Archive for Bronx
Manhattan October Unemployment Rate Unchanged From September
Posted by: | Comments
Manhattan’s October 2009 unemployment rate remained at 9.2% from September but has has increased 3.7% from October 2008.
New York City’s October unemployment rate as a whole ticked up .1% from last month’s 10.2% rate but up 4% from 6.3% reported in October of 2008.
Worst hit was the Bronx at 13.4% (+.2%), followed by Brooklyn 11.1% (+.1), Queens 9.2% (+.1%) while Staten Island remained the same at 8.9%.
The New York State Department of Labor reported the state’s rate of unemployment is the highest since April of 1983.
Yankees And Bronx Real Estate
Posted by: | Comments
Yankees Win! NY Daily News photo
I’m not really a raving baseball fan but as long as Boston doesn’t win, I’m OK with whoever does.
John Massengale an architect and urban planner posted this brief history:
“The boss of the Yankees, George Steinbrenner, complained about parking and a perception of crime, and said he might move his team if the city didn’t build a new stadium for them. The then Mayor of the city, Rudolph Giuliani, proposed building a new stadium over a railyard on the west side of Manhattan, at a cost of $1,000,000,000.00.
The Bronx Borough President, the Honorable Fernando Ferrer, wanted to keep the Yankees in the Bronx by building what he called the Yankee Village.”
The rest is history as they say.
“The Yankees won. The world is right again,” team president Randy Levine said.
I was curious about how housing prices were doing in the Bronx since the construction of the new stadium so I visited Trulia’s Bronx Real Estate Overview
Average price per square foot for Bronx NY was $201, a decrease of 9% compared to the same period last year. The median sales price for homes in Bronx NY for Jul 09 to Sep 09 was $390,000 based on 443 home sales. Compared to the same period one year ago, the median home sales price decreased 11.9%, or $52,500, and the number of home sales decreased 8.8%.
There are currently 3,048 resale and new homes in Bronx on Trulia, including 43 open houses, as well as 1,390 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Bronx NY was $463,916 for the week ending Oct 28, which represents an increase of 0.7%, or $3,009, compared to the prior week. Popular neighborhoods in Bronx include Riverdale and Throgs Neck – Edgewater Park, with average listing prices of $654,112 and $456,530.
Trulia’s Heat Map and neighborhood by neighborhood residential sales details here.
NYC Economic Development Corp Releases July Economic Snapshot
Posted by: | Comments
1-Manhattan 2-Brooklyn 3-Queens 4-Bronx 5-Staten Island
Today, the New York City Economic Development Corporation (NYCEDC) released its July newsletter. The Economic Snapshot highlights the most recent information about New York City employment, consumer spending and real estate.
A continued decline in New York City employment rates will continue to put downward pressure on apartment prices in the near future. It also has a negative effect on consumer confidence, a leading indicator of housing prices in NYC.
On the other side of the equation, the large decrease in construction and building starts will help keep inventory moderated in the near to midterm. This may help increase the absorption rate and decrease the days on market for existing apartment sales.
Highlights of the full report include:
• Private Employment fell by 4,500 in June, after a decrease of 3,700 jobs in May.
• The unemployment rate rose to 9.5 percent in June from 8.9 percent in May.
• The Manhattan hotel occupancy rate in June 2009 was 86.9 percent, down from 89.5 percent in June 2008.
• Building projects (including new, additions and alterations) that started construction in NYC declined by 20.4 percent and infrastructure (non-building) project starts increased by 22.3 percent from the four months ending June 2008.
• Planned space for building project starts decreased 73.6 percent from the same period in 2008
• 729 residential buildings with 1,949 units of housing started construction, decreases of 37.7 and 82.5 percent respectively from the previous year
• Passengers in NYC area airports totaled 8.7 million in May 2009, down 8.3 percent from May 2008.
• Hotel occupancy was 86.9 percent in June 2009,down from 89.5 percent in June 2008
• The average daily hotel room rate declined the most in lower-priced hotels (charging between $125 and $175 per night).
• There were approximately 882,000 tickets sold during the four weeks ending July 26, 2009, a 10.7 percent decrease from the same period last year
• Broadway revenue during this period was roughly $78.7 million, a 4.4 percent increase from last year
