Changing face of New York real estate - KMSP-TV

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>>

  • NJ National Guard unit to deploy to Persian Gulf

    NJ National Guard unit to deploy to Persian Gulf

    Friday, August 1 2014 8:34 PM EDT2014-08-02 00:34:45 GMT
    More citizen soldiers will be leaving New Jersey for the Middle East. Nearly 170 troops will depart the National Guard armory in Jersey City on Saturday for duty in the Persian Gulf.
    More citizen soldiers will be leaving New Jersey for the Middle East. Nearly 170 troops will depart the National Guard armory in Jersey City on Saturday for duty in the Persian Gulf.
  • OCME: Police chokehold caused Eric Garner's death

    OCME: Police chokehold caused Eric Garner's death

    Friday, August 1 2014 7:19 PM EDT2014-08-01 23:19:02 GMT
    The New York City medical examiner ruled Friday that a police officer's chokehold caused the death of a man whose videotaped arrest and final pleas of "I can't breathe!" sparked outrage and led to the announcement of a complete overhaul of use-of-force training for the nation's largest police force.
    The New York City medical examiner ruled Friday that a police officer's chokehold caused the death of a man whose videotaped arrest and final pleas of "I can't breathe!" sparked outrage and led to the announcement of a complete overhaul of use-of-force training for the nation's largest police force.
  • 'Ice bucket challenge'

    NY man with ALS gets support from friends and strangers

    NY man with ALS gets support from friends and strangers

    Friday, August 1 2014 7:14 PM EDT2014-08-01 23:14:45 GMT
    When he was 31, Patrick Quinn, of Queens, received the life-changing news: he has ALS. It all started after a softball game in 2011. After two years of countless medical tests, the diagnosis was final. Since then, Quinn has watched his body change. His arms are much thinner. His biceps and triceps have atrophied. His hands have lost all muscle.
    When he was 31, Patrick Quinn, of Queens, received the life-changing news: he has ALS. It all started after a softball game in 2011. After two years of countless medical tests, the diagnosis was final. Since then, Quinn has watched his body change. His arms are much thinner. His biceps and triceps have atrophied. His hands have lost all muscle.
Powered by WorldNow

KMSP-TV
11358 Viking Drive
Eden Prairie, MN 55344

Phone: (952) 944-9999
Fax: (952) 942-0455

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