Apr 28, 2016

Riverside South Park Expansion Planned

Riverside Park South that runs from 59th to 72nd Street along the Hudson River is undergoing an expansion plan. NYC plans to add new bike paths, fields, bathrooms, picnic tables and basketball courts by 2018.
The park is being designed by the New York firm Thomas Balsley Associates and has been under construction since 2001. The plan for the park has six phases, four were completed before 2008. 

The first four phases of the project cost $43.7 million and the engineering firm predicts that the last two phases will cost an additional $49.6 million.
Construction for phase five of the plan is set to start in June 2016 and will continue until the winter of 2018.

Apr 24, 2016

Belnord UWS neighborhood's priciest condo conversion


225 West 86th Street | Belnord

The Belnord – the handsome, century-old landmark residential complex in the heart of the Upper West Side  at 225 West 86th Street is officially going condo with a total price tag of $1.3 billion according to the Real Deal
The Belnord, a limestone-and-brick structure that stretches the entire square block between 86th Street and 87th Street between Broadway and Amsterdam Avenue, was built in 1908 by the Astor family. The building is on the U.S. National Register of Historic Places.
The Astor courtyard buildings (Apthorp Apartments) (The Astor) built in conjunction with subway expansion to lure wealthy Manhattanites into apartment living from their elegant single family brownstone townhouses. They've increased enormously in value since they were built in the early 20th-century. John Jacob Astor on his deathbed in 1848 was asked if he had any regrets he replied: "If I could live all over again, I would buy every square inch of Manhattan."

The price came out to roughly $1,000 per square foot or $2.64 million for each of the 218 units, many of which contain original moldings and overlook the building’s central courtyard.
According to the offering plan, the condominium will have 213 residential units. The developer’s plans for rent-regulated units are unclear. Parking is not included in the plan.
The Belnord’s 213 apartments will average in price range to around $6.1 million.
Prewar condo apartments can command a premium since there are so few compared to new construction. 
photos courtesy of ©Mitchell J Hall

Apr 22, 2016

Happy Earth Day: Earth Photos by Astronaut Sunita Williams


Apr 20, 2016

2015 NYC Residential Sales $113.4 billion

All Real Estate Sales in 2015 compared to 2014
In 2015, the total consideration for all real estate transactions was $113.4 billion, a 33 percent increase in total consideration compared to $85.2 billion in 2014. ­­­­­­­­­­­­In 2015, there were 53,904 real property sales, a 10 percent increase over the 49,099 in 2014.

The information for the citywide residential home sales is taken from the REBNY Residential Sales Reports. These properties include 1-3 family homes, condominiums, and cooperatives. 

The information for the citywide investment property sales is sourced from the REBNY Investment Sales Report. Investment properties include commercial, manufacturing and multifamily rental properties. "Consideration" is the sum or total monetary value for completed transactions. "Real Estate" transactions do not include air rights and ground leases.

source REBNY

Apr 15, 2016

Manhattan Market Report | March 2016

Manhattan Market Report | March 2016

Market Wide Summary

Overall Manhattan contract activity dipped slightly compared to last year, but rebounded from last month’s atypically low number of sales. Condo sales declined by 5% compared to this time last year, while co-op sales dropped a modest 3%.

Average and median sale price declined year-over-year in the condo market. In the co-op market, average price held approximately level with last year while median sale price fell 8%. Price per square foot trends diverged in the condo and co-op markets, with average price per square foot down 7% year-over-year in the condo market but up 5% in the co-op market.

The length of time from listing to sale changed little in both the condo and co-op markets compared to last year, and was in line with the twelve-month average. Condominium inventory continues to increase, with listed inventory up month-over-month and year-over-year. The co-op market bucked its 16-month trend of annual declines in inventory, with total co-op listings rising year-over-year for the first time since November 2014.


Apr 2, 2016

Manhattan Market Report | 1Q- 2016


Manhattan Market Report  | 1Q- 2016

The average sale price surpassed $2 million for the first time, reaching $2.089M, up 8% from last quarter and 15% from last year.

Average price per square foot also reached a record high, up 5% from last quarter’s record to $1,832 per square foot. All bedroom sizes had increases in median price, lead by three+ bedroom residences with a jump of 30% from last year.

Mar 31, 2016

Zaha Hadid Visionary Starchitect

 (Images courtesy of  www.520w28.com) designed by world-renowned architect Zaha Hadid.
520 West 28th Street - Hadid’s first New York residential project. The design includes a one-of-a-kind chevron detail at the building center, which is both futuristic and functional—the detail creates two separate elevator banks to provide intimate residential entries. Generously scaled two- to five-bedroom residences will offer a lucky few the opportunity to live within a work of art.

"Today the world lost a visionary architect, Zaha Hadid, and all of us at the Serpentine Galleries lost a dear friend. Zaha’s creative genius broadened the horizons of what is possible in architecture and her contributions to the Serpentine helped make it into the institution it is today. Over two decades as a trustee, her input and guidance were always invaluable. As an artist, she helped establish a great tradition by designing the inaugural Pavilion, and created one of London’s most exciting new arts spaces with her design for the Serpentine Sackler Gallery. She’ll be dearly missed, but she’ll live on through the many extraordinary buildings she designed around the world."   Mike Bloomberg 


Mar 14, 2016

Brooklyn Market Monthly Report | February 2016


Brooklyn Market Report | February 2016

Market Wide Summary

This month average price, median price, and average price per square foot were all lower versus last February. The year-overyear comparison was skewed by a downward shift in the market share of sales over $2M. Last year, sales over $2M accounted for 13% of sales, while this year just 4% were above this threshold, a parallel trend to Brooklyn overall.

Two bedrooms had the largest decline in average price per square foot, but this was partially due to an increase in sales activity in BedfordStuyvesant and Prospect-Lefferts Gardens. Studio price per square foot rose, but there were too few studio sales to derive any meaningful conclusions.

Contract activity dipped 18% versus last February; this double-digit decline has not been seen in nearly two years. Inventory was up 8% from last year but even with more choices for buyers, negotiability still remained very tight. 37% of sales sold for below the asking price, up from 32% in February 2015. Days on market has remained below 60 days for the past four months.

Brooklyn Apartment Listings 

Apartment inventory rose 8% from February 2015 to 2,097 listings. This is the twenty-first month of year-over-year inventory growth in Brooklyn. Despite the increase in inventory, the number of listings in February was just 2% more than the 13-month rolling average of 2,065 listings.

Mar 12, 2016

Manhattan Market Monthly Report | February 2016


Manhattan Market Report | February 2016

Market Wide Summary 

The Manhattan residential real estate market has tempered somewhat compared to the fast pace of last February. Contract activity was down year-over-year in both the condominium and co-op markets. The substantial month-over-month uptick in condo and co-op sales is in line with seasonal norms.

A number of price indicators showed positive signs this month, with condominiums and co-ops alike seeing year-over-year gains in average price and average price per square foot. Price per square foot either grew or held steady in all bedroom types except for condo two bedroom units and co-op studio units. The length of time from listing to sale increased moderately in both the condominium and co-op markets compared to last February.

Listed condominium inventory increased 15% over last year. With this increase in buyer choice, condominium buyers were more successful at negotiating the purchase price downwards compared to last year. By contrast, negotiability remained nearly non-existent in the increasingly constricted co-op market.

Condominium Market Snapshot 

Condominium sales declined 21% this month compared to this time last year. Despite the year-over-year decrease, however, this month’s sales figure was 34% higher than January’s. Listed inventory rose by double digits versus both last month and last year.

The average sale price rose 6% over last February but fell compared to last month’s atypical high. Median price was down versus both last month and last year. Average price per square foot rose by 6% compared to February 2015, led by studios and three+ bedroom residences, which both rose by double digits. Only two bedroom units declined on a price per square foot basis.

The length of time it took for condominium units to sell rose 7% year-over-year to 112 days, the highest level since January 2015. Buyers had greater success in negotiating the sale price downwards compared to both last month and last year. Negotiability in the condo market is now at its highest point in over two years.

Cooperative Market Snapshot 

Market signals in the Manhattan co-op market were varied in February, with average sale price up 5% but median price down 5% versus February 2015. This spread between average and median price is partially explained by the high proportion of co-op sales above $3 million this month compared to last February.

Average price per square foot rose year-over-year in all bedroom types other than studio units, which saw a 9% decline in average price per square foot versus February 2015. Co-op listed inventory entered its fifteenth consecutive month of year-over-year decline, dropping 5% versus February of last year.

The shrinking pool of available co-op inventory is partly responsible for the 21% year-over-year drop in co-op sales. Days on market inched upwards to 83 days, a 5% increase over last February. As it was a year ago, buyer negotiability is minimal in the co-op market, with co-op units selling for just 0.3% below the asking price on average.

Manhattan Total Listings 

In spite of the steady contraction of co-op inventory, Manhattan total listings continued their gradual increase in February. Total listed inventory grew by 6% versus last year and 10% versus last month. The growth of available inventory is driven almost exclusively by the condo market, which has been expanding as a proportion of the listed total since May 2013. Condominium residences now represent 53% of total listed units, a market share not seen since January 2009

Negotiability in the Condo and Co-op Markets 

With co-op inventory now in its fifteenth month of year-over-year decline, negotiability in the co-op market is near historic lows. Co-op residences sold for just 0.3% below the asking price in February; negotiability disappeared entirely from April to July 2015, with the average sale price higher than the average asking price. By contrast, negotiability in the condo market has been increasing slightly year over-year for most of the past twelve months.

The average condo sale price is now 2.6% below the asking price, the greatest difference since October 2013. Despite these increases, however, negotiability in the condo market remains very limited compared to historic levels, with the difference between last ask and sale price far smaller than levels seen prior to 2013.

Mar 11, 2016

Manhattan Single Family Townhouses on the Market

There are 138 Single family Townhouses on the Market in Manhattan. The average price is $16,611,486 and the median price is $12,950,000.

With fewer than 300 sales (single-family and multi-residence townhouses) in any calendar year, townhouses represent one of the most fascinating niche segments of Manhattan's residential real estate market.


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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