Yeo:RE Digest [Oct. 24]

Welcome to the 1st week's edition of the Oct. 24 Yeo Real Estate Digest, featuring our favorite ten highlights in New York City Real Estate last month.

Tony InJe Yeo

Oct 07, 2024

Contents

Yeo:RE Digest [Oct. 24]

1. The House Price Supercycle Is Just Getting Going
The Economist
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A new cycle of rising house prices is underway, with global trends indicating significant price growth driven by low interest rates and supply shortages. Investors are eyeing opportunities despite concerns over affordability.

2. 16 NYC Schools Win National Blue Ribbon for Academic Excellence
Gothamist
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Sixteen New York City schools, including institutions from Manhattan, Brooklyn, the Bronx, Queens, and Staten Island, have been recognized for their academic excellence. These achievements highlight the city’s commitment to quality education.

3. Rent Increases for NYC Rent-Controlled Apartments
Gothamist
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Starting this week, rent-controlled apartments in NYC will see a 2.75% rise for one-year leases, while two-year leases could increase by up to 5.25%. The change reflects ongoing adjustments in the city’s housing policies.

4. Mandatory Composting Begins for All Five NYC Boroughs Next Week
New York Post
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To combat the rat population, NYC is introducing mandatory composting in all boroughs. The compost will be utilized for various purposes, including landscaping and energy production, contributing to a more sustainable urban environment.

5. East and Gulf Coast Dock Workers Strike
CBS News
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A strike by dock workers on the East and Gulf Coasts could disrupt imports and lead to potential price increases for goods like bananas and cars. Governor Hochul warns of possible supply delays impacting New Yorkers.

6. NYC Implements Rat Birth Control Measures
New York Post
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In a bid to manage the rat population, NYC introduces a new birth control bait for rodents. Dubbed “Flaco’s Law,” the initiative promises a humane approach to controlling pests while avoiding harmful poisons.

7. NYC Drinking Water May Taste Different Due to Aqueduct Repairs
Gothamist
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Due to repairs on an upstate aqueduct, New Yorkers may notice a slight change in their tap water’s flavor. This temporary adjustment is necessary to fix a leak and ensure the city's water supply remains secure.

8. OpenAI Opening Offices at Kushner’s Puck Building
The Real Deal
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OpenAI has secured 90,000 square feet of office space at the historic Puck Building in SoHo, solidifying NYC’s status as a growing hub for artificial intelligence and tech innovation. AI sector just keeps on growing in the big apple.

9. Luxury Condo Sales is the best New Development sale at One Domino Square on Williamsburg Waterfront
Two Trees NY
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One Domino Square, a luxury condo project designed by Selldorf Architects, launches in Williamsburg. Offering a range of units from one to three bedrooms, prices start at $1.25 million, emphasizing premium living in Brooklyn.

10. Retail Vacancies Plummet in Q3 Amid Sector’s Remarkable Pandemic Recovery
Crain’s New York
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Retail spaces in NYC have reached record-low vacancy rates in Q3 2024, demonstrating a strong recovery in the retail sector post-pandemic. This trend signals robust consumer demand and growing business confidence throughout the city. Retail is going STRONG.

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