On the Market: Affordable Housing and an Increasingly Hesitant Luxury Market

Lorenzoclick/flickr.

Lorenzoclick/flickr.

For the average New Yorker not lucky enough to have an affordable apartment in Stuy-town or Peter Cooper Village, Bill de Blasio’s deal with Blackstone to preserve 5,000 apartments as affordable for $225 million in aid and unclear air rights transfer abilities is of dubious utility, Crain’s editorial board opines. Moreover, “after 20 years, the apartments will go to market-rate unless a future mayor subsidizes them again. Those who have been incentivized to put down roots will leave without any equity in the apartments they’ve called home. In the end, the money buys time and not much else.”

With the fall comes the annual parade of new development listings and a slew of glitzy events to promote them, from wine tastings to jewelry shows, The Wall Street Journal reports. But “this year, the parties throb as the industry feels a chill of uncertainty about Manhattan real estate. Brokers say there are signs that buyers are holding back somewhat.”

If buyers are looking for a deal, they might do well to try Midtown South, one of the few Manhattan housing markets where prices are actually falling, according to The Journal.

Bed-Stuy was the most active Brooklyn housing market last quarter, according to DNAInfo, with home sales up 34 percent over the third quarter of 2014.

Another thing for Airbnb “hosts” to fear now: shootings. Gothamist reports that a mansion in Bayside Queens that rents for $2,500 a week was the site of two non-fatal shootings during a house party this weekend.

What do you do when you’re too grown up and successful to have roommates? The New York Times asks. Why, buy adjoining apartments near all your friends!

And what do you do when you’re too grown up, but not too successful to have roommates? Well, the de Blasio administration is pursuing zoning changes that would allow developers—and not just microunit builders—to carve up apartments into sizes smaller than 400 square feet, according to Crain’s. Which while a recipe for cramped, unlovely apartments (the renderings of built-as micro units resemble something in Dwell), may be cheaper than the $2,000 a month price that many will pay for the new construction apartments.

On the Market: Affordable Housing and an Increasingly Hesitant Luxury Market