On the Market: River House’s Desperate Bid for Relevance May Finally Be Paying Off

Morning links from the New York Observer.

River House.
River House.

AIG, the insurer who got what may be the biggest government bailout in U.S. history, will be moving a number of New York-based jobs overseas, Bloomberg reports (via Crains). The company has apparently warned employees not to buy homes in New York, as they expect to cut about 1,5000 New York-area jobs, filling the void with cheaper labor in southern states and much cheaper labor in places like the Philippines.

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The architects behind the double dune system in the Rockaways are championing an even more ambitious proposal: a sunken forest, Capital NY reports. The forest, which might include wetlands, would mitigate flooding as part of the Averne development.

De Blasio plans to take the Midtown East rezoning in stages, starting with a proposal to rezone Vanderbilt between 42nd and 47th, allowing for the construction of a 65-story tower built by S.L. Green, according to The New York Times.

Arlene Farkas’s 14-room apartment in River House has finally gone into contract after nearly two decades of listing drama, according to The Wall Street Journal, signaling a potential turnaround for the grand old dame. However, the fact that it’s in contract for near it’s $7.8 million asking price and is a 5,000-square-foot duplex is indicative of just how far behind co-ops on Fifth and Park the building is.

Christopher Gray recounts the Egyptian obelisk’s dramatic journey to the east side of Central Park in The New York Times: “An Egyptian guard was necessary to keep boys from writing on the obelisk with chalk, and the apple sellers spread the word that the guard had been discovered under the obelisk in Alexandria and wanted to be reburied with it in its new location.”

Burglars are taking advantage of construction work going on at the Ingersoll Houses in Fort Greene, in particular a requirement that some residents leave their doors unlocked whether or not they are at home to allow access to their apartments, according to DNAinfo. Gaming consoles and computers have been stolen.

The Hudson River Park Trust is refusing to produce the M.O.U. signed between Pier 40 and the St. John’s site, The Villager reports. Meanwhile, community groups are preparing to file a lawsuit to stop the $100 million transfer of air rights.

The Rubin Museum wants to sell a property adjacent to it on Seventh Avenue for $60 million, Crain’s reports. It wisely bough the building as a real estate investment years ago, though whether or not they can sell it for $60 million remains to be seen.

Hope for house hunters? Manhattan condos saw the biggest price drop in years last month, with prices going down 1.4 percent, DNAinfo reports. Which is a pretty small amount, but at least suggests that the market might be leveling off. The bad news is that the majority of available units remain in the high-end category, with few options in the bottom tier.

On the Market: River House’s Desperate Bid for Relevance May Finally Be Paying Off