The city’s bid to rezone a large chunk of Harlem will increase the development potential of at least 50 properties owned by a motley collection of landlords—some of whom may be less than deserving of a big payday. A Manhattan community board is set to weigh in this month on the East Harlem rezoning plan, which will boost the allowable size of buildings along certain corridors of a 96-block area.
The change could create as many as 3,500 new apartments if the City Council signs off on the plan by the end of the year. The initiative is meant to both jump-start new construction and influence the scope of projects that likely would have happened even without rezoning. All developers who receive a density boost will be required to include affordable housing in their new projects.
Recasting a neighborhood in this way can often deliver big benefits to longtime owners who have stuck with the area during less prosperous times. But a...
May’s rental transactions of $15,000 or higher more than doubled compared to last year.
An influx of new development rentals, and a large number of new leases signed over $15,000, pushed median rental prices up in Manhattan this May according to Douglas Elliman’s monthly market report tracking rental prices in the borough as well as Brooklyn and Queens. In Manhattan, May’s median rental price increased 2.2 percent from last year to $3,475, while the average rental price rose 4.4 percent, to $4,208. Jonathan Miller, author of the report, explains that the only reason for that price bump “is that there was simply a lot more new development rental product in the mix.” Read more