New York renters may see large rent increases or a change of heart with their current building. Some may have realized they are paying way too much for what they’re getting for their money. 

With their annual Subway Median Rent Map, RentHop provides a detailed report to help renters visualize where they can save by riding the train to affordability.

This year, 84% of Subway Stops saw increases in rent. This is lower than last year, but the median rent is currently at $4,400, 3.5% higher than the same time last year.

New developments and renovated units caused spikes in rent in the outer boroughs, so for renters concerned about their rent changing in the coming years, keep an eye out for construction and updates.

Tenants with lower rents aren’t moving, which is decreasing the current inventory for lower-priced units. This could cause problems in the future if these tenants move out and owners renovate and charge higher rents.

Where to Live if You Work Remotely or Hybrid in NYC

With remote and hybrid work becoming more popular, does it make sense to shell out for an apartment in the city’s heart with a quick commute that may only happen 1-2 times per week? Increasingly, renters look to their local neighborhood communities to find nightlife, meals and social happenings. If one’s community provides everything they need, why fork over large amounts of rent?

Below, CitySignal looked at some of the best stops to live off of for renters wanting to be in proximity to a certain Subway line.

Best NYC Subway Stops to Live Off the 1-2-3 Line

Apartments off the Cathedral Pkwy 1 train stop at 110th Street saw a 1.4% dip in rent. While the median rent is higher at $3,450, you’re farther down in Manhattan and are in proximity to several parks.

135th Street Station (2-3) in Harlem has a median rent of $2,567 and only saw 2.9% growth last year. This may mean you can snag a better deal in the area.

Best NYC Subway Stops to Live Off the 4-5-6 Line

Rent along the 6 train saw the most drastic rental decreases, with some rent near stations coming down over 6%. 

Brook Ave off the 6 train in Mott Haven in The Bronx. The current median rent is $2,369, with rent dropping 6.4% since last year. 

The Franklin Ave stop for the 2-3–4-5 had one of the lowest rent growths in the Crown Heights, Brooklyn area at 2.9%. Median rent sits at $2,910 but you have access to the S train which can connect you with other Brooklyn lines.

Best NYC Subway Stops to Live Off the N-Q-R-W Line

If your budget has room to grow over the coming years, check out Astoria Blvd ($2,750/6.8%) or Broadway ($2,650/6%) off the N/W. Rent is still proportionately low; however, the area is seeing major growth, which may impact your lease during re-signing. Make sure to read the terms of your lease carefully.

Best NYC Subway Stops to Live Off the B-D-F-M Line

While 155th Street (B-D) in Harlem saw 19.3% growth this year, the rent is still sitting at $2,600. This is a great stop to live off of if you’re a Yankee’s fan, you could even walk to a game!

F Ditmas Ave (F) is a Brooklyn stop in the quaint neighborhood of Kensington.

Newkirk Ave ($2,379/-1.9%) on the B–Q lines will send you straight into Lower Manhattan or give you the chance to transfer in Downtown Brooklyn to another line.

Best NYC Subway Stops to Live Off the A-C-E Line

The A stop at 190th Street in Washington Heights, just south of Inwood. With access to green space on the west side of Manhattan, current median rent sits at $2,300 with a -2% change since last year.

Utica Ave (A-C) in Bed-Stuy has a median rent of $2,600. There are many small local businesses that you can enjoy instead of traveling into the city.

Grand Ave-Newton in Queens ($2,200/0%) gives renters access to the E–M–R trains but is also two stops away from the 7 train. 

Best NYC Subway Stops to Live Off the J, G, L & 7 Trains

J train riders should look around Kosciuszko St. in the Bed-Stuy/Bushwick area, where the median rent is $2,850, a 1.1% drop since last year.

For G train lovers, check out the Myrtle-Willoughby Ave ($2,850/3.6%) or Ft. Hamilton Pkway ($2,838/-4.9%) stops in Brooklyn. Queens G stops have seen large rent growth, and apartments near those stops have an average rent of over $3,800!

The L train is a pricey line to live off of (thanks to going through Williamsburg), but the first stop to see a bit of rent relief is Dekalb Ave ($2,728/1%) in Bushwick. How trendy.

The 7 Train has quickly become a favorite of many renters, so look to 33rd St in Queens for a median rent of $2,750.

Best Neighborhoods to Live to Have Access To All Subway Lines

For access to multiple Subway lines, consider apartments in FiDi, SoHo/Chinatown, Downtown Brooklyn, or Hunters Point/Long Island City in Queens. These are not the friendliest for budget-conscious people, but if one needs to travel, access may be helpful.

The post Which NYC Subway Stop Is The Best to Live Off Of? appeared first on CitySignal.

But for renters looking to take their first step towards buying, is it possible to buy a property in Manhattan and keep your monthly payments below the current median rent? And if so, what kind of property is it possible to afford?

Current median rent and home prices in New York City

Currently, in NYC, the median rent for a one-bedroom apartment is $4,125. On the other hand, the median list price for a one-bedroom apartment is $1.6M.

The two numbers don’t translate. Estimating a 7.29% 30-year fixed mortgage rate, a $771 HOA fee, $125 for homeowner’s insurance, and a 20% down payment, purchasing a $1.6M home would have the monthly costs fall around $9,663, more than double what the median rent cost is currently.

Shopping for a home with monthlies under the median rent price

As home buyers everywhere know, once one starts looking into the specifics of a home, that monthly payment number will fluctuate depending on the HOA or taxes, as well as the actual mortgage rate. But it’s clear from the beginning that the average one-bedroom rent is nowhere near the average one-bedroom purchase price.

If a homebuyer was looking to keep their monthly payments below the median one-bed rent, they’d have to drop their shopping price drastically.

Using the same mortgage rate (7.29%), down payment, and maintenance & HOA costs as above, a homebuyer can purchase a $585,000 home in Manhattan to keep the monthly payments at around $4,101

So, what are some of the options for a homebuyer who wants to buy and stay under the median rent? With the below, we will assume $125 for homeowners insurance, a 7.29% interest rate on a 30-year fixed mortgage, and a 20% down payment and allow a mortgage calculator to do the heavy listing…er lifting.

Upper West Side

Address: 415 Central Park W #1D

Rooms: 1 bed/1 bath

List price: $550,000

Type: Co-op

HOA Dues: $450

Taxes: None listed

Monthly payment: $3,589

Heavy on the amenities, this full-service pre-war doorman building with a beautifully restored lobby with stained glass, a 24-hour doorman, a live-in super, a windowed laundry room on the ground floor, a playroom, and a bike room is home to a 490sqft apartment with low monthly dues. While small on space, living on the park near 101st Street may be ideal, especially if one is looking to stay under the median rent for Manhattan and the Upper West Side ($4,208)

Yorkville (Upper East Side)

Address: 525 E 86th Street #1B

Rooms: 1 bed/1 bath

List price: $495,000

Type: Co-op

HOA Dues: $1,174

Taxes: None listed

Monthly payment: $4,008

Found in the cheaper cousin of the UES, this Yorkville 1-bed is located in a full-service building. With more seemingly more space than the Upper West Side option and some hefty closets, there is a bit more room to stretch your legs. The decor on the inside is a bit outdated, but nothing that can’t be spruced up.

Midtown Apartment

Address: 105 East 38th Street #1B

Rooms: 1 bed/1bath/home office

List price: $439,000

Type: Condo

HOA Dues: $1,657

Taxes: None listed

Monthly payment: $4,187

Farther downtown in Murray Hill, a Midtown neighborhood, is this condo in a landmark boutique building. There is a laundry room and an elevator, plus the unit has been updated. At 675 sqft, it’s larger than some of the other units explored.

West Village Apartment

Address: 56 Jane Street #1B

Rooms: Alcove studio(.5)/1 bath

List price: $549,000

Type: Co-op

HOA Dues: $1,035

Taxes: None listed

Monthly payment: $4,168

For this unit in a Pre-War elevator  West Village building, you are unable to get a true one-bedroom for around the median rent costs. The square footage is not made publicly available, but the unit looks small. For this, you are paying for location, not amenities or space.

Taking it out of the city: Astoria Condo Better Deal

In the summer of 2023, Astoria was named one of the hottest areas, with renters flocking to the neighborhood. New developments and unique businesses have made this area a desirable place, and some might argue that it’s more of a hotbed of culture than Manhattan. The real estate,

Address: 14-54 31st Avenue #5B

Rooms: 1 bed/1 bath

List price: $596,000

Type: Condo

HOA Dues: $281

Taxes: $243

Monthly payment: $3,915

The Sunrich Tower is a brand-new condo building with an elevator and is designed with contemporary architecture. At 505 sqft, the unit has sleek finishes, upgraded appliances, a washer and dryer in unit, large windows, and the ability to purchase a private on-site parking space.

In terms of worth over time, nearby, there is a one-bedroom unit at 14-33 31st Street estimated to be worth 20.85% more than when it sold in 2021. But don’t forget about those pesky closing costs that might make something not worth selling so soon.

How Buying in Astoria Compares to Renting

While above the median rent for the neighborhood (a one-bedroom is $2,800), this might be considered a more affordable option. However, it still pales in comparison to a two-bedroom apartment in the neighborhood that is also updated for the same price or a three-bedroom that is three times the size. With renting, there is also no worry of repair costs or smaller homeownership costs if something breaks or it’s time for an upgrade, or you just grow tired of the lifestyle.

The post Can you buy a Manhattan property under the current median rent? appeared first on CitySignal.

Spanning from the north side of West 70th Street to the south side of West 79th Street, the West End Collegiate-Historic District is known for its breathtaking architecture dating back to the 19th century. This area offers a close-knit community at the forefront of art and culture, where business owners know their patrons and where real estate brokers live where they sell. 

A rich architectural history 

In the mid-1880s, real estate developers and property owners employed prominent NYC architects to design buildings, particularly single-family row houses and townhouses. By the 1890s, apartment living in NYC became more popular, leading to the development of “French flats” that contained multiple units in one building and often had an elevator. The addition of the subway to the Upper West Side in 1904 popularized the area and led to schools, churches, clubs, and larger residential buildings with as many as 20 stories being built. 

Many of the buildings in this area today are historic buildings that have been converted into condominiums or apartments and renovated. However, new rental laws in 2019 made it nearly impossible to convert historic buildings, so the market for older, renovated houses is now more competitive. 

Old-world charm with modern convenience

Recently this neighborhood has grown in popularity over the past few years as New York has experienced a “tech boom.” While it may be expected that these workers would live downtown in trendy neighborhoods such as the East Village, TriBeCa, or Chelsea, many of them are seeking the confluence of quiet and convenience that is offered in the West End Collegiate-Historic District. 

Louise Phillips Forbes, leader of sales at 393 West End Avenue and longtime Upper West Side resident, shared that the neighborhood has such an allure because it offers “intimacy and [a] quiet neighborhood with access to the pulse of the city.” There is quick and easy access to the 1, 2, and 3 trains, giving residents quick commutes to their office jobs, while still offering reprieve from the noisy midtown area. In fact, many tech buyers flock to residences such as 393 West End Avenue (from 2021-2022, 22 of the condo’s sales went to tech buyers), where they can enjoy modern conveniences and amenities in the luxury and beauty of a restored pre-war building. 

A lively neighborhood

According to Forbes, “there is an intimacy and friendliness that you don’t always experience” in New York City in the West End Collegiate-Historic District. Within this neighborhood, many neighbors and residents know each other, and shop and restaurant owners remember patrons who visit frequently.  

Though the West End Collegiate-Historic District is quiet and laid-back, residents enjoy the many local restaurants and proximity to parks and recreational spaces such as Central Park or the nearby Hudson River Greenway, which offers paths for cyclists, skateboarders, and runners, as well as basketball and tennis courts, baseball diamonds, and dog runs. For artistically minded folks, there is just a short walk to Lincoln Center, the Natural History Museum, the American Folk Art Museum, and the many architectural additions. 

While NYC is packed with restaurants, the areas near the West End Collegiate-Historic district are quickly growing to become a food capital of the city, with streets like Amsterdam Avenue becoming a new “restaurant row.” The development of the neighborhood can be seen in the example of Salumeria Rosi, an Italian restaurant and salumi shop owned by Andrea Loscalzo. Andrea has a background in the tech world but left the industry to pursue the restaurant industry. Andrea also opened The Wallace Lounge, a swanky spot for small bites in the Wallace Hotel. While some tech workers move to the neighborhood to enjoy the quiet atmosphere and rich community, some fall in love with other pursuits and settle down for a lifetime in this unique neighborhood. 

When thinking of the West End Collegiate-Historic Districts allure, Louise brought up the iconic Levain Bakery. Louise knows the founders of the bakery and reminisced on their meeting, saying, “I met them when they were making homemade bread when they stumbled upon the quarter-pound chocolate chip cookie.” At restaurants around the neighborhood, Louise says that the restaurant owners and staff “know your name.” New York City can turn into a land of overpopulated anonymity, with solitude being found in crowds of strangers, but in the West End Collegiate-Historic District, there is a community of individuals that know each other intimately and grow together through years spent in New York City. This community and intimacy found in the neighborhood is what continues to draw new residents to the area and keep long-term residents happy. 

Notable Architectural Marvels in the West End Collegiate-Historic District

393 West End Ave

While there are many converted pre-war buildings in the neighborhood, one of the last converted residences is 393 West End Ave due to the rental restriction laws.

A 96-year-old building originally built by architects Goldner & Goldner, 393 West End Ave has been renovated with what Forbes calls a “respect for history” by award-winning CetraRuddy Architecture. The historic exterior is echoed through the interior despite having modern updates and matches the Upper West Side’s acclaimed rowhouses and apartment buildings.

There are antique bronze doors with distinctive lion medallions, lantern ironwork, and plaster tassels and a scalloped cornice referencing the great opera houses of the era. 

The Apthorp

This historic condominium building was designed by architects Clinton & Russell for William Astor and was constructed in 1908. Known for its Italian Renaissance Revival Architecture, it occupies an entire block, with wrought-iron gates marking the entrance to the property. With limestone sculptures and an impeccable interior courtyard, this impressive building has been home to notable figures such as Cindy Lauper, Robert De Niro, and Al Pacino. 

Three Riverside Drive

Once the residence of William Guggenheim, this iconic building was constructed in 1895 and is a must-visit for any architectural tour of the area, C.P.H. Gilbert designed the 37-foot wide, ornate limestone mansion.

The Willard 

The Willard at 252 West 76th Street is a pre-war building that is popular amongst many new residents of the area due to its many amenities, such as a fitness center, a playroom for children, a bike room, storage, and an elevator.

This building combines convenience and beauty, reflecting the duality of the surrounding neighborhood. 

Alfie Arms

This sprawling building is an “elegant brick, limestone and terra-cotta co-op built in the Neo-Classical style by Sugarman, Hess & Berger in 1923.” This restored co-op building attracts young buyers from the tech world and growing families, offering a mix of uptown luxury with contemporary updates such as stainless steel appliances, wine refrigerators, and in-unit laundry. 

The West End Collegiate-Historic District may be tucked away in NYC, but should not be underestimated. It has a way of making the big city feel like a small town. 

The post West End Collegiate-Historic District Neighborhood Guide: The Architectural and Artistic Neighborhood appeared first on CitySignal.

Where do the happiest people in the world live? Well, according to Andrew Arrigo and Steve Clair of Serhant, it’s either Finland or their new 8th-floor listing at 145 Lexington Ave.

While guaranteed happiness from this $2.2 million Rose Hill condo (situated where NoMad, Gramercy, Murray Hill, and Kips Bay all converge) is promised, it’s pretty clear that living here is gonna mean mo’ money mo’ problems.

For example, do you eat breakfast at your granite countertops overlooking your Miele and Sub Zero appliances in your chef’s kitchen? Or do you take your bowl of Wheaties (if you’re living in this home, of course you’re eating the Breakfast of Champions) to the sunlit den to take in the city sights? And don’t forget the endless internal dispute of when during a conversation you can casually drop that your home has its own private keyed elevator.

With natural light reaching all of the home, Unit 8 is comprised of two large bedrooms, two full bathrooms, a living room, dining area, kitchen, family room/den space, in-unit laundry, and plenty of closet space (a struggle to find in Manhattan).

Additionally, the primary bedroom benefits from an ensuite bathroom, a walk-in closet, and views of the Empire State Building, allowing for plenty of privacy and an Empire State of mind.

Residents of Gramercy 145, the building that houses the million-dollar listing, also benefit from a 24-hour virtual concierge/doorman service and a landscaped roof deck with an outdoor grill, kitchen, and bar. In the basement, there is space to house your bike, as well as a private storage cage.

Not sure if you can picture yourself there? The Millennial Broker team has done a good job at giving you a look into the space and what it might look like to live there.

 

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 145 Lexington Avenue #8 is listed by Andrew Arrigo and Steve Clair of Serhant.

The post Rose Hill Condo for “Happiest People in the World” lists for $2.2M by Serhant TMB Team appeared first on CitySignal.

1009 5th Ave Listed For Sale

The Benjamin N. Duke House has just been listed for sale at $80,000,000 by Compass agent Jorge Armando Lopez. One of the last remaining mansions on the Gold Coast of 5th Avenue, also romantically known as “Millionaire’s Row,” this property boasts all the same elements as other Gilded Age Beaux Arts Mansions. During its landmark designation process in 1974, it was stated that it is “one of the few surviving houses which once formed part of an almost uninterrupted series of palatial residences facing Central Park.”

History of the Benjamin N. Duke House

Developers William W. Hall and Thomas M. Hall built this property designed by Welch, Smith & Provot between 1899-1901, and it is rumored to have been for no specific owner. In 1901 Benjamin N. Duke, who was the Vice President of the American Tobacco Company and founder of Duke Energy, purchased the property. In 1907, Duke’s brother James B. Duke purchased the home until his own mansion at 1 East 78th Street was ready in 1912. The Duke brothers were the classic example of Gilded Age socialites who were categorized as  “wealthy industrialists, philanthropists, and residents of New York’s most fashionable Avenue”.

From there, the mansion was passed to Angier Buchanan (Benjamin’s son), then Mary Lillian Duke and A.J. Drezel Biddle Jr, and later Mary Semans (aka Mary Duke Biddle). The property stayed in the hands of the Duke family until 2006, when it was sold to Tamir Sapir for $40 million, who later sold it to Carlos Slim. 

Carlos Slim and 1009 5th Ave

Back in 2010, Mexican telecom mogul Carlos Slim Helú purchased the Benjamin N. Duke House for $44 million, telling Forbes that he was purchasing it as an investment. In fact, in 2015 when Slim went to sell the home for $80 million, he said he had never stayed in the residence. It was reported he preferred to stay in luxurious hotels when in NYC and that may have been the case up until recently. Does this mean that no furniture was brought to the property?

Currently, Carlos Slim is worth $93.5B, according to Forbes.

Previously, the home was listed by Sotheby’s, but it seems that Slim has pivoted towards Compass in hope of getting the deal closed this time around. 

Inside 1009 5th Ave

The Benjamin N. Duke home is a New York City Landmark designed in the Italian Renaissance palazzo style with “strong Beaux Arts elements” that has over 20,000 square feet of living space. It’s a limestone and red-brick building with 100 feet of frontage looking out over 82nd street and 27 feet of side section staring directly at the MET and Central Park. 

There are 8 bedrooms and 10 baths, as well as numerous fireplaces, ornate moldings, glass and wrought iron doors, stone balconies, and gorgeous chandeliers. Like so many people dream of in NYC, the rooms have spacious rooms, high ceilings, large windows, and natural light.

The listing states the property could be owned as a private residence, however, there is the ability to transform it into a gallery or museum. These options seem most likely due to the building’s historic nature and coveted space near the Met Museum and other notable museums on Museum Mile. 

The post Benjamin N. Duke House Listed For Sale by Owner Who May Have Never Lived There appeared first on CitySignal.

Last month, in celebration of the Citizens Chinatown Renewal Fund announcement the week prior, CitySignal went on a walking tour of Chinatown to see, firsthand, some of the businesses receiving money from the grant. It was a crisp winter morning, but the biting cold did not distract from the warm feeling that accompanied the event. Led by the engaging and energetic Anna Huang of the Mott Street Girls, the tour blended history and current events to shed light on Chinatown and its residents. 

The morning began on Doyers Street, where tour attendees, members of the press, and delegates from Citizens Bank and Renaissance Economic Development Corporation gathered for opening remarks. Sara Tang, Citizens Business Banking Relationship Manager, reiterated Citizens’ pledge to be part of the communities in which their banks operate. The goal of the walking tour was to “celebrate the small business owners,” all of whom require community support to not only keep growing, but also remain in operation. The pandemic hit neighborhoods such as Chinatown the hardest, and recovery is a slow but steady process. The best aid is awareness of and engagement with local businesses. 

Manhattan Chinatown, home to the highest concentration of Chinese people in the United States, is considered a cultural hub for the Chinese diaspora. It’s been a haven to immigrants since the 1800s, and is a place steeped in tradition and rich with stories. As such, it was only fitting that the tour began with a bit of history about one of the streets on which many of these businesses operate.

Doyers Street

With its brightly painted cobblestones, unique curvature, and pedestrian accessibility, Doyers Street is easily one of the most recognizable roads in Chinatown. It’s also one of the oldest, joined by Pell Street and Mott Street. According to Huang, the unique angle can be attributed to the age of the alley; built before 1811, Doyers was exempt from the implementation of the New York City grid system. Like much of the Lower East Side, Doyers Street is an anomaly from most of neat and narrow New York. 

In the early 1900s, Doyers Street earned a unique (and violent) moniker: the bloody angle. The intersection’s proximity to the infamous Five Points neighborhood, combined with excessive gang activity, made it a hot spot for less-than-pleasant meetups. Gangs nicknamed it “the bloody angle” as the curved street created blind spots and a prime opportunity to ambush an opponent.  

Today, however, Doyers is known more for its many businesses and beauty salons, and is occasionally called “barber shop alley.” It is a hotspot for restaurants and bars, home to Dim Sum parlor Nom Wah, speakeasy Apotheke, and Chinese Tuxedo, a two-story restaurant located in a former opera house. 

It’s also the location of one of the recipients of the Citizens Renewal Fund: the New China Beauty Salon. 

New China Beauty Salon

Opened in 2014 by Jiang Feng Ming, the New China Beauty Salon offers haircuts for men and women. It is a favorite for locals, who appreciate the salon’s prices, far lower than those of nearby SoHo. A haircut at New China Beauty Salon is between $10 and $12. The salon is open seven days a week, from 9:00am – 6:00 pm, with the exception of Saturday and Sunday, when it’s open until 6:30pm. 

To support the business – and to get an inexpensive but worthwhile haircut, head over to 15 Doyers Street. 

Pell Street 

Next up, the tour visited Pell Street – another one of Chinatown’s most historic lanes. Pell Street today — bustling lantern-lit hub for businesses and tourists — is unrecognizable from how it looked 100 years ago, when it boasted cobblestone streets and an above ground subway. 

There is one more significant difference from the old days of Pell Street: it used to be all men. 

In the late 1800s, Chinatown earned a reputation as a “bachelor society” due to a discriminatory law – the 1882 Chinese Exclusion Act, which curbed Chinese immigration and effectively banned most Chinese women and children from entering the United States. As a result, the patrons of Chinatown were almost exclusively male during the late 1800s and early 1900s. At one point, according to Huang, the ratio of men to women in Chinatown was 700 to 1. Many even lived in what were called ‘Bachelor’s Apartments.’

This unique set-up had two strangers sharing not only an apartment, but also a bed. Two separate sleeping shifts allowed the workers to save money on rent, which was beneficial as most of the men were sending money back home to their wives and children. 

In 1943, the act was repealed. Women and children populated Chinatown, and the Bachelor Society was no more. 

Pell Street today is notable for the instagrammable lanterns lighting up the street and its excellent restaurants, such as the Vegetarian Dim Sum House. 

Vegetarian Dim Sum House

Located at 24 Pell Street, the Vegetarian Dim Sum House is another recipient of the Citizens Chinatown Renewal Fund. Opened in 1986, the restaurant was the first vegetarian / vegan Dim Sum house to open in Chinatown. Especially for purposes of tourism, noted Huang, having a vegetarian option is huge, as it expands the options for non-meat-eating visitors. Vegetarian Dim Sum House is lauded for its turnip cake made of daikon radish, and its rice flour rolls made with deep fried dough in the middle. The restaurant closed for six months during the pandemic, but has since resumed operations, despite increased operating costs due to inflation. 

Vegetarian Dim Sum House is open seven days a week, from 10:30am – 9:00pm. 

As the tour made its way down Pell Street, Huang pointed out an interesting sight: a Pegasus decoration hanging amongst the lanterns. According to Huang, the Pegasus is composed of “dried egg noodles” and covered in polyurethane to withstand the cold temperatures. Though the impetus for the Pegasus on Pell is unclear, the tour did learn some context about the lanterns surrounding it. 

Light Up Chinatown 

Strung up on various streets throughout Chinatown, it’s hard to imagine a time when these beloved lanterns were not part of the neighborhood. Shockingly, however, that moment was not long ago. The lanterns landed in late December of 2020 as part of Light Up Chinatown, a grass-roots initiative devised during the dark days of the pandemic when the streets of Chinatown were empty and desolate. Created by local resident Patrick Mock, Light Up Chinatown is a volunteer, donation-based initiative that works to brighten up the neighborhood. 

With lanterns donated by longtime Chinese-American department store Pearl River Mart and hung by volunteers, the lanterns made Chinatown an “instagrammable spot” overnight, and have since cemented a lasting place in the community. The long-term goal of the initiative is to light every street in the neighborhood. A GoFundMe can be found here to make a donation; $50 purchases one individual lantern. 

After a moment taking in the magic, the tour made its way past the lantern-adorned Mott Street and soon reached its next stop. 

Audrey Bakery and Cafe

Opened in 2017, Audrey Bakery and Cafe, located at 12 Chatham Square, is another staple of Chinatown. The traditional Chinese bakery offers all kinds of decadent treats, ranging from buns to specialty sweets to savory snacks. For those looking to celebrate a special occasion, the cakes Audrey Bakery and Cafe might be especially enticing; beautifully decorated, artfully made, and delicious to the taste. 

A gift from Citizens allowed the tour group to take a pit stop and sample some of the desserts and hot drinks offered by Audrey Bakery and Cafe. It was a welcome respite from the cold, and an even better excuse to get to know, first-hand, one of the small business recipients of the Citizens Chinatown Renewal Fund. 

Lady Chow Kitchen

Next stop was Lady Chow Kitchen, located at 171 Hester Street. The restaurant offers contemporary Chinese dishes and authentic Cantonese food. According to their website, Lady Chow Kitchen is notable for its “Chen Cun Fen,” which consists of Chen Cun rice noodles measuring between 0.5 and 0.7 millimeters thick. Also known as Dan noodles, this variety was created in 1927 by Huang Dan, a local from Chen Cun town, an area located in Foshan’s Shunde district. Pliant and tender, the thin noodles soak up the juices of whatever they’re cooked in, making each bite a particularly savory one.

Lady Chow Kitchen is open seven days a week, from 8:30am – 9:00pm. 

After taking in the smells and sights of Lady Chow Kitchen, the tour headed past Canal Street, to the newer part of the neighborhood. The group walked through what is colloquially called the Mott Street fruit market – a combination of street and store vendors –  where local residents shopped for groceries and goods. Each marketplace offered a plethora of delectable options, ranging from durian fruit to fresh fish to specialized spices. 

Golden Steamer

Located amid the hubbub of the Mott Street market is Golden Steamer, a restaurant renowned by locals for its bao. Opened in 2009, the business sells buns that are good for any occasion: a seasonal pumpkin bao for snack, a salted egg yolk bun for breakfast, or a pork bao for lunch. Located at 143-A Mott Street, Golden Steamer is another proud recipient of the Citizens Chinatown Renewal Fund grant. 

Golden Steamer is open seven days a week, from 7:00am – 7:00pm. 

Double Crispy Bakery

Around the corner from Golden Steamer is another staple of the neighborhood: the Double Crispy Bakery, located at 230 Grand Street. Opened five years ago by husband and wife, the bakery offers some of the best tarts, treats, and tastes in town. They’re notable for Macau Egg Tarts, a Portuguese variety of egg tart that is renowned by locals and tourists alike. The tour stopped at the bakery, and many (writer included) sampled the tarts for themselves. Made of a puff pastry and with a caramelized top, the tarts are warm, sweet, fully, and well worth the hype. 

Double Crispy Bakery is open seven days a week, from 7:00am – 7:00pm. 

High Cut Beauty Salon

Last on the tour was the High Cut Beauty Salon, located at 83 Elizabeth Street. The salon, which has been in operation for over 15 years, offers premium haircuts for men and women at inexpensive prices. With massage chairs located in the back, patrons can get both a makeover and a massage in one visit! 

For small businesses to succeed, they need community and tourist support. In Chinatown, the sentiment is clear: local entrepreneurs are fighting to survive, and they can only do so with grants like the Citizens Chinatown Renewal Fund and through word-of-mouth – a method which relies on events such as the walking tour. 

Mott Street Girls, too, is a small business. Founded by Anna Huang and her business partner Chloe Chan, the organization offers in-depth history, food, and occasional ~special edition~ tours of Chinatown. Like the businesses they’re showcasing, the walking tours are personal, professional, and full of heart. 

To learn more about the Citizens Chinatown Renewal Fund and see the full list of the businesses awarded, visit this link. And to visit them in person, simply hop on a train, bike, bus, cab, or walk on over to Chinatown to support these wonderful businesses! 

The post NYC Chinatown’s Small Businesses To Support appeared first on CitySignal.

Most and Least Affordable Cities to Live In

The 2022 Singles Index, recently published by RentHop, examines the rising costs of renting a studio apartment compared with local incomes to help determine if living alone is affordable in major cities throughout the United States.

“Many young professionals are now faced with high rent prices as a single income earner,” quotes the study “But are certain cities more affordable than others for singles?”

Indeed they are. The least affordable places to live single include the obvious suspects; New York placed an easy first with a median studio cost of $3,016 and rent eating a hefty 43% of local income. “After placing second last year, NYC experienced a meteoric rise in rent prices in 2022,” detailed the RentHop study “which led to it overtaking Miami for our top spot.” The median rent increased over 23% last year.

The second most expensive city to dwell single is Miami. The median rent for a studio is $2,070, costing 37% of annual income. Following Miami in the index are New Orleans, Raleigh and finally Boston.

For contrast, America’s most affordable city for singles is the one and only Albuquerque, New Mexico. With a low median studio rent of $700 a month, residents only spend 15% of their income on rent. Second place is Wichita, Kansas where studios run $595 per month, amounting to only 16% of income. Last but not least are Minneapolis, Seattle, and Colorado Springs.

Cities that became more affordable according to income are Fresno, Fort Worth, Albuquerque, Milwaukee, and El Paso. Cities that became less affordable are Columbus, San Jose, Oklahoma City, Indianapolis, and New York. There were many surprises on the list, including the 35% year-over-year rent increase for Columbus, Ohio. And it was no surprise that New York was most expensive.

“When I moved to New York from Seattle in 2018 I experienced sticker shock at the extreme cost of rent,” says Dave B, a software engineer in East Brooklyn, “I sublet a small room in a two-bedroom Williamsburg walkup for $1100 a month, which at the time was the most I’d ever paid for rent. Since then, I’ve lived in two other apartments, and rents have continued to rise. This past year my rent rose 16%.”

In another report by Business Insider, a number of cities were shown to have nearly identical costs for one and two-bedroom apartments. Apartment hunting in Cleveland, New York, and Detroit, you’ll find there is less than a $100 difference between the cost of a one-bedroom and a two-bedroom apartment. All these metrics illuminate just how difficult the rental market has become for one of the largest demographics in America. But people like Dave are finding ways to make it work.

“Has this stressed me out per se? No, but I’m lucky to have a good paying job, live a minimalist lifestyle, and choose to live with roommates which reduces the cost burden imposed by the high rents,” explains Dave B, “While financially I could live alone in Brooklyn, this would dramatically impact my ability to enjoy the city and save for the future. This is common amongst single people in New York. Living alone in a 1 bedroom or studio apartment is expensive, and there is a noticeable lack of such units as you get further from the city anyway, so you choose to live with roommates to cut costs.”  

The Singles Tax

Why is it so hard to live affordably while single? In America, we suffer the singles tax. Singles are economically penalized in a country that financially incentivizes marriage and family. Tax codes favor marriage, and so do many employers.

Examples of the singles tax can be found in more than just rent prices. Even hotels and cruise lines charge a “single supplement” when only one person will be using their services.

Younger generations are taking longer to get married and have kids, if they choose to do either at all. US census data showed 35% of adults between ages 25 and 50 are unmarried. In 1970 this figure measured a mere 9%. Millennials are not interested in marrying right away as earlier generations had, and many prioritize education, career and travel before marriage.

Research by Pew found that married adults have higher average earnings than single adults, making them financially better off. This is known as a “wage premium.” Employment demographics also change according to marital status. These numbers are especially noticeable amongst men.

For instance, 91% of partnered men are employed versus 73% of unpartnered men. Unpartnered men earn a median income of $35,600 in 2019, compared to earnings of $57,000 for the partnered. For contrast, partnered women earn a median of $40,000 compared to unpartnered women with median earnings of  $32,000.

Last but not least, taxes also reflect these trends. Couples with one partner earning the majority of dual-income can benefit from a “marriage bonus” that allows the higher earner’s bracket to be dropped in joint filing. Partners who file together, in general, pay less in taxes per capita. Healthcare, social security, and retirement echo these sentiments; spouses can receive up to 50% of their partner’s Social Security benefits. IRA and Roth IRA income limits are also higher for married couples, allowing them to put more money away in savings.

Save $30k by Splitting Rent As a Couple

Couples who live together save the most money. The average 1-bedroom apartment in New York costs a staggering $3,900, up 14.5% from 2021. This is a rude awakening after pandemic pricing when many renters were able to upgrade their leases and capitalize on high vacancy rent deals. Over the past year, a major reversal played out as rents not only climbed back but shot well past pre-pandemic numbers. As low and affordable pre-pandemic leases begin to expire, they are being replaced with more expensive alternatives.

For a single person to pay $3,900 a month is a lot- couples who live together can drastically expand their options in real estate and can afford nicer apartments.

A 2022 study by StreetEasy found that a typical New York City couple saves nearly $30k by cohabitating with one another. Using calculations based on Q4 2021 rent metrics- couples living in Manhattan save on average $19,500 per person per year. The savings are similar but slightly less in other boroughs where rent is already typically cheaper. Savings equated to around $11,700 in Queens and $13,200 in Brooklyn. 

Moving in together is an easy way to save without sacrificing space, size, location, or amenities. It’s also nicer to live with one person than a slew of roommates.

The savings that can be gotten from splitting rent quickly pile into enough to cover student loans or even the down payment on a house. Looking at these figures, a couple could save nearly enough for the down payment of a home in less than ten years.

Being a Single Woman is the Most Expensive

Single people not only pay more in expenses, but also are paid less. But going even further, single women pay the absolute most. 

Studies find that American women have less money saved for retirement and spend about $15,000 more on healthcare during retirement than men do on average. Women also live longer, an upside that plays out as a financial downside. Living longer requires more retirement savings and money to get by.

Even if today’s women aren’t ready to marry in their 20s, that doesn’t mean they want to stay living at home with their parents. Most women, about 65%, would rather not wait until marriage to purchase a home. Unfortunately for many women, this becomes increasingly unaffordable between the market, wages, and a 40-year high inflation rate. The economy of today is a hard landscape for this bracket.

Money Can’t Buy Happiness

Of course, as we all know: money can’t buy happiness. Many people prefer being single, even if it is more costly, and ultimately whatever leads to happiness and sustainability is the most important decision. While it’s easy to yearn for a partner, New York City provides many avenues for singles to flourish through a large population, plentiful transportation, and a never-ending calendar of events to attend.

“Studies show that a woman who lives alone is more likely to have an active social life and maintain family bonds,” says Kate Bolick in her book Spinster: Making a Life of One’s Own, “not because she has extra time on her hands, but because these are the bonds that sustain her.”

The post Is It More Expensive To Be Single? The Economic Disadvantage of Living Single appeared first on CitySignal.

With more than 60,000 licensed real estate agents working in New York state alone, it can be difficult to narrow your options down to the agent most fit for you, and the search process alone can be daunting.

This week I sat down with Chimere Meerschman of The Corcoran Group to discuss what sets her apart and above the rest, as well as some of her best advice and tips for potential home buyers and renters looking to jump into the market.

From Belgium to Ballet: Getting to Know Chimere Meerschman

I’m one of those bold people, you know, when I’m in a situation I really say ‘hey, how am I gonna work this out?’ You know? I get a plan together, and I just do it. I’ve been successfully navigating life with that attitude.

Meerschman and I began our discussion recapping her time in Belgium where she spent several years owning and managing a hotel and cocktail bar, even though at the time, she didn’t speak the language.

It was something that was mine in this, you know, strange country, where I didn’t speak the language. I welcomed guests from all over the country and luckily English was the common language. So that’s how I was able to be successful with a cocktail bar and hotel.

Now fluent in Dutch as well as relatively proficient in French, German, and Danish, Chimere has returned to the States, where she settled back in New York City, her hometown, bringing with her a wealth of sales, hospitality, and business-owning experience. Chimere also had a previous life as a ballet dancer.

I studied dance from 4 to 24. My mother started me in ballet, and I just loved it. So basically danced until I couldn’t dance anymore, had to get to real life. I never planned on it being my career. My mother always told me, ‘it’s fun, it’s great, it’s graceful, it makes you the person you are today.’ But realistically, there’s not a ton of open spots for ballet dancers. Everyone wants to be […] Misty Copeland, but there’s only one Misty Copeland. I was always realistic, I knew it was something I loved to do, and it was fun, but I always wanted to get a “real job.” I enjoyed doing it, I still have my pointe shoes, and whenever I have a free day, which is very rare in real estate, if I need to work out or something, I can put them on and sort of twirl around my apartment as a distraction; do fun stuff. Because I love it, I really do.

On Getting a “Real Job”

I’ve always been in some sort of sales position. So when I left school I was in packaging sales, I graduated from luxury cosmetic packaging sales, which is a niche market in itself. High margins, in beauty offices, in Manhattan which was really nice. And I was in real estate sales in the Hamptons on top of that.

As many know, The Hamptons is one of New York’s most exclusive and expensive housing markets, one of its zip codes landing as the 2nd most expensive zip code in the United States with homes ranging from $5,000,000 to 150,000,000 depending on location.

Real estate for some reason has always been a career choice for me, a lifetime ago as it now, because it’s a combination of something I’m good at, which is sales, customer service and I think I sort of top it off with a concierge or special knack for really taking care of people.

Meerschman understands just how monumental the decision to move is, having done so several times herself, and prioritizes her customers at every turn during the process.

I think moving, divorce, and having a baby [are] the three most stressful things, and moving is one of them. It’s crazy. Not only is it very stressful, it’s one of the most expensive things you’re going to do.

Meerschman is correct of course, starting with moving costs alone which nationally average between $1400 and $2500. But that’s not even scratching the surface.

You’re paying someone a big portion of your salary every month; you’re giving them first month’s rent, security deposit, broker’s fees, just to move in! Then, of course, you’re buying god-knows-what, towels and egg beaters and you know, knives and stuff. So it’s a big purchase as well as a stressful purchase. So I think when you’re doing something like that you really need someone to hold your hand and put you first and I just have that nurturing knack to do it in a really nice way. That’s why that kept becoming my “real job”.

Chimere On What Sets Her Apart From Other Agents

Meerschman’s sales, hospitality, and people skills all coincide to make her a powerhouse of real estate.

So as far as hospitality, you check into the hotel. I want to make sure you have everything you need to make your stay perfect. What time do you need your breakfast? What kind of breakfast do you like to have? When you’re done with what you need to do today, whether you’re coming for business or pleasure, where do you want to eat dinner? What souvenirs do you want to pick up? I feel I made that really accessible for my clients; it was a boutique hotel so I was able to really zero in on each person’s needs. I just somehow translated that to real estate. Where do you need to live? What will work for you as far as #1 where you’re going to live, how much you’re going to pay, what amenities you need. But as well as what kind of search do you need?

Meerschman tailors each sales experience to the client at hand, taking care to meet the needs of each person, but also provides a level that’s a step above what can be a stiff and impersonal transaction.

I’m working with a woman originally from Long Island who now lives in Florida and needs to move to New York for a job. We’re doing everything virtually because that worked for her. We’ve been looking at apartments virtually. We set a time, I send her things virtually, I go in person to the apartment, and I FaceTime her. Not only in the apartment, but in the hallway, you know, what train did I have to take there? What does the street look like? So she can make the best decision on where she wants to live.

Same as what you need as far as amenities and bedrooms and space; where’s the nearest nail salon? Where’s the nearest supermarket? I feel that concierge’s hospitality bleeds into that; I want to give them all of that. Again, this is the biggest purchase they’re making, why not give them everything so they feel really good about this purchase and on top of that just less stressed about it because all of their needs are met?

This kind of “full service” coverage Chimere offers sets her apart from other agents in a very real way, and word of mouth does a lot of work to spread her business.

I often get reviews from clients, ‘thank you so much. I really felt you cared about what I needed, how I needed it, and when I needed it.’ I sort of hold their hand. I think it sort of definitely sets me apart. I’m not really interested in the transaction, I’m interested in the person. Can I help them? Can I find them something and make it work for them? I want them to be happy. I get referrals to this day because I helped someone three, four years ago, and they’re like, ‘wow she was so good.’ Whenever someone needs an agent, I just send them your number. 

I recently reached out in my search for a 2 bedroom apartment downtown. Chimere took the call and from the moment she contacted me, her knowledge of the market and professionalism with follow up was evident. In a very short time she identified the perfect space, a Fidi loft. Her negotiating skills helped me to secure the home at a great price. Additionally she was able to rent my investment apartment with a great income stream. I highly recommend working with Chimere for all of your real estate needs.

Review from RentHop, June 2022

On What She Wishes Clients Knew Before Their NYC Apartment Search

I would want my clients to know ahead of time that because this is New York City and it’s one of the most expensive cities in the world; I think I would like for them to know ahead of time that- and I hate saying this, but they cannot get everything they want; They will have to make a small sacrifice.

So I have a client that comes to me, they want a window in each bedroom, they want a gym, floor to ceiling- they everything: I wish they would know ahead of time that it’s impossible to get everything; best price and all the amenities, it’s just really difficult. I’d like them to come in knowing that ‘I have to sacrifice something and if I do that, I’ll have a very quick and easy and painless, less stressful search because I know that one of those things I want is unrealistic.

Chimere is awesome! It’s difficult to imagine apartment hunting being fun, but Chimere even managed that. Moreso, she was honest and transparent about her recommendations but listened to my requests and showed me even those places she suspected (and was correct) that wouldn’t be the right fit just so that I would feel comfortable with my choice.

Review from RentHop, September 2021

Chimere notes that these expectations come mostly from those less familiar with the nuances of New York City’s housing market, And not because they’re unrealistic or unreasonable people, it’s just a lot of clients who I meet are coming from different cities. Whether it’s Chicago, Florida, or California. Everything is different. California is different from New York. There’s a lot of air and space and light there, we don’t necessarily have that in New York, but we have other things that California doesn’t have. So I’d like them to know that where they’re coming from can’t necessarily dictate where they’re going. It’s just not the same, you know? I think that would make my life and their lives a lot easier knowing that coming in.

On New York City

I mean, New York is, listen, I was born and raised here, so I’m definitely partial. However, I did move to Europe for several years, and I still think New York is the best place. There’s a beautiful combination in New York of class, sophistication, grit, soul, there’s a little bit of everything here. There’s no place more convenient, you can have anything you want whenever you want it, which is amazing. The best food; the best Indian, the best Italian, the best any-type-of-food you want. So, I think when anyone’s moving from another state to New York, it’s likely because they have another job. So your paycheck is larger, and you’re making a lot of money that’s different from a lot of places in the states.

According to the U.S. Bureau of Labor Statistics, Manhattan’s average weekly wage of just over $4000 ranks #1 in the nation, of course, there is a higher cost of living that follows the higher wages.

For Meerschman, it’s all par for the course.

There’s great opportunity everywhere just to enjoy New York. Amenities in buildings, for example, are amazing; you’ve got roof-top pools and gyms and laundry rooms, work-from-home lounge; you know, you get all dressed up to leave your apartment and go to your rooftop lounge, and that’s a thing in New York City. What other place can say that? You’re not even leaving your building, but you’re still out and about. Plus, not to mention all the great people. There’s people in New York from all over the world, and all over the country, I think it makes this amazing melting pot of knowledge, style, and class. Just a little bit of everything, you know?”

Rentals or Sales?

Obviously, when you’re going to buy something, it’s a lot more permanent. You’re spending more money, and you are making a large commitment. But at the root of everything, it’s very similar, it’s still the most expensive purchase you’re ever going to make. There isn’t a big difference in the process, obviously, technically, you’re buying something, you’re getting a loan- there are other things that are involved, but you’re still proving something to someone.

In rentals, in one case, you’re proving to the landlord, “I can afford to live here.” In sales, you’re proving to the board, “I can afford to live here.” But you need the same documents, you still need the last few paystubs, the last two bank statements, tax returns, your letter of employment, all of that stuff is needed. One’s just a little more, or a lot more expensive than the other, but it’s still a very similar process. I think, and I hate to say this, maybe I like rentals better because I can help more people. There are more people renting in New York City than buying. I feel like I have more opportunities to help in the rental market.

On Trends in NYC Rentals & Sales

I feel like right now you have a lot of people wanting their own space. They’d rather get a studio which they can afford on their own than get a two-bedroom that they have to split with a roommate. I’m also noticing people buying something for themselves, not necessarily for the family unit. ‘My kids are out of school, my kids are gone, they’re done. Let me get an apartment that works for me” I’m seeing a lot of that. I’m also seeing a lot of first-time buyers. They’re saying, ‘I’ve never bought in New York or anywhere, and my rent is so high, let me dip my toe in to see what it would cost to buy because now I’m giving all of my money to a landlord because it’s so expensive, let me see what the cost- I’m doing a lot of rent vs buy situations. I feel like the age to buy is getting younger than it was a few years ago.

I asked Chimere if she thought Covid was to blame for some of these trends, as the housing market experienced a surge in prices as the pandemic raged on.

I think it’s a combination. People’s priorities have changed, you know? Do you want to be in a two-bedroom apartment with someone you don’t necessarily know? Or in a four-bedroom with all these people.

All the prices going down then going back up, it’s just like “Let me take care of myself” That’s what I’m seeing. ‘Let me get something by myself, and I’ll figure it out. Whether it’s gonna be smaller, but at least I know it’s mine, and God forbid something like this happens again, I have my little space.

Chimere’s Favorite Building: An Art Installation As A Building

NYC boasts some of the most jaw-dropping and unique constructions across the world and since real estate agents see many buildings a day, both inside and out, we had to know which of all the gorgeous builds is Chimere’s favorite.

I like 56 Leonard, it’s just beautiful. It’s the Jenga building. The building, by Herzog & de Meuron, located at 56 Leonard Street in Tribeca, was fully sold, shortly after its critically acclaimed opening in 2017.

It’s just beautiful. It has an amazing lobby, it’s right in Tribeca. It’s got a beautiful art installation outside. It’s just gorgeous. The windows in the apartments are all floor-to-ceiling. Most of the apartments have at least one outdoor space. It just looks like when you see one of these movies when you see a successful person in New York, they would live in a building like this, you know? I just love it. All of the amenities. It’s just fabulous. It’s quintessential fabulous New York, if you will. You’re in there, and no one can see in because the next building is so far away, you’re so high in the sky, it’s just beautiful- I really like it, I love it actually.

Any Last Tips?

I think it’s important for people to know that they really should work with a good real estate agent. Real-estate agents are quintessential in helping someone find their place to live, renting or buying or selling; it’s our job. Most successful real estate agents, successful ones that I know, myself included, we work seven days a week. We are really in the market, and we know what’s going on… you do yourself a disservice by trying to figure something out by yourself, [as agents] have all of these inside secrets and tips and tricks. It’s almost like going to court without a lawyer – representing yourself is not a good idea.

We’re helpful. Find a good one, not saying just pick anyone, find a good one that you like and you jibe with and let them help you find something in the right apartment for your price range, all the amenities you need. We also renegotiate for clients, a lot of clients don’t know that, we have relationships with management and landlords and we can say ‘hey, I need a couple of hundred dollars off.’ People don’t know that but I can do that and I do it all the time. I’m bringing multiple clients, they’re only bringing themselves. By bringing multiple clients to the table, agents like Meerschman are sometimes able to negotiate lower prices or other favorable conditions on behalf of buyers and renters.

We’re here to help.

I asked Chimere if she had any recommendations on places to start one’s search for a quality real estate agent.

You know that Corcoran is a reputable real estate firm. You know RentHop is reputable, they’re like the #2 place to find an apartment. A lot of people [agents] are going to respond to you, but sit down and interview them, say, ‘I need this, this, and this, can you help me?’

You’ll know if that real estate agent is a fit, and you’ll know if they’re not. Nothing wrong with talking to a couple of people and saying, ‘Hey I found someone I like, and I want to work with you.’ And you tell them that, tell the real estate agent, ‘I want to work with you exclusively.’ They’ll be happy, you’ll be happy, and it will be a great situation.

The post Chimere Meerschman, NYC Real Estate Agent, On What You Should Get During Your Apartment Search appeared first on CitySignal.

On December 7th, 2022, eight months after the initial announcement, Citizens and LISC NY gathered community members and press once again. This time, it was to announce the 22 minority-owned small business recipients of the “Citizens Chinatown Renewal Fund.”

Details of the Citizens Chinatown Renewal Fund

More than 115 small business owners applied for the grant, which was made accessible to all via a sweepstakes lottery.

In order to apply, minority-owned businesses were required to have a storefront location within the boundaries of Chinatown, a current active lease with a minimum 3-year term remaining, have operated in Chinatown for a minimum of 1-year, and to show a maximum of $500,000 in sales on the most recent tax return. Business owners also were required to provide a photo ID.

All finalists received hands-on, in-person technical support from Renaissance Economic Development Corporation (EDC) staff to submit their application materials. This outreach was essential, as it helped get the resources to those who need it most, and might not know how to access them. In Renaissance, the Renewal Fund had a community-based partner who could help get the word out.

Of the businesses that applied, 75% were run by immigrants who speak limited English. 22 businesses were selected as grant recipients, 17 of which were owned by low-income individuals. At $10,000 each, these grants will help retain an average of four full-time employees, with 88 jobs held by minority, immigrant, and/or low- and moderate- income community residents.

“Entrepreneurship is a key path to closing the racial wealth gap…” said Valerie White, Senior Executive Director of LISC NY “…these meaningful grants will help ensure the stability and long-term vitality of deserving small businesses.”

Continuation of Chinatown Nights

Chinatown Nights was launched in the summer of 2021 by Think!Chinatown, a not-for-profit, place-based organization dedicated to Manhattan Chinatown, working at the intersection of storytelling, arts, and neighborhood engagement.Think!Chinatown conceived Chinatown Nights as a solution for the struggling community, which had been disproportionately affected by the COVID-19 pandemic. In its first year, the initiative’s goal was to enliven the community, drive business, and make the streets feel safer at night – residents had reported a fear of being out after dark because no one else was.

In its second year, Chinatown Nights found a sponsor in Citizens. The sponsorship enabled the event to expand into the Chinatown Night Market, located at Forsyth Plaza. Designed to provide support to small micro-immigrant / AAPI owned businesses, the event has quickly proved to offer that and beyond, turning an empty plaza into a culturally relevant space where the community can come together.

According to Amy Chin, President of the Board of Think!Chinatown, the Night Market – fueled by “volunteers, donations, and good will” –  brought thousands of people into the neighborhood. The Night Market has closed for the season, but it’s not the end of the event: Citizens has re-upped their sponsorship for the next year. The next season of Chinatown Nights will start in May 2023.

When asked what Citizens’ metric for success of the market was, Citizens Bank Vice President of Partnerships & Programs Amie Kershaw said, “I went to the night market in July and it was wall-to-wall people. It was the definition of a community event.” Seeing the positive impact on Chinatown was all she, and Citizens, needed to determine it a meaningful investment. “This is where we want to be, bringing everyone together. That, from a Citizens perspective, is how we want to show up as a community.”

 

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Chinatown Renewal Fund Grant Recipients

With some winners in attendance, the press conference closed with the announcement of the 22 recipients of the Citizens Chinatown Renewal Fund. As the list was read, the joy in the room was palpable, a celebration of community, culture, and hope.

The businesses receiving grants cover every industry, from food to retail to personal care services. The full list can be found at the bottom of this article.

Betty Chung, the owner of Simple Eldridge Inc. (109 Eldridge St.), spoke on the significance of these grants. For many small businesses that missed out on PPP loans due to language barriers and the sheer amount of work required, no-strings-attached grants such as these are not only unheard of, but also life changing. Simple Eldridge plans to pay it forward and use the boost as a way to give back to the community.

According to Chung, the pandemic has made it hard to hire chefs. “People have switched jobs or left Manhattan and they’re reluctant to take the subway, so businesses are closing because they don’t have staff.” Simple Eldridge looks to provide a solution through their bottled sauces, which can be sold to restaurant owners and eliminate some heavy lifting usually required in a kitchen. The sauces are “easy to use and versatile,” allowing restaurants to “control consistency and quality of food.”

For both business owners and community members, this money is empowering. In line with Citizens’ approach to the Chinatown Night Market, the primary goal of the grants is to help businesses with no strings attached.

The best way to support the recipients of these grants is to visit and support the businesses. Go enjoy some excellent food, try a delicious delicacy from a bakery, get some laundry or printing done in the neighborhood.

List of Grant Recipients for the Chinatown Renewal Fund

28 Ming’s Caffe

• Address: 28 Canal St, New York, NY 10002
• Opened: 6-9 years
• Business Type: Restaurant or Other Eating Place

28 Vegetarian Dim Sum Restaurant Inc.

• Address: 24 Pell St #1, New York, 10013
• Opened: 10-15 years
• Business Type: Restaurant or Other Eating Place

46 Mott Street Bakery

• Address: 46 Mott St, New York, NY 10013
• Opened: 3-5 years
• Business Type: Restaurant or Other Eating Place

American Kimberly International Group

• Address: 28 Elizabeth St, New York, NY 10013
• Opened: 6-9 years
• Business Type: Personal care services (including salons)

Audrey Bakery & Café II Inc

• Address: 12 Chatham Square, New York, NY 10038
• Opened: 3-5 years
• Business Type: Restaurant or Other Eating Place

AvantGarde Fusion

• Address: 167 Mott St, New York, NY 10013

• Opened: Opened 1-2 years

• Business Type: Clothing / Apparel Store

Café Round K

• Address: 78 Canal St, New York, NY 10002
• Opened: 1-2 years
• Business Type: Restaurant or Other Eating Place

City Street Bakery Corp

• Address: 85A Bayard Street, New York, NY 10013
• Opened: 6-9 years
• Business Type: Restaurant or Other Eating Place

Double Crispy Bakery 1

• Address: 230 Grand St, New York, NY 10013
• Opened: 3-5 years
• Business Type: Restaurant or Other Eating Place

ESK Laundromat Inc.

• Address: 209 Madison St, New York, NY 10002
• Opened: 6-9 years
• Business Type: Dry cleaning and laundry services

Golden Day Business Inc.

• Address: 90 Bowery St, New York, NY 10013

• Opened: 1-2 years
• Business Type: Legal Services

Golden Steamer Inc.

• Address: 143A Mott St, New York, NY 10013
• Opened: 10-15 years
• Business Type: Restaurant or Other Eating Place

High Cut Beauty Salon

• Address: 83 Elizabeth St, New York, NY 10013
• Opened: 15 years or more
• Business Type: Personal care services (including salons)

Jin’s Printing

• Address: 114 Madison St, New York, NY 10002
• Opened: 3-5 years
• Business Type: other

King Jade Garden Inc.

• Address: 141 E 55th St, New York, NY 10022
• Opened: 3-5 years
• Business Type: Restaurant or Other Eating Place

Ludlow Laundry Inc.

• Address: 67 Ludlow St, New York, NY 10002
• Opened: 3-5 years
• Business Type: Dry cleaning and laundry services

Madison Supreme Laundromat

• Address: 80 Madison St, New York, NY 10002
• Opened: 3-5 years
• Business Type: Dry cleaning and laundry services

Make It One Inc.

• Address: 150 E Broadway, New York, NY 10002
• Opened: 3-5 years
• Business Type: Restaurant or Other Eating Place

New Cameron Bakery

• Address: 242 Canal St, New York, NY 10013
• Opened: 3-5 years
• Business Type: Restaurant or Other Eating Place

New China Beauty Salon Inc.

• Address: 15 Doyers St # C, New York, NY 10013
• Opened: 6-9 years
• Business Type: Other

Simple Eldridge Inc.

• Address: 109 Eldridge St, New York, NY 10002
• Opened: 6-9 years
• Business Type: Restaurant or Other Eating Place

YongFeng Chen

• Address: 118A Madison St, New York, NY 10002
• Opened: 3-5 years
• Business Type: Other

The post Citizens Chinatown Renewal Fund Announces 22 Winners appeared first on CitySignal.

According to the Central Park Conservancy, Seneca Village came into existence in 1825 when landowners started to subdivide their land and sold half of their parcels to African American families. By the early 1830s, there were about 10 homes in the area.

 By 1855, the community had grown to approximately 225 residents, of which two-thirds were African American. There were also Irish immigrants and individuals of German descent. All residents had to leave the Village by the end of 1857.

Cultural Significance of Seneca Village

New York abolished slavery in 1827, a few years after Seneca Village was settled. Throughout the mid-19th century, newspapers falsely reported that Seneca Village was a squatter camp with poor residents living in shanties. Research later revealed that the Village was, in fact, made up of working and middle-class property owners.

Census records show that residents were employed and worked as laborers or in service jobs, the main options for Black people at the time. Most residents lived in two-story homes and had their children enrolled in school.

A recent excavation revealed Seneca Village to be a highly-organized community

A consortium of three professors from Columbia University, New York University, and City College led an excavation on Central Park grounds to uncover details of the lost neighborhood.

Cynthia R. Copeland, an adjunct professor at New York University, told the New York Times that “the vast array of materials that we uncovered really gives us a true sense of a strong, stable community.”

Historical maps of Seneca indicate that the community was laid out in a grid pattern and included three churches and a school. The New York Times reports Seneca was one of the “most formal, coherent Black communities we know of”.

Seneca Village was New York’s first free Black community

It’s no secret that racism and housing discrimination continued well after the abolition of slavery. Despite slavery being outlawed, Black Americans were not able to live peacefully in most areas.

 Seneca’s remote location likely offered a refuge from the cruel social climate Black people had to endure. As one of the few African American enclaves at the time, the Village allowed residents to live autonomously and away from the unhealthy, crowded conditions of the city.

Research suggests that residents of Seneca Village likely had more space both in and outside of the home than many residents living in established parts of Manhattan.

As property owners, Black residents were able to vote

Seneca residents seem to have been more stable than other Black Americans living in New York. Their increased prosperity was in large part due to the fact that they owned their land.

In the early days, only property owners were able to vote. As legal homeowners, residents of Seneca could take to the polls—a right most Black people did not have at the time.

In the early 1800s, African American men living in New York had to own $250 worth of property and hold residency for at least three years to be able to vote. Of the 100 Black New Yorkers eligible to vote in 1845, 10 lived in Seneca Village.

The Village was around for a short period of just 32 years. But, as a tight-knit community formed on the heels of abolition, Seneca proved to be a stabilizing and empowering force for the Black community.

What happened to Seneca Village?

In the early 1850s, City officials started planning the creation of a large municipal park to counteract New York’s unhealthy urban conditions. The industrialization and population growth of American cities gave way for infectious diseases to spread. New York City was no exception.

Lawmakers started feeling pressure to respond and decided to acquire Seneca Village through eminent domain in 1853. Eminent domain allows the government to take private land for the public as long as the landowner is adequately compensated.

The New York State Legislature set aside 775 acres of land in Manhattan from 59th to 106th Streets to create the country’s first major public park. About 1,600 residents were displaced as a result.

Eminent domain was a common practice in the 19th century. Many of Manhattan’s streets had been built in the same way decades before.

However, many landowners, not just those in Seneca Village, argued that their land was undervalued at the time of acquisition. Many felt that they were not adequately compensated for their homes.

State of Black Homeownership in NYC

Despite Seneca’s disintegration, New York City remained a refuge for many African Americans at the time. As the first state to pass a law for the total abolition of legal slavery, New York became a popular destination to pursue a better life.

 Black communities started establishing themselves in neighborhoods such as Crown Heights, Bed Stuy, Jamaica, and Harlem, many of which remain majority-Black neighborhoods today.

Although Black communities are abundant throughout New York, Black homeownership is not. Over the last 20 years, Black homeownership has declined not just in the City but throughout the country. In 2021, New York homeownership rates were 34% for Black households and 67% for White households.

Commonly regarded as the largest source of intergenerational wealth for families, it’s troubling to see such a stark contrast in rates of homeownership. According to a 2015 census report, the median net worth for white households was $139,300 compared to just $12,780 for Black households.

Experts point towards gentrification, limited housing inventory, and predatory lending as precursors of these statistics. With a history as rich as the one Black Americans have in New York, it’s important to understand what is causing low homeownership rates in the Black community.

Gentrification makes it harder for Black homeowners to keep property in the family

Tenants are arguably more susceptible to displacement because of the power landlords have to raise their rents. However, Black homeowners are not free from the pressures of gentrification.

As the price of real estate rises, communities surrounding Black homes start to change, causing Black families to feel out of place within their own communities. As a result, many choose to sell their homes and move elsewhere.

But, the transition can be bittersweet. In today’s market, sellers have to face the harsh reality that selling to the highest bidder could mean contributing towards Black displacement.

Professor of sociology and public service at New York University, Jacob Faber, told the New York Times that, “once Black people move out, it’s hard for them to get back into the neighborhood because the gentrification completely prices them out.”

Professor Faber explains that Black communities have historically been excluded from the opportunity to build wealth, which is why passing property along to family feels especially important. “There’s so much history that it’s not just a financial transaction. It’s a cultural transaction. And it’s a familial transaction,” says Professor Faber.

In the case of Shayla Mulzac, she was proud to buy into the historic Black community of Bedford Stuyvesant she’d been a part of for years. However, it is a tough realization for her as she is unsure how many more young Black homeowners will join her in the neighborhood.

Black neighborhoods suffer from higher rates of mortgage distress

Even when Black families are able to acquire a property, they’re at a higher risk of losing it. According to the latest U.S. Census Household Pulse Survey, 9.4% of Black homeowners reported they were afraid they would have to leave their homes sometime in the future, and 17.4% voiced similar concerns regarding mortgage payments.

The same survey revealed that only 3.4% of white homeowners in New York were likely to leave their homes due to foreclosure in the next two months.

Many Black neighborhoods struggling to meet mortgage payments are concentrated in eastern Brooklyn and southeast Queens—two areas previously targeted with subprime loans leading up to the 2008 financial crisis.

Evidence suggests that the subprime mortgage crisis disproportionately affected people of color by stunting new home-buying possibilities and pushing out long-time owners.

After the Great Recession, some homeowners benefited from an Obama-era program promoting loan modifications, but the majority of qualifying homeowners did not receive large-scale reductions. As a result, they remained in precarious positions and continued to be at risk of foreclosure.

Rezoning in historically Black neighborhoods leads to displacement

With such strong barriers to successful homeownership in the Black community, the only option for many Black New Yorkers is to rent. But long-term renting isn’t ideal, especially in a city as populated as NYC. As populations increase, governments rezone areas to accommodate for growth.

Grassroots organization, Churches United for Fair Housing (CUFFH), analyzed two major rezonings that took place during New York’s Bloomberg era.

Their report, “Zoning & Racialized Displacement in NYC,” revealed that the 2003 Park Slope and 2005 Williamsburg rezonings displaced thousands of Black and Latino residents as each neighborhood’s population grew.

From 2000 to 2015, the populations of Williamsburg and Greenpoint increased by over 20,000 residents. In that same period of time, about 15,000 Latino residents had left the neighborhoods.

In Park Slope, 5,000 Black and Latino households left the community from 2000-2013, despite the neighborhood’s population growing by more than 6,000 during the same time span.

Is ‘buying the block’ the answer?

The rapid progression of gentrification and subsequent displacement of Black communities has inspired influential Black figures such as Jay-Z and the late Nipsey Hussle to ‘buy the block.’

Black investors across the country have started buying property in Black neighborhoods to help curb gentrification. However, some experts believe that “buy the block” movements aren’t enough to lift neighborhoods out of poverty.

In the book Whiteness of Wealth, Emory University Professor Dorothy Brown claims that the benefits of homeownership are not evenly distributed between Black and white homeowners.

She notes that “When neighborhoods remain predominantly Black, the housing stock has lower value.” Even when they buy their homes, Black communities are still subject to the dangers of gentrification.

Government efforts that incentivize private investment, such as Opportunity Zones (a federal program rewarding developers who invest in poor areas with generous tax cuts), don’t necessarily have a mass effect on poor Black communities.

Although private investment is critical to improving disinvested neighborhoods, it always comes with the risk that most of the wealth accumulates with those who already have it.

A recent study conducted by the University of California Berkeley confirmed that the Opportunity Zones program has failed to stimulate meaningful investments in poor neighborhoods. Additionally, most of the tax benefits have gone to areas that were likely to have improved without the need for a tax break.

If not private investment, what mechanisms can strengthen rates of Black homeownership in NYC?

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