NYC real estate

NYC real estate

I am standing astride my bicycle, a sapling in a torrent of traffic, at the spot where Flatbush Avenue angles across Fulton Street. The light changes but my eye drifts up to the towers of Downtown Brooklyn silhouetted by the afternoon sun. Angry honks jolt me back to my task, and as I ride on, it occurs to me that this is how this new-growth forest of high-rises is best seen: in passing and under pressure.

Two months before the start of her master's program at New York University, Amrutha Kosuru hadn't found housing and posted requests for assistance on her university's Facebook group. This was Kosuru's first time in New York; she was born in India. Her goal was to complete two years of study in the city. She was ready for a challenge-a heavy academic workload and high tuition-but she didn't realize how difficult it would be to find a place to live.

For the most part, Grand Street between Driggs and Roebling is a clean line of low brick buildings, some dating to the 19th century. No. 241, however, stands out like a goth at the high-school prom. The façade is black with a zigzag of windows down the center between rusty exposed beams. This is strange enough, but the place has also been vacant for about 20 years while the rest of Williamsburg has turned into a luxury mall.

Since 1960, New York has been in a state of housing emergency, meaning a vacancy rate of 5% or less; today the vacancy rate is 1.4%, which, in turn, has driven up housing costs higher than ever. According to Apartments.com, the average rent for an available studio apartment is around $3,270 per month. In 2021, 53% of households in the city were spending over 30% of their income on rent.

Green Street picked up the Williamsburg properties for $15.5 million late last year from the Franquinha family, against the apparent objections ofCrest's owner, Joseph Franquinha. Over the decades, the hardware store that was first started by Joseph's father and uncle had evolved with the neighborhood, from a place where handymen and artists living in converted lofts could get paint or new pipes to a destination for luxury-condo buyers looking for ZZ plants.

A New York City teacher earning $70,000 applies for an affordable housing unit in Queens and is told she doesn't qualify. Not because she makes too much money, but because she doesn't make enough. The "affordable" one-bedroom requires a minimum income of $90,000, and even the studio required $75,000; just out of reach. Stories like this illustrate a broader paradox in New York's housing policy.

Configured as a three-family, this Clinton Hill Italianate row house retains four mantels, including two marble ones, and sports a Permastone facade. In the Greenpoint Historic District, an extra-wide 1850s wood frame has a pared-back country-style vibe, recently updated kitchen, and a landscaped rear yard with a pergola. In Flatbush near Brooklyn College, this early 20th century semi-detached house has big rooms with lots of windows, a porch, and recent updates.

For under a million dollars, one can find all sorts of housing configurations: park- and subway-adjacent studios, one-bedrooms hidden in carriage houses or former shoe factories, and even the occasional true two-bedroom. We're combing the market for particularly spacious, nicely renovated, or otherwise worth-a-look apartments at various six-digit price points. This week, we've got a converted studio on the Upper East Side with a wall of oversize windows and a one-bedroom across the street from Prospect Park with a deeded parking spot.

In Nutley, NJ, many homes are selling well above their asking price, driven by demand for updated properties and desirable community amenities.

One reader's email recounted how a Christmas tree and creche in their co-op lobby sparked complaints and a bizarre incident involving the kidnapping of baby Jesus, which ended in its return.

The Peninsula New York is a remarkable testament to blending heritage with contemporary luxury, offering an inviting refuge that celebrates Manhattan's Art Deco heritage, enhanced by a significant renovation.

One resident reported that her new co-op neighbors, a nude couple, often flashed their nakedness through their windows, causing her distress and discomfort.

"Steinberg's building is one of the last prewar co-ops to have a private restaurant. The amenity was ubiquitous in the years when developers were inventing the modern apartment building and the city wasn't yet bursting with dining options."

Rudy Giuliani sold his Upper East Side co-op for $4.95 million after a two-year process involving a significant $1.55 million price cut.

"To combat the housing crisis, every piece of underutilized city land must be unlocked to provide safe and healthy affordable housing," said Deputy Mayor Adolfo Carrion Jr.

"This is a rare instance where the Council members brought forward the idea of rezoning this area for housing," said Councilmember Keith Powers, who represents large portions of the rezoned district, and of East Midtown north of 14th Street.

Convert the Outlet to a Hardwired Sconce. You could add a sconce and ideally mirror it on the other side of the couch.

The Victorian flat features a roomy layout, high ceilings, vintage woodwork, and 1.5 bathrooms, along with a private roof deck and low monthly maintenance.