Category : Featured

By Roland LiTwo Bronx properties listed among the worst apartment buildings in New York are about to see a makeover. The two buildings, at 1553 and 1558 Bryant Avenue, will undergo a multi-million dollar renovation overseen by developer Exact Capital Corp. and the Housing Partnership Development Corporation (HPDC), an affordable housing non-profit group. The U.S. Department of Finance’s Community Development Financial Institutions Fund is also providing a grant for emergency repairs and acquisition of the building.

By Liana Grey At Kirkman Lofts, a former soap factory in DUMBO, Brooklyn that was recently converted into condos, northern-facing units overlook a Con Edison power plant. Rather than detract from sales, the maze of steam pipes and machinery — and the stunning bridge and skyline views beyond it — have been a draw for creative types that see beauty in all things industrial. “It’s a sculpture garden,” joked Roberta Benzilio, director of Brooklyn sales at Halstead, the firm tasked with marketing the building.

By Roslyn LoFor saxophonist Scott Kreitzer, life exists beyond the visceral—the world’s foundation may be built on science, mathematics and facts, but at the heart of the matter is soul. As a jazz musician and newcomer at Prudential Douglas Elliman, Kreitzer is now breathing life and passion into real estate. The daily grind of being musician demands flexibility, which spurred Kreitzer’s decision to become a broker.

By Roland LiManhattan residential sales volume increased in the second quarter, compared to the first quarter, but price indicators were mixed, with some increases resulting from larger units selling, according to reports from the city’s major brokerages and the website StreetEasy. According to Prudential Douglas Elliman, overall sales were up 10.7% compared to the previous quarter, but 3.8% less than the second quarter of 2010, a period that was boosted by a federal tax credit for first-time home buyers.

By Linda O’FlanaganSome of the most coveted apartments on Gramercy Park are about to come to the rental market for the first time ever. Dianne Bernhard, the new president of the beleaguered National Arts Club, said 10 vacant apartments in the historic property are being prepped for new tenants. And, if they play their cards right, the club could pocket $100 per s/f for the units — or around $80,000 a year.

By Roland LiAs the city’s nine-member Rent Guidelines Board prepares to vote on new rent increases for rent-stabilized apartments on Monday evening, landlords are bracing for higher costs. The most recent reports from various city agencies indicate that taxes, fuel and other expenses are rising. A report in April from the Rent Board stated that citywide rent income from rent-regulated buildings increased by 1.4% in 2009. Meanwhile, operating costs increased by 0.1%, and net operating income increased by 5.8%.