This week it was reported that a South American family has bought and closed on ~$27 million worth of residential condos at Waterline Square in Manhattan. Apparently they went into contract (after the online showings) and closed on the same day, which I suppose you can do when it's an all-cash deal like this was. The agent, Maria Velazquez, didn't disclose who the family was, but apparently they're from Peru and they wanted a safe place to park their money during this pandemic. Uncertain times usually create buying opportunities, and it sounds like the family did get a bit of a bulk discount here. But it's also interesting to see where capital is flowing right now and what is perceived as a safe haven. Residential real estate in one of the world's preeminent global cities probably won't come as a surprise to any of you.

This is a fascinating short video (by Vox) about a former neighborhood in Manhattan known as Seneca Village. Today, its land forms part of Central Park.

Most of us would probably agree that building Central Park was both a good idea and a powerful example of the value of foresight.

But that doesn't mean that the area's pre-park history is something that should be forgotten. (Thanks for sending this along, Jeremiah Shamess.)

If you'd like to learn more about Seneca Village, check out this NY Times opinion piece by Brent Staples. It's called, The Death of the Black Utopia.

On October 3, New York City did something very similar to what Toronto did on King Street. It restricted through traffic on 14th Street to only trucks and buses, and turned the street into the city's first "busway."

Under the new rules, cars, vans, and taxis are restricted every day of the week from 6am to 10pm, unless they're dropping off or picking someone up, or entering into a parking garage (i.e. local traffic only). But after this, they need to make the first available right and turn off the street. Again, it's pretty similar to the way things work here on King.

On the first day of the 18-month pilot program, the buses actually had to slow down in order to keep to their schedule. They were moving too quickly. Previously one of the slowest routes in the city, the M14 bus is now expected to increase its average speed by about 25%.

Not surprisingly, a number of people were concerned that this new busway would hurt businesses along the route. This same concern has been an issue in Toronto. But this is New York. We're talking about the US city with the highest percentage of households without a vehicle.

The reality is that we need to get better at moving people around our cities without a car. This is one way to do it and we know it works. My prediction is that the 14th Street pilot will prove to be a success. It will then get replicated in other parts of Manhattan. Probably on other crosstown streets.