Nice Place You Got Here....

Yesterday I had my first visit to the MiMA building on 42nd Street off Times Square. As someone whose areas of specialty are below 34th Street, it just hasn't been that high on my must-see list. But I have to say I was impressed. I had in my head that the building was all the way on the Hudson. This isn't true. It's actually at the corner of 42nd Street and Dyer Ave (which is basically 4-block long access road to the Lincoln Tunnel that intersects between Ninth and Tenth Avenues). So it's about 1.5 blocks from the nearest subway stop, and 2.5 blocks from the majority of subway lines that run through the city. That's not bad! Also, it's near the Playrights New Horizons Theater, and the new Pershing Square Signature Theater. Those are two buildings I wish I got to more. You're off Times Square, so no hordes of tourists, but you're nearby for those few times you feel the need to, you know, remind yourself why you love New York City so much. Also, there's two Starbucks about one block away. A very important consideration to me! MiMA was developed by the Related Companies, and they are known for doing upper to ultra-luxury apartment buildings (doorman, etc), but I liked the floorplans I'm seeing - particularly that for the studio - it actually has a separate sleeping area; in some buildings the studio layouts actually force you to put your bed right up under the breakfast bar (at least you don't need a night table that way). Also nice is that that there is laundry in EVERY apartment, even the studios. I really liked the common areas. There are several large rooms that you can book (My meeting was in club room M-1, which had a large conference table, comfortable looking couch and a raised bar/table). Also there is onsite pet care (Dog City they call it). The health club is impressive. The terrace is large and they have a separate area they call "the lawn" which also has a seating area and an outdoor movie screen! (There is also an indoor screening room, and a catering kitchen!) I loved the lobby, which was very large with several groupings of bright, comfortable seating. I appreciated that after I identified myself to the doorman as having business in the building, he didn't begrudge me lingering a few minutes to check email and pack a few things away before I left. When people are looking for very luxurious accommodations (and this building definitely is very high end - studios starting around $4500/month), often they don't want to be west of Ninth Avenue - either because they want to be closer to the action or because they don't want to be near traffic. I'd say this building really isn't affected by those things, and anyone with a budget of $4500 or higher should check it out.

Late Happy Earth Day NYC!

Soooo,  been quite busy over the last month and just getting back now.  Most exciting was the Tribeca Film Festival - which I have written about before. I love Tribeca because I feel they bring in movies that are accessible and fun to watch. Not all of them are, of course, but I see many films available either in theaters, on video on demand, or even on cable channels such as HBO and MTV, later in the years.

 This year was very exciting for me because after 5 years working in screenings, I was given the opportunity to work as a jury liaison. Tribeca has several juries that see movies during the festival and award prizes. The prizes, often a cash prize and other services, such as post production services, which are very valuable to an independent film maker who is scraping together a movie budget. While technology has made film making very accessible in terms of equipment, it is still very expensive. So, these juries can make a big difference to a film maker.

My jury judged the best new narrative director competition and I think they did a great job. They were all very nice people and very professional. All were well known in the industry. It was a pleasure to meet them and work with them. It was very exciting, and a lot of hard work! I feel like a quarterback after football season is over. I need a rest, but I bet I'll want to do it again when next year rolls around.

April was actually an interesting month as far as the overall economy and housing markets. It seems that housing is making a comeback around the country, but really it's still finding its way after such a long time far under water.

In New York, the story is that unemployment has hit a multi-year low of 8.4%, (previously stuck at 8.9%), and it seems rents are starting to head up again as well. Sales prices have not moved too much, just a tick higher, but the story there is that the number of units on the market has pretty much dried up. Finally, properties that were taking 6-8 months to sell have mostly sold, and fewer apartments are coming on the market. Fewer "affordable" apartments (under $1 million), anyway.  The market for very high end properties is pretty lively.

My favorite news stories from the past month are actually some that will help New Yorkers enjoy a higher quality of life.

First up, we have the happy news that wifi coverage has become active on many more subway platforms in Manhattan. Previously, only 14th Street at 6th and 8th Aves, and 23rd street on 8th Ave stations had service. Very helpful! Really looking forward to expanding to those of us in Brooklyn. MTA, you have seen the coverage that rents in parts of Brooklyn are higher than in Manhattan, right? We're not all peons out here.

Next up, a couple late Earth Day bits of news. First is an exciting new program that is being piloted by New York City with a  large doorman building to have people separate food scraps for garbage collection by the city. This is the first time NYC has experimented with separating out food scraps. Right now, there are places you can drop your food scraps where NYC and/or nonprofits like the Lower East Side Ecology Center will take them off your hands for composting. But that's kind of inconvenient. I personally separate my food scraps because it keeps me from having to empty the garbage as often, thereby letting me fill my trash can instead of having to empty it before it's full (and contributing more plastic to landfills). My coop has a few compost bins that we use in our common garden, but alas more food scraps are produced than can be composted. The result? My food scraps often join the building garbage and end up in the landfill.

If NYC starts collecting food scraps, not only will we be able to reduce the amount of garbage we send to a landfill, but we can return organic materials to farms, gardens and other places where they are needed. And if it saves us a few million in tax dollars by cutting out on shipping to landfills, that's great too!

I was also excited to read about an effort in my Brooklyn community to bring solar energy to the neighborhood. Solarize Brooklyn is a joint effort by Solar One and two Brooklyn sustainable living groups to help members of the communities of Windsor Terrace, Ditmas Park and Kensington to get their buildings retrofitted with solar energy.  These neighborhoods have many 1-4 family houses that the majority of the solar energy industry are prepared to work with. Creating both one intensive point of education and a collective purchasing program to help save on installation costs and claim tax benefits is a great idea here. I live in a co-op building, and from the research I've done, the 1930s-1950s buildings are hard to retrofit. However they are welcome to the program and I hope mine will participate. Certainly if for no other reason, it would be nice to have a back-up electric system should there be another grid-wide failure (a la Hurricane Sandy). Also more solar systems contribute to a scale that makes sense for even wider adoption of solar technology. And while at the moment it's not feasible to be 100% solar, it is certainly feasible that solar should contribute a sizeable percentage of NYC's electricity, especially in the peak summer cooling months when the grid could use a little help.

So, here's hoping that these two new programs will take root and make New York a cleaner, greener city. I hope all are enjoying the beautiful (if slightly tardy) spring weather.

Being Green Means You're a Good Risk?

Found this very interesting article on Inman News that highlights a finding that owners of energy efficient homes are significantly less likely to default on their mortgages. Significant as in 32% less likely - that's one third safer than your typical borrower!

The group that conducted this study - The Institute for Market Transformation, a group I've never heard of before but I'm glad I discovered - states that given the statistical significance, the energy efficiency of a property should be considered as part of the risk evaluation when making a mortgage. In other words, it should be easier to get a mortgage on an Energy Star - rated home. This could mean several things for buyers - a lower interest rate or perhaps qualifying for a mortgage amount that you couldn't have qualified for before. For IMT, that translates to a hope that buyers will look more favorably on greener homes, not just for the lower energy bills, but perhaps for a lower cost of living in the long run, even if the purchase price is higher than a non-Energy Star rated home.

While the talked-about study only surveyed new purchase mortgages, the finding could also impact considerations for refinancings, particularly if the property in question has had green retrofit upgrades as well.

For home builders, there have been incentives such as tax credits for building greener housing for a long time, but the longtime budget impasse threatens these credits. Being able to offer homes that qualify for lower rates, and knowing that consumers will be seeking these homes out, may be the market-based incentive we need to keep building green housing.

This study only surveyed single family homes. Here in New York, even most of the single family housing dates from 1900 or before, and not much more is being built. However, I found another item on the IMT website showing Fannie Mae is taking a similar mortgage-friendly tack to get multi families on board with green retrofits. This building program relaxes debt service ratio requirements for landlords who are refinancing buildings and intend to put in green retrofits. Essentially, they can take out extra money to do the retrofits that the bank wouldn't have allowed them to have before.

I'm glad to see that amidst all the angry fingers pointing at "big government mandates", there is a market-based incentive (do something, get/save more money). And I'm even happier that it is aimed at multi-family buildings. Again, in NYC, many of the housing stock was built in the 1930s and 1940s and therefore doesn't have HVAC, and has oil or natural gas burning boilers, as well as often falls in the shadow of taller buildings that block out solar potential. This is something I want to know more about.