Changing face of New York real estate - DC News FOX 5 DC WTTG

Changing face of New York real estate

Posted: Updated:
NEW YORK (MYFOXNY) -

New York City has never been known for its affordability, but a new crop of mega-luxury buildings in Manhattan are redefining sky-high prices. One 57 is the 1,000-foot high building looming over Central Park where an apartment has closed for as much as $90 million.

Jonathan Miller appraises the units at One 57. He said if you were to walk by at night the skyscraper would be largely dark because a majority of the units' owners are international and don't live here. They are using the apartments strictly as investments.

The new mega-luxury developments are part of the changing face of New York City real estate, said Mitchell Moss, a professor of urban policy and planning at NYU's Wagner School.

In the South Bronx, less than 10 miles from the mostly empty skyscrapers, Nancy Biberman of the women's housing and economic development corporation has spent the last two decades helping working New Yorkers find places to live that they can afford. Biberman said the need for affordable housing has exploded as the city's population has swelled.

Mayor Bill de Blasio's plan to address the housing crisis includes rezoning underutilized land to make way for more residential and commercial use, according to Carl Weisbrod, the chairman of the City Planning Commission.

The waterfront neighborhoods of Williamsburg and Long Island City are prime examples of areas rezoned and built up under the Bloomberg administration.

The first to be targeted under de Blasio's plan will be East New York.

Moss, the NYU professor, said that the rezoning is a good first step to address the growing housing demand as people continue to set their sights on New York.

 

  • Local NewsLocal NewsMore>>

  • G subway line shutting down for 5 weeks

    G subway line shutting down for 5 weeks

    Friday, July 25 2014 9:02 AM EDT2014-07-25 13:02:01 GMT
    Beginning Friday night, a portion of the G subway line that connects Brooklyn and Queens will be shut down for five weeks.
    Beginning Friday night, a portion of the G subway line that connects Brooklyn and Queens will be shut down for five weeks.
  • Outdoor basketball courts losing popularity

    Outdoor basketball courts losing popularity

    Friday, July 25 2014 8:35 AM EDT2014-07-25 12:35:16 GMT
    Believe it or not this, some say New York's outdoor basketball courts are a dying entity. Even Rucker Park in Harlem -- where Dr. J and countless others honed their skills -- used to be standing room only all times of the day. Now there's plenty of room to stand on most days.Basketball programs like one at Chelsea Piers are gaining popularity. That means the place to hoop it up for many appears to be indoors.
    Believe it or not this, some say New York's outdoor basketball courts are a dying entity. Even Rucker Park in Harlem -- where Dr. J and countless others honed their skills -- used to be standing room only all times of the day. Now there's plenty of room to stand on most days.Basketball programs like one at Chelsea Piers are gaining popularity. That means the place to hoop it up for many appears to be indoors.
  • Hot air balloon festival in New Jersey

    Hot air balloon festival in New Jersey

    Friday, July 25 2014 7:55 AM EDT2014-07-25 11:55:32 GMT

    The largest summertime hot air balloon and music festival in North America is taking place in New Jersey.  The 32nd annual QuickChek New Jersey Festival takes place from Friday, July 25th to Sunday, July 27th in Readington. The festival features more than 100 hot air balloons from around the world.

    The largest summertime hot air balloon and music festival in North America is taking place in New Jersey.  The 32nd annual QuickChek New Jersey Festival takes place from Friday, July 25th to Sunday, July 27th in Readington. The festival features more than 100 hot air balloons from around the world.

Powered by WorldNow

WTTG FOX 5 & myfoxdc
5151 Wisconsin Ave. NW
Washington, DC 20016
Main Number: (202) 244-5151
Newsroom: (202) 895-3000
fox5tips@wttg.com

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices