Real Estate Board Suggests Manhattan Landmarking Could Stifle ...

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A new study by Real Estate Board of New York finds that nearly 30 percent of properties in Manhattan are landmarked, sparking debate over whether honoring the city's past is stunting its future growth. NY1's Real Estate reporter Jill Urban filed the following report.

Close to 30 percent of properties in Manhattan are have landmark protection, according to a new study released by the Real Estate Board of New York.

"The real estate board did a survey to take a look at how much of Manhattan is actually landmarked. Shockingly, we found out that 27.7 percent of the borough is either landmarked as a building or in a district," says REBNY President Steven Spinola.

According to the report, close to 1,200 properties in the borough are protected. In areas like the Upper West Side and SoHo, nearly 70 percent of buildings there are either landmarked or part of an historic district.

It also finds that 48 vacant lots and 50 parking lots are also landmarked.

Spinola believes land-marking is costing owners more time and money for upkeep and is stifling growth in the city.

"We think the city's future is tied to growth. We think we need to generate new housing, generate new jobs, that generates new tax dollars," Spinola says. "If we start landmarking more and more of the city, we are landmarking away the city?s future economic growth."

Spinola feels landmarking is being used as an anti-development tool and that overusing the distinction on buildings that are not worthy only devalues the designation.

But preservationists strongly disagree. Simeon Bankoff of the Historic Districts Council calls the report very thin and says it offers a narrow perspective.

"Landmarks designation helps stabilize, solidify and actually vitalize areas of our city that are cherished and loved. No one could look at areas like TriBeCa, SoHo, Gansevoort Market, Brooklyn Heights, Park Slope and say those areas are dead, these areas are wilting because of lack of investment. In fact, because of landmarks, some of these areas have blossomed in ways that no one could ever have imagined," Bankoff says.

He also says the report does not take into account quality of life, specific costs to owners and property values.

This is an ongoing debate that is sure to continue. To see a full copy of the report, visit rebny.com.

Source: http://www.ny1.com/content/ny1_living/real_estate/185763/real-estate-board-suggests-manhattan-landmarking-could-stifle-the-borough-s-future-growth

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