Two Trees Development plans to turn the 11 acre sight into 631,000 sq ft of office space, a quarter mile water front park and 660 “affordable” housing units boasting the same high end amenities that market rate apartments offer.
Before:
Domino sugar factory
After:
A rendering of the Domino Sugar Factory site (Photo c/o SHoP Architects and James Corner Field Operations)
Thoughts?
I’m not sure if I agree with this article from The Real Deal : Landlords and tenants stuck in “stalemate” July rental market
For starters, while not everyone living in NYC is “moving up” due to the high rent prices, there is still a huge influx of college grads moving into the city this summer with impressive offer letters in hand from their prospective employers.
Secondly, most NYC renters were forced to move last year when their rents sky rocketed due to an improving economy. For example, when the market was in the toilet you could easily get a studio in new development for less than 3k per month and lock into a multiple year lease at the same price or with very little increase. That all changed at the end of 2011 when landlords increased rent prices anywhere from 5%-10% (or more) so residents were forced to move and once again wisely locked into multiple year leases, which could be a reason why fewer New Yorkers are moving this year.
Lastly I think it’s fair to say, judging from this July 2013 rental report, that renters are unquestionably more miserable than the landlords.
I like to keep this blog light. However I can’t not address this miserable, senseless tragedy which unfortunately happens too often in New York City where outdoor space is a highly desired commodity that you pay a premium for. In this case, the young lady paid with her life.
I’ve rented clients apartments in Stonehenge 57. They’re clean, nicely renovated and amply sized by NYC standards. But that’s the interior. What we don’t think about is what’s happening on the outside of these buildings. When you’re living in mid-rises (like this one), skyscrapers, or townhouses often it’s what’s on the outside that really matters and is most often neglected by landlords.
According to ABC news, every five years landlords are supposed to file mandatory inspection reports on the safety of their balconies and terraces and some 800 owners FAILED TO DO SO!” Why? Because it’s a bureaucratic pain in the ass, costly and disruptive. Remember folks, these are landlords with deep pockets so in other words it comes down to being cheap, lazy and grossly irresponsible.
Another neglected exterior issue in pre-war buildings’ like Stonehenge 57 is “brick repointing“. Most pre-war buildings are made of brick and mortar. Every few years landlords are supposed to have them “repointed” (they rarely do). This is the process of renewing the pointing (the external part of mortar joints) in masonry construction. Over time, weathering and decay cause voids in the joints between the bricks allowing the troublesome entrance of water. Water entering through these voids can cause tremendous damage and weakens the building’s exterior.
I had my own experience with repointing years ago when I lived on the 35th floor of a “luxury” rental high-rise in Murray Hill. That summer I traveled to Europe for a week and upon my return found my apartment flooded with 3″ of water, my parquet floors buckled and my rugs and furniture saturated. I was perplexed. How could a 35th floor apartment flood?! Well, while I was away, NY had high winds and rain which came right through the walls of my apartment and several others. We found out later that the landlord never had the building re-pointed as he should have years before. Thankfully no one was hurt, the apartments were eventually repaired and life went on as usual. Tragically that’s not the case for this young woman and her family.
It seems my downtown buyers are having reservations. If they back out this will be the second time they’ve backed out of signing contracts at the eleventh hour. And so it goes…
