The Latest About Real Estate, The Economy, Technology and Other News
We keep a close watch on what’s going on in Manhattan and I thought I’d share some news about what we’re hearing and reading about.
Good News About Employment
The New York Post reported recently that New York led the nation in job creation in April. According to the article, new jobs have resulted in the state’s jobless rate dropping to 7.9 percent from 8.7 percent from this time last year. According to a regional economist, health and education is driving the “city’s job machine.”
Manhattan’s jobless rate dropped to 8.6 percent (down from 9.8 in April of last year) according to Reuters.
The Real Deal reported Monday, May 23rd that one-third of Manhattan’s job gains came from real estate in April. I’d like to think Keller Williams New York City had something to do with that trend (more about this in an upcoming blog)! According to the article, the real estate industry is responsible for “2,000 of the 6,100 new jobs in April.”
The downside? Ironically construction jobs are down; with 2,700 jobs lost in that sector, the lowest level in 13 years.
But, those construction job figures may go back up soon. According to a Bloomberg article, “Manhattan developers are planning the city’s biggest decade of office construction since the 1980s;” big projects (more that 25 millions square feet) with one of the main reasons being “technological capability in an area where 60 percent of the buildings are a half a century old.” Sounds as some of Manhattan’s buildings are in store for a major facelift and new construction is on the horizon as well. The article states these projects will be under construction (or built) over the next nine years. Read more about it here.
Real Estate in Manhattan
The news sounds encouraging and buyers seem to be poised to buy! Demand is up for condos in New York City, but lenders are still leery. A recent Real Deal article reported from one of its sources that “financing remains one of the biggest obstacles,” but it’s much better than it was a year or so ago. The article has in-depth interviews with four of New York City top real estate pros. Read more about it here.
Lower Manhattan–Targeted for a Global Promotion
Empire News reported last week that Mayor Bloomberg and Manhattan’s community leaders are launching a major campaign to create awareness of Lower Manhattan to commemorate with the 10th anniversary of 9/11. Scheduled to launch on June 1st, the global promotion will include hotels, restaurants, shops and cultural attractions offering 20 percent discounts to promote this vibrant section of Manhattan. Visitors will notice grand posters at JFK airport encouraging people to visit and stay in Lower Manhattan.
What a great way to represent the energy and strong spirit of Manhattan!
Technology
I wrote in an earlier blog about Mayor Bloomberg’s plans to make Manhattan the Number 1 digital city. Partnering with Facebook, Twitter, Foursquare and Tumblr, Manhattanites will be able to get their constant fix of social networking throughout the city, hopefully in all kind of places and spaces free of charge.
I’ve found some cool apps that you may want to check out to make your professional and after-hours time more convenient (or addictive!):
• From the author of Eyewitness travel guides, is an iPod app that breaks down New York City into easy-to-read info about top tourist sites. Price: $7
• For real estate pros: RentJuice’s new Facebook widget, Lease Locator. Puts real-time listing data on company or broker Facebook pages. A potential customer on your Facebook page clicks on a listing and it’s automatically forwarded to RentJuice’s deal tracking where you can track those clicks/customers. Fees are according to what bells and whistles you want.
• New York City Tax Calculator. Manhattan Borough President Scott Stringer has launched an online app that helps Manhattanites “know exactly how they’re being served.” The new budget calculator is touted as making government more “accessible and more transparent that ever before.”
And a Bit of Trivia…
In case you didn’t hear, the “skinniest house” in Manhattan is on the market for an asking price of $4.3 million. Located in Greenwich Village, it’s 9-1/2 feet wide but it’s undergone major renovations with lots of luxuries thrown in to make up for the slender space. Three stories, 990-square feet, it was built in the 1800s to fill in a carriage entryway. Read more about it on Curbed.
You gotta love Manhattan!
Do you have any news to share about what’s going on in New York City? Leave us a comment, a critique and voice your opinion!
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