CityRealty Insider > New Developments in the News

New Developments in the News

MAY 3, 2010

Tax credit lifts home sales; Union Square gets more room to roam

The chief economist for the National Association of Realtors has called the home buyer tax cr edit—which ends this month—a “resounding success.” Chief economist Lawrence Yun cited a report released by the association showing that existing home sales were up 6.8 percent last month over the previous year’s levels, and indicating that sales have been above the previous-year levels for nine straight months.

Union Square may get a new pedestrian plaza. A plan has been presented to the community board that would create a pedestrian walkway on East 17th Street along the north side of Union Square–where the popular farmer’s market in the park pushes crowds into surrounding streets. The plan is being championed by Department of Transportation commissioner Janette Sadik-Kahn, creator of the pedestrian plazas that have been implemented recently on Broadway in the Times Square and Herald Square areas of Midtown. The new plaza proposal is similarly aimed at solving some of the area’s more puzzling traffic problems.

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