports: “This was also the second consecutive quarter where increased activity in the market was not focused only in the Manhattan apartment market and prime Brooklyn areas. Sales in both Brooklyn and Queens for one-to-three family dwellings were at post-recession highs of 1,888 and 2,409 respectively.” The Queens neighborhoods that saw the most residential sales were Flushing (539), Rego Park/Forest Hills/Kew Gardens (463), Jackson Heights/Elmhurst (286) and Richmond Hill/South Ozone Park/Woodhaven (286). In Flushing, the number of condo sales more than doubled to 192 compared to the same quarter last year, with the average price rising 14 percent to $508,000. You can see a full breakdown of the numbers at this PDF report.
We see no reason to dignify this post with a photo, but the Real Estate Board of New York announced its (all very well-deserved) “ingenious” deal of 2011 award winners in real estate and, of course, Brooklyn ain’t got nada. What’s a little weird, though, are the nominations for the retail deals of 2011, which have yet to be announced/selected: All Manhattan, most all corporate and boring. Guess the deal for Shake Shack on the Fulton Mall was inked in 2010, but still, we think there must be some Brooklyn deals that can compete with “55 Fulton Street – Key Food.” It seems as though the awards and nominations are only ever for Manhattan, which is kind of silly!
Corcoran and Elliman’s latest quarterly reports for Brooklyn have yet to be released, but in the meantime there’s the Real Estate Board of New York’s most recent reckoning, which shows Brooklyn had the largest price-per-foot increase in the five boroughs in the third quarter. The Wall Street Journal digs into REBNY’s numbers and finds that Brooklyn was particularly buoyed by strong sales volume in Williamsburg, Park Slope and, somewhat surprisingly, Bedford Stuyvesant. Even still, sales volume in some of those neighborhoods is lagging behind the second quarter, the Journal notes: Sales volume was down 9 percent in Williamsburg, and the Edge’s developer Jeff Levine says “We went from an average of 30 units to an average in the summer of just over 20 units a month, which in this world is still pretty fantastic.”
Brooklyn Sales Show Pluses [WSJ]
Real Estate Industry Issues Quarterly Notice of Rising Prices [Curbed]
City Home Prices Shoot Up 8 percent: REBNY [TRD]
Graphic via WSJ