The Residence of the Future — Michelle Maratto Itkowitz Moderated an Industry Panel for Bisnow
August 2, 2013
On August 6, 2013 Michelle Maratto Itkowitz moderated an industry panel for Bisnow — The Residence of the Future. Bisnow’s August 2013 story published about the event was entitled “We Are Moments Away From Modular at Atlantic Yards”, and here are some excerpts from the story about Michelle’s panel:
Douglas Elliman’s Cliff Finn says the city’s other residential buzzword, microunits, arose from an increase in housing costs that’s out of sync with starting salaries. Plenty of renters are thinking about what they can afford rather than how many square feet they can get for a certain price. Not one broker would say he or she couldn’t lease an apartment on the East Side for $1,575/month, regardless of size, Cliff says.
Another element of future residential development, says AKF Group’s Mark Richter, is energy reliance. The loss of power after Sandy—which prevented many even from charging their phones—exposed people’s vulnerability.
Sponsor Lend Lease’s Jerry Bianco says new owners are considering backup generators that can power an entire building, even when it’s not required by code. And while moving mechanical systems to upper floors takes up leasable/salable space, the storm-readiness is now a selling point. (We reject the premise that people wouldn’t share a room with a generator. In New York, “gas guzzling and noisy at all hours” could describe most people’s weird roommate.) Mark expects a new building code by the end of the year that’ll allow more flexibility in how infrastructure space is allocated.
Sponsor GreenbergFarrow’s Brian Ahern…says mechanical rooms are deductible, but now building entrances need to be three feet above grade, and there will be costs associated with facade and slabwork.
