Jul 27, 2016

Manhattan Monthly Market Report | June 2016

Market Wide Summary 

Continuing last month’s trend, sales in both the condo and co-op markets were down year-over-year. In terms of average and median sale prices, the condo market was up compared to last year while the co-op market was down.

Average price per square foot grew 3% versus last year in the condo market, but declined 12% in the same time period for co-ops. Inventory continues to grow across the market, impacting negotiability and average days on market. Discounts were prevalent in both the condo and coop markets; difference from last ask to sale was -2.9% for condos and -0.6% for co-ops. Average days on market grew 10% and 25% for condos and co-ops, respectively, versus last year.

Condominium Market Report

Both average and median sale prices were up in the condo market compared to last June, rising 7% and 13%, respectively. While sales remained level month-over- month, the metric decreased 15% versus last June. Overall average price per square foot grew 3% year-over-year, driven by large gains in average price per square foot for both studios and three+ bedrooms. Two bedrooms saw the largest annual decrease in average price per square foot, dropping 11%, while one bedrooms had a modest decrease of 3%. Properties remained on the market for 10% longer than in June 2015, averaging 90 days on market versus 82 days on market last year. Difference from last ask to sale was -2.9%, which was a larger difference than last June. Inventory in the condo market increased a significant 25% versus this month last year, but was nearly level with last month.

Cooperative Market Report

For the seventh month in a row, the co-op market saw a decrease in year-over-year sales. Contract activity declined 27% versus last year and 15% versus last month. Both average and median sale prices were down annually a minimal 1% and 2%, respectively. While average price per square foot was down 12% versus last year, co-ops have seen a steady increase in the past three months.

All bedroom types experienced year-over-year declines in average price per square foot, with the greatest drop of 13% in the two bedroom market due to an unusually low average price for two bedroom. Co-ops spent an average of 73 days on the market, which was 25% greater than in June 2015. Difference from last ask to sale was -0.6% compared to 0.9% last year. After five consecutive months of growth, co-op inventory dropped 5% versus last month, though inventory remained 9% greater than in June 2015.

Manhattan Total Listings 

After six months of growth, total listings decreased for the first time since December 2015. Total listings decreased 3% versus May 2016, which had the highest amount of inventory since October 2012. Total listings rose 17% year-over-year marking the fifth month of annual increases. Condos comprised 54% of June inventory. Condos have made up over half of total listings since May 2015, partially explained by the increasing number of new development condos. Condo inventory increased 25% relative to last year, while co-op inventory saw annual growth of 9%.

Negotiability Factor for Condos and Co-ops 

Trends in negotiability for condos and co-ops have been diverging since September 2015. Over the past year, both condo and co-op inventory has been expanding, creating an environment in which price discounts are common. Negotiability for condos has been increasing month-over-month since March 2016, and moved to -2.9% from -1.4% year-over-year. This month last year, negotiability for co-ops was 0.9%, indicating that units were being sold over ask, versus -0.6% below ask in June 2016. In spite of these changes, difference between last ask and sale price in both the condo and co-op markets is small compared with levels prior to 2014.

Jul 17, 2016

Manhattan Neighborhood | Clinton - Hell's Kitchen

Clinton - Hells Kitchen - Midtown West
View From 41st floor of The Link 52nd Street and 8th Avenue
Some still argue about the exact boundaries of Hell's Kitchen, but it's commonly considered to run from 34th to 59th Streets and from Eighth Avenue to the Hudson River. The area is also known as Clinton and long-time residents use the two terms interchangeably. East of Eighth Avenue including Carnegie Hall and Time Square is considered midtown west.

Hells Kitchen has always been a neighborhood, made up of blue-collar families in walk up railroad flats and theatre people who wanted to live close to where they work. For 15 years the neighborhood has been changing. It has become renovated, gentrified. New condo construction along with many new restaurants and bars have opened in the neighborhood.

The new generation of Hell's Kitchen, are folks who started looking on the Upper West Side and Chelsea then realized they could enjoy much the same lifestyle in midtown west. For the past century, the typical apartment was a walkup tenement now it's a luxury rental or condo with post modern finishes: grand lobbies, lots of granite, lots of glass, high-speed Internet access and health club and other amenities.

The Link a new downtown style building on 52nd and 8th Avenue
West is Clinton, which boasts state-of-the-art condominiums like the Link, the Orion and Platinum and new comers The Dillon and Griffin Court.

The Dillon Townhouse Units - West 53rd Street
The Dillon, a new development, 83 unit condominium at 425 West 53rd street has 9 townhouse units with garages. Prices range from the $600's for studios to a 2700 square foot townhouse priced at $4.15 million.

Griffin Court 454 West 54th Street - 800 10th Avenue
Griffin Court,  a 95 unit condo at 800 10th Avenue between West 53rd and West 54th Street is a full service building with amenities that include a courtyard, garden, fitness room, private storage and high-speed internet access. 

The area to the far west in the 30's adjacent to the Jacob Javits Center, the new development of the Hudson Rail Yards  neighborhood and the High Line Park which run from Hells Kitchen through West Chelsea to the Meat packing district in the West Village.

The Residences at Worldwide Plaza on 50th Streets between 8th and 9th Avenue has been a popular condo with studio apartments starting in the $500,000 range.

Hells Kitchen has many different types of apartments from walk up coops to townhouses to renovated lofts to ultra luxury high rise condos. The eclectic neighborhood has some great restaurants, bars, night clubs and Broadway and off Broadway theatres.

For Manhattan New Developments click here.

Jul 14, 2016

On the Market Now | Manhattan



Manhattan All Apartments All sizes

Jul 1, 2016

Manhattan Market Report l Q2 2016

I am delighted to share with you our Q2 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q2 2016 (April 1st through June 30th).

Key Findings of the Second Quarter Report:

  • Prices coming under pressure. Though still at near-record levels, the average sale price in Manhattan retreated 6% from the $2.12 million high-water mark it achieved in the First Quarter. Across the board, prices were up versus Q2 15, but were slightly lower or unchanged versus Q1 16. New development condos and re-sale co-ops both rose in value thanks to their tight inventory, but re-sale condominiums contracted 5% in average price per square foot.
  • Significantly fewer sales. The slowing trend we noted in the First Quarter took a bigger bite out of the Second. 14% fewer sales closed and 20% fewer contracts were signed in the Second Quarter of 2016 than occurred in the same quarter one year prior. 
  • Condos shift the market. Manhattan’s market is increasingly well-supplied with condominiums. The number of new development condos available is up 25% over the prior year, and the number of re-sale condos is up 20%. This quarter, 58% of all sales were condominium transactions; just 42% were co-ops.

Please do not hesitate to reach out if you have any questions about The market report or the Manhattan market in general. I welcome the opportunity to be of assistance to you.

Jun 24, 2016

Manhattan Monthly Market Report | May 2016


Market Wide Summary 

Overall sales were down compared to last May, with declines in both the condo and co-op markets. For the second month in a row, both average and median prices were down year-over-year for condos and co-ops.

Relative to last year, average price per square foot decreased for condos, but rose 1% for co-ops. The largest year-over-year decrease in average price per square foot in the condo market was for two bedrooms, while one bedrooms had the smallest decline.

In the co-op market, average price per square foot for two bedrooms increased more than any other type, while one bedrooms also showed a modest uptick. Reflecting a large amount of overall inventory growth, days on market increased market wide from last year while difference from last ask to sale increased for both condos and co-ops year-over-year.

Condominium Market 

Pricing for most metrics was down relative to last May, while inventory and average days on market increased. Average sale price was up 3% month-over-month, but dropped 21% year-over-year due to multiple high-end sales last May.

Median sale price also decreased, down 3% from May 2015. Average price per square foot declined by 18%, again skewed by last May’s number of high end sales.

Studios had a year-over-year increase in average price per square foot, while all other bedroom types had year-over-year declines. Days on market increased 44% relative to May 2015 and 5% versus this past April, largely fueled by the 23% inventory growth year-over-year combined with a 20% drop in signed contracts.

Cooperative Market

Compared with May 2015, the Manhattan co-op market experienced subtle differences, with the exception of signed contracts. Both average and median prices dropped 1% year-over-year, and average price per square foot increased slightly compared to May 2015. 

Average price per square foot for three+ bedrooms decreased 3% relative to last year, while all other categories saw year-over-year increases. Studios, while based on a comparatively small number of sales, had the largest gain in average price per square foot compared with the prior year, increasing by 20%. Days on market rose 8% year-over-year and 10% month-over month. 

Difference from last ask to sale was -1.3%, compared to 0.4% this month last year, while year-over-year contract activity was down 15%

Manhattan Total Listings

For the fifth consecutive month, Manhattan experienced an annual increase in total listings. Inventory rose 15% compared to last year and 4% compared to last month. Condos made up 53% of total listings, a larger share of inventory than the 49% that condos comprised in May of last year. Both townhouse and co-op listings rose 6% year-over-year, while condo listings increased 23% relative to last year. This month had the highest number of total listings since October 2012

Manhattan Above/Below Ask by Price Point 

In May 2016, the number of units sold at or above ask contracted across all price points versus last year. 87% of units over $5MM sold below ask, compared to 58% of units over $5MM in May 2015. The highest percentage of listings sold at ask in May 2016 was in the $3MM-$5MM price category. The most units sold above ask was in the under $1MM price category, reflecting the shortage of available inventory at the lowest price point coupled with high demand for that product.

Jun 23, 2016

Fiscal 2017 Real Property Tax Rates


Fiscal 2017 Real Property Tax Rates

The NYC City Council adopted real property tax rates for fiscal year 2017, which begins July 1, 2016.  Here are the 2017 tax rates by class as well as last year’s rates for comparison.  
Comparison of Tax Rates for Fiscal 2016 and 2017 (Per $100 Assessed Value)

Please note that the tax bills issued for the first half of fiscal year 2017 (July 2016 through December 2016) reflected the fiscal year 2016 tax rates.
However, your July-December tax liability will be based on the recently adopted fiscal year 2017 tax rates. As a result, your January 2017-June 2017 tax bill will include an adjustment for any overpayment or underpayment on your previous tax bill (July 2016 through December 2016).

Jun 22, 2016

Manhattan's Newest Neighborhood | Hudson Yards

Hudson Yards Image courtesy  Related Companies

Hudson Yards developed by Related Companies comprises seven city blocks of Manhattan waterfront. The largest private development in American history, Hudson Yards is now under construction. 

The first condominium tower, 15 Hudson Yards, is designed by Diller Scofidio + Renfro in collaboration with Rockwell Group and will soar 88 stories offering panoramic views of Hudson Yards' public square, Manhattan skyline, the High Line, and Hudson River sunset views spanning from the Statue of Liberty to the George Washington Bridge. 

15 Hudson Yards is adjacent to the High Line, New York’s most dynamic city park, offering inspired living in the heart of New York City, and The Shed, New York’s forthcoming center for artistic invention.

A city within a city. Hudson Yards is strategically located at the center of the region with unsurpassed connections to commuter rail, the subway system, the West Side Highway, Lincoln Tunnel and even ferries along the Hudson River.

Image courtesy: Related Companies & Diller Scofidio + Renfro

The Hudson Yards lifestyle include:

14 acres of new park spaces, located where Hudson River Park, Hudson Park & Boulevard and the High Line come together. Shopping and dining opportunities, anchored by the city's first Neiman Marcus as well as 16 distinct dining experiences including a restaurant collection by Chef Thomas Keller.

Located along New York's "Cultural Coast", including the new Whitney Museum, the 350 art galleries of West Chelsea, a new design piece by Heatherwick Studio, and The Shed, the forthcoming center for artistic invention at Hudson Yards
15 Hudson Yards Image Courtesy: Diller Scofidio + Renfro
15 Hudson Yards offers five distinct residence types, ranging from one-bedroom layouts overlooking the High Line to duplex penthouses with panoramic city views, 26-foot ceilings and more than 5,000 square feet of living space. 

All homes offer handsome wide-plank oak flooring, hand-selected materials and kitchen appliances by Miele; residents can select from two interior design palettes. With lavish master suites, expansive floor plans and the best features, the building ensures optimal city living.

Residents will enjoy unmatched amenities, including 24-hour concierge service, two floors of wellness offerings and a skytop entertaining suite with indoor entertainment lounges.

15 Hudson Yards will debut for sales in the fall of 2016, with residences to be completed in 2018.

Jun 20, 2016

The Aurum | 2231 Adam Clayton Powell Junior Blvd.

New Development | The Aurum 2231 Adam Clayton Powell Junior Boulevard
The Aurum on Adam Clayton Powell Jr All renderings via BRP Companies
Sales are undewway at a new "Green" condo development in Harlem. The Aurum at 2231 Adam Clayton Powell Jr Boulevard between West 132nd and West 131st Street will have 115 condos.
The Aurum on Adam Clayton Powell Jr All renderings via BRP Companies
The building will have studio, one, two, and three-bedroom apartments ranging in price from $504,500 to over of $1 million. Affordable for first time home buyers. 
The Aurum on Adam Clayton Powell Jr All renderings via BRP Companies
The green environmental friendly building will feature amenities that include two levels of furnished outdoor space, a penthouse level media center, an interior landscaped courtyard, fitness room and a 24-hour attended lobby.

The developer BRP Companies-developed building. Sales and Marketing by Halstead Property Development & Marketing. The development has applied for LEED certification and 421-A tax abatement.

More info on new developments: nycnewdevelopments

Jun 19, 2016

The New York Roommate Law


 The New York Roommate Law

By Neil B. Garfinkel REBNY Broker Counsel
Partner-in-charge of real estate and banking practices
Abrams Garfinkel Margolis Bergson,LLP

Image Credit: Everett Collection

Q: What is the general concept behind the New York Roommate law?

A: Broadly speaking, the New York Real Property Law Article 7, Section 235-f (the "Roommate Law") grants certain individuals the right to share their apartments with at least one roommate. Pursuant to the law, a landlord may not "restrict occupancy of residential premises, by express lease terms or otherwise, to a tenant or tenants or to such tenants and immediate family."

Q: If there is one person named on the lease how many roommates may be added to the apartment?

A: Pursuant to the Roommate Law, if you are the only tenant named on the lease and you or your spouse occupies the apartment as a primary residence, you may share the apartment with immediate family, one additional occupant, and the occupant’s dependent children (collectively, a "Roommate"), provided that total occupancy in the apartment remains compliant with the New York City Occupancy Standard.

Q: How does the New York City Occupancy Standard limit the Roommate Law?

A: If allowing a Roommate to occupy an apartment would cause the total occupancy to exceed the New York City Occupancy Standard (80 square feet per person), the Roommate may not lawfully occupy the apartment. For example, if a tenant lives in a 150 square foot apartment, he or she may not have a Roommate because there is not enough room pursuant to the Occupancy Standard (two people would be required to have 160 square feet of living space).

Q: Who are considered immediate family members for purposes of the Roommate Law?

A: The Roommate Law does not define the term "immediate family." However New York courts have interpreted the definition to include the tenant’s spouse, parents, children and step children.

Q: If the specific terms of the lease state that a tenant may not share the apartment with anyone who is not a tenant, is the provision enforceable?

A: No, according to the Roommate Law, any provision of a lease or rental agreement purporting to waive a tenant’s right to a Roommate is "null and void."

Q: Must a Roommate be added to a lease after moving into the apartment?

A: No, there is no requirement that a Roommate be added to the lease. However, the Roommate Law provides that the tenant "shall inform the landlord of the name of any occupant within thirty days following the commencement of occupancy by such person or within thirty days following a request by the landlord."

Jun 14, 2016

New Development 268 West 87th St. The Chamberlain


269 West 87th Street, rendering by FxFowle Architect

268 West 87th St. The Chamberlain a 39-Unit Residential Condo on Upper West Side

A new 17 story story residential luxury condo is being planned at 269 West 87th Stree on the upper west side. The current building is a parking garage.

Current site 269 West 87th Street

A new 17 story story residential luxury condo is being planned at 269 West 87th Street on the upper west side. The current building is a parking garage.The 115,884-square-foot building, The Chamberlain, will feature apartments ranging from two- to five-bedrooms. Residential units are expected to average 2,574 square feet each, and will include townhouse and penthouse layouts. 

Two duplexes will fill the first two floors, followed by a full-floor unit on the second and three apartments each on the third through 11th floors. The 12th through 14th floors will host two units each, topped by three full-floor penthouses on the final three stories.

Entrance of 269 West 87th Street. Rendering by FxFowle Architects

The structure will also be set back after the 11th floor, creating large private balconies for residents on the 12th, 13th and 14th floors .

Amenities will include a central garden, a lounge, a library, a fitness center, a playroom, a multi-purpose sports court, storage for 39 bikes, and an underground parking garage. Quadrum Global and Simon Baron Development are the developers, and have a 99-year lease on the site. FXFOWLE Architects is behind the design. Demolition permits were filed for the existing three- and seven-story parking garages.


This blog site is designed and published as a consumer service by local real estate broker to help Manhattan, New York City buyers, sellers and renters make informed real estate decisions. This site and its feeds are owned and operated by Mitchell J Hall, a NY State licensed real estate associate broker associated with The Corcoran Group and member of the Real Estate Board of New York.

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