The BroadsheetDAILY – 12/1/21 – Multiple Reports Document Slow Rebound of Downtown Apartments

The Broadsheet: Lower Manhattan’s Local Newspaper

A Languid Recovery

Multiple Reports Document Slow Rebound of Downtown Apartments

Lower Manhattan residential real estate values came roaring back in the third quarter of this year, but still have some distance to cover before recapturing pre-pandemic highs, according to a pair of recent analyses.

The Lower Manhattan Real Estate Market Report from the Downtown Alliance notes that the median rent for the community bested a record high set in 2019, “reversing the decline seen throughout the pandemic.” During the third quarter, median apartment rents climbed to $4,100, a jump of up nearly 15 percent from the same period last year, and 10.2 percent higher than the second quarter of this year.

This means that median apartment rents in Lower Manhattan are now $1,100 (or 37 percent) higher than those at the beginning of 2021, before the onset of the pandemic. For contrast, median residential rents in Manhattan as a whole remained the same as the third quarter of 2020, and have climbed only seven percent above 2019 figures.

A separate analysis from PropertyShark, a real estate web site and search engine that tracks sales and price data, finds that three Lower Manhattan communities rank among the 50 most expensive for home sales anywhere in the five boroughs of New York City, with Tribeca, Battery Park City, and the Financial District placing second, eighth, and 25th, respectively.

The same report notes that sales prices for condominiums in Battery Park City increased more than for any other neighborhood in New York City during the 12-month period that ended on October 31, jumping by 134 percent to a median price of $1.75 million. In Tribeca, median condo prices increased by a more modest three percent, but remain almost double those in Battery Park City, with a median price of $3.35 million. And in the Financial District, median prices actually fell by 33 percent, to $1.14 million.

The bullish indicators about Lower Manhattan condominiums are tempered, in part, by the persistence of problems that predated the onset of COVID-19. An analysis published earlier this year by development data firm Marketproof, Inc. documented that Lower Manhattan has an existing backlog of 1,433 newly developed (but unoccupied and unsold) condominium units—most of which have never even been offered for sale. According to the firm’s report, this is a greater total than is found in any other community within the five boroughs of New York City.

And as the Downtown Alliance notes in its report, Lower Manhattan’s existing inventory of 33,650 units in 342 residential buildings is set to swell by more than ten percent, with more than 3,970 units in 14 buildings currently under construction or planned for development. Of these, approximately 61 percent are planned as rental units, and 39 percent (or 1,548 units) slated to be offered for sale as condos.

This appears to mean that the local stockpile of 1,433 unsold condominium units is poised to more than double in the next few years, to a new total of more than 2,900 apartments for which there is little obvious demand.

An example of the headwinds that this dynamic creates for developers was provided in late October, when the developers of a new condominium tower at 77 Greenwich Street averted a possible foreclosure proceeding by only a few days, when they obtained refinancing for existing debt that had previously fallen into default. The new loans, totaling $167 million, came through on October 25, less than a week before existing forbearance agreements with the previous group of creditors had been set to expire, at the end of the month.

Matthew Fenton

Where Ideas Are Hatched

Governors Island Plans Climate Incubator for Historic Building

The Trust for Governors Island announced on Monday that it has chosen a partnership of real estate developers to lease a historic building on the waterfront and create an incubator space that will nurture new firms focused on “climate adaptation, renewable energy research and monitoring, and the transition to a low-carbon economy.” The project, which is slated for completion in early 2024, will also serve as an education and training center for the growing sector of climate jobs, and is anticipated to create more than 150 permanent jobs on Governors Island.

The new partnership, called Buttermilk Labs (in a nod to the name of the channel that separates Governors Island from Brooklyn, which the building it will occupy overlooks) is a coalition of the North River Company, BJH Advisors, Barretto Bay Strategies, and Greenwood Strategies. To read more…

CLASSIFIEDS & PERSONALS

Swaps & Trades, Respectable Employment, Lost and Found

To place a listing, contact editor@ebroadsheet.com

THE WEEKLY CALENDAR

WEDNESDAY DECEMBER 1

12:30

LMHQ

Join Tell Me A Story founder Hillary Rea for this interactive workshop on how to use your own stories to show up, speak up, and stand out. Hillary will guide you through self-reflective exercises that will stretch you and enable you to become more comfortable telling your story in your professional communication, whether you speak to an audience of one or one thousand. Free.

6PM

Skyscraper Museum

Two design competitions determined the direction of the master plan at Ground Zero and the concept and position of the 9/11 memorial and museum. Ultimately the memorial, museum, and landscaped plaza encompassed eight of the sixteen acres of the World Trade Center site. The very public and political process of creating the cultural institutions on that half of the site was the subject of an enlightening discussion on September 21, 2021, with Craig Dykers, Gary Hack, Lynne Sagalyn, and Frank Sciame, Jr. that can be viewed on video.

Meanwhile, on the other eight acres, five skyscrapers that would replace the 10 million square feet of office space in the destroyed World Trade Center moved forward, with the key player being the private investor-developer, Silverstein Properties. While the replacement for the collapsed 7 WTC rose quickly, the other towers stalled. Today, after many revisions in design and repositions of ownership, three of the masterplan buildings are completed, while Tower 2 has stump foundations and an indeterminate future. The problematic site on the southern edge of the memorial plaza for a mixed-use Tower 5 has recently been announced. Free.

6PM

CB1 Battery Park City Committee

Live Remote Meeting – https://live.mcb1.nyc

AGENDA

Tunnel2Towers Post-Race Debrief – Discussion

Prohibition of Coop Conversions in Battery Park City – Resolution

Request for Legislation to Create a Resident Majority on the Battery Park City Board of Directors – Resolution

Request to Include Community Board 1 in Discussions for the Formulation of Future Joint Purpose Fund Targets – Discussion & Resolution

Temporary Relocation of Battery Park City Public Art – Discussion

BPC Security Update – Patrick Murphy, Director of Security, Allied Universal

BPCA Report – Nicholas Sbordone, Vice President of Communications & Public Affairs, Battery Park City Authority

THURSDAY DECEMBER 2

11AM

Museum of Jewish Heritage

In January 1943, a Jewish teacher imprisoned in the Terezín concentration camp planted a silver maple tree and nurtured it, along with a group of Jewish children who used their precious water rations to help it grow. 78 years later, join us as we dedicate a newly-planted descendant of that tree in front of the Museum. The dedication ceremony will feature keynote remarks from Linda Thomas-Greenfield, U.S. Ambassador to the United Nations. Fred Terna and Rene Slotkin, survivors of Terezín, will water the newly-planted tree and share their reflections on the occasion. The tree bears the name “The Children’s Tree” in memory of the Jewish children in Terezín who first planted the tree, and in honor of the students at PS/IS 276, located across the street from the Museum, who will become the tree’s caretakers for generations to come. Free.

12NOON

Museum of American Financial History

Webinar. During the Global Financial Crisis in 2008, our financial infrastructure failed. Govern­ments bailed out the very institutions that let the economy down. This episode spurred a serious rethink of our financial system. Does it make any sense that it takes two days to settle a stock transaction? Why do retailers, operating on razor thin margins, have to pay 3% for every customer credit card swipe? Why does it take two days to transfer money from a bank account to a brokerage—or any other company? Why are savings rates miniscule or negative? Why is it so difficult for entrepreneurs to get financ­ing at traditional banks? Free.

5PM-8PM

Howard Hughes Corporation

When the switch is thrown to light up the tree, you know it’s officially festive season. Come to the Seaport for an evening of all things merry. Spread the joy with a donation to the Disney Ultimate Toy Drive, hosted by The Seaport in partnership with EPSN; drop off a new, unwrapped toy at The Corner (25 Fulton St.) on December 2 and get a coupon for a hot chocolate at Cobble & Co. next door. Live music, ugly sweater party, photobooth with Santa. Free.

5PM-9PM

Howard Hughes Corporation

Antiques. Jewelry. Art. Vintage goods and local designers. A beloved street fair makes the move from the Lower East Side to the Seaport. Kicking off on Labor Day Weekend, Hester Street Fair is now in the neighborhood. Come and browse the stalls. Snack. Refresh. And enjoy music by Wade and Sammy. Experience the Hester Street magic: Tightly curated. Wildly creative.

6PM

Battery Park City Authority

Kick-off the season at the Holiday Lights celebration with your BPC community! Special guest appearances by Sing Harlem Choir, PS/IS 276 Advanced Chorus, and you-know-who! Free.

Holiday Lights at South Cove

6:30PM

Gateway Plaza Holiday Celebration

Gateway Ring Road area

Gateway Plaza residents kick off the holidays with Gateway’s annual Tree Lighting Celebration. Santa and his helpers will be at the park to help light the tree and take pictures with residents. Experience a dazzling light and music show while enjoying cookies, cocoa, and gifts.

6:30PM

Fraunces Tavern Museum

In this lecture, Martha Saxton provides a sketch of the challenging life of Mary Ball Washington, who raised George and his four siblings largely alone—as well as her unfair treatment at the hands of his biographers. This lecture will take place via Zoom. Free.

6:45PM

Museum of Jewish Heritage

Rachel Cowan was a civil rights activist, community organizer, the first female Jew by choice ordained as a Rabbi, and a beloved and influential mindfulness teacher. After she was diagnosed with aggressive brain cancer, her years of mindfulness practice enabled her to model living well while dying. Join the Museum of Jewish Heritage, the Institute for Jewish Spirituality, and presenting partners for an evening celebrating the remarkable light and legacy of Rachel’s life. The program will feature a screening of Dying Doesn’t Feel Like What I’m Doing, a new film about Cowan from American-born, Jerusalem-based documentary filmmaker Paula Weiman-Kelman. The film will be followed by a panel discussion with Weiman-Kelman, Khary Lazarre-White, Executive Director & Co-Founder of the Brotherhood Sister Sol, and Jeannie Blaustein, Founding Board Chair at Reimagine End of Life. The discussion will be moderated by Rabbi Marc Margolius, Senior Program Director at the Institute for Jewish Spirituality.

Free; suggested $10 donation.

7PM-9PM

Robby Ameen Live at the Poster Museum

52 Warren Street in Tribeca

Drummer Robby Ameen and bandmates (Bob Franceschini, sax; Conrad Herwig, trombone; Troy Roberts, sax; Edsel Gomez, piano; Bill O’Connell, piano; plus surprise guests) present jazz every Thursday night at the Philip Williams Posters, 52 Warren Street. $20 ($10 students). Reservations 212-513-0313.

EYES TO THE SKY

November 29 – December 12, 2021

“Under One Sky”: human voices from space

A 3d rendering of Earth as seen from space. Notice Earth’s atmosphere. Credit: elements of this image are by NASA, via the International Dark Sky Association

I heard the voices of sensitive humans from outer space. They spoke of living in awe of the beauty of a blue planet—Earth—hanging in the blackness of space. The uniqueness of Earth in the cosmos astounded them, charged them with emotion. They observed the Sun white in the great blackness, not as we know the shining orb seen through our blue atmosphere, the sky. Stars—viewed with no atmosphere between eye and star—are vivid, steady lights of different colors: red, orange, yellow, blue, white.

“Nothing could prepare me for the phenomenon of the fragile atmosphere. The thinness of the atmosphere: paper thin.”

Deep sea researcher-turned-astronaut Ron Garan and astro-physicist-astronaut John Grunsfeld related experiences that shaped their world view, perspectives gained during residencies on the International Space Station, 200 miles above Earth. (Check out this story and graphic that presents a fresh way of looking at the Earth’s atmosphere.) I was tuned in to a livestream of their discussion at the recent International Dark Sky Association’s “Under One Sky 2021” global conference.

Judy Isacoff

Everything You Always Wanted to Know About Ruth Westheimer (But Were Afraid to Ask)

“Ruth doesn’t lead with her backstory,” actress Tovah Feldshuh (right) reflects about her friend, Dr. Ruth Westheimer. “She presents herself as an international sex therapist who is funny and witty and insightful, so everybody knows the mannerisms and the sound of her voice. But there is much, much more than that. Very few people know that, as a child, she barely escaped the Nazis, who murdered her entire family, or that she then fought in the Israeli Army, before coming to America.”

This backstory is central to the narrative arc of the one-woman show, “Becoming Dr. Ruth,” written by playwright Mark St. Germain, which begins previews at the Museum of Jewish Heritage this Saturday (December 4), then opens on December 16 and runs through January 2. To read more…

For Crying Out Loud

Downtown Districts Rank Among City’s Most Cacophonous

Lower Manhattan is home to a trio of the noisiest communities anywhere in the five boroughs of New York City, according to a recent analysis of the City’s Open Data platform researched by RentHop, an online listings database.

Three of these are located in Lower Manhattan: MN-25 is comprised of Battery Park City, Greenwich South, the Financial District, and the South Street Seaport; while MN-24 covers Tribeca, SoHo, Little Italy, and the Civic Center; and MN-27 is coterminous with Chinatown. To read more…

Will the Levee Keep Us Dry?

City Previews Plans for Augmented East River Shoreline as Bulwark Against Flooding

In online meetings hosted last Wednesday and Thursday by the City’s Economic Development Corporation (EDC), the administration of Mayor Bill de Blasio shared preliminary ideas for its Financial District and Seaport Climate Resilience Master Plan, covering the mile-long stretch between the Brooklyn Bridge and the Staten Island Ferry Terminal.

The concepts reviewed at last week’s meetings include extending the shoreline of Manhattan between 60 and 200 feet into the East River, with a series of interlocking berms, platforms, and floodgates, all designed to hold back waters from climate change, sea-level rise, and extreme-weather events. To read more…

Outward Mobility

Has Anybody Seen 11,000 Neighbors?

According to a new statistical analysis released by City Comptroller Scott Stringer, Lower Manhattan’s population declined during the COVID-19 pandemic by more than that of any other community in the five boroughs, due to residents moving away.

These results are especially stark when broken out by the eight residential zip codes within Community Board 1: To read more…

Lower Manhattan Greenmarkets are open

Tribeca Greenmarket

Greenwich Street & Chambers Street

Every Wednesday & Saturday, 8am-3pm

Food Scrap Collection: Saturdays, 8am-1pm

Open Saturdays and Wednesdays year round

Schedule Changes: Market closed 12/25 for Christmas Day and 1/1 for New Year’s Day.

The loyal community of neighborhood residents who shop at the Tribeca Greenmarket show up each Wednesday and Saturday year-round to get their fix of locally grown produce, sustainably raised meat, seafood, sheep’s milk cheese and yogurt, orchard fruit and berries, herbs, live plants and cut flowers. Cooking demonstrations, raffles, and educational activities make the market a hands-on experience for shoppers of all ages.

Farmers:

American Pride Seafood Wild-caught fish and shellfish from Suffolk County, NY

Dipaola Turkeys Turkey and turkey products from Mercer County, NJ

Francesca’s Bakery Breads and baked goods from Passaic County, NJ

Hudson Valley Duck Farm Heritage breed ducks and duck products from Sullivan County, NY

Jersey Farm Produce Vegetables, herbs, orchard and small fruit from Hunterdon County, NJ

Lani’s Farm Vegetables, eggs and prepared foods from Burlington County, NJ

Millport Dairy Eggs, cheddar cheese, beef, pork, pickles and baked goods from Lancaster County, PA

Prospect Hill Orchards Fruit, some certified organic, granola, and baked goods from Ulster County, NY

Tucker Farms Cut Flowers from Burlington & Monmouth County, NJ

Westmeadow Farm cow and goat milk cheeses and cows butter from Montgomery County, NY

Yellow Bell Farm Chicken and eggs from Dutchess County, NY

Bowling Green Greenmarket

Green Greenmarket at Bowling Green

Broadway & Whitehall St

Open Tuesday and Thursdays, year-round

Market Hours: 8:00 a.m. – 5:00 p.m.

Compost Program: 8 a.m. – 11 a.m.

The Bowling Green Greenmarket brings fresh offerings from local farms to Lower Manhattan’s historic Bowling Green plaza. Twice a week year-round stop by to load up on the season’s freshest fruit, crisp vegetables, beautiful plants, and freshly baked loaves of bread, quiches, and pot pies.

Greenmarket at the Oculus

Oculus Plaza, Fulton St and Church St

CLOSED FOR THE SEASON

The Outdoor Fulton Stall Market

91 South St., bet. Fulton & John Sts.

212-349-1380 info@fultonstallmarket.org

Fulton Street cobblestones between South and Front Sts. across from McNally Jackson Bookstore.

Locally grown produce from Rogowski Farm, Breezy Hill Orchard, and other farmers and small-batch specialty food products, sold directly by their producers. Producers vary from week to week.

INDOOR FARMERS MARKET STORE:

91 South St., bet. Fulton & John Sts. Open Monday – Saturdays 11:30 AM – 5 PM

Indoor Market Hours: Monday – Saturday

11:30 AM to 5:00 PM, year round

SNAP/EBT/P-EBT, Debit/Credit, and Farmers Market Nutrition Program checks accepted at all farmers markets.

TODAY IN HISTORY

DECEMBER 1

1955 – In Montgomery, Alabama, seamstress Rosa Parks refuses to give up her bus seat to a white man and is arrested for violating the city’s racial segregation laws, an incident which leads to that city’s bus boycott.

1420 – Henry V of England enters Paris.

1821 – José Núñez de Cáceres got the independence of the Dominican Republic of Spain and named it the new territory as Republic of Spanish Haiti.

1824 – United States presidential election: Since no candidate received a majority of the total electoral college votes in the election, the United States House of Representatives is given the task of deciding the winner in accordance with the Twelfth Amendment to the United States Constitution.

1862 – In his State of the Union Address President Abraham Lincoln reaffirms the necessity of ending slavery as ordered ten weeks earlier in the Emancipation Proclamation.

1913 – Ford Motor Company introduces the first moving assembly line.

1934 – In the Soviet Union, Politburo member Sergey Kirov is assassinated. Stalin uses the incident as a pretext to initiate the Great Purge.

1955 – American Civil Rights Movement: In Montgomery, Alabama, seamstress Rosa Parks refuses to give up her bus seat to a white man and is arrested for violating the city’s racial segregation laws, an incident which leads to that city’s bus boycott.

1969 – Vietnam War: The first draft lottery in the United States is held since World War II.

1989 – Philippine coup attempt: The right-wing military rebel Reform the Armed Forces Movement attempts to oust Philippine President Corazon Aquino in a failed bloody coup d’état.

1990 – Channel Tunnel sections started from the United Kingdom and France meet 40 metres beneath the seabed.

2019 – First known case of COVID-19 appears

Woody Allen

Births

1443 – Magdalena of France, French princess (d. 1495)

1761 – Marie Tussaud, French-English sculptor, founded Madame Tussauds Wax Museum (d. 1850)

1923 – Stansfield Turner, American admiral and academic, 12th Director of Central Intelligence (d. 2018)

1935 – Woody Allen, American actor, director, and screenwriter

Deaths

1135 – Henry I, king of England (b. 1068)

1825 – Alexander I, emperor and autocrat of Russia (b. 1777)

1987 – James Baldwin, American novelist, poet, and critic (b. 1924)

1989 – Alvin Ailey, American dancer and choreographer (b. 1931)

1996 – Peter Bronfman, Canadian businessman (b. 1928)

Credit: Wikipedia and other internet and non-internet sources

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