Starting on September 12, 2011 and continuing throughout a 4 week period, the firm collected minute-by-minute data for various pollutants at 10 locations between E 69^th and 87^th Streets.  The final report, revealed that most measured pollutants were below national air quality and industry standards. 

• High concentrations of one type of particulate matter were “attributed to local traffic emissions, other local sources such as commercial and residential boilers . . . with no significant contribution from blasting activities”, according to the report.
• Another spike during the 3 to 7 pm blasting period showed concentrations below acceptable levels to indicate no adverse health effects.

According to a statement released Thursday, MTA Capital Construction President Michael Horodniceanu  “Based on the results of the study, there are no concerns that Second Avenue Subway construction si causing any danger to the public’s health. We will continue to do everything we can to be a good neighbor as we complete this critically important project as quickly as possible.”

Several measures were implemented to mitigate the odors and dust :

• “Dust Bosses” that spray water mist to force the dust particles to settle within the “muck house” structure were installed in two of the structures.
• Wet burlap curtains were installed in the shafts to act as screening for dust.
• Permanently sealing some overhangs
• Installed additional vents
• Increased time between blasts to allow for dust and smoke to dissipate.

Residents agree these measures have improved the conditions, but lament the delay in implementation.

The study findings will be presented by the MTA to the Community Board 8’ Second Avenue Task Force at Hunter College, 695 Park Ave, West Building Lecture Hall Room, 714W on January 26, at 6:30 which we will be attending.

Excerpted from DNAInfo.com article by Amy Zimmer.

I remember seeing a cartoon in the New Yorker Magazine Cartoon Bank showing two mice talking about the size of their in-wall apartment. One said to the other “Counting the space behind the pantry shelves, it’s eleven square feet.”

Nowhere is caveat emptor more applicable than when referring to the stated square footage of a Manhattan apartment.  Many real estate sites have disclaimers like this: “Exact Dimensions can be obtained by retaining the services of a professional architect or engineer.” At best all stated square footage and dimensions are approximate. At worst they are deceptive and misleading.

It is part of the overall marketing plan with most brokers: clean up, de-clutter, professional photos, and professional floor plans.  Brokers want to show the property in the most flattering light.  A floor plan in black and white (lately I’ve seen 3D color floor plans), provides a visual that shows walls, doors, fixtures and open space. 

In addition to the stated square footage, does the floor plan show the whole truth?  Are columns shown in the proper location and proportion to the space?  Are radiators and moldings shown?  How about the thickness of the walls?  Sometimes they are, sometimes not.  While technically correct, some graphic designers will measure from wall to wall, without taking into account such things as moldings and radiators.  But, these things eat into usable floor space.  Many times columns and window and door placements, even wall thickness are just estimates based on educated guesses and knowledge of building practices for a particular building.

For more information on how floor plans are created, see the New York Times article here.

Earlier this month,  Zillow released its Q1 Real Estate Report.  Many in the press joined in and cried gloom and doom.

The hysteria was best summarized by a Curbed article that listed the 10 Most Depressing Things Mentioned in The Zillow Report.  Perhaps real estate prices continue to decrease in Phoenix, Los Vegas, Tampa, etc., but in New York City, especially Manhatan,  it’s just not the case.

You would be misled if you simply looked at the Zillow Home Value Index for New York Metro data and assumed it had anything to do with Manhattan Residential real estate sales.

But if you focus on coops and condo sales which account for over 99% of residential properties sold in Manhattan vs single family homes , you’ll see that in New York City there have been significant price increases. 

As previously discussed with regard to the Case Shiller report discussed here, the Case Shiller report excludes new developments, condos and coops.  At least the Zillow report has that data available (perhaps not new development) but you have to dig for it.

All real estate is local.  So local, in fact that certain neighborhoods, blocks, buildings and even specific apartments have their own hyper-local real estate data.

All real estate is local.

As I previously discussed here, the S&P/Case-Shiller indices are virtually useless for tracking Manhattan residential sales. Case-Shiller does not include sales of co-op and condo apartments even though those property types account for 99% of what is sold in Manhattan.

The data through August 2009, released today by Standard & Poor’s for its S&P/Case-Shiller  Home Price Indices show that the annual rate of decline of the 10-City and 20-City Composites improved compared to last month’s reading. This marks approximately seven months of improved readings in these statistics, beginning in early 2009.

This perceived improvement of real estate prices, if you can call smaller declines an improvement, is as irrelevant now as when I reported the uselessness of the S&P/Case-Shiller doom-and-gloom report back in June .

What I do believe is significant is that the Consumer Confidence Index as reported today by The Conference Board today dropped to 47.7 from a revised 53.4 in September.  A measure of employment availability deteriorated to a 26-year low.

Unemployment in New York City (specifically in Manhattan) is very high. This fact, in addition to the seasonal slowdown in residential sales, will cause price reductions on properties where the sellers are motivated to move.

The problem?  A casual opening sentence that said those Boomers bring “plenty of gray hairs and wrinkles” to the trendy and sophisticated borough.  Even the title is somewhat unfortunate: “Oldie but goodie: Retirees, empty-nesters flock to Manhattan – and thrive.”

Here’s some tongue-in cheek advice I’d give to the NY Daily News which is cluelessly unhip regarding Boomers and the empty nest crowd:

• Don’t even try referring to Boomers as old until you’re sure most of them are at least 80 – that will occur in about 2045. Boomers are Boomers, not oldsters!  Being ahead of your time is often good, but not when describing Boomers.”
• 80 may be the new old.  Until then, the Boomers may consent to being referred to as middle-aged.
• Female Boomers very rarely have gray hair, and Grecian Formula hasn’t been around since 1961 because nobody uses it.
• Be prepared for the Botox and cosmetic industries to rain scorn upon you.  Wrinkles are not the in thing, and a multi-billion dollar industry is not going to take this sitting down.  Spending on anti-aging cosmetic products has passed $75 million a year, and has been growing at about $8 million per year since 2004.
• Be careful – plastic surgeons and other specialists involved in anti-aging services will be launching random scalpels your way.  Dermatologists and others will do heaven-knows-what – inject you with acne, perhaps? About 60,000 U.S. docs now profit from aging services, and anti-aging medical procedures are on track to surpass $15 billion per year by 2012.

Having assured my readers that I hear you, I’m off to start on an upcoming post about why Manhattan is a Mecca for the forever young. .

A "Wordle" of 2br/2bth co-ops & condos =>$1M in Manhattan

In a recent Marist poll, nearly half of Americans – 47% – said they find “whatever” most annoying.  The other sayings weren’t quite so loathed.  25% say they find “you know” most grating; 11% can’t stand “it is what it is”; 7% would like to ban “anyway” from all verbal exchanges; and 2% reported that they could do without hearing “at the end of the day.”

After reading thousands of Manhattan apartment descriptions, I have come up with my top  list of  real estate words and phrases that I find most annoying:

1. Boasts
2. Oversized (also ample or generous)
3. Sun-drenched
4. Residence
5. Triple mint

Here’s a “finger-nails-on -the-black-board” apartment description:

This triple mint, sun drenched apartment boasts oversized windows and generous maintenance.  You must call me for the non-negotiable price, a private showing or whatever. Anyway, if you have to ask the price this residence may not be for you. You know, at the end of the day it is what it is.

The S&P/Case-Shiller index methodology states:

The S&P/Case-Shiller indices do not sample sale prices associated with new construction, condominiums, co-ops/apartments, multi-family dwellings, or other properties that cannot be identified as single-family

Since 99% of all home sales in Manhattan are ” new construction, condominums, co-ops/apartments, multi-family dwellings”  the Index has no relevancy here.

Dr. Shiller in his June 6th article published in The New York Times reported:

HOME prices in the United States have been falling for nearly three years, and the decline may well continue for some time.

Nowhere in the article did he discuss or give a footnote on the methodology used or the property types included and,  with regard to Manhattan real estate, property types excluded.

No disclaimers or discussion of properties included or excluded on this  Bloomberg TV’s doom and gloom video report .