Mar 11, 2015

2014 ManhattanTownhouse Market Report

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2014 Manhattan Townhouse Market Report

The Manhattan townhouse market had a phenomenal year as all three price indicators rose by double digits. This was particularly true for price per square foot, in which every neighborhood and property type posted strong increases.

The number of single-family townhouse sales decreased 10% while multi-family townhouse sales increased 6%, leading to a 2% decrease overall. The only region that did not have an increase in sales versus 2013 was Downtown.

Throughout Manhattan, the top end of the market thrived as the number of sales over $10M increased 26% versus 2013 to a new record high.









Mar 4, 2015

UWS New Construction | 15 West 96th Street

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15 West 96th Street, image by SLCE/Sackman Enterprises
YIMBY Revealed: 15 West 96th Street a new 22-story building, developed by Sackman Enterprises and designed by SLCE, will have five floors of community space topped by a residential amenity space and 16 condos
The Upper West Side/Central Park West Historic District stops on the southern side of 96th Street, meaning 15 West 96th Street can proceed as-of-right, another rarity for new projects on the Upper West Side, which has some of the strictest land use rules in Manhattan.

Other than the duplex penthouse, each residence will take up one full floor. Because the development on West 96th Street between Central Park West and Columbus Avenue falls on the north side of the street, just beyond the neighborhood's landmarks district, the project can be built as-of-right.


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Feb 27, 2015

Brooklyn Year End Market Review

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Brooklyn Year End Market Review
  • Intense demand in Brooklyn fueled price improvements in all metrics during 2014.
  • Just over 3,800 apartments (condo and co-op) closed during 2014.
  • An estimated 1,300 units are anticipated to launch this year in Brooklyn.
  • Overall Brooklyn listed inventory is higher than a year ago when inventory was at record low.





Feb 20, 2015

NYC Market Values Comparison

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Real Estate sales prices in the City have recovered from the lows of the recession and have been on a generally upward trajectory since 2009. What have increased much quicker though is the Market Values the City places on real estate in order to calculate taxes.

Below are tables showing the Market Value increases from the previous market peak (fiscal year 2009 taxes which reflect 2007/2008 market conditions) to the current Market Values from the recently released Fiscal Year 2016 Tentative Assessment Roll. 


Data Source: NYC Department of Finance
REBNY.com Research Department

Feb 14, 2015

Brooklyn Monthly Market Report | January 2015

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Brooklyn Monthly Market Report | January 2015

Brooklyn started the year out strong with year-over-year increases in all three price metrics. Average and median sales prices increased by double digits, 21% and 19%, respectively, while the average price per square foot increased 4% year-over-year.

Average price per square foot of all bedroom types increased year-over-year, with two and three plus bedrooms increasing by 19% and 15%, respectively. The increase in two bedroom price per square foot is attributed to several sales at The Boerum, while studio data was skewed again due to limited sales that took place only in new developments.

Brooklyn had a 32% increase in contracts signed versus January 2014. In January, 68% of buyers paid at or above asking price.






Feb 13, 2015

Manhattan Monthly Market Report January 2015

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Manhattan Monthly Market Report January 2015

Average price was up in both the condo and the co-op market compared to last year. Among condos, average price per square foot increased 13%. 

Co-ops saw a large gain in median price, which increased 23% compared to last year. Co-ops also saw a significant decrease in average price per square foot, caused in part by a decline in sales of three+ bedroom units, which are often priced higher per square foot than smaller units. 

Contracts signed were down 12% since last January, but sales in winter months are typically less robust and influenced by weather. The market is also being influenced heavily by a lack of affordable inventory; there are 12% fewer listings under $1M than last January, while overall inventory is up 7%. Listings for condo units continue to increase, and co-op units declined again year-over-year, with inventory remaining at historic lows.




Feb 12, 2015

Broker's Bullish on NYC Real Estate

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Real estate brokers’ confidence in the fourth quarter of 2014 reached the highest level since the inception of the Real Estate Board of New York's (REBNY) Broker Confidence Index in spring 2012.
The Broker Confidence Index rose to 9.22 this past quarter, from 8.80 in the third quarter of 2014 and 9.00 in the fourth quarter of 2013. Both residential and commercial brokers reported increased levels of confidence in the market now and six months from now, due to healthy activity and the steady rise in prices.
The Residential Broker Confidence Index increased to 8.85 in the fourth quarter of 2014, from 8.23 in the third quarter of 2014 and 8.52 in the fourth quarter of 2013. Brokers attributed this increase to the steady rise in pricing for sales and rentals, as well as the robust level of sustainable activity. While residential brokers’ confidence in the rental market tempered more than their confidence in the sales market, lack of inventory has continued to be a major concern for all residential brokers as prices are expected to continue rising with the current inventory shortage.
They also urged the need for more affordable housing as most of the new developments coming to the market now are luxury condos.
The Commercial Broker Confidence Index increased to 9.60 in the fourth quarter of 2014, from 9.38 last quarter and 9.49 last year. Commercial brokers commented on strong financing and market activity, particularly within the TAMI (Technology, Advertising, Media and Information) sector and in Lower Manhattan.
REBNY’s Broker Confidence Index is a collection of responses from an online survey given to REBNY’s residential and commercial brokerage division members.




Feb 5, 2015

Virtual Closet Space in NYC

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Want to store stuff. Visit the MakeSpace website. They offer an on - demand storage solution. They will send a driver to your home, who’ll arrive with sturdy bins (each fits about ten sweaters). The driver will wait outside for a half hour while you pack or they will drop them off  and you can schedule a pickup for a later date. They will then haul everything away free of charge to a climate-regulated facility in Jersey City.

Store four bins for $25 a month and additional boxes and larger items from $6.25 per piece. As long as one person can carry it, MakeSpace says they can store it (so no large furniture like sofas and dining-room tables, but bicycles and skis are fine. When it comes time to pick up your A/C unit or summer clothes, the website allows for on-demand delivery ($29) of your goods anywhere in Brooklyn, Manhatan, Queens, Jersey City, or Hoboken.


Jan 29, 2015

CPN Harlem Rental Building sold for $33M

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A six-story, 58-unit elevator building at 225 Central Park North over looking Central Park in Harlem sold for $33 million reported The Real Deal. The buyer was RCR Management, which manages some 2,200 units, according to the article. No further details were given regarding the building.

Two years ago 235 Central Park North was sold for $27.5 million to an affiliate of L&M Development Partners, the Larchmont, N.Y.-based real estate development company. The 86,124-square-foot property, at Seventh Avenue, has six stories and 91 residential units. It was built in 1915, according to PropertyShark. 

CPN has breathtaking panoramic views of Central Park, Harlem Meer and downtown Manhattan. Apartments with park views along Central Park North are selling at significantly lower prices than comparable apartments on Central Park WestCentral Park South and Upper Fifth Avenue.
Central Park View from 45 CPN  -  West 110th Street
The hyper-local neighborhood  Central Park North in Harlem also known as West 110th Street between Frederick Douglass and 5th Avenue. The neighborhood offers all the leisure, cultural, educational and recreational activities of Central Park right at your front door and convenient transportation. The #2 and #3 train at 110th and Lenox Avenue (Central Park North) and the B and C trains at 110th and Central Park West also called Frederick Douglas Boulevard above 110th Street.

Central Park North may be the neighborhood you are looking for.

To sell your Central Park North, coop or condo click here

Jan 21, 2015

New Manhattan 'Affordable' Luxury Apartments

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The meaning of the word ‘affordable’ may have a new meaning in Manhattan. It not only means subsidized housing it can mean affordable entry level luxury.

While prices have been soaring in Manhattan along with rent a new wave of luxury entry-level homes are currently on the market and in the pipeline. It's a perfect time for many first-time home buyers. Mortgage rates are at all time historic lows (a 30 year fixed rate currently approx 3.5%-3.75%) even less for adjustable rate loans.

Affordable luxury. New units with lower asking prices currently on the Manhattan condo market and new ones will be hitting the market this year. Prices for new apartments are hitting records, but some prime units are also in the pipeline for the budget-minded buyer — with $750,000 to $3 million price tags that haven’t been seen since the 2008 financial crisis

Some examples: 

235 West 75th Street


Upper West Side (at Broadway), built in 1901
12 stories, 212 units








305 West 150th Street

Harlem

Condo | Part Time Doorman | Elevator








  • Built 1921
  • Converted to condo in 2014
  • Low-rise
  • 7 Floors
  • 84 Apartments
  • Elevator
  • Part Time Doorman





  • Fifty Third and Eighth
    252-unit condo conversion in Hell’s Kitchen








    175 West 95th Street
    Upper West Side

    Full Service Condo Post-war Built 1971

    Studio apartments starting at $630,000, One bedrooms starting at $680,000   

    Converted to condo in 2014




  • High-rise
  • 27 Floors
  • 226 Apartments
  • Elevator
  • Full Service

  •         


    432 West 52nd Street

    Hell's Kitchen/Clinton






    Full Service Condo 

    Studios starting at $640,000








     
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