Bubble Wrap: January 2009
Entries
$16M A Year for Planned B'klyn Park
The Post reports on the updated costs released by officials to build and maintain the new Brooklyn Bridge Park. Estimates now put the build out at $346.3 million with $16.1 million needed per year for maintenance. An analysis by the Post found that upkeep at the new park will be the second most costly in the city, behind only Bryant Park.
But Regina Myer, president of the Brooklyn Bridge Park Development Corp., said yesterday that the 447 condos already built at the One Brooklyn Bridge Park development should generate $5 million a year in revenue—enough, she said, to keep the park afloat in the early years.
Year-End Rental Report: Sour Finale for Manhattan Landlords
The Real Estate Group New York recently released their year end rental report and Curbed has the summary.
According to TREGNY, December was the worst month for landlords, with most units “down significantly.” The concessions offered by landlords in the waning days of 2008 should continue and multiply through 2009. Those looking for deals should probably head to Gramercy; a quick glace at the report’s neighborhood-by-neighborhood breakdown shows some stunning drops in the area, including a 20% decline in rents on non-doorman two-bedroom apartments.
Fourth Quarter Market Reports: Calm Before the Storm
Curbed has a great roundup of 4th quarter market reports released by the big brokerages today.
Given all the whispers, rumors, half-truths and concrete evidence supporting the theory that Manhattan real estate is in something of a tailspin, most casual observers will be shocked to see that the major brokerages’ fourth-quarter market reports, out today, basically show that prices are holding fairly steady.
