Overseas investors are flooding the Brooklyn real estate market for cash, many of them first-time investors who prefer to plunge into the center of all that is hip and rapidly appreciating in value rather than invest in Manhattan, Crain’s reports. In the first half of the year, foreign investors poured $600 million into the Brooklyn market, more than ever before. The other side of all that money flowing into the borough, of course, is that it’s poised to become even less affordable than it already is.
Meanwhile, Baxter, the 5Pointz mascot has found a new home after his former place of residence, the Long Island graffiti mecca, was razed to make way for condos, The Wall Street Journal reports. Hey, displacement and relocation aren’t only problems for humans when new development comes to a neighborhood.
Let the legal wrangling begin! Contractor Skanska and Forest City Ratner marked the end of summer by filing lawsuits against each other over the construction of the modular B2 tower at “Pacific Park,” nee Atlantic Yards, with each declaring the other responsible for the sudden construction stop, according to Crain’s. (Skanska halted construction at the site last week, claiming that FCR had failed to address design and commercial issues with the tower; meanwhile, FCR wants to contractor to resume work immediately.)
Speaking of spats, we’re sure some people will be up in arms now that Yimby has published a rendering of 125 Greenwich, a project that was just purchased by Michael Shvo and Bizzi & Partners and will rise to nearly the height of the World Trade Center. The residential tower looks a little like a more generic version of 432 Park.
It’s been said before, but The New York Times is saying it again: River House is not as snooty as it once was and is in the process of trying to appeal to those outside the social register. (And, we’ll admit, saying it very nicely: “It has finally caught up with the rest of the city, where blood lines don’t matter so much anymore — just bank accounts.”) Still, with the brouhaha in which the French ambassador was blocked from buying Arlene Farkas’ duplex for $8 million still fresh in recent memory—a neighbor felt a diplomat in the building would be altogether too much and pressed the board for onerous entertaining limitations—the building has had a difficult time embracing a softer side.
Most people with multiple homes spread them out, but a California couple profiled by The Times owns four homes within the state, each representing a different version of California’s unique charms: city, desert, beach, mountains. The couple seems surprisingly down to earth for a pair of house collectors, and the paper helpfully furnishes some tips as to how you can be a happy owner of multiple homes. (The headaches of having too many houses, really).
In other news, it’s hot! And Tisch James doesn’t think that New Yorkers shouldn’t have to suffer without beach access just because it’s September. Capital New York reports that the public advocate is calling on the mayor to re-open the beaches during the heat wave and in the future, to open and close them based on average air temperatures, not arbitrary holidays. The problem, though, seems to be college kid lifeguards.
Last of all, Lena Dunham is sad that Brooklyn Heights Cinema is closing.