Happy Friday! Here’s the scoop on what happened in the New York real estate world this week.
The Week: February 29-March 4
We leapt out of February and into March with a few interesting stories this week, including the opening of Santiago Calatrava’s behemoth World Trade Center hub and the launch of Stuyvesant Town-Peter Cooper Village’s online housing lottery.
TripleMint’s Pick: Google Maps Brings its “Add a Pit Stop” Feature to iOS
Planning a long day of showings following complex routes just got a whole lot simpler. This week, Google released a long-requested feature to Google Maps that allows users to add stops along their trip. Need coffee between looking at a 2 bed/2 bath in Chelsea and the West Village? Write it in and find out how much time you have (or don’t have) to spare!
Market Crash 2016: Shaken by Worldwide Tumult
Ask any professional following the market about the first quarter of 2016 and they will respond nervously. New York real estate is no exception to those shaky nerves. But what does this mean for the rest of 2016? According to the Real Deal, the crucial trends to follow for the real estate market are the following: China’s economic slowdown, low oil prices, the strengthening US dollar, the Fed’s behavior, a tighter global mortgage backed securities market, and the global stock market slide. Their outlook is mixed but not optimistic. Read their insights here.
Tipping Point: When Buying Beats Renting in New York City
In a real estate market as dynamic as New York City, everyone faces the question of whether to buy or rent an apartment to live in. Here, StreetEasy demonstrates a new metric aiming to approximate the number of years it would take for the costs of owning a home to equal the cost of renting a similar home in a similar area. What’s the key takeaway? If you plan on living in New York for more than 5 years, seriously consider buying.
Blackstone Launches Stuy Town Housing Lottery
New Yorkers can apply for affordable housing units in the Stuyvesant Town-Peter Cooper Village through an online lottery as of yesterday. The largest preservation deal in New York history, rents range from $1,210/mo for a studio to $4,560/mo for a 5 bed. Bought by Blackstone and Ivanhoe Cambridge, the complex is committed to keeping 5,000 units at affordable prices until at least 2035.
Rigdgewood, Queens, an Affordable Alternative
Ridgewood, Queens, long a hub of new immigrants to the United States now has a new form of immigrant moving in: former Greenpoint-ers, Williamsburg-ers and Park Slop-ers. Brokers and locals alike feel waves of change coming. Some predict a surge in young artists and professionals, but others believe that the neighborhood will stay true to its middle-class immigrant roots. Only time will tell.
WTC Transportation Hub Opens Today to Mixed Reviews
Last week we discussed the planned opening of Santiago Calatrava’s World Trade Center Transportation Hub. The structure finally opened yesterday at 3:00PM. At least some of it did. That includes much of the Oculus, the skeletal structure straddling the main hall of the hub more akin to modern art than NYC infrastructure. Early reviews are mixed, but one thing is for sure: this project was expensive. $4.4 billion expensive.
Meet the TripleMint Team: Josh Juneau and Emily Seils (Part 1)
Meet the TripleMint Team: Josh Juneau and Emily Seils (Part 2)
This week we sat down with Senior Real Estate Specialist Josh Juneau and Associate Real Estate Specialist Emily Seils. Two peas in a pod, we learned about their hidden athleticism, proactive attitudes and eerily similar families.
Enjoy your weekends!
