Changing face of New York real estate - FOX 35 News Orlando

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>>

  • Congressman's ad includes Soviet medals

    Congressman's ad includes Soviet medals

    Friday, August 22 2014 8:38 AM EDT2014-08-22 12:38:06 GMT
    A New Jersey congressman's office is red-faced after a Facebook ad about veteran benefits that appeared to feature Russian military medals.
    A New Jersey congressman's office is red-faced over a Facebook ad about veteran benefits that featured Soviet military medals. Rep. Scott Garrett's spokeswoman said in an emailed statement that the office was sorry an initial review did not catch the use of the stock photo. Maggie Seidel says the ad was produced by an outside vendor and is no longer running. The ad asked people to like Garrett's page to learn what he's doing to support veterans' benefits.
  • Torture video leads to kidnapping convictions

    Torture video leads to kidnapping convictions

    Friday, August 22 2014 8:00 AM EDT2014-08-22 12:00:26 GMT
    A jury shown the videotaped torture of a kidnapping victim has convicted the two men who held a man captive for 17 hours at a Buffalo home because they thought he was a police informant. Authorities say the two men kidnapped a 25-year-old crack addict they accused of being a snitch. Video from Dawson's cellphone shows a gun being shoved into the victim's mouth and the victim being forced to lick his own blood off the boot of a captor.
    A jury shown the videotaped torture of a kidnapping victim has convicted the two men who held a man captive for 17 hours at a Buffalo home because they thought he was a police informant. Authorities say the two men kidnapped a 25-year-old crack addict they accused of being a snitch. Video from Dawson's cellphone shows a gun being shoved into the victim's mouth and the victim being forced to lick his own blood off the boot of a captor.
  • 17,000 red light camera tickets dismissed

    17,000 red light camera tickets dismissed

    Friday, August 22 2014 7:39 AM EDT2014-08-22 11:39:23 GMT
    A technical glitch in a red light camera operating system means that some 17,000 motorists in New Jersey will not have to pay a fine for running red lights. Computer problems between May 28 and June 30 resulted in motorists not receiving notices of violations. New Jersey law requires that if a ticket hasn't been served within 90 days, it must be dismissed.
    A technical glitch in a red light camera operating system means that some 17,000 motorists in New Jersey will not have to pay a fine for running red lights. Computer problems between May 28 and June 30 resulted in motorists not receiving notices of violations. New Jersey law requires that if a ticket hasn't been served within 90 days, it must be dismissed.
Powered by WorldNow

35 Skyline Drive
Lake Mary, FL 32746

Phone: (407) 644-3535
News Tips: (866) 55-FOX35

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