MTA CARDS GO DIGITAL
Can you imagine a time where we no longer have to swipe a metrocard to use the subway in New York City.
How many times have you lost your card, or didn't even know how much money you had left on it? Then, once you've realized you needed to refill your card, you have to wait on the long, painfully slow moving line and of course, you miss your train. (NYC problems.)
Now imagine a commute where all you have to do is wave a cellphone or certain kind of credit or debit card to ride the subway. Well good news, starting late this year, we are doing what the Londoners already do!
A committee of the Metropolitan Transportation Authority approved a $573 million contract for a new fare payment system adapted from the one in use for several years on the London Underground and London’s commuter railroads. New electronic readers will be installed in 500 subway turnstiles and on 600 buses in New York beginning late next year, and will reach the rest of the city’s subway stations and buses by late 2020.
The MTA says that it will improve efficiency and save time for NYC commuters (a big thank you on behalf of all NYC brokers!) Not only will you be able to pay through smart phones, but you will also be able to edit and control your account online. No more lines to refill your card! (Did we mention, we love you NYC.)
Now, I know a lot of our non-New York City readers take cars everywhere, but no matter how much money you have (Michael Bloomberg takes the subway everyday to his office in midtown) there are times that the most efficient way from point A to point B is taking a NYC subway. And now, that process will become less painful.
THE CHRYSLER BUILDING SOLD!
The Chrysler Building, the art deco skyscraper that has been a key part of the New York City skyline for nearly 90 years, just sold. (Iconic manhattan real estate, are we right?!)
The building had been owned by Mubadala, a Abu Dhabi investment fund, and real estate firm Tishman Speyer since 2008. They have hired CBRE Group to sell the property, according to Darcy Stacom, chairman of CBRE's New York City capital markets group.
RFR Holding LLC, a New York real-estate firm led by Aby Rosen, and the Austrian real-estate firm Signa Holding GmbH is buying the Chrysler Building for $150 million. The sum is 81-percent less than the $800 million the seller – Abu Dhabi Investment Council – paid in 2008 for a 90-percent stake in the art-deco tower. Real estate commercial property values in New York plummeted soon after as the financial crisis struck.
The 77-story iconic New York City building also comes with unique financial challenges. The land beneath the tower is rented from the Cooper Union school. The annual ground lease is $32.5 million, up from just $7.75 million last year. It’s set to reset to $41 million in 2028. Yikes!
DEAL OF THE MONTH - 201 EAST 80TH STREET #5C
What is a labor of love? When you help good friends find the home of their dreams! It was almost a year ago that Brenda on our team, attended a good friends birthday party where her husband whispered they needed her help finding an NYC home for their family. These were not just friends; they were cherished friends whose kids have a special nickname for her husband and whose extended family we have enjoyed numerous meals with. It would be an incredible honor to help them find their permanent home.
The three of them started out looking at cooperatives but decided that we needed to expand our search to include condominiums. The family wanted to stay in a particular NYC neighborhood — the Upper East Side neighborhood — since they had extended family that lived within a few blocks. We analyzed and viewed multiple apartments in manhattan over a few months, discussed how they could be manipulated to fit the family best and even brought an amazing contractor to consider a few. When we walked into the apartment at The Richmond, the friends were taken with the bright décor and finishes and immediately were able to envision their family living there. The upper east side condominium was perfect for them. It is a fantastic building, great staff, ideal location and fit the entire family’s needs perfectly.
While we have a special bond with each client, owner, buyer and investor when the time comes to help dear friends- it is the greatest privilege for us to help them. We love our real estate clients!
HUDSON YARDS RETAIL OPENS!
On March 15th, Hudson Yards in Manhattan opened its 720,000-square-foot retail complex. Now, being a Jersey girl I (Ronnie here) I am inclined to call it a mall, even though developers, who spent $25 billion on the neighborhood, avoid calling it a mall. But the space is a mall in every sense of the word! It’s got luxury retailers, fast fashion, and a range of different restaurants all under one roof. And what’s wrong with having a luxury mall in Manhattan anyways? It wouldn't be the first one in this city, go check out the shops at Brookfield Place downtown. Look, I understand the allure of shopping on Fifth Avenue or Madison Avenue but retailers are suffering and if we need to have everything in one location or a more efficient shopping/dining experience than let’s embrace it!
I remember in high school, when there was nothing else to do, you would go to the mall. That’s where we would eat with friends, that’s where we worked in the summer and that’s where we all started dating boys. It is much more than a place to shop, it's a thing to do with family on the weekend, it's a place to meet up, it's a part of a community. All these media writers that are hating on the fact that they built a mall on the Westside need to realize that if online shopping takes all the retailers out of business, there will be one less reason for humans to interact with each other and socialize. Shopping in a store is not only social, it is therapeutic!
