The Week in Review
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
1. Silverstein To Build City’s Tallest Residential Tower:
Developer Larry Silverstein’s new 80-story condominium and hotel tower on 99 Church St. will be the tallest residential building in the city. The limestone-clad building will house 143 condominiums, and the Four Seasons will operate 175 hotel rooms.
2. Average Manhattan Rent Declines: The average rent for a Manhattan apartment decreased from December to January, according to a monthly report from the Real Estate Group. Doorman studio apartments saw the biggest drop, 5.4%, from December to $2,608, but there were decreases across the board. TriBeCa was the exception, with rents for twobedrooms increasing by 7% to an average of $7,442.
3. Leguizamo Acquires West Village Townhouse: The actor John Leguizamo has purchased a townhouse at 51 W. 9th St. for $5.7 million, the Real Deal reported. The 3,136-square-foot building is four stories tall, public records show. Mr. Leguizamo appeared in “Moulin Rouge,” “Summer of Sam,” and most recently “Paraiso Travel.”
4. Mayor: Property Transfer Taxes To Fall: Mayor Bloomberg announced that he is expecting real estate property transfer taxes to fall to $1.118 billion from $1.474 billion in the next fiscal year, a drop of 24%. The impact is likely to come as sales of commercial property decrease.
5. Lofty Dining Planned for Downtown: The Port Authority is planning what would be the highest-altitude eatery in New York City, a 34,000-square foot restaurant atop the Freedom Tower. The agency said it is aiming to create “one of the best-located and most well-known dinging establishments in the world,” with 360-degree views.
6. Wall Street Journal To Move to Midtown: The Wall Street Journal is moving to News Corp.’s headquarters in Midtown, the New York Observer reported. The move is expected by the end of the year and would put the company’s New York press and broadcast operations under one roof on Sixth Avenue.
7. Drop Seen in Building Permits: The number of new building permits issued by the city in the first half of fiscal year 2008 dropped by about 23% from the same period last year, according to data released by the Department of Buildings. Meanwhile, the number of violations increased by 2.9% and the number of permits for alterations increased by 4.5%.
