Richmond County Bank Ballpark
Staten Island trades parking lot for new project
The city last month announced a plan to redevelop two parcels of land on Staten Island’s St. George waterfront. The city-owned, 14-acre site is currently used as a parking lot for the Richmond County Bank Ballpark, home of the Staten Island Yankees. The city has asked developers to submit proposals for the site, and said it will choose one based on its potential for positive economic impact, job creation and waterfront improvement. Developers will also have to make up for the lost parking space for the ballpark. Proposals are due Nov. 10.
Brooklyn Bridge Park to get housing and a hotel
City and state officials signed an agreement last month to allow private housing to be built on the grounds of Brooklyn Bridge Park. Only two days later, the city-run Brooklyn Bridge Park Corporation announced that it is seeking developers for a hotel and residential tower adjacent to the park’s Pier 1. Payments in lieu of taxes from the two parcels are expected to fund a portion of the park’s annual operating cost of $16 million. “The hotel and residential component represent a critical element of our park maintenance plan, and the development’s amenities will benefit all park users for decades to come,” BBP president Regina Myer said in a release. Already, condo conversion One Brooklyn Bridge Park has contributed a few million dollars to park maintenance. Now that a plan for an operating budget has been finalized, the city will free up $55 million needed to help complete the $360 million park. The deal ensures that the 20-acre park, which opened in 2010, will eventually expand to some 85 acres along unused East River piers. The city also announced that it is seeking proposals to build a temporary structure, or “bubble,” enclosing recreational fields inside the park.
Mortgage rates fall to lowest point in decades
Mortgage rates hit record lows last month, Freddie Mac announced. In mid-August, the average rate on a 30-year fixed mortgage dipped to 4.15 percent, the lowest level on record dating back to 1971. The last time homebuyers could get such low long-term rates was in the 1950s, when 30-year mortgages were rare, and long-term home loans typically lasted 20 to 25 years, according to USA Today. The average rate on a 15-year fixed mortgage, which is popular for refinancing, fell to 3.36 percent, also a record low. (Freddie Mac’s records date to 1991, but analysts said that is likely the lowest-ever average for 15-year fixed mortgages.) But many would-be homebuyers weren’t able to take advantage of these drops, due to the economic climate: Mortgage applications last month fell to a 15-year low nationwide.
Fare hikes to help fund World Trade Center
The Port Authority has approved a plan, proposed by New York Governor Andrew Cuomo and New Jersey Governor Chris Christie, for a steady rise in fares and tolls over the next four years. Starting next month, drivers will have to pay an extra $1.50 in tolls on all Hudson River bridges; those without E-ZPass will pay an additional $2, according to the Wall Street Journal. Smaller toll increases will also be instituted each year until 2015. PATH train fare will increase by 25 cents per year for the next four years. Much of the money collected will go toward the $11 billion rebuilding of the World Trade Center site, as well as improving city bridges and facilitating commuters’ rides to work, the city said.
Compiled by Russell Steinberg