new york city

15 Park Row

Skyline1902

Manhattan skyline 1902 – Park Row building at center

by Alon Gibely Jex

15 Park Row! For those of you unfamiliar with this building I need to ask where you’ve been for the past 118 years??? That’s right, completed in 1899, for more than a century 15 Park Row has been an integral part of New York City’s skyline and today it’s still going strong! While presently its impressive twenty-nine stories may seem less so with the proximity to the Financial District and its mammoth skyscrapers, but for nine years after the completion of The Park Row Building (as it was known then) it was the tallest building in the world! That’s right, not just in the Financial District, or Tribeca (neither terms being applicable at the time of course), or Lower Manhattan, or the entire island of Manhattan, or the entire City of New York, or the… well you see where this is going.

Sadly, in 1908 the completed construction of the nearby Singer Building, at 47 stories, took the title of the world’s tallest. If you’re looking for the Singer Building these days though you won’t find it, as it was demolished in 1968 (take that Singer Building!), and these days that space is occupied by One Liberty Plaza.

In the early twentieth century 15 Park Row occupied a portion of Park Row that was then known as Newspaper Row, it being the center of the New York City newspaper industry at the time, and the building even housed one of the first offices of the Associated Press. Other notable tenants over the years include the headquarters of the IRT (Interborough Rapid Transit), the original operator of the New York City subway system, as well as most recently the offices and retail space of J&R Music World, the famed New York City music and electronics retailer.

These days the building has been converted to a luxury residential building. In 2001 the top half of the building was converted into residential units, and since 2014, the bottom half, from floors 3 to 8 were converted to residential units as well. Currently there are over 300 apartments at 15 Park Row, and the building is presently working on restoring the lobby to its former early-twentieth century glory, as well as adding some more modern touches like a large gym, yoga studio, a residents lounge and children’s playroom, bike storage, cold storage, and an immaculate roof deck as well. For over 100 years 15 Park Row has and continues to prove itself as a bastion of the neighborhood that surrounds it, whether that’s Tribeca, the Financial District, or whatever they may call it in the future.

This certainly won’t be the only blog about 15 Park Row that NY Living Solutions will bring you, but if you’re interested to learn more about the architecture and history of 15 Park Row then check out the link below to the Wikipedia article:

https://en.wikipedia.org/wiki/Park_Row_Building

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Experts weigh in on how to fix industry crises…

The biggest problems in New York City real estate

Following criticism, Attorney General Andrew Cuomo has vowed to crack down on shoddy construction and is instituting greater scrutiny of developers who break the rules. He is also trying to speed up the new condo approval process, and has introduced reforms targeting the appraisal industry.
By Dorn Townsend

In the wake of the subprime and credit crises, problems are becoming apparent even in New York City’s usually buoyant real estate market. Although real estate in New York City has escaped some of the ravages the rest of the country has suffered, cracks in the façade are starting to show. 

For this supplement, The Real Deal has chosen to bring some plaster: First, we home in on macro difficulties, as well as some less-discussed problems. We then weigh in with the advice of experts on ways to solve these issues. 

We take a look at the problem of the liquidity crisis. In the article Crisis or Correction, financial whizzes contemplate how they think the financial markets can ultimately return to a state of normalcy. For example, experts say the only way for the broader housing market to recover is by restoring confidence in lenders’ processes to securitize their mortgages. 

At the heart of the matter is the role of independent appraisers. Without appraisers capable of standing up to pressure from mortgage brokers to price unrealistically, it will be hard to restore confidence. Insiders consider how to make this happen in Restoring credibility to appraisers

Besides impacting banks and their ability to make informed investments, the present crisis is triggering fear among homeowners that they may lose their homes. In How New Yorkers spell foreclosure relief, we probe what’s being done to control the growing number of foreclosures — and experts share their views on whether the present actions are sufficient. 

In addition to these sweeping problems, the city’s real estate industry is facing some more local conundrums. One lingering difficulty is the manner in which different real estate firms arrive at different outcomes in their market reports. In Making sense of market reports, analysts reflect on whether the city needs a comparison-providing multiple listing service. Another growing difficulty emanates from spiraling energy costs, and the responses of commercial landlords to those costs. When it comes to energy costs, landlords over a barrel shows that many are turning to alternative energy sources and long-term fixed contracts as solutions. 

Finally, no problem has had a more tragic impact and received more recent coverage than accidents at construction sites stemming from crane malfunctions. In Shoring up construction safety, we review suggestions for reforming the city’s Department of Buildings and creating a culture of safety and accountability.

Two other stories discuss the mysterious flexibility of offices’ floor area over time and the new wave of scrutiny shoddy developers could soon see from the Attorney General’s office and the Department of Buildings.

 

RELATED LINKS:

http://ny.therealdeal.com/articles/making-sense-of-market-reports

http://ny.therealdeal.com/articles/crisis-or-correction

http://ny.therealdeal.com/articles/restoring-credibility-to-appraisers

http://ny.therealdeal.com/articles/how-new-yorkers-spell-foreclosure-relief

http://ny.therealdeal.com/articles/when-it-comes-to-energy-costs-landlords-over-a-barrel

http://ny.therealdeal.com/articles/shoring-up-construction-safety

http://ny.therealdeal.com/articles/cracking-down-on-shoddy-condos

NYLS Commentary:

This countries economic crises and the  government “recovery” plan (aka. the bailout) has rocked Wall Street this month and will undoubtedly affect NYC’s residential real estate market. As banks continue to fail and confidence continues to waiver, real estate in NYC remains as good an investemnt option as any for those who deposit more than the $100,000 limit in FDIC insured banks. Real Estate remains a great way to preserve money over time.

There are some great examples of this over time. During the most severe recession post WW2 (1975 to 1981) Markets slowed dow with interest rates reaching highs of 18% and declining home values of close to 30%. The market rebounded nicely during the 1980’s with home prices rebounded by as much as 400% and interest rates declined to around 8%. The best way to preserve money over time and hedge against inflation remains Real Estate. Again after the attacks of 9/11 real estate declined slightly (10%-15%) in Lower Manhattan yet over the past 7 years those who bought in Lower Manhattan neighborhoods (FiDi, TriBeCa, Battery Park) have seen their investments triple in value.