Here’s our first peek at Simon Baron Development, Quadrum Global and CRE Development’s three-tower Long Island City development slated to rise alongside the former Paragon Paint factory building at 45-40 Vernon Boulevard. Permits for the first tower were filed with the DOB back in June and detail a 28-story, 296-unit rental tower designed by SHoP Architects. — 6sqft.com
A micro apartment is typically less than 350 square feet, but the term “micro” is getting an expansion (figuratively and literally) in Long Island City. A new rental complex will offer 57 two- and three-bedroom units ranging from 490 to 735 square feet, according to the Wall Street Journal. The project at 37-10 Crescent Street is being developed by Ranger Properties. — 6sqft.com
The median per capita income in Los Angeles is $27,900. The average rent for a two-bedroom apartment—and, frankly, this sounds low to us—is said to be about $1,400.
You can do the math. It's very difficult to keep a roof over your head in this town.
Yet another analysis has confirmed this. The folks at Rent.com looked at median rent and median income in America's largest cities and concluded that L.A. is one of the five worst places in the nation for renters. — LA Weekly
The study from UCLA's Ziman Center for Real Estate shows that the average renter in Los Angeles, which has the highest percentage of renters in the country, devotes 47 percent of his or her paycheck to rent. [...]
It's the latest depressing news about L.A.'s rental market, and it comes with a twist: affordability is not a new post-recession problem, but one that has been getting worse for decades.
“Our studies show a severe housing burden among poor renters has existed since 1970 — scpr.org
A woman rented her 600-square-foot Palm Springs, California, condo to someone for a little over a month, and now she says the guy won't leave and is threatening to sue her.
She's had to hire a lawyer and go through the entire eviction process, which could take 3-6 months, the same as if he were a long-term tenant.
It's "been a nightmare," the host, Cory Tschogl, told Business Insider. — Business Insider
The owners of the tallest tower at the World Trade Center are cutting office rents just months before it opens because of slow leasing activity.
Only one private tenant has signed a lease at One World Trade Center in nearly three years: a one-floor deal with advertising firm Kids Creative that was signed last week. The 3.1-million-square-foot skyscraper, formerly named the Freedom Tower, is 55% leased. — online.wsj.com
The city of Los Angeles is considering a proposal from Councilman Bernard Parks that would pass the cost of retrofitting apartment buildings on to tenants. Currently, only 50% of major renovation costs may be passed along to tenants, with landlords and building owners paying the cost of retrofitting. — scpr.org
The creaky staircase was covered in plastic, as was the living room furniture, but the bones were still there: pressed paper wainscoting in the hall, thickly painted moldings. We often got in trouble for walking too loudly in our clompy shoes up to the top floor at night. — Alexandra Lange
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