The 234 Apartment

When it comes to finding an affordable apartment, age is certainly more than just a number. While popular for their classic architecture and original hardwood floors , older apartment buildings also offer another benefit: cheaper rent than more recently constructed buildings , according to an analysis of neighborhoods in New York City’s Manhattan borough by apartment search site RentHop . On average, for every year older an apartment is, the rent is cheaper by $6 a month. While these savings figures may seem small, they can add up quickly in a city like New York. A 50-year-old building could be $300 cheaper per month than a newer one, which would equate to roughly a 10% savings in Manhattan where the median rent is $3,100, RentHop said. “Given that buildings can be decades old, this difference could be huge,” RentHop said in the report. The report was based on publ...

T wo weeks ago, a Manhattan Supreme Court judge handed down a decision designed to strike fear in the hearts of landlords. Justice James d’Auguste ordered that an independent receiver be appointed to manage two Midtown residential buildings where the landlords allegedly allowed illegal Airbnb rentals to occur. The case, which began when the city sued the landlords in February 2015, has become one of the battlegrounds in a larger war between city enforcement agencies and short- term rental sites like Airbnb. Airbnb, which was recently valued at $31 billion, refuses to release the exact addresses of hosts who break the law by renting their entire apartment for less than 30 days without being present. Without the addresses and names of Airbnb violators , the city mostly targets the owners of buildings that rack up the most illegal hotel complaints from 311 calls and the New York City Department of Buildings. “This entire model—and it was intentional [by the city]—is complaint-drive...

Of all the apartment construction we witnessed in the past few years, 10 U.S. neighborhoods stand out for the greatest numbers of apartments built in the post- recession rental boom era . Using Yardi Matrix and Property Shark construction data , RENTCafé tallied up apartment completions that took place between 2010 and 2016 to see which neighborhoods saw the highest volumes of new rentals. Here they are: At the top of the list , Long Island City in Queens, New York City, has built a stunning 12,533 new apartments in 41 apartment buildings since 2010 , by far more than any other neighborhood in the U.S. Like many other New York neighborhoods, LIC slowly gentrified from a former heavily- industrial neighborhood filled with warehouse-type buildings to a highly- desirable residential area gleaming with new residential high -rises and conversions. Just a 15- minute train ride to Midtown Manhattan and much more affordable in terms of housing costs, Long Island City ’s apartment marke...

Summit Ridge luxury apartment development on River Road in Allentown" alt="Construction has resumed at the Summit Ridge luxury apartment development on River Road in Allentown" /> Construction has resumed at the Summit Ridge luxury apartment development … (MICHAEL KUBEL, THE MORNING…) April 30, 2013 | By Peter Hall, Of The Morning Call Nearly three years after construction stalled at the Summit Ridge Apartments on Allentown's east side, a New Jersey real estate firm has picked up where the project's bankrupt developer left off. After foreclosing on the property and winning an $8.3 million verdict in Lehigh County Court , Diversified Realty Associates of Summit, N.J., aims to complete the luxury apartment buildings by the end of the year. The project's hiatus, which left some residents living amid an abandoned construction site , was the result of former developer David Connolly 's financial meltdown that led federal prosecutors to charge him l...

KATHLEEN KINNEY Last updated 14:23, August 16 2017 level penthouse apartment on Manhattan's 5th Avenue near Central Park? It'll set you back US$100k ..." title="" src="https://resources.stuff.co.nz/content/dam/images/1/l/0/k/n/u/image.related.StuffLandscapeSixteenByNine.620x349.1l0ism.png/1502850240399.jpg" class="photoborder" /> CORCORAN GROUP Want to rent this two- level penthouse apartment on Manhattan's 5th Avenue near Central Park? It'll set you back US$100k per month. Manhattan's Central Park is surrounded by opulent apartment buildings , and 988 Fifth Avenue is known as one of the Upper East Side 's most exclusive addresses. In fact, actress-turned- princess Grace Kelly called the building home for a few years. The 1925 14-floor building was designed in an Italian Renaissance -palazzo-style and had just one apartment per floor. But decades later,  Italian businessman Pier Guerci created a new, two- level penthou...

WITH the median price of an apartment in Manhattan topping $1,000 a square foot, homeownership is often far out of reach. But there are options for those who cannot afford the market rate, including co-op apartments for buyers who earn a certain percentage of the area median income , or A.M.I. These buildings are scattered all over the city. Some date to the 1950s; others are brand-new and still looking for buyers. Some are limited to those who earn less than the median income -- 60 or 80 percent, for example (the median for a family of four in New York City is $83,000). Others have apartments for those earning a bit more than that sum. Many new developments try to bring in owners from different economic backgrounds, and are likely to include market-rate units as well. At one recent development, Atlantic Terrace, near the new Nets arena in Brooklyn, similar one-bedroom apartments were priced at $85,000, $113,000 and $232,000, depending on the buyer's income. A market-rate one-be...

Another program, run by the Urban Homesteading Assistance Board , works with the city on co-op conversions of buildings taken over from delinquent landlords. Tenants help with renovations and can eventually buy the units for low prices. About 30,000 apartments are in the program, which is administered by the city’s Department of Housing Preservation and Development. Since 2003 the city’s Housing Development Corporation has also been partnering with both for-profit and nonprofit developers to create new affordable apartments — 1,767 units in 21 buildings. The benefits of promoting homeownership in this way extend far beyond the individual owners, said Andrew Reicher, the executive director of the Urban Homesteading Assistance Board . “In the Lower East Side , in Harlem, in Bed-Stuy,” he said, “these owners stuck it out and struggled to improve their block, and improvements spread from their work. And they are not displaced when the neighborhood turns around.” Of course, the question fo...

Midtown West Development " src="https://media.atre.yardi.com/1/11100/images/Gothams-Midtown-West-Development-.jpg?w=270&h=129" alt="" width="270" height="129" /> Gotham's Midtown West Development New York— Gotham Organization Inc. has commenced construction on a $ 520 million development in Manhattan’s Midtown West district . The four-building complex will span from West 44 th to West 45 th Street and from 10 th to 11 th Avenues. The mixed-use project will have over 1,200 units available for rent. “Through an innovative partnership with the City of New York, Gotham Organization is proud to take the lead on a development that changes the face of Midtown West,” says David Picket, president of Gotham Organization . “This bold investment in our City’s future will create hundreds of new jobs, generate millions of dollars in revenue for the construction industry, contribute toward the building of a new primary school and provide ...

ARTICLE OPTIONS Throughout his early 60s, Brad Buchner and his wife, Elizabeth, lived in the kind of house that many near-retirees dream of: a peaceful, manageable ranch- style property tucked in a quiet Poconos town surrounded by trees, lakes, and plentiful open space . Costing anywhere from $30,000 to $150,000, tiny homes designed by Escape Homes enable anyone to travel around the country in a single-family home. As it turns out, however, that’s exactly what Buchner and his wife don’t want as they think about the next years of their lives. Three years ago, the Buchners packed their things and headed to Philadelphia, settling down in a Center City rental . As if ditching their longtime rural digs weren ’t enough, the pair also abandoned spaciousness, swapping their three-bedroom, two-bathroom home for precisely 345 total square feet . The transition has meant parting ways with a fully finished basement and a home office, and adjusting to an ovenless kitchenette and two miniature...

Development Aug 25, 2017   Share Also: Freeman Webb buys in Alabama; Turner releases quarterly report ; Cool Springs Hilton topped The space for the future Nashville office of Lieff Cabraser Heimann & Bernstein is being prepped at 222 2nd, the SoBro-based mixed-use tower soon to open. Thomas Constructors is handling the build-out, with a permit valued at $600,000. The building (pictured as a rendering in the center of the above photo) is located at 222 Second Ave. S. Nashville-based Gresham Smith & Partners designed the tower and will be a tenant. Lieff Cabraser is based in San Francisco. The local office operates at One Nashville Place in the CBD. Cool Springs Hilton topped The building to eventually house the 244-room, eight-story Hilton Franklin/Cool Springs Hotel has been topped. Developer Chartwell Hospitality has slated a ceremony to recognize the milestone for Tuesday, Aug. 29, according to a release. Once completed in summer 2018, the project will include a two...