Oct 24, 2016

Manhattan Townhouse Market Update

Manhattan Townhouse Market Update

Townhouses on the Upper West Side

New Yorkers lived in townhouses during the 19th Century. Single Family Townhouses
and Mansions were made of Brownstone and Limestone. The Townhouse market today
is very desirable as single family homes, multi-family and mixed-use income producing buildings for investors.

Townhouse are a niche in the luxury market, representing a small fraction of the city's housing stock. Compared with condos, the townhouse market is priced at a relative discount.

Currently there are 325 active townhouse listings in Manhattan. The average price is $12,245,402. The median price is $8,885,000. The average price per square foot is $2,149. Average days on the market is 211.

Oct 19, 2016

Manhattan Monthly Market Report | September 2016

Manhattan Monthly Market Report

Market Wide Summary

Overall, year-over-year contract activity declined in both the condo and the co-op markets, but transactions occurred at higher average and median prices. In the condo market, average sale price remained essentially level with September 2016, but median price grew 8% compared with the same period. Versus last month, average price rose 42%, reflecting the seasonal dip in average price that typically occurs in the summer months.

Annual increases in average and median price were seen in the co-op market, rising 13% and 3% respectively. Average price per square foot grew as well in both markets, with mixed levels of growth and decline among bedroom categories.

Days on market increased significantly in the condo market as listings spent 63% more time on the market this year than they did in September 2015; in contrast, days on market for co-ops decreased slightly year-over-year. Discounts were more prevalent in the condo market while they were less common in the co-op market.

Condominium Market Snapshot 

Total condo sales decreased 12% compared to last year and 3% compared to last month. Average price was flat compared with September 2016, but grew a notable 42% from August 2016.

 Average price in August was unusually low as there were no sales over $5MM, whereas there were nine such sales this month. Predictably, median price and average price per square foot also grew significantly from August 2016 and more modestly versus last year. Median price grew 8% annually, while it rose 20% versus last month due to a greater volume of units sold at higher price points. The greatest gains in average price per square foot were in the markets for one and two bedrooms, which each experienced 8% increases, while marketwide annual growth was 6%. Studios were the only category to see a decrease, but a sparse number of studio sales renders the metric misleading.

Days on market increased significantly in the condo market as listings spent 63% more time on the market this year than they did in September 2015; due to increased inventory, nearly twice as many units spent over 100 days on the market this month compared to last year.

There have been significant year-over-year increases in days on market since April 2016, in response to inventory growth, up 21% from last year. Difference from last ask to sale was -2.4%, a significant change from the -0.9% negotiability in the condo market in September 2015.

Cooperative Market Snapshot 

The number of transactions in the co-op market decreased slightly from September 2015, by 2%, while declining 11% from last month. Average price increased 13% from last September and, like the condo market, over 40% from last month. Median price rose 3% yearover-year but dropped 5% from August, indicating that the previously mentioned monthly increase in average price was skewed by sales at the top of the market.

One bedrooms and three bedrooms had annual growth in average price per square foot, with three bedrooms showing a significant 51% increase caused by two sales of three bedrooms over $3,000 PPSF. Average price per square foot for two bedrooms and studios decreased year-over-year, but average price per square foot across the overall co-op market managed 18% growth versus last year.

Average days on market went essentially unchanged both from both last year and last month, hovering around 85 days. The prevalence of discounts actually diminished slightly from last year, shrinking to -1.2% from -1.5% in September 2016. For the seventh consecutive month, inventory increased year-over-year, adding 10% more listings from September 2015.

Days on Market 

Condos and Co-ops While the number of days spent on market differed substantially between condos and co-ops, the general trend of increased time spent on the market occurred in both categories. Both markets have seen monthly increases in days on market for four consecutive months, though increases for co-ops have been less severe and remained flat with August 2016. This month, condos spent 127 days on the market -- the greatest amount of time since early 2013. This metric is up 38% since September 2014 and 63% from September 2016, signaling that this is likely not a product of seasonal trends. With a greater supply of units on the condo market, and more resales and new developments coming to market each month, buyers have a growing number of options and less urgency to sign contracts.

Oct 13, 2016

Third Quarter 2016 Brooklyn Market Report

Brooklyn Market Quarterly Report | Third Quarter 2016

I am delighted to share with you our Q3 Brooklyn Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Q3 2016 (July 1st through September 30th).

Key Findings of the Third Quarter Report:

  • Prices break records for a second quarter in a row. Thanks to the rapid growth of new development in Brooklyn, prices surpassed the previous high water mark from Q3 2008. The median price in Brooklyn is now $675,000 and the average price per square foot $950, both higher than at any time since Corcoran began keeping records.
  • Fewer sales. The slower pace of sales – driven particularly by contraction in the co-op market – continued for the third straight quarter. Total sales in Brooklyn were down 19% from the prior year.
  • Inventory growth tilts to middle and high-end. New development inventory rose by 40% over last year, boosting available listings by 7% overall. The lion’s share of the new inventory exceeds $750,000 in price, giving greater choice to mid-level and high-end buyers, while the number of co-operatives and listings at the lower end became scarcer.

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

Oct 6, 2016

2016 Year-to-Date New Residential Units Permitted


2016 Year-to-Date New Residential Units Permitted
The Department of Buildings releases monthly permit reports identifying new residential units permitted for the five boroughs. This newsletter highlights the number of projects and units permitted for New York City from January through August of this year. The project and unit analysis take into account new building permits that were initially permitted; it also does not include 1-3 family homes.

The table below shows the numbers of projects and units permitted for each borough, based on the previously mentioned criteria. Brooklyn recorded the most units (2,449) and projects (148) permitted through the first eight months of this year. The Bronx followed with 44 projects and 2,290 units permitted. 

Table 2 displays the number of units permitted by neighborhood for the first eight months of this year. Since January, Mott Haven/Port Morris/ Hunts Point has seen the most residential units permitted with 608 units with five projects. 

Williamsburg recorded the most units permitted in the borough of Brooklyn with 555 units with 30 projects. Gramercy/Kips Bay recorded the most number of units permitted in Manhattan with 436 units with four projects.

Source REBNY Research

Oct 4, 2016

Manhattan Market Report | Third Quarter 2016

I am delighted to share with you our Q3 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q3 2016 (July 1st through September 30th).

Key Findings of the Second Quarter Report:

  • Prices are high, but past the peak. Prices were up versus last year, and still occupy near-record levels. The median price in Manhattan is $1.1 million (up 10% vs a year ago) and the median price per square foot is $1,314 (up 2% vs the same period). But it now appears that First Quarter 2016 will be the peak moment of the post-2009 growth period, as the Third Quarter marked the second straight quarter of stagnant or lower prices in most categories.
  • The pace of sales continues to slow. For a third straight quarter, the number of sales was off from 2015. 17% fewer sales closed and 18% fewer contracts were signed in the Third Quarter of 2016 than one year prior.
  • More inventory on the way. For a fourth consecutive quarter, the number of properties available for sale was up. Though only at 5,860 units – which is to say about five months’ supply – this is still 21% above the prior year. Tight inventory is enabling sellers to stay aggressive in their valuations; but the more choices buyers start to have, the more downward pressure will grow around asking prices.

 Manhattan Market Report Q-3 2016 Corcoran report

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

Sep 27, 2016

Penn Station Farley Complex | Moynihan Train Hall

Moynihan Train Hall Rendering by governorandrewcoumo Image Courtesy SOM

Penn Station Farley Complex | Moynihan Train Hall

New York Governor Andrew Cuomo announced plans for the Penn Station Farley Complex along with announcing the developers and builders who will collaborate on the project. 

255,000 square feet (larger than Grand Central Terminal), and will be known as the Moynihan Train Hall. It will hold Amtrak and the LIRR, along with 700,000 square feet of retail and office space. 

A new train hall with LIRR ticketing and waiting areas, a redesigned LIRR concourse at Penn, plus a redesign of the A,C, E and 1,2, 3 subway lines at Penn Station-34th Street are among the sweeping  T

The James A. Farley Post Office into a world-class transportation hub. The Governor announced the selection of a developer-builder team including three companies, Related Companies, Vornado Realty LP, and Skanska AB to redevelop the Farley Building, creating a new 255,000 square foot Train Hall to house passenger facilities for the Long Island Rail Road and Amtrak. 

The James A. Farley Post Office building larger than Grand Central Terminal will be known as the Moynihan Train Hall. It will hold Amtrak and the LIRR, along with 700,000 square feet of retail and office space. 

To see renderings of Moynihan Train Hall, click this link: https://www.flickr.com/photos/governorandrewcuomo/albums/72157673228738012

To see renderings of Penn Station LIRR Concourse, click this link: https://www.flickr.com/photos/governorandrewcuomo/albums/72157673232469232

For more information about A SubwayC SubwayE Subway and 1 Subway2 Subway3 Subway at 34th Street Station redesign, click this link: https://www.governor.ny.gov/news/governor-cuomo-unveils-design-reimagined-mta-subway-cars-and-details-ambitious-plan-enhance

Unveiling The New Penn Station Farley Complex

Related reading:

Sep 19, 2016

Manhattan Monthly Market Report | August 2016

Market Wide Summary 

Summer 2016 wrapped up with year-over-year decreases in sales and average price across the market. Contracts signed decreased by approximately 20% for both condos and co-ops versus last August.

Average sale price was down year-over-year for both condos and co-ops, while median sale price was down for condos but rose in the co-op market.

Both condos and co-ops saw annual decreases in average price per square foot, though average price per square foot for studios in both market segments increased. Condos spent more time on the market compared to last year and last month but co-ops, on average, sold more quickly than last August.

Discounts for condos and co-ops grew from last year, partially due to inventory increases in both markets.

Condominium Market Snapshot 

Fewer sales at the high end of the market contributed to an average sale price decrease of 26% versus last year and 15% versus last month, while median sale price had an annual decrease of 17%.

Average price per square foot was down 11% overall compared to last August, with decreases across all bedroom types aside from studios. Average price per square for studios increased by double digits, while the greatest decline was in the three bedroom market, down 23%. Significant annual gains in condo inventory have resulted in listings staying on the market 43% longer than last year.

In August 2015, 22% of listings were on the market for over 100 days, whereas this August, 39% of listings stayed on the market for over 100 days. Difference from last ask to sale was -3.0%, which is a significant change from the - 1.0% negotiability in the market last year. Contract activity also decreased both year-over-year and month-over-month by 19% and 15%, respectively.

Cooperative Market Snapshot 

Compared to both last year and last month, average sale price in August fell roughly 20%. Median price, however, grew 8% from last August. These diverging indicators signal a decline in sales at the top of the market.

Across the market, average price per square foot decreased 9% annually and 16% versus last month. The studio market was the only segment to see an annual increase in average price per square foot, while one, two, and three+ bedrooms saw decreases over the same time period.

Coops spent fewer days on the market compared to last year, but discounts were more common. Inventory grew 9% versus last August, but there were 12% fewer listings than last month. Although contract activity increased slightly from last month, the metric declined 21% from last year.

Sep 7, 2016

Back to School | NYC Colleges and Universities

Updated originally published September 03, 2011
Columbia University, Morningside Heights campus

New York City is an academic capital of the world and attracts students from all over the country and globe to its many fine colleges and Universities.

Washington Square, NYU, Greenwich Village
For many students coming from all over the country and world, Labor Day was their first weekend living in the city.

To all the new students entering NYU, Columbia and all the other fine undergraduate, graduate, law schools and med schools throughout NYC, I wish you all much success.

Parents from all over the country and abroad are investing in Manhattan real estate while their children are attending schools here. Many parents are buying condos for their adult children and for themselves and other family members. For many it is a great investment. Children get housing while in school and starting their careers, the parents get a great asset and a pied-a-terre in Manhattan.

Click Below for links to

Manhattan, NYC Colleges and Universities















Sep 6, 2016

Back To Private schools on the Upper West Side

Originally published September 05, 2011

The Upper West Side of Manhattan is home to many private schools. 
Below are some of the finest private schools on the Upper West Side.

The Calhoon School West End Avenue

The Calhoon School - West End Avenue

The Calhoun School is a progressive, independent, college preparatory school located in the heart of Manhattan’s West Side. Founded in 1896, Calhoun has grown into a two-building coeducational institution with 670 students, ranging from three-year-olds to twelfth graders.

The former Claremont Academy- Stephen Gaynor School

The Stephan Gaynor School
 West 89th and West 90th Street

The Stephen Gaynor School, a non profit organization, provides a unique educational experience for children ages 5-14 with learning differences in a nurturing environment where children are helped to reach their academic potential. At Stephen Gaynor the pattern of academic failure is broken and children are taught to become successful learners with unlimited potential.
The historic Claremont Riding Academy building was supposed to be converted to condos, the units were supposed to give the feeling of a barn. The market turned and the condo developers sold the building for $12 million to the Stephen Gaynor School, which is located behind Claremont on 90th Street. The developers bought the building for $14 million in 2007.

Abraham Joshua Heschel School

The Abraham Joshua Heschel School was founded in 1983, a new model of Jewish day school was created. An independent school offering a pluralistic approach to Jewish learning in addition to secular studies. Located on the Upper West Side of Manhattan. 

Congregation B'nai Jeshurun recently purchased the building at 270 West 89th Street from the Abraham Joshua Heschel School for $20 million. The trade symbolizes growth for two Jewish institutions on the Upper West Side. B'nai Jeshurun had rented space in the building from Heschel for its Hebrew School since 1984, when B'nai Jeshurun sold the building to Heschel.

Trinity School 139 West 91st Street

Trinity School 139 West 91st Street

Founded in 1709 as a charity school supported by Anglican missionaries, the school had its first classes meet in Trinity Church at the head of Wall Street.  Its first schoolhouse was built on the church grounds in 1749, and it is the oldest continuously operating educational institution in the city of New York. The school stretches nearly the length of 91st Street between Columbus and Amsterdam Avenues. 

Ethical Culture School -33 Central Park west

Ethical Culture School - 33 Central Park West

The Fieldston Ethical Culture school is committed to academic excellence, ethical learning, and progressive education, ECF offers a rich and challenging curriculum in the arts, sciences, and humanities. A coed, nonsectarian school, it serves a diverse community of about 1,700 students from PreK to 12 on two campuses -- one in the Riverdale section of the Bronx, and the other in Manhattan.

The Dwight School - 291 Central Park West

The Dwight School - 291 Central Park West

Founded in 1872, The Dwight School is a PreK-12 private international school located on Manhattan ’s Upper West Side. In 1996, Dwight became the second school in North America to offer the full International Baccalaureate (IB) program from kindergarten through grade 12. With the opening of Woodside Preschool in the fall of 2005, Dwight became the first school to offer the IB Primary Years Program for children ages 2-4. Dwight continues to be a pioneer in international education and today nearly 40 countries are represented in its student body.

Columbia Grammar and preparatory School

Columbia Grammar & Preparatory School is one of the oldest institutions in America, with a long and notable tradition of excellence as a college preparatory school. Facilities include a state-of-the-art theater to computer and science labs, five art studios, including filmmaking and photography and library for children and programs PK through 12.

West Side Montessori school

West Side Montessori School - 309 west 92nd Street

West Side Montessori School (WSMS) is an independent early childhood Montessori school serving 209 students, ages 2.10 through 6. Located on the Upper West Side of Manhattan in New York City and accredited by the New York State Association of Independent Schools, the American Montessori Society, and the Middle States Association of Colleges and Schools.

The Mandell School - 795 Columbus Avenue.
The Mandell School is a member of ISAAGNY (Independent School Admissions Association of Greater NY) and the Parents League. The Mandell School is committed to providing a rigorous educational environment for children and their families, which through intellectual stimulation and emotional support, enables them to become responsible active citizens of the world.

K-8th grade is located at 795 Columbus Avenue. There are 3 preschool locations as well: one on 150 Amsterdam Ave. (between 66th & 67th St.).  Another preschool in the west village on 160 Christopher St. and one on the UWS (775 Columbus Ave.) that opened 75 years ago.  

Many private schools have long waiting lists and have admission requirements/procedures similar to colleges and universities. Most private schools require mandatory testing from the Educational Records Bureau (ERB) as well as interviews, school tours, and references. The best time to contact schools for brochures, applications, and procedures is after Labor Day and ERB testing forms should be completed in early October.

For More Information:


Parents League of NYhttp://www.parentsleague.org/212-737-738

 The Archdiocese of New York              http://www.adnyeducation.org/ 1-212-691-3381
 Abacus Guide                                    http://www.abacusguide.com/

courtesy of:

Aug 25, 2016

Low Rates | How Much Apartment Can You Afford?


Understanding The Related Costs of Apartment Buying

You'll need to think about more than a mortgage payment to determine if you can afford an apartment in Manhattan. To assure you are purchasing a home within the confines of your budget, you must consider down payment requirements, closing costs, taxes, carrying charges, and yearly maintenance requirements as well.

How much can you afford?

First consult with a mortgage broker or banker to determine how much of a mortgage you qualify for. Calculate the estimated mortgage payment plus monthly maintenance (coop), common charges and real estate taxes (condo).

Several formulas exist to help determine how much a lender will allow a consumer to borrow. One of the more accurate formulas is a front- and back-end ratio. It states that the buyer can afford as much as 28 percent of his or her gross-monthly income toward the monthly mortgage payment, assuming that the consumer's other debt payments (credit cards, car loans, student loans, etc...) are less than or equal to 8 percent of his or her gross-monthly income.

Most NYC coops have stricter financial requirements than most lenders. Most coops use a 25% debt to income ratio formula. Many coops will only allow a maximum of 75% financing although some will allow 80%. Coops may also require liquid assets available after the closing to cover 2 years worth of maintenance or 1 year of mortgage and maintenance. Every building varies and uses their own formula.

While condos will allow 90% financing many lenders today will only finance 85% (LTV) loan to value. A minimum 15% or 20% down payment may be required. Before you start looking for an apartment in Manhattan you should be pre-approved and qualified by a lender.

Understanding your financing needs before you search for a new home will help you move ahead quickly and confidently when you find the right home.


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.

Legal Disclaimer - The opinions expressed here are those of the authors and do not neccessarily reflect the opinions or policy of The Corcoran Group. This site is not the official website of The Corcoran Group or its affiliated companies, and neither The Corcoran Group nor its affiliated companies in any way warrant the accuracy of any information contained herein. Any product and/or services offered for sale on this website shall not be considered an offer to sell such goods and/or services in any state other than New York.

Legal Disclaimer - Information on this site is not intended as legal or financial advice. - All material herein is intended for information purposes only and has been complied from sources deemed reliable. Though information is believed to be correct, it is presented subject to errors, omissions, changes or withdrawal without notice. I operate a business that supports Fair Housing.“We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the nation. We encourage and support an affirmative advertising and marketing program which there are no barriers to obtain housing because of race, color, religion, sex, handicap, familiar status or national origin.”

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