Study: Hudson Yards Will Generate Billions in Revenue for NYC

The megaproject will also bring over 55,000 jobs to the neighborhood

The Hudson Yards megaproject will contribute close to $19 billion to the city's economy when it's complete, Crain's reports, based on a study commissioned by developers Related Companies and Oxford Properties Group.

Once the 28-acre project wraps up construction in 2025, it will account for 2.5 percent of the city's Gross Domestic Product (GDP), a report put together by consulting firm, Appleseed, has revealed.

In addition, the development will generate nearly $500 million in annual taxes, and create over 55,000 jobs.

"This 'city within a city' will generate significant tax benefits, contribute greatly to the city's GDP, create tens of thousands of jobs, and deliver much needed class A office space to ensure we remain globally competitive," Stephen Ross, the chairman of Related Companies said in a press release.

There's some added benefit to the cash-strapped Metropolitan Transportation Authority (MTA) as well. The agency will receive close to $1.8 billion revenue during the construction and just over $89 million annually once the project is complete.

The construction period will also see the creation of over 7,000 full-time jobs.

The Hudson Yards megaproject stretches from 30th Street to 34th Street between Tenth and Eleventh Avenues and 30th Street to 33rd Street between Eleventh and Twelfth Avenues. When complete, Hudson Yards will have about 4,000 apartments, over 100 shops and restaurants, a 750-seat public school, 14-acres of public open space, and 10.4 million rentable square feet of office space.

• When complete, Hudson Yards will contribute $18.9 billion to the city—more than Iceland's GDP [Crain's]
• All the Hudson Yards Coverage [Curbed]

from
http://ny.curbed.com/2016/5/2/11565382/hudson-yards-generate-billions-nyc-economy-jobs

Welcome to Curbed's First Ever Renovation Week, Starting Now!

It's a whole week of content dedicated to revamping your space

If you've lived in New York for an appreciable amount of time, chances are you've thought about changing up your apartment—painting a room here, adding a new shelf there, and so on. But if you haven't had the inspiration, time, or motivation to do so, then let us help. To coincide with the launch of the Curbed Handbook—a comprehensive guide to everything you need to know about, well, everything related to your home, including upgrading your space—we present Curbed NY's first-ever Renovation Week.

And for our purposes, the word "renovation" will mean many things. We'll highlight renovated homes, of course—ones that are currently on the market, along with renovations that New Yorkers have made to their own spaces—but we're also looking at renovation in a broader sense, and at the changes that are currently taking place around New York City. From cultural spaces that are undergoing huge changes, to the meaning of a landmark (and what happens when you try to change one), we'll examine it all.

So without further ado, welcome to Renovation Week—and, as always, if you have a tip for us (be it a cool renovated home or something you want to see on the site), hit the tipline. Now let's get this reno party started.

from
http://ny.curbed.com/2016/5/2/11565304/curbed-new-york-renovation-week-welcome

Williamsburg Rentals Targeting 'Young Professionals' Now Leasing From $2,723

The Berkley offers 95 rentals ranging from studios to two-bedrooms

Williamsburg continues to prove itself as the gateway to Brooklyn with The Berkley, a new 95-apartment rental building targeting young professionals. Located "one and half blocks from the Bedford L train, in the heart of Williamsburg, which continues to be the epicenter of the creative, artistic and entrepreneurial renaissance of New York City," The Berkley is a joint effort by developers Largo Investments and Westbrook Partners with architect The Meshberg Group. Four apartments are now up for grabs in the building, located on North 8th Street between Driggs and Roebling. Their asks start at $2,723 for a studio. (If the old one-third rule holds true, that means these young professionals are making upwards of $100,000 a year.)

Apartments in the building range from studios to two-bedrooms, and are spread across two towers connected by a central landscaped courtyard that includes a fire pit. Building residents will also have access to a fitness center, a rooftop sun deck with cabanas, barbecues, and outdoor showers. The building also offers 48 parking spaces, which will presumably cost extra.

• Listings: 223 North 8th Street [StreetEasy]
• The Berkley [official]
• New Seven-Story Apartment Building Will Rise in Williamsburg [Curbed]

from
http://ny.curbed.com/2016/5/2/11565256/the-berkley-williamsburg-rentals

First Look at L+M's Updated Lower East Side Rental Tower

Report: Nearly Half of All Affordable Units Created Under de Blasio Used 421-a

The program expired in January and no renewal agreement has been reached

The 421-a tax abatement program spurred a lot of affordable housing, and new numbers show just how much. Forty-two percent, or 5,885 of the 13,755 affordable units built in 2014 and 2015, were aided by 421-a, according to a new report by the Real Estate Board of New York (REBNY) published by Crain’s. That study included 156 projects that were either all affordable or mostly market-rate with about one-quarter of the units set aside as affordable housing.

The 421-a program expired in January and the fear is that without it, the production of affordable housing will drop significantly. "It is clear that without 421-a, much less affordable housing will be developed, particularly in those areas of the city where it is most difficult to build [because of high costs]," REBNY President John Banks said in a statement.

One of the issues that derailed the renewal of 421-a was union work and prevailing wages. If a prevailing wage was paid on each project, the Independent Budget Office (IBO) estimated achieving Mayor Bill de Blasio’s housing goals would cost an extra $4.2 billion.

However, a study from the Building and Construction Trades Council of Greater New York, the umbrella organization for union work in the city, said union labor had a 65 percent share in projects over 100 units, even more on larger projects, but wasn’t seeking legally mandated wages on very small projects all-affordable projects. Gov. Andrew Cuomo said he would not sign any deal that doesn’t have the backing of organized labor.

The head of the Department of Housing Preservation & Development (HPD) said other programs can help fill the gap left by the expiration of 421-a. That remains to be seen.

• Defunct tax break created almost half of the affordable housing apartments built in city [Crain's]

• Everything You Need to Know About NYC's 421-a Tax Program, Poised to Expire Today [Curbed]

• All 421-a coverage [Curbed]

from
http://ny.curbed.com/2016/5/1/11539738/report-nearly-half-of-all-affordable-housing-created-under-de-blasio-used-421-a

Best of the Curbed Photo Pool

Photogs, want to contribute to the Curbed Photo Pool? Join our Flickr group! · Photo Pool [Flickr]

from
http://ny.curbed.com/2016/5/1/11548788/best-of-the-curbed-photo-pool

Don’t Say ‘No,’ But ‘Surge’ Into This Park Slope Townhouse for $3.8 Million

Welcome to the Brooklyn Townhouse Roundup, where we - you guessed it - take a look at the most notable Brooklyn townhouses on the market. Got tips? Send 'em here.

↑ Our first entry is in Park Slope and has four bedrooms (or three bedrooms and a library). It currently has one-and-a-half bathrooms, but floorplans indicate room for a second full bathroom. You’ll enter through stained glass. Then you’ll find plenty of wood and exposed brick on the first floor and exposed wood in the basement. You’ll also find three skylights, brass chandeliers, and subway tile. The kitchen features a six-burner Wolf range with two ovens, a restaurant-grade Traulsen refrigerator/freezer, and Miele dishwasher. Feel free to bring that food outside, for you have a garden big enough for a dinner party. You’ll be less than half a block from Prospect Park and about seven minutes from the F and G trains. It’s listed at $3.785 million.

↑ Next, we have a three-bedroom, one-and-a-half-bathroom townhouse in Boerum Hill. It’s billed as having "an abundance of charming and restored original details" including "wide-plank floors, wood-mullioned windows, exposed brick, marble mantles, restored doors and hardware, and mahogany banisters." The kitchen has an island that seats five and then the dining room can seat eight. The large garden even has a twisting path. Being in Boerum Hill means lots of transit options. The A, B, C, D, F, G, N, Q, R, 2, 3, 4, and 5 trains and the Long Island Rail Road are all under half a mile away. Asking price: $2.995 million.

↑ In Bedford-Stuyvesant, there is a brand-new townhouse configured as a three-bedroom, two-and-a-half-bathroom owner’s triplex over a one-bedroom, one-bathroom garden apartment. The basement has a recreation room and a half-bathroom. While the master bedroom, dressing area, and bathroom get the entire fourth floor to themselves, one of the third floor bedrooms has its own roof deck. Outdoor space continues with a yard that’s about the size of the house. The G train is on the corner. The A, C, and Franklin Avenue Shuttle trains are almost 20 minutes away. It seeks $1.995 million.

↑ Now, we head to a six-bedroom townhouse in Crown Heights. It’s listed as having three bathrooms, but we could only find two on the floorplans. It won’t get many points for staging, but has plenty of space for you to bring your dream to life. There is a stained glass skylight at the top of the stairs. The garden is a decent size, though it, too, needs some work. The closest train is actually the Long Island Rail Road, about four blocks away, but the A, C, 3, and Franklin Avenue Shuttle trains aren’t too much farther. Listing price: $2.1 million.

↑ Finally, we head to Stuyvesant Heights for a townhouse configured as a three-bedroom, two-bathroom owner’s duplex over what floorplans show as a two-bedroom, one-bathroom garden level apartment (though it could work better for you to make one of those bedrooms into a living room). There’s a skylight over one of the bathrooms and a garden with potential. The listing says this place has "charm galore. The closest subway lines are the A and C less than 10 minutes away. How much? $1.449 million.

• Brooklyn Townhouse archives [Curbed]

from
http://ny.curbed.com/2016/5/1/11535690/don-t-say-no-but-surge-into-this-park-slope-townhouse-for-3-8-million