News and Events Around Manhattan

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Manhattan´s Apartment Vacancy Rate Dips Below 1%
By Dawn Wotapka - Wall Street Journal

June 9, 2010 - Citi Habitats Manhattan´s vacancy rate fell again in May, dipping below 1% for the first time in nearly three years, leaving little supply available during the peak leasing season. That´s quite the turnaround from a year or two ago, when apartments were plentiful and desperate landlords coughed up free rent and paid the broker fee, typically a month of rent, to fill units.

These days, potential renters scouting potential addresses better bring their checkbooks: Apartments in Manhattan aren´t staying empty for long and many landlords are done ponying up the broker fee."Despite all the lunacy that that´s prevailing in the national economic situation, the rental market here in Manhattan is booming," says Gary Malin, president of brokerage Citi Habitats. May´s vacancy rate came in at .98%, down from 1.72% a year earlier. The rate has been falling steadily since November, when it peaked at 1.87%, Citi Habitats reports.

The West Village boasts the tightest vacancy, a scant .33% of those units are up for grabs. The Upper East Side is the weakest, albeit with just 1.47%. Compare that with the national 8% rate.Big Apple renters are also paying more: The average rent for a one bedroom, a big percentage of the local supply, climbed 3% from a month earlier to $2,453. Two-bedroom units saw the same percentage gain, averaging $3,414.For one bedrooms, SoHo/TriBeCa saw the priciest monthly rent: $3,383. That makes Harlem a steal at $1,450. Washington Heights claims an even lower monthly tab: $1,306.

A parcel of land along the far West Side -- eight acres stretching from 59th to 61st Streets, now has a plan for development. Extell Development is hoping to build a two-block complex with five residential towers with 2,500 units of housing, along with retail space, a movie theater and three acres of outdoor space.

Perhaps one of the most hotly-contested components are the 1,800 proposed parking spaces, which officials worry could mean additional traffic on the crowded corridor. "If you look at west end avenue, it is literally a highway from hell filled with illegal commercial traffic, a lot of cars hitting intersections at the same time," said Manhattan Borough President Scott Stringer.

Batya Lewton is the vice president of the Coalition for a Livable West Side, a group that has put together their own proposal, which, among other things, calls for a reduction in the height of the towers. "This will effect everybody on the Manhattan's Upper West Side," said Lewton. "To propose building a 54-story building, it's out of scale. When do we stop, when do we really stop?" The community board also wants to see affordable housing units increased from 12 percent to 20 percent.

Finally, there are concerns that thousands of new residents will overwhelm already overcrowded Manhattan schools. In a recent interview with NY1, Extell said it has addressed this concern by including plans for a K-8 school that can hold up to 1,300 students. "The plans are early but extra schooling is needed. We do anticipate a lot of families moving to the area and we are working with them, we have incorporated in our plans a pretty substantial school," said President Gary Barnett of the Extell Development Company.

Community Board 7 is about to embark on a series of public hearings and meetings to discuss an array of issues from traffic and parking, to schools and sustainability.

"So parents who want a new school, they have to come out and say that. Residents who are concerned about traffic congestion, have to come out and talk about that," said Stringer. "And then we have many months to mold a proposal that can be very good economically for the city and for the borough."

For a full list of upcoming meetings, visit New York City Government Community Board 7

Coney Island Rides Comeback slated to open May 29th

World famous Coney Island is back on track to score with the millions of tourists and residents alike this coming May. Central Amusement International and Zamperla USA are working round the clock to finish the new Luna Park on Coney Island.

The new park is replacing the outdated Astroland and is going back to its roots. The orginal Luna Park opened in 1903 and had many modern, thrilling rides for the times. The park will still feature sword swollowers, jugglers, and fire eaters as well as wandering muscians throughout the park. The park will also offer 19 rides, and rollercoasters not for the faint of heart! They will also feature interactive games, and concessions stands.

Workers are busy creating the plumbing, electrical and foundation work so the Zamperla factory in Vicenza, Italy can set the pieces with their special crew. Some workers from Italy find this to be a chance of a lifetime to work in New York, especially being able to work where it all began over 100 years ago.

Admission to the park is free and only pay per attraction or unlimited wristbands will be available during the week as well as on the weekends. You can follow their progress at Luna Park Blogspot or go to the Luna Park Website for job opportunities.

Discovery Time Square Exposition

The Discovery TSX is the first large scale exhibition center to hit New York City. Quality exhibits that come to life are on display for your entertainment, learning and adventure. The area that once housed the New York Times printing presses is the home to this outstanding celebration of old and new. The varity of exhibits has something for everyone. They include origins of humans, the Titanic and King Tut. The center also has a cafe and retail shops. They are open 7 days a week and school tours are Monday thru Friday from 10Am - 12PM. Check out their website for additional information.