Recession looms, Jersey City luxury rentals, & more

By Jennifer White Karp | July 28, 2022 - 10:30AM

Four distressed buildings in Chelsea will be demolished and replaced with a 26-unit co-op building through HPD’s Affordable Neighborhood Cooperative Program.


The Federal Reserve on Wednesday hikes interest rates by .75 percentage point for the second time, making consumer borrowing more expensive (CNBC)

A potential one percentage point increase in mortgage rates could cost Manhattan buyers at least $150,000 (StreetEasy) press release

The odds of the U.S. economy falling into recession by next year are greater than 50 percent (CNBC)

Jersey City is the most expensive city in which to rent in the U.S. with an average rent of $5,500 thanks to new luxury towers (The New York Times)

Construction begins on a $189 million affordable housing development in the Morris Heights section of the Bronx with 326 affordable apartments (press release)

And construction begins on an affordable homeownership project intended to transform a blighted corner in Chelsea at 201-207 Seventh Ave. (press release)

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