Happy Friday! Here’s the scoop on the New York real estate world this week.
The Week: March 14 – March 18
This week was an exciting week for city-wide initiatives, with de Blasio’s controversial affordable housing initiative gaining support from City Council.
TripleMint’s Pick: Filmed in New York, Starring My Home
Last week, more than 100 film projects were shot in New York City. Last year alone, 356 films were shot in New York City, not to mention TV shows. This can be lucrative for homeowners as a a few days’ work filming a commercial, print advertisement or a TV episode in an apartment can earn a homeowner about $10,000 to $20,000. The price? Potential issues with neighbors. Read more here.
The Elliman Report February 2016
Are you a numbers person? If so, take a peek at Douglas Elliman’s February housing report, covering Manhattan, Brooklyn and Queens’s rental markets. Not a numbers person? We got you covered. Here are the key takeaways: rental price growth is slowing in Manhattan, but increasing year-over-year in Brooklyn and Queens, coupled with more inventory.
Privacy Concerns Raise About New York City’s Free Wi-Fi
If you’ve seen old phone booths torn up and replaced with futuristic stalls, you’ve probably heard of LinkNYC. Launched last month, LinkNYC is the city’s new initiative to provide free Wi-Fi through hubs across New York. Great news, right? Not if you’re concerned about privacy, according to a recent statement by the New York Civil Liberties Union.
Construction Unions Losing Their Grip in NYC
For long swaths of the 20th century, members of construction unions monopolized NYC’s skyline, making up 90% of the city’s construction force. Yet that number has been slipping consistently since the 1970’s. Now, non-union construction makes up 40% of the market. The Real Deal frames today as a crucial time in the construction industry, particularly because of fights over developer’s tax benefits, specifically the 421a program. Read more here.
City Council Is Expected to Endorse de Blasio’s Affordable Housing
After initial backlash, City Council now supports Mayor Bill de Blasio’s plans to rezone parts of New York to add more affordable housing through Mandatory Inclusionary Housing and Zoning for Quality Affordability. City Council switched positions after a change was made to de Blasio’s plan reducing the affordability threshold to 40% of the area median income, or about $31,000 for a family of three in the City.
Anbang Expands U.S. Hotel Foray with Record $6.5 Billion Deal
Have you heard of the Waldorf Astoria. We thought so. It’s only one of the most iconic New York Hotels. It was also bought last year by Chinese insurance company Anbang for a massive sum of $1.95 billion. And Anbang is back at it again, paying $6.5 billion to buy 16 luxury hotels from Blackstone Group LP. Is this related to residential real estate? Not really. But it’s the biggest U.S. real estate deal by a Chinese buyer. Crazy!
Meet the TripleMint Team: Josh Heyer
This week we sat down with Real Estate Specialist Josh Heyer. A native of Iowa, we learned about his upbringing and his cooking aspirations.