Local Apartment Rents and Sales Prices Tumbled in the Second Quarter
A trio of reports quantifies the extent to which property prices in Lower Manhattan crumbled in the three months ending June 30.
A pair of analyses from Platinum Properties, a brokerage firm headquartered in the Financial District, looks in detail at Battery Park City and the Financial District.
The company’s report about Battery Park City documents that the average sales price for a condominium in the community dropped by 24.81 percent, relative to the second quarter of 2019, to $1.16 million. This aggregate figure varies by apartment size, with the worst pain reserved for sellers of two-bedroom units, which dropped by 42.4 percent from the first quarter of this year. The number of units sold fell by more than half, to just nine apartments.
For rental units in Battery Park City, Platinum Properties observes that the average rent in the community fell 4.58 percent (compared with the second quarter of 2019) to $4,887 per month.
In the Financial District, the firm determined that the average condo price fell by 26.68 percent (relative to the second quarter of 2019), to $1.03 million. In FiDi, it was one-bedroom units that declined the most, shaving 20.57 percent off of the average sales price in the first quarter. The number of units sold dropped by almost 70 percent, to 17 dwellings.
Rents held steadier in the neighborhood surrounding Wall Street, however, softening by just 0.91 percent (compared with the second quarter of 2019) to an average of $4,287 per month.
A third report—by the online real estate database company, StreetEasy—looked at sales prices throughout the five boroughs. This analysis concluded that in Battery Park City, the median recorded sales price for apartments dropped by 25.10 percent (to $1.72 million) since the second quarter of last year, while the corresponding figure for FiDi was a fall of 22.1 percent (to $1.19 million). The SteetEasy review contained some comparatively good news for residents of Tribeca, however. In that community, the median recorded sales price dropped only by 7.6 percent (to $4.15 million).
Welcome to the Velodrome
Visionary Plans for Getting Around Downtown Focus on Two Wheels and Two Feet
A pair of new studies outlines a future for Lower Manhattan that is highly cyclical. The first of these, a report from the Downtown Alliance titled, “Bicycle Infrastructure & Commuting in Lower Manhattan,” notes that more than 20 percent of people who are employed Downtown currently walk or bike to work, while nearly one-third of people who live here get to and from their places of business in the same way.
These hardy souls are among some 49,000 New York City commuters (concentrated mainly in Manhattan and Brooklyn) who get to the office and back under the power of their own legs each day — a figure that has jumped 55 percent since 2012, and is growing by roughly nine percent each year.
Tonight, Future Temple by Japanese choreographer Emiko Agatsuma imagines the changing perception of the soul from past to future. Commissioned by the Romanian Cultural Institute, Ana Maria Lucaciu and Razvan Stoian present Almost, a story of two echoing universes that aim to align; the air between two bodies resonate with what could have been. See performances by dancers and choreographers from Budapest, Greece and other European countries. Free. 7pm.
We’ve all been in a situation where communication channels have broken down, meaning has been misunderstood, and people haven’t taken our brilliant advice, no matter how many times we’ve tried to help. In this workshop, Commcoterie founder and communications expert Caitlin Elizabeth Harper will demonstrate how through asking the right questions, practicing active listening, getting comfortable with silence, and empowering others to take action rather than directing them, anyone can use coaching tools and positive communication techniques to help others be more effective and reach their goals. This workshop is perfect for new managers or those looking to take their team leadership skills to the next level. Noon. LMHQ.
Tonight, Battery Dance Festival honors female choreographers in a program co-curated by Catherine Tharin. Combative Echoes by Ashley Menestrina investigates the role of memory and transient energy in the human experience. Annalee Traylor’s the nearness of you metaphorically depicts four vignettes universally connected through aspects of relationships. Inspired by the Persian tale of Shahrzad, Rosanna Gamson’s Layla Means Night reveals our insatiable desire to be entertained. Set to Steve Reich’s Pulitzer-winning Double Sextet, Kathryn Posin adds a third sextet of dancers to the polyrhythmic interlocking musical network. Futorian Dance Theatre presents a world premiere suite with the theme of compassion, nurturance, and dedication. In Hamadryad with choreography by Jean Erdman, a dancer rehearses alone in a studio enchanting herself back into the forest as a wood nymph, while Isadora Duncan’s Revolutionary, as danced by Lori Belilove, and Doris Humphrey’s Quasi Waltz as danced by Meggi Sweeney Smith round out Tharin’s legacy suite. Free. 7pm.
On a rare trip tp midtown, I was walking west on East 41st Street as the morning sun illuminated the New York Public Library. This bronze plaque in the sidewalk, part of Library Way, stopped me in my tracks.
New Doc on the Block
Tribeca Pediatrics Founder Gets CB1’s Blessing to Renovate Historic Seaport Building
Community Board 1 (CB1) is giving its approval to a proposal to alter a building within the South Street Seaport Historic District, while also noting that the developer has gone out of his way to address the concerns of community leaders.
The property is 107 South Street (between Beekman Street and Peck Slip), which dates from 1900, and has been vacant for decades. In 2019, the building was purchased (for $6 million) by Dr. Michel Cohen, who will be familiar to many Lower Manhattan residents as the physician who founded Tribeca Pediatrics, and has helped care for a generation of Downtown kids.
It’s interesting that in face of falling rents and vacancies, how tenants under a supposedly sympathetic democrat administration in NYC can’t get good deals.
To the editor,
I am thrilled to see this coming to fruition. I remember the old church and my many visits to it and of course the old World Trade Center buildings in the 80’s and 90’s.
Sounds like a good deal for the Orthodox community and eagerly anticipate visiting the finished product.
To the editor:
In response to: “Being Vigilant about the View CB1 Opposes New Restaurant Planned for Public Land Proposed in Seaport” …
How closed minded could CB1 possibly be?
They’ve shut down all the good ideas to make the waterfront a premier destination that will bring in visitors and revenue to our area. They are upset the view will be blocked?
What’s better … the vagabonds that have taken up residence under the FDR?
To the editor,
Thank goodness for CB 1 and members such as Bruce Ehrmann who, in denying the application for a restaurant under the FDR Drive that would block street level views of the river and our tall ships understand New Yorkers walk and look!
We have lost so many open vistas around the Seaport area due to overdevelopment we need more fighters like Bruce and those at Community Board 1 who treasure what preserving River and Seaport views means to all who love Our City.
Grotto Restaurant and Pizzeria FiDi’s hidden gem for over 35 years.
The large and diverse menu will please anyone. From Italian specialties to Hand Spun Pizza, Gourmet Salads and more,
let Grotto feed you and your family tonight.
Grotto sits between
The New York Stock Exchange and Bowling Green on New Street, steps from from the Bull at Bowling Green.
CB1 Opposes New Restaurant Planned for Public Land Proposed in Seaport
A rendering of the plan for a restaurant beneath the FDR Drive, in the Seaport neighborhood.
Community Board 1 (CB1) is stating its opposition (for the fourth time) to a plan that would create a new restaurant beneath the FDR Drive, in the South Street Seaport neighborhood.
The proposal would demolish an existing storage shed (located alongside South Street, between Fulton and John Streets) that contains two public bathrooms, and replace it with restaurant housing a 2290-square-foot dining area with 30 tables and 85 chairs, along with a 700-plus square foot bar area with 26 seats. The new structure would largely eclipse the view corridor that frames panoramic vistas of the East River (and the tall ship Wavertree) from John Street.
Perseid meteors are seen every year from mid-July until the last week in August when we, along for the ride on planet Earth, delight in orbiting through the debris field left by comet Swift-Tuttle, a periodic comet that returns every 133 years. Most recently, the comet, named after its modern day discoverers, was visible with the aid of binoculars in 1992.
The Perseid meteor shower is celebrated as one of the year’s best, with 100 meteors per hour expected under optimum conditions. This year, we are challenged to watch for the meteors in the presence of a waning moon. Fifty meteors per hour are likely in dark sky locations. Although the Perseids are most prolific in the hours before dawn when the constellation Perseus has climbed high in the sky, it is worth skygazing before moonrise and again before dawn.
The average speed of Perseid meteors is 37 miles per second, creating fast-falling streaks of light with long, lingering tails. We could be swept away by colorful fireballs, too.
The shooting stars appear everywhere in the sky, although it is useful and enriching to be aware of the apparent radiant, or source, in the northeastern sky at the edge of the constellation Perseus.
During the pre-dawn hours, looking east, greet the rising of winter constellations and the goddess of love and beauty, brilliant planet Venus. Venus is visible through morning twilight.
Recently Reopened Businesses Downtown
Get Out on the Water
from North Cove
Need a safe and breezy break from your apartment? Several cruise operators have reopened in North Cove and are offering opportunities to get out on the water, including Tribeca Sailing, Ventura, and Classic Harbor Line. All cruise operators are adhering to social distancing guidelines; check individual websites for details.
1945 – The novella Animal Farm by George Orwell is first published.
309/310 – Pope Eusebius is banished by the Emperor Maxentius to Sicily, where he dies, perhaps from a hunger strike.
1560 – The Catholic Church is overthrown and Protestantism is established as the national religion in Scotland.
1585 – A first group of colonists sent by Sir Walter Raleigh under the charge of Ralph Lane lands in the New World to create Roanoke Colony on Roanoke Island, off the coast of present-day North Carolina.
1798 – Vietnamese Catholics report a Marian apparition in Quảng Trị, an event which is called Our Lady of La Vang.
1807 – Robert Fulton’s North River Steamboat leaves New York City for Albany, New York, on the Hudson River, inaugurating the first commercial steamboat service in the world.
1862 – American Indian Wars: The Dakota War of 1862 begins in Minnesota as Dakota warriors attack white settlements along the Minnesota River.
1863 – American Civil War: In Charleston, South Carolina, Union batteries and ships bombard Confederate-held Fort Sumter.
1864 – American Civil War: Battle of Gainesville: Confederate forces defeat Union troops near Gainesville, Florida.
1915 – A Category 4 hurricane hits Galveston, Texas with winds at 135 miles per hour (217 km/h).
1943 – World War II: The U.S. Eighth Air Force suffers the loss of 60 bomberson the Schweinfurt–Regensburg mission.
1945 – The novella Animal Farm by George Orwell is first published.
1970 – Venera program: Venera 7 launched. It will later become the first spacecraft to successfully transmit data from the surface of another planet. In this case, Venus.
1977 – The Soviet icebreaker Arktika becomes the first surface ship to reach the North Pole.
1978 – Double Eagle II becomes first balloon to cross the Atlantic Ocean when it lands in Miserey, France near Paris, 137 hours after leaving Presque Isle, Maine.
1988 – President of Pakistan Muhammad Zia-ul-Haq and U.S. Ambassador Arnold Raphel are killed in a plane crash.
1998 – Lewinsky scandal: President Bill Clinton admits in taped testimony that he had an “improper physical relationship” with White House intern Monica Lewinsky; later that same day he admits before the nation that he “misled people” about the relationship.
2005 – Over 500 bombs are set off by terrorists at 300 locations in 63 out of the 64 districts of Bangladesh
2008 – American swimmer Michael Phelps becomes the first person to win eight gold medals at one Olympic Games.
2017 – Barcelona attacks: A van is driven into pedestrians in La Rambla, killing 14 and injuring at least 100.
1578 – Francesco Albani, Italian painter (d. 1660)
1828 – Jules Bernard Luys, French neurologist and physician (d. 1897)
1887 – Marcus Garvey, Jamaican journalist and activist, founded Black Star Line (d. 1940)
1913 – Mark Felt, American lawyer and agent, 2nd Deputy Director of the Federal Bureau of Investigation (d. 2008) (aka “Deep Throat” during Watergate)
1923 – Larry Rivers, American painter and sculptor (d. 2002)
1943 – Robert De Niro, American actor, entrepreneur, director, and producer
1944 – Larry Ellison, American businessman, co-founded the Oracle Corporation
1952 – Nelson Piquet, Brazilian race car driver and businessman
1338 – Nitta Yoshisada, Japanese samurai (b. 1301)
1785 – Jonathan Trumbull, English-American merchant and politician, 16th Governor of Connecticut (b. 1710)
1966 – Ken Miles, English race car driver and engineer (b. 1918)
2013 – John Hollander, American poet and critic (b. 1929)
Edited from various sources including Wikipedia,and other media outlets