NYC real estate in brief

August 18, 2009 04:15PM

Bronx school construction to commence
Construction is slated to begin on the New Settlement Community Campus — a pre-K through 12th-grade public school to be located at 1501 Jerome Avenue in the Mount Eden neighborhood of the Bronx. The four-story, 172,000-square-foot school, which will have a community center and indoor swimming pool, is expected to be completed by 2012 and will cost approximately $83 million. The school is being funded by the New York City School Construction Authority, and the community center with the pool is being funded by the Settlement Housing Fund board of directors, and city, state and federal governments.

Queens building owners charged with discrimination

The U.S. Department of Housing and Urban Development announced yesterday that it was charging two Queens brothers of violating the Fair Housing Act when they allegedly made discriminatory statements toward interested renters. The owners allegedly inquired about the race of a prospective tenant who called about an apartment in their building. After finding out one of the possible tenants was African-American, one of the brothers promptly said it was not possible to rent the apartment to “people of different colors.”

CBRE report says Manhattan office sales market stalled

The Manhattan office sales market is at a standstill because buyers are offering to pay much less than what sellers are willing to accept, commercial service firm CB Richard Ellis said in its mid-year investment report released today. There were just three sales greater than $30 million in Manhattan in the first six months of the year, totaling $767 million, down 91 percent from the five-year average of $8.2 billion, the report said. There were an average of 32 sales in the same period over the past five years. “The bulk of activity that we will see in the origination market over the next few years will be refinancing as opposed to acquisitions,” Enoch Lawrence, senior vice president of CBRE capital markets, said.


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