Good morning, and welcome to New York Minute, a new roundup of the New York City news you need to know about today. Send stories you think should be included to email@example.com.
Manhattan’s condo glut continues
It could take more than six years to clear all of Manhattan’s unsold condos at the pace of contracts in 2019, a report by Halstead Development Marketing shows. The borough has 7,050 unsold, newly constructed units; the majority of those, almost 6,000, have not been formally listed for sale, creating a “shadow inventory,” according to the report.
This hidden inventory, the report says, is currently the largest in a swath of Lower Manhattan that includes the Financial District. There, 967 of these shadow condos exist on top of the 96 that are actively being marketed in the area.
And in other news...
- Evictions dropped by more than 18 percent following the passage of historic rent reform in Albany last summer, analysis of city data by The Legal Aid Society shows.
- In a five-part series, Politico takes a deep dive into the de Blasio administration’s profound failure to improve the city’s recycling rate and thereby reduce the amount of trash New Yorkers send to landfills across the region. Part one and part two of the ongoing series are out now.
- Cuomo to the rescue: After announcing a significant expansion of Penn Station on Monday, Cuomo sprang into action when his motorcade passed a pile-up on the BQE.
- The de Blasio administration’s plans for a neighborhood rezoning in Bushwick are reportedly in danger of collapsing. The news comes after months of city planning officials and local leaders butting heads over the scope of such a rezoning.
- The state has denied a Chinatown landlord’s request to install a fingerprint scanner at the building’s entrance, declaring “privacy concerns outweigh any added security benefit.”
- Officials push to make the holiday street closures around Rockefeller Center permanent.
- Anish Kapoor’s bean sculpture at 56 Leonard Street is slowly materializing.
- Amazon breached a lease at the the Durst Organization’s 1133 Sixth Avenue in 2014, a judge has ruled. The ruling could force Amazon to cough up as much as $21.65 million to the landlord it suddenly abandoned.