NYC Real Estate Recap: August 7 - 13

In this week's Real Estate Recap, rental supply continued to outpace demand with year-over-year July rent declines, the Midtown East rezoning plan wins unanimous approval by the City council, a Staten Island prison is slated to become a film studio, and much more!


Manhattan's Multifamily Supply Glut Has Dampened Its Busiest Month

"July is traditionally apartment landlords' favorite month in Manhattan; demand is at its highest, so rent can be too. But this July has been subject to the same issues that have plagued the multifamily market all year." Read more here...


Renters ‘Go Nomad’ Through The Summer To Escape Crazy Rent Hikes

"In a growing trend, millennials are living akin to nomads in the summer to avoid renewing or signing new leases in the city's busiest season." Read more here...


Midtown East Rezoning Officially Approved By City Council

"Midtown East's rezoning plan has been officially approved by City Council, ending a five-year process." Read more here...


Permits Filed For Silverstein’s Massive Site At 520 West 41st Street

"The site of the old Mercedes dealership at 520 West 41st Street has seen several prospective designs covered by YIMBY over the years, including a pair of connected skyscrapers that generated a substantial amount of buzz" Read more here...


As New Yorkers seek out affordability, entry-level rentals become pricier

"Demand for affordable apartments in Manhattan has pushed up the median rent for entry tier apartments, July’s market reports find." Read more here...


UWS Synagogue Will Become Condos, Despite Efforts Of Preservation Advocates

"A coalition looking to preserve Shaare Zedek said they've exhausted all options." Read more here...


Deal Finalized to Remake Prison Into Movie Studio on Staten Island

"Broadway Stages plans to spend $20 million to turn the Arthur Kill Correctional Facility into a studio." Read more here...


Meadow buys 146 UWS condos at a discount

"Meadow Partners picked up a block of 146 residential condominiums on the Upper West Side from the Starrett Corp. for $61.3 million, a roughly 40 percent price discount from when they hit the market last year." Read more here...


Rudd Realty agrees to bring West Village apartments back into rent stabilization

"[Residents] claimed the rents they were paying were illegally inflated and that Rudd had quietly removed them from rent stabilization while cashing in on a city tax break for owners of rent-stabilized properties." Read more here...


One Hudson Yards brings costly rentals to Manhattan's transformative megaproject

"The building is "ideal for renters who have the means to buy but choose to lease the luxury lifestyle," says the developer’s VP of luxury leasing." Read more here...


Orange Management, Lonicera Partners file plans for BK Heights resi building

"An apartment building featuring 55 housing units, retail space and a gym could be on its way to Brooklyn Heights." Read more here...


Concessions at BK rental apartments hit record seven-year high

"Brooklyn landlords are doling out concessions at a record-breaking pace. In July, concessions at residential rental buildings in the borough were the highest they have been in the seven years..." Read more here...