Downtown Brooklyn could be getting another megaproject. Rabsky Development hopes to build a 942-foot-tall building with 902 apartments, 739,000 square feet of office space and a 640-seat public elementary school at 625 Fulton Street, according to Politico. The project would span 1.8 million square feet overall, and its public review process will start in January. The project would be the densest development in Brooklyn if it is approved as-is. Rabsky framed it as an attempt […]
While the plan to shut down the L train for over a year to perform necessary repairs in the East River tunnel it runs through has been in the works for years, Gov. Andrew Cuomo decided this week to see the damage for himself, four months ahead of the looming closure. During a midnight tour of the Canarsie Tunnel on Friday, which connects Manhattan and Brooklyn, Cuomo said he saw “a very old tunnel that needed a lot of work,” the New York Post reported. The governor toured the tunnel with two engineering experts from Cornell and Columbia Universities to get […]
New research sheds fresh light on one of the most frequently asked home-buying questions, especially for first-timers: With our annual income, what price house can we afford? Is there some handy rule-of-thumb? Decades ago, a commonly quoted price-to-income guideline was that you can afford a house that costs roughly two times your gross annual household income. So back then, if you and your spouse or partner earned a combined $50,000 a year, you could likely […]
It’s not going to get built by itself. Douglaston Development wants a $415 million construction loan for its multifamily project at 601 West 29th Street. Jeffrey Levine’s firm plans to build a 58-story, 931-unit project at the site, with construction set to finish in 2022, according to Commercial Observer. His firm started the search for construction financing about a week ago. Greystone Bassuk is negotiating a possible debt deal. Douglaston signed a 99-year ground lease […]
The long-awaited slump in New York’s housing market has arrived. Home prices are heading down in the city itself and in its suburbs, according to Bloomberg. Buyers are pulling back thanks to years of price increases, the new federal cap on state and local property tax deductions and an increase in mortgage rates. Home sales are dropping throughout the country, and the appreciation rate is especially falling around New York. Prices across the country rose […]