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.

1/18/12:  ‘Medical Arms Race’ Spurs Massive Health Development on East Side:   “At a time when the city’s public hospitals are struggling and Brooklyn hospitals are facing possible closures, top-tier East Side institutions — including the Hospital for Special Surgery, NYU Langone Medical Center, Lenox Hill Hospital, Weill Cornell Medical College and Mount Sinai Medical Center — could dramatically reshape the city’s landscape over the next five years as they expand their footprints, modernize and adapt to upcoming health care reforms.”  Read about it at DNAinfo.com

 1/21/12:  Chefs, Butlers, Marble Baths:  Hospitals Vie for the Affluent:  “Pampering and décor to rival a grand hotel, if not a Downton Abbey, have long been the hallmark of such “amenities units,” often hidden behind closed doors at New York’s premier hospitals.”  Read about it in the New York Times

1/22/12:  Massive, Exclusive Full Floor UES Co-op Wants $30M:  “It’s not every day when a unit at the fabled 2 East 67th Street comes onto the market, and this massive full floor unit is certainly impressive.”  See the floor plan and read about it at Curbed

1/24/12:  East River Underwater Turbines Give Jolt to City Power Grid:  Using underwater turbines in the East River off the coast of Roosevelt Island, Verdant Power will be electrifying New York with roughly 1 megawatt captured from the strait’s natural tidal currents — enough for an estimated 1,000 city homes.  Read about it at DNAinfo.com

1/25/12:  A-Rod sells his NYC condo for a considerable profit:  “According to the Wall Street Journal the New York Yankees third baseman has already received a contract for his 3,500-square-foot condo on the 35th floor of the Rushmore building on Manhattan’s Upper West Side.”  Read about it at YAHOO! Sports

1/13/12:  From the New York Times:  Not for Vampires Only.  “Some New Yorkers seek dim, dark spaces that admit little sense of the throbbing city outside their doors.  Read about it in the New York Times.

1/16/12:  From the  New York Post:  Rents Soar as Apartments Dwindle:  “Manhattan rents soared 8.6 percent last year — reaching pre-2007-crash highs — while vacancy rates plummeted and residents grabbed apartments at a near-record pace, new industry reports show.  Read more about it in the New York Post.

 1/19/12: From Prudential Douglas Elliman:  Exclusive 4^th Quarter  2011 Queens Sales Market Report.  Get the full report

“Tight mortgage credit conditions continued to drive rental prices and activity higher.”

• The median net effective rent (face rent less landlord concessions) jumped 9.5% from $2,950 to $3,121 in the same period last year. The year-over-year-gains were consistent across all rental price indicators.
• The 2-bedroom and 3-bedroom markets outpaced their smaller counterparts,increasing 14% and 18.1% respectively over the same period.
• New rental activity (excluding lease renewals) was up 10% from 7,217 to 7,942 in the same quarter last year.
• About 7.4% of new leases had some form of landlord concession compared to the 40.5% in the prior year quarter. For those leases with concessions, the average amount was the equivalent of 1.2 months of free rent.
• Days on market—the number of days from original list date to lease signing—was at its second fastest pace of 37 days in 15 years, which is when we began tracking this metric.

But buyers are more discerning than ever, and squeaky or stained floors and cracked laminate countertops can sink a potential sale as fast as an outdated kitchen or bath.

Renovations before the open house can attract a buyer faster.  Buyers today want move-in ready, a far cry from the boom years when buyers would buy anything with walls and a floor, and often will pass up the older units in need of updating.

It might go against the grain to spend money on an apartment you’re leaving behind, but it can be money well spent, setting your apartment above the dozen or so apartments a buyer is considering.  You may not be able to add the cost of the renovation to your asking price, however in most cases, if you don’t renovate, you may need to reduce your asking price, causing people to wonder what is wrong with the place.

It may not make sense to spend a huge amount of money.  With a fresh coat of paint and skillful staging, you can present a buyer with an attractive property, even if you can’t swing the $50,000 kitchen renovation.  Of course every case is different and you should consult your broker when making a decision on whether a renovation is ‘worth it’ in order to sell. 

 Inspired by New York Times article by C. J.  Hughes published November 4, 2011.

“After a year of mixed economic news, the Manhattan housing market, while continuing to experience overall price stability, closed out the year with a slower pace of sales.”

•  Median sales price was $855,000, a modest 1.2% increase from $845,000 in the prior year quarter. Price per square foot increased 5.6% to $1,117 from $1,058 over the same period.
• There were 2,011 sales in the fourth quarter, 12.4% less than 2,295 in the prior year quarter. The fourth quarter had the lowest number of sales since the same period six years ago, perhaps related to the unusual surge in sales in the prior quarter. Pending sales were also below the prior year level.
• There were 7,221 active listings at the end of the fourth quarter, essentially unchanged from the same period last year, but 2.6% less than the ten-year quarterly average of 7,412.
• Days on market—the number of days from the last price change if any to the contract date—saw a modest 5 day increase to 130 days from 125 days, still consistent with the 132 day average for the prior decade.
• Listing discount—the percent difference between the list price at time of sale to the sales price—fell to 4.9% from 8% in the same period last year.

12/3/11:  From the New York Times:  Taking the Tiny House Movement Tinier:  “Glenn Grassi used his skills as a set designer in the construction of his portable 84-square-foot microhome, trying to maximize the space available. Read more about it in the New York Times  

12/4/11:  From the New York Times:  Higher Loan Limits, Again for Pricey Markets:  “Less than two months after lowering the maximum loan amount that could be backed by the Federal Housing Administration, lawmakers in Washington reversed course just before the Thanksgiving holiday and once again raised that limit, offering home buyers more financing options in a tight credit market”.  Read more about it in the New York Times 

12/4/11:  From the New York Times:  Help with a Down Payment:  “The biggest barrier to buying a home these days is saving for the down payment, according to a survey released in September by Trulia.  The best holiday gift some people might receive would be help with the down payment.“  Read more about it in the New York Times

Maintenance fees  usually cover debt service for the underlying mortgage, property taxes, maintenance, personnel and other items.  These fees are usually apportioned per share of stock in the corporation, and are in addition to the owner’s individual mortage (if any).  A review of a co-op’s financial documents will give you the breakdown on the expenses.

What’s behind this increase?

• Property Taxes:  New York City Property Tax revenue increased 9.68% in 2009 according to the NYC Department of Finance.
• Utility costs:  Natural Gas and heating oil costs continue to increase. Water costs are up slightly.
• Building Staff. Salary and benefits, usually renegotiated under union contracts every two to 3 years. 
• Insurance Costs:  Varies by building and location, usually covering liability and disaster damages
• Building upkeep, including major repairs to plumbing, electrical, heating and the roof.

What can the Board do?

• Cancel or delay discretionary projects
• Request several estimates for upcoming projects.
• Refinance underlying mortgages.
• Impliment a flip tax.

When faced with rising costs, there is little a co-op board can do but pass the costs throught to the shareholders as either increased maintenance fees or temporary (or permenant) assessments.  The decision to raise maintenance fees ultimately rests with the co-op boards.

Inspired by Smart Money article by Annamaria Androitis.

  11/3/11:  From The New York Times:  A City Shrinks, or So the Census Says:  “According to its latest calculations, New York City has shrunk by more than two square miles, or the equivalent of Central and Prospect Parks combined.”  Read more about it at the City Room Blog of the New York Times

11/6/11:  From the New York Times:  Salvaging Abandoned Bikes, Making Room for Others:  “No firm numbers exist for how many bicycles sit abandoned in storage rooms around New York City. They decay uncounted in dim basements, mixing awkwardly with sleek new city cruisers and carbon-fiber racers, threatening to turn an increasingly marketable real estate amenity, the bicycle storage room, into something like a bone-filled catacomb.”   Read more about it in the New York Times:  11/08/11:  From Crain’s New York Business:  Cuomo council seeks to boost city tech campus: “Group established by Gov. Andrew Cuomo proposes state aid for plans to build a graduate school or schools in NYC. Other projects include Hunts Point market and green manufacturing facility at the Brooklyn Navy Yard.  Read more about it at Crains’ New York

“Sales noticeably increased, as all price indicators edged higher, and listing inventory remained stable.”

• There were 2,219 sales in the third quarter, 18.1% more than 1,879 sales in the prior year quarter, and the second highest quarterly total in three years.
• Median sales price increased 5% to $510,000 from the prior year quarter, reaching its highest level in three years, and tying the 2008 third quarter level.
• Listing inventory edged 0.9% higher to 6,688 in the third quarter from the prior year quarter. With the rise in sales outpacing the increase in inventory, the absorption rate fell to 9 months from 10.6 months over the same period.
• Days on market expanded by nearly a month over the same period to 149 days from 109 days in the prior year quarter, as stable inventory, and higher sales resulted in an increase in sales from older listings.
• The listing discount—the difference between the listing price at time of contract and the contract price—was 3% in the third quarter, down from 5% over the same period last year.