Developers are increasingly building in flood zones in Brooklyn and Queens. In fact, one out of every eight new residential projects in the city is being built along the waterfront. The largest number of these buildings are going up in the southern Brooklyn neighborhoods of Brighton Beach, Coney Island, Gravesend, and Sheepshead Bay. Areas like Long Island City in Queens, as well as the North Brooklyn neighborhoods of Greenpoint and Williamsburg, are also experiencing heavy growth.
While it’s obvious what the benefits of living in these areas are (access to vast nightlife and dining options, proximity to mass transit, and spectacular views of the water or the skyline), some real estate analysts worry that these areas are still vulnerable to flooding and believe that all of the new residents are taxing existing infrastructure. Others, meanwhile, contend that the new developments are building the type of infrastructure that will ultimately keep these neighborhoods from being flooded or severely overburdened.
Yet another phenomenon that analysts have taken note of is the skyrocketing cost of flood insurance in these areas. Because many of the homes in neighborhoods like Sheepshead Bay or Gravesend were built before strict building codes went into effect, owners in these older buildings must pay higher premiums for flood insurance. In some instances, the jump could be as severe as from $400 per year to $4,000. As prices rise, it is anticipated that more long-time residents will opt to leave, thereby accelerating the rate of development in the area.
The New York Times has more.
When the idea of a sixth borough comes up, one typically thinks of Jersey City, Hoboken, or Nassau County. However, Yonkers, the city directly north of the Bronx along the Hudson River, should not escape the eye of real estate professionals who are keeping an eye out for the next hot neighborhood. In the case of the Yonkers, it's unlikely that it will become the next North Brooklyn anytime soon, but it could become a magnet for younger residents in search of low rents a decade from now.
Yonkers is the third-largest city in New York and is just a 28-minute train ride from Grand Central. It’s also affordable, walkable, home to more bus lines than any other city in Westchester, and a flood of new developments downtown that have been designed to cater to younger residents. There have also been projects that boost the amount of retail space downtown, improve access to areas along smaller rivers, and produce more urban green space. When all of these projects are completed, Yonkers may have the cultural cache to make it a highly desirable place to live.
6sqft has more.
In a Landlords New York Minute – A (Very) Brief Look Around the World
Thai navy SEAL Saman Kunan died while trying to save the soccer team that has been trapped in a watery cave for almost two weeks, Pakistan’s former Primer Minister Nawaz Sharif has been found guilty of corruption and will be sentenced to 10 years in prison, the European Union’s economy appears to have stalled out, and the stock market in Shanghai has declined by 17% this year. President Donald Trump’s trade war with China began today, American ketchup may become the next commodity affected by the trade war with Europe, gold prices remain flat, the economy added 213,000 jobs last month, unemployment inched up to 4.0% from 3.8% last month, real wages among the working class have declined in the past year, S&P 500 companies will reportedly unload a record $124.1 billion in quarterly dividends to investors, and the U.S. trade gap narrowed by 6.6% largely due to a massive increase in soybean exports and small rise in imports. Scott Pruitt has (finally) resigned as head of the Environmental Protection Agency, thereby leaving the task of defeating Captain Planet with Mr. Pruitt’s former deputy and a former coal lobbyist, Andrew Wheeler. Meanwhile, the president’s former attorney and fixer, Michael Cohen, who is currently under investigation for a laundry list of misdeeds, has retained Lanny Davis—an extremely vocal critic of the president. Airbnb’s pandering department is hiring, the federal government is not funding the Gateway Tunnel because Senator Chuck Schumer (D-N.Y.) refused to cave to President Donald Trump’s demands for funding for a wall along the Mexican border, Queens Borough President Melinda Katz unveiled a plan for a tech tub in western Queens, the City Council will consider a proposal to build a Union Square tech hub on Tuesday, Mayor Bill de Blasio has launched his Jails to Jobs program, the Brooklyn economic boom is passing over Central Brooklyn, “Downtown” Bronx is getting a $10 million makeover, and City Island has a major traffic problem.
Even vegans can get gout, Americans need to eat more fiber, sleep deprivation is contributing to obesity and productivity problems, a group of monkeys in Panama have entered their equivalent of the Stone Age, the Earth is currently at the aphelion of its orbit (its greatest distance from the sun), Norfolk was the apocheir for Benny Profane, kitchen islands are all the rage in luxury homes, and Australia is rife with “bag rage.”