On November 15, 2024, Department of City Planning (DCP) Director Dan Garodnick released new data showing the city’s storefront vacancy rate is down to 11.1 percent. This marks the fourth straight quarter of declining vacancy.
In comparison, a survey of 24 corridors across the city during summer 2020 showed inactivity rates of over 30 percent. Queens, the Bronx, and Staten Island all have borough-wide vacancy rates below nine percent, although some higher vacancy rates persist, … <Read More>
On October 28, 2024, New York City Mayor Eric Adams announced the initial proposal for the Gansevoort Square project. The project includes utilizing Gansevoort Square, a City-owned site located on Little West 12th Street between Washington Street and 10th Avenue in Manhattan, for mixed-income housing, new public space, and expanding the Whitney Museum of American Art and the High Line.
On October 28, 2024, the New York City Department of Housing Preservation and Development, in collaboration with other critical stakeholders celebrated the opening of Melrose North, a new building with 171 affordable apartments. Of the 171 affordable homes, 103 of the housing units are allocated for formerly homeless individuals and families. The apartments are located at the New York City Housing Authority’s Morrisania Air Rights campus in South Bronx and has a ramp for accessibility.
On October 17, 2024, New York City Mayor Eric Adams announced the completion of the first section of the East Side Coastal Resiliency (ESCR) project. The East Side Coastal Resiliency project is a $1.45 billion project that will create a 2.4-mile-long flood barrier on the Lower East Side from Montgomery Street to Asser Levy Playground between East 23rd Street and East 25th Street. The $1.45 billion project is being built in two sections. The northern … <Read More>
On October 16, 2024, New York City Mayor Eric Adams and New York Governor Kathy Hochul celebrated the milestone of the New York City Department of Housing Preservation and Development (HPD) receiving Letters of Intent for approximately 650 buildings through the 421-a extension tax incentive program. The proposed 650 buildings represent roughly 71,000 new homes (including 21,000 affordable units) for New Yorkers. Currently, New Yorkers face a 1.4 percent rental vacancy rate, with half of … <Read More>
On October 8, 2024, the New York City Department of Housing Preservation and Development (HPD) published the proposed rules for the Affordable Neighborhoods for New Yorkers (Real Property Tax Law Section 485-x) and Affordable Housing From Commercial Conversions (Real Property Tax Law Section 467-m) programs.