Apr 25, 2018

Brooklyn Townhouse Report | 2017

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The Brooklyn townhouse market is more diverse, more sprawling, and more active than its counterpart in Manhattan. In fact, more than six times as many townhouses sell in Brooklyn annually than are traded in any other borough.

 Brooklyn Townhouse Report

Corcoran’s 2017 Brooklyn Townhouse Report a detailed analysis of single-family and multi-family (two- to four-family) townhouse sales that closed in Brooklyn last year.

Among its findings:

* The Brooklyn townhouse market backed off from the robust activity seen in 2016: Rising prices throughout the borough slowed both townhouse sales and the trend of townhouses undergoing extensive renovations as either a value-add investment, rental income property or even a quick flip. Some neighborhoods, particularly Bedford-Stuyvesant, Crown Heights and Bushwick, experienced fewer quick resells in 2017.

* Overall price figures, as well as average and median price, were higher in 2017: This trend likely contributed to tempered activity. Last year, buyers paid an average price of $1.853M for a townhouse in Brooklyn, 11% more than in 2016. Median townhouse price increased 9% year-over-year, driven by an increase in townhouse sales over $2M in addition to prices continuing to appreciate rapidly in western parts of Brooklyn.

* Single-family townhouses sales increased and expanded into more neighborhoods: Single-family townhouse sales increased 8% compared to 2016 as buyers were enticed by newly renovated townhouses. Those sales also expanded throughout western parts of Brooklyn, particularly in Red Hook, Park Slope and Boerum Hill. Conversely, multi-family sales declined 7% year-over-year which drove the overall townhouse market down in 2017. Although multi-family townhouse sales improved in few neighborhoods such as Park Slope, Greenpoint and Brooklyn Heights, the decline in northern and eastern parts of Brooklyn far outweighed those gains.

Please feel free to reach out to me if you have any questions about the Brooklyn Townhouse Report. I welcome the opportunity to be of assistance to you.


Apr 16, 2018

Brooklyn Monthly Market Report | March 2018

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Market Wide Summary

The Brooklyn market experienced a year-over-year increase in contracts signed for the third consecutive month. Strong new development sales in South Brooklyn, driven by contract activity at 2128 Ocean Avenue and 26 East 19th Street, sustained from the previous month into March. However, Brooklyn price metrics showed mixed trends compared to March 2017.

Average sale price improved compared to last year and last month skewed by Cobble Hill and Park Slope townhouse sales.When excluding those high priced townhouse sales in Cobble Hill and Park Slope,average sale price was essentially level and the average price per square foot increased 5% versus March 2017.

Average price per square foot, also affected by t he high priced sales Cobble Hill and Park Slope, increased 9% versus March 2017. The difference from last ask price to sale price was 0.9% below the average asking price, slightly deeper when compared to last year. The average days on market figure of 87, while up year -over-year, still indicates a very competitive market in Brooklyn.


BROOKLYN AVERAGE DAYS ON MARKET 

Days on market dipped from last month’s five-year record high of 105 days to 87 days in March, but was up 17% year-over-year. Days on market has been above the Brooklyn five-year average for five consecutive months as higher prices and an annual increase in newly listed apartment inventory slowed buyers decision-making.

BROOKLYN NEWLY LISTED APARTMENT INVENTORY

Newly listed apartment inventory continued its expected seasonal climb after declining during the winter months. In addition, newly listed apartment inventory grew 17% annually as more apartments were introduced in March 2018 compared to last year. The number of apartments introduced this month set a new seven-year record high as sellers anticipated the Spring selling season along with the launch of Brooklyn Point and the relaunch of Austin Nichols House.



Apr 13, 2018

Manhattan Monthly Market Report | March 2018

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Market Wide Summary

 Contracts signed dropped annually in March for both product types, with condos seeing a larger decline. Condo pricing metrics were up, with both average and median price increasing, while co-op pricing metrics were all down annually. Listed inventory continued to rise, with co-ops seeing almost four times the annual increase of condos. Days on market increased for condos, reaching the second highest point in the last twelve months; meanwhile days on market for co-ops declined. Negotiability increased for both product types annually, as sellers competed with newly listed inventory


Condominium Market Snapshot

 Sales activity for condos declined, down year-over-year for the sixth consecutive month, although due to the market’s typical seasonality, sales were the highest seen since June 2017. Pricing metrics were positive, with average and median sale price up. Average price rose largely due to the sale of a high-priced unit at 432 Park Avenue. Average price per square foot rose annually as well, off a low price per square foot in March 2017. Average price per square foot was lifted by annual rises across studio, two bedroom and three bedroom units, with one bedroom unit price per square foot down slightly annually. Two and three bedroom units experienced the greatest gains, up 9% and 8% respectively. Days on market rose monthly and annually, up 16% year-over-year. Negotiability remained fairly high, deepening to 3.2% off last ask versus 1.9% last year. The increase in negotiability coincided with an increase in discount prevalence, as 79% of units told at a discount last month, compared to 63% last year. Inventory continued to rise, up 5% annually.

Cooperative Market Snapshot

 Sales activity amongst co-ops continued to decline annually, though less so than condominiums. Average sale price and median sale price both dropped, down 19% and 8%, respectively. Similarly, average price per square foot declined, as every unit type saw declines in price per square foot. After an abnormally high figure last year, three bedroom units experienced the largest decline, down 28% due to fewer sales in traditionally expensive neighborhoods. Studios experienced a decline of 11%, while one and two bedroom units had milder annual declines. Days on market fell, reversing a trend of annual rises seen the prior three months, as time spent on market dropped below 100 days for the first time this year. Negotiability remained high, with average difference from last ask to sale at 1.7%. Inventory rose significantly as compared to last year, with more than 3,000 listed units available, the most in five years.


Manhattan Total Lisstings

Inventory continued to grow in Manhattan, up 10% compared to last year. March 2018 saw the most actively listed units for that month since 2012. However, total listings were down from recent highs in the Fall. The only category to not have an annual increase was townhouses, which saw inventory remain level, while both condos and co-ops had annual rises in inventory. The condominium share of overall inventory has been declining and at just over 50% in March 2018 was the lowest seen since November 2015


Contracts Signed By PPSF Category

As sales activity continues to fall below the volume seen a year ago, the price point of units sold continues to shift. Notably, units asking greater amounts per square foot have seen a steady decline in market share. A year ago, units priced over $1,250 per square foot made up 59% of sales, in March 2018 that figure dropped to 47%, the lowest market share for units in that range since July 2015. The price range that experienced the greatest year-over-year gains in market share was amongst units priced from $1,000 to $1,250 per square foot, which rose from 17% of sales a year ago to 24% last month. The price range with the largest decline was amongst units priced from $1,250 to $1,500, which made up 22% of sales in March 2017, and just 15% in March 2018. Interestingly, sales over $2,000 per square foot stayed stable yearover-year at 10%. This shift in pricing is likely attributable to greater sales of co-ops, which traditionally sell at lower price point

Apr 11, 2018

Preparing for Building Workers Strike

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Buildings throughout NYC are preparing for a doorman building strike. Residents are being issued security passes and strike packages and signing up for volunteer building duties.

Negotiations are currently underway between the Union Local 32B-32J and the Realty Advisory Board. The contract expires April 20, 2018.


Janitors, porters, handymen doormen and concierge attended a rally today to vote to authorize a strike if their bargaining committee doesn't reach an agreement.


Check with your building's property manager and/or resident manager for building proceedures should a strike be called. 



Apr 7, 2018

Living in Murray Hill | Kips Bay

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Murray Hill | Kips Bay

Historic Murray Hill Landmark

Midtown, on the East Side, from 23rd Street to 42nd Street. The area runs from the East River to Park Avenue South between 23rd Street and 34th Street, and expands from the East River to Fifth Avenue between 34th Street and 42nd Street. Kips Bay runs from 23rd Street to 42nd Street, east of Third Avenue.

Murray Hill is a townhouse paradise — of 100 townhouses listed in the area in the 1892 Social Register, 60 are still standing.

Yet those single-family Murray Hill homes, many of three and four stories and some renovated with elevators and gyms to match their double Dacor ovens, rub elbows with high-rise condo towers.





In Murray Hill, the formerly business corridors of Madison and Fifth avenues are being converted into gorgeous new loft-like apartments.

The area of Murray Hill is itself named after the Quaker merchant who built his farm here in the eighteenth century when the area was green countryside — Robert Murray’s land extended from 33rd Street to nearly 39th Street!

The area of Kips Bay, which has many dining options and a movie theater, is either to the east of or the Easten section of Murray Hill, depending on who you talk to. Kips Bay Towers, two high-rise post-war condos which share a large common garden, is one of the first apartment complexes designed by noted architect I.M. Pei.

Cultural attractions abound in Murray Hill; the recently renovated Morgan Library is a historic treat. The original building, showcase to a famous banker’s collection, is a breathtaking landmark Italian-style mansion — and the Morgan Library’s Murray Hill collection includes Mozart symphonies, Gutenberg bibles, and carved Babylonian seals and amulets.

Murray Hill Townhouse  3BR Duplex For Rent

Whether you are looking for Murray Hill / Kips Bay Apartments or townhouses to buy or or rent, there will be something to suit your particular taste.

Contact me at 917-312-0924 if you're interested in purchasing an apartment or townhouse in Murray Hill or if you are thinking about selling or renting your Murray Hill/Kips Bay home.

Apr 3, 2018

Living on Central Park North (AKA West 110th Street)

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View from 45 Central Park North

One of the great things about CPN is the
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 West, Central Park South and Upper Fifth Avenue.


 Circa Central Park | 285 West 110th Street

While some of the new luxury condos on CPN are asking prices equivalent to CPW and CPS there are many pre-war coops, even income restricted affordable HDFC coops for low to moderate income households.

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.

West 110th Street from Frederick Douglas Circle to Broadway is known Cathedral Parkway named for The Cathedral of Saint John the Divine at west 110th and Morningside Drive.

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


The New York Times published an article: How the Word ‘North’ Affects Prices: Living Along Central Park North. 

To sell your condo or coop

To sell your HDFC coop


Mar 14, 2018

Manhattan Monthly Market Report | February 2018

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Market Wide Summary 

February Manhattan contracts signed have trended down year-over-year for the third consecutive month. Pricing metrics for condos were varied, as average price rose compared to last year, while median price fell. Pricing metrics for co-ops alternatively, saw gains, with average and median price both increasing in excess of 25%. Average price per square foot was up for both condos and co-ops. Listed inventory continued to rise, with co-ops seeing more than double the increase of condos. Days on market declined dramatically for condos, but it rose substantially for co-ops. Negotiability increased for both product types annually, but did decline on a monthly basis, down from recent highs.


Condominium Market Snapshot

 Sales activity for condos was 19% lower than last February. Pricing metrics repeated the annual shifts seen last month, with average price rising, and median price falling. Average price per square foot increased compared to last year, lifted by a double digit increase in three bedroom pricing to nearly $3,000 per square foot. This increase was driven by the sale of two units at 432 Park, asking a combined $68M. One and two bedroom units experienced double-digit drops in pricing, with both unit types falling below $1,600 per square foot for the first time since July 2017. Days on market dropped by over a quarter annually and monthly, off unusually high days on market during both prior periods. However, with inventory up 9% and sales down, unsurprisingly the difference from last ask to sale was greater than a year ago.



Cooperative Market Snapshot

 Co-op activity fell slightly more than condo activity in the month of February, with 20% fewer contracts than the year prior. Average price jumped a significant 26% and median sale price rose even more, up 33%. The increase in average and median sale price was largely caused by the sale of two units at 995 Fifth Avenue, asking a combined $29.75M. Additionally, 59% of units transacted above $1M this year, compared to 53% last year, helping further boost pricing metrics. A rise in the sale price per square foot occured across all bedroom types. Two and three bedroom units had the greatest pricing gains, as both registered a 31% increase annually. One bedroom units and studios had smaller gains, with one bedroom units seeing a rise mostly due to low pricing last year. Days on market rose 31% annually, but was relatively stable versus last month. Inventory experienced annual gains, expanding 21%, as over 500 more units were actively listed than the year prior. Difference from last ask to sale price grew annually, but was down from last month, to 1.9%.


Manhattan Total Listings

Inventory in Manhattan grew overall by 13%, the largest annual increase since December 2016. The most notable increase among the three product categories in co-ops which registered a 21% annual increase, the greatest annual increase since 2009. Townhouse inventory resumed the trend of declines seen as of late, posting a 5% drop in inventory, after two months of increases. Condo inventory also saw gains, up 9% annually, in line with recent gains seen in that product type.


Sales Made Above/Below Ask 

Though higher-priced units tend to see more prevalent discounting, the proportion of units sold over $3M with a discount has fallen annually, while units under that price range have seen greater prevalence in discounting. Surprisingly, the segment priced from $3MM to $5MM saw 67% of sales occur below ask, 8% less than a year ago. Similarly, 86% of units priced over $5MM sold below ask, two percent less than a year ago. One reason for this might be the overall drop in the proportion of units listed at higher price points, as 31% of units listed were priced above $3MM, down from 35% a year ago. Conversely, units priced under $1MM saw the largest gains in proportion sold with a discount, as 17% more units were sold below ask than a year ago. Furthermore, there was a 13% drop in units sold above ask, as just 17% units sold above that price, almost half the proportion of last year. Units priced between $1MM and $3MM saw smaller shifts in the same direction. Almost three quarters of units sold in February in that range were sold below ask, compared to 65% a year ago, as units sold above ask dropped from 14% to 9%.


Mar 7, 2018

Living in the Upper East Side | Carnegie Hill

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Living in the Upper East Side
181 East 93rd Street
Buyers with conservative budgets as well as those with more to spend will find treasure troves of real estate offerings in the Upper East Side. Walk-ups and high-rises mix easily with stately townhomes, while co-ops, exposed-brick studios and modern high-end apartments present abundant housing options. 

Upper East Side real estate encapsulates the hip yet established atmosphere and sophisticated style still in demand today. Georgian, Victorian, Neo-Federal and Art Deco styles abound, and genteel, friendly living reigns.

Carnegie Hill, Upper East Side Manhattan  

Uptown on the East Side, from 86th Street to 98th Street and from Lexington Avenue to Central Park. 




The Carnegie Hill section of Manhattan, full of magnificient  townhouses  that are rarely for sale because their owners tend to hang  on to them,  has wonderful access to Central Park.


Larger buildings house prewar  apartments of six or seven rooms, known as “ Classic Sixes and “Classic  Sevens,

 The resulting old-world  feel, even in modern condos in Carnegie Hill, shows you why  steel tycoon Andrew Carnegie picked this quiet, countrified section of  Manhattan as the place to build his ultimate family home.

Even now, Carnegie Hill feels like a grand village tucked away from  some  of Gotham’s hustle and bustle.

Whether you’re walking on Park  Avenue  with its tulip plantings, past French and Italian renaissance  apartment  buildings with doorman luxury hidden behind their ornate  fa├žades, or  along a side street with its well-preserved brownstones,  you’ll realize  that Carnegie Hill is a truly special section of the  city. 

Shopping is varied, which makes for gracious uptown  living. Madison  Avenue offers all kinds of designer duds, even for  babies and toddlers.  Many of the local shopkeepers have been here for  decades — when you move  into your new Carnegie Hill home they’ll learn  your name.

In keeping  with the suburban feel of the area, entertainment is more  museum mile  than rock’n’roll: Carnegie Hill is home to the Guggenheim  Museum, the  Jewish Museum, and the 92nd Street Y, which offers a  variety of arts and  cultural programming.

The Coper Hewitt, National Design Museum, Smithsonian Institution is  the only museum in the  nation devoted exlusively to historic and  contemporary design. Cooper Hewitt is located in the landmark Andrew  Carnegie Mansion on Fifth Avenue.

One Bedroon Value in Carnegie Hill


Feb 22, 2018

Manhattan Residential RE Year End Review | 2017

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Overview

Manhattan sales cooled versus 2016 as buyers and sellers adjusted to high prices and non-market factors like the Presidential administration and tax reform. Price trends were mixed in 2017. Average price remained level while average price per square foot declined 3% as a result of fewer new development deliveries and sales over $5M. Meanwhile, competition for apartments under $3M caused a 5% increase in median price. Listed inventory rose 9% annually to over 6,000 active listings.

Inventory 

Each residence type saw increases in inventory at the end of 2017, largely due to fewer sales in the fourth quarter. As such, Fourth Quarter 2017 co-op inventory was up 15% from Fourth Quarter 2016, while condo inventory increased a more moderate 4% year-over-year to 3,562 active units. In terms of pipeline, with over 4,100 units in new developments possibly launching in 2018, listed condo inventory is likely to continue to climb for the foreseeable future.


 Statistics by Type 

Resale co-op sales in 2017 fell 1% from 2016, while resale condo and new development closings both declined 5%. Resale co-op average price rose 3% to $1.306M, but average price per square foot fell 7% to $1,165. Resale condo price figures rose year-over-year, as average price increased 4% to $2.118M and average price per square foot rose 2% to $1,773. New development pricing decreased from 2016 due to fewer closings of luxury contracts signed in earlier years. Average price fell 5% to $4.204M and average price per square foot fell 4% to $2,482.


Feb 19, 2018

NYC Fair Housing It's The Law

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Since 2008, at least a minimum of 3 hours of mandatory fair housing and anti-discrimination content must be part of the 22.5 hours of continuing education criteria for renewal of a New York State real estate license. Unfortunately, no Fair Housing education or training is required to serve on a NYC coop board.
Questions that were once routinely asked by brokers and coop boards are no longer acceptable.
Fair Housing means that you have the right to live wherever you choose and be treated according to the same rules as everyone else. Fair Housing laws promote equal opportunity and prohibit discriminatory practices that can unfairly limit the housing choices of numerous groups.
Fair Housing protects individuals from housing discrimination based on the protected classes under the NYC Human Rights Law:
Discrimination is prohibited in Board admissions procedures under the following laws: 
The Federal Fair Housing Act The Civil Rights Act The New York State and New York City Human Rights Laws.

The New York City Human Rights Law provides that it is unlawful to refuse to sell, rent, lease, approve the sale, rental or lease or otherwise deny a housing accommodation based on actual or perceived race, creed, color, national origin, gender (including gender identity), age, disability, sexual orientation, marital status, partnership status, lawful occupation, lawful source of income, alienage or citizenship status or because children are, may be, or would be residing in the accommodation. Where a housing accommodation or an interest is sought or occupied exclusively for residential purposes, the provisions shall be construed to prohibit discrimination in the sale, rental, or leasing of such housing accommodation or interest on account of a person’s occupation. 

Complaints may be filed within one year of an unlawful discriminatory act at the Law Enforcement Bureau of the City’s Commission on Human Rights. 

Our Fair Housing Policy



Feb 12, 2018

Manhattan Monthly Market Report | January 2018

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Market Wide Summary

Contracts signed in January were down again, following already low sales activity in December. Most price metrics, however, saw increases, as average sale price jumped for condos and co-ops while median price grew for co-ops.

Average price per square foot rose for condos and co-ops, surpassing $2,000 per square foot for condos, an unusually high figure. Listed inventory continued the trend of annual increases, as both condos and co-ops saw annual gains.

Days on market increased by double-digits for both condos and co-ops,  as average days on market for condos approached half a year. Negotiability increased for both product types, as the spread from last ask to sale was 4% for condos and 2.5% for co-ops.


Cooperative Market Snapshot

Co-op activity dropped in January as well, though less significantly than condos, with sales down 12% annually. Average sale price increased 1%, and median sale price increased 16%.  

Average price per square foot had a modest 4% increase over last year’s figure, as all unit types except two bedroom units registered annual gains. Two bedroom price per square foot dropped 6% compared to last year to under $1,200 per square foot. 

Days on market continued to increase, rising above 100 days for the third time in a year, to its second highest figure in the same amount of time. Inventory experienced annual gains, expanding 19%, as 400 more units were actively listed than the year prior. Difference from last ask to sale price remained fairly consistent with last year, at 2.5%.


Manhattan Total Listings 

Total inventory in Manhattan continued to creep higher, with condos, co-ops, and townhouses all recording annual increases. The co-op increase of 19% was more than double the 8% increase in condo inventory. Townhouse inventory after months of declines stayed level last month, and registered a 2% increase in January, the first increase of that magnitude since April 2017. Overall inventory increased 12%, the largest annual gain since December 2016. 


Listed Inventory by Price point 

As listed inventory has continued to build up, the nature of that inventory has also begun to shift, as slower sales in some segments and greater availability of that product pushes market share higher. Surprisingly, the segment with the greatest increase in inventory compared to last year is units listed under $1M. Listed inventory under $1M grew by more than 400 units compared to last year. 
Conversely, the market segment with the least growth was the market over$3M, which had only 29 more listed units than last January. 

Units priced from $1M to $3M grew by 281 units. In the past 12 months there have been more units priced over $3M on the market than their counterparts under $1M, often by a couple hundred units or more. However, that difference shrunk to just 42 units in January 2018, as compared to a differential of 425 units in January 2017. 


Feb 5, 2018

UWS New Development Update

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250 West 81st Street, on the Upper West Side topped-out at 209 feet. 

The site is located on Broadway next to Zabars, two blocks from the 79th Street Subway Station, serviced by the 1 train. Completion is expected by 2019. 

The Alchemy Properties-developed condo features just 31 apartments with two through five-bedroom units. Prices will start from $3.825 million.


250 West 81st Street 

250 West 81st Street
Living Room, rendering by Williams New York, design by Robert A.M. Stern Architects








269 West 87th St. The Chamberlain

A 39-Unit, 18 story residential condo on Upper West Side at former site of parking garage. Ownership in this building is a coop rather than a condo. “Condominium rules” and board approval is not required for purchasers/subtenants (although, similar to most condominiums in New York City, there is a right of first refusal). There is a 99 year land lease.

The Chamberlain, 269 West 87th Street

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.



Jan 24, 2018

Apartment Square footage is Just an Approximation

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I'm often asked about square footage and if there are any rules in determining square footage. We all know that buyers of apartments and townhouses in New York City often look to the approximate square footage of a property as a measurement for a property’s value. Indeed, often one of the key factors for a buyer in their decision to purchase is a calculation of the cost or price-per-square foot of an apartment or townhouse. 

It is important to keep in mind, however, that the approximate square footage of an apartment is often just that – an approximation. 

Different appraisers or professionals may use different methods or standards in coming up with their square footage figures. Some will determine square footage of an apartment by measuring the space between the interior walls, including bathrooms, closets and foyers, while others may use exterior walls or other benchmarks. Some will include unusable floor area such as columns, mechanical pipe shafts and chases in their calculations. 

Moreover, many Manhattan apartments, including pre-war buildings, often have hard-to-measure elements like oddly shaped rooms, removed walls, or even turrets or alcoves. This is especially true for many of New York City’s oldest and most prestigious residences.

In addition, while many cooperative apartment buildings may have filed floor plans with the Attorney General’s office as part of their offering plans, those floor plans may not be up to date. Condominium offering plans also include floor plans and measurements, but developers often use different methods for measuring the square footage of their respective units. For example, some will include hallways or foyers or bathrooms in their square footage figures, others will not. 

Offering plans will only tell you the approximate square footage and the method used to measure it by the developer at the time of construction or conversion. Plans will not tell you how the square footage is measured at the time of a resale.

All potential purchasers should be made aware that all square footage measurements that are provided by brokers are usually just estimates, and are not certified or deemed reliable by either the listing firm or a participating co-broker. In addition, a buyer determined to have a square footage measurement should consult or retain their own professional, and have that professional explain the methodology for the measurement.



Jan 12, 2018

Manhattan Monthly Market Report | December 2017

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Market Wide Summary 

December sales activity declined to its lowest level since 2012, with condo activity dropping 24%, and co-op activity dropping 8%. Changes in pricing metrics, however, were mixed. Condo average and median price grew, while co-op median price increased slightly, and average price dropped 24%. Listed inventory continued the trend of annual increases, as both condos and co-ops saw annual gains. Days on market increased across both product types over the last year, but gains were much higher amongst condos, at 30%. Negotiability remained almost the same for co-ops. Condos, however, saw a larger difference from last ask to sale, as average discount from last ask reached 3.3% this month, as compared to 2.5% last year.


Condominium Market Snapshot 

Condominium sales activity dropped a substantial 24% in December. However, December 2016 was abnormally strong, and December 2017 has just 18 fewer sales than the 326 posted in December 2015, two years ago. Average price increased 23% versus last year and 26% versus last month, bolstered by a boost in three bedroom pricing, which jumped 32% compared to last year due to a series of high priced sales. Alternatively, median price increased just 2%, as the increase in unit sale price wasn’t adequately pervasive to lift that figure.

Condo price per square foot changes varied. Average price per square foot up by double digits. Two bedroom units, on the other hand, saw 18% declines off unusually high figures last year. Meanwhile, studios saw double digit increases of 16%, to just under $1,400 per square foot, and one bedrooms saw more modest 5% gains. Inventory continued to rise, up 4% annually, a rather modest increase compared to increases seen earlier in 2017. The slowing of sales and increase in inventory has pushed days on market ever higher, rising to 163 days, the second highest figure of the year. Average difference from last ask to sale changed by 0.8% from last year, as it reached 3.3%, the greatest spread since February 2017.



Cooperative Market Snapshot 

Co-ops saw less significant declines in activity than condos, though still registered an 8% decline in sales compared to last December. Average price fell 24% off an unusually high figure last year that exceeded $1.5M. Median price on the other hand stayed fairly constant, increasing just 1% annually, but dropping 2% as compared to last month. Price per square foot remained stable monthly, but dropped by 20% annually, as a dramatic $500 decline in the average price per square foot of three bedroom units skewed the overall average. Studios and two bedrooms saw fairly minimal increases, both rising 2%, while one bedroom units declined 9%. Inventory again rose, though less significantly than previous months, up just 5% year-over-year. Days on market increased by 5% as well, but stayed under an average of 100 days on market.


Manhattan Total Listings

Total inventory in Manhattan continued to rise annually, though more modestly than months prior, up just 4%, compared to an average of over 9% the previous three months. Typical of seasonality, overall inventory fell 17% monthly, down to a total of 6,069 actively listed units, on par with previous lows in the last year and a half. Townhouse inventory broke a seven-month-long streak of annual declines, as inventory stayed perfectly level with a year ago.


Days on Market until Contract Signing

With listed inventory continuing to increase, and contract activity decreasing, days on market across the condo and co-op markets is continuing to rise. As a result of both these factors occurring simultaneously, discounts have become increasingly prevalent in both markets.

Days on market has trended up since July 2016. As units spend more time on market, there has been a growing need amongst sellers to lower pricing. As a result, discounts have become increasingly pervasive within the condo and co-op markets, with condos specifically demanding deeper discounts than years prior. However, discounting in the current environment has proven effective in moving inventory. As days on market has gone up market wide, units have spent a nearly level amount of time on market after discounting on a consistent basis. In December, units with discounts spent an average of 13 days less on market after discounting versus the five-year average of 66 days.


Jan 11, 2018

NYS Senate HDFC Bill Stricken

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Senate HDFC Bill S6543


 Stricken                             
2017-2018 Legislative Session
A new HDFC bill spearheaded by HPD and The De Blasio administration that was intended to impose new restrictions and regulations on HDFC coops died today in the State Senate.
The bill was intended to amend the current NY State law (known as Article 11 of the Private Housing Finance Law or PHFL) that governs HDFC corporations and make changes that would permanently put HDFCs under the control of HPD.

HDFC coops were intended to be self-sufficient self-sustaining affordable housing corporations. Mayor Ed Koch proclaimed at a City Hall ceremony in 1981 to turn over deeds of Harlem buildings to the tenants so "the people, the tenants will control their own destiny.”
The bill was stricken in the state senate. Betty Little (R, C, IP) 45TH SENATE DISTRICT struck it. It's dead unless picked up and sponsored again by either a Senator or Assemblyperson.
More information at: http://www.hdfccoalition.org/

Brooklyn Market Report | Fourth Quarter 2017

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I am delighted to share with you the latest edition of The Corcoran Report for Brooklyn. Inside you will find a detailed analysis of residential real estate sales that closed in Brooklyn in Fourth Quarter 2017 (October 1 through December 31)

Key findings of the Fourth Quarter report:

  •  The real estate market in Brooklyn closed out 2017 on a high note: It sustained the trend of an expanding market. Closed sales however, took a break from the double-digit surge seen earlier this year, as the annual gains were less robust in Fourth Quarter 2017 relative to the first three quarters of the year. For buyers, constrained inventory at all price points was a key factor for lower growth levels this quarter as sellers were unable to keep pace with the strong demand for housing. New development product played a crucial role in spanning the shortfall of resale supply and the market responded favorably with swift sales of new product
  • The total number of closed sales in Fourth Quarter 2017 rose 7% year-over-year: Apartment closings came in at 1,318. The new development market fared better than the resale market in Brooklyn as this was the strongest Fourth quarter for new development sales in seven years. 
  • The total number of closed sales in Fourth Quarter 2017 rose 7% year-over-year: Apartment closings came in at 1,318. The new development market fared better than the resale market in Brooklyn as this was the strongest Fourth quarter for new development sales in seven years. 
  • The total number of closed sales in Fourth Quarter 2017 rose 7% year-over-year: Apartment closings came in at 1,318. The new development market fared better than the resale market in Brooklyn as this was the strongest Fourth quarter for new development sales in seven years. 
Please do not hesitate to reach out if you have any questions about The Corcoran Report or the Brooklyn market in general. I welcome the opportunity to be of assistance to you.


Jan 6, 2018

On The Market Now

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On the Market Now

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Jan 3, 2018

Manhattan Market Report Fourth Quarter 2017

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I am delighted to share with you the latest edition of The Corcoran Report for Manhattan. Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Fourth Quarter 2017 (October 1 through December 31).

Key findings of the Fourth Quarter report:

  •  2017 ended the year in a more stable condition than 2016: Three of the past four quarters registered level or annual increases in closed sales activity. Fourth Quarter 2017 closed sales were essentially unchanged from last year, and at 3,140 closings, carried the 2017 year-end total to 13,400 closed transactions. Signed contracts fell 14% year-over-year, largely in response to non-market factors like tax reform that are adding complexity to buyer decision making.
  •  The chasm between buyers’ and sellers’ expectations on pricing, value, and velocity that affected sales in 2016 narrowed over the last twelve months: Market wide median price rose 5% annually to $1.068M. Market activity varied significantly by product type. In Fourth Quarter 2017, resale co-op sales rose 4% annually, for the third consecutive quarter. Resale condos, which have been limited by lingering high prices, experienced a 3% decrease in closed sales year-over-year. New development closed sales declined too, by 12% year-over-year, a decrease that was less a reflection of demand and more about the timing of the current building cycle and completions.
  •  Listed inventory increased 9% annually: Active listings surpassed 6,000. This represented the highest Fourth Quarter total since 2011, and was fueled by increases in new development inventory at recently launched developments Downtown. Inventory growth, consistently outpacing absorption in 2017, pushed months of supply to 5.9 months, nearly reaching the six month supply-demand equilibrium threshold.
  •  Prices in recent quarters have adjusted to reflect supply and demand conditions among different price points: The 5% increase median price to $1.068M reflected the strength of the core $3M and under market, while the 7% annual decrease of average price to $1.879M supported the narrative that rising supply continues to put downward pressure on prices at the higher end of the market, where discounts and negotiability are prevalent. 
Please do not hesitate to reach out if you have any questions about The 4-Q-2017 Manhattan Report or the Manhattan market in general. I welcome the opportunity to be of assistance to yo

Download the full NYC real estate report here.  

Jan 2, 2018

New Laws Affecting New Yorkers and NYC Real Estate

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Happy New Year!

2018 brings new laws that will affect New Yorkers and NYC real estate. A new uncertainty due to federal tax legislation including "SALT" deductions (State and local tax deductions including property taxes) will be capped at $10,000 and the mortgage interest deduction will be lowered from $1M to $750,000.  Still unclear is a coop's underlying mortgage interest deduction.

A new law, which imposes an annual conflict of interest reporting obligation on cooperatives and condominiums, signed by Governor Andrew Cuomo went into effect on January 1, 2018. 


The law requires cooperatives and condominiums to give a copy of the new law to each director and to give to all shareholders an annual conflict of interest report, signed by each director.  

The report must list all contracts voted on by the board where one or more of the directors was an “interested” director, and for each contract state:


  1. the name of the contract recipient, the contract amount, and the purpose of entering into the contract
  2. the record of each meeting including director attendance, voting records for all contracts, and how each director voted on the contract; and
  3. the date of each vote on each contract and the effective date of the contract.

Even if the board did not engage in a transaction that requires the above disclosure, it still must prepare and deliver to all shareholders a document, signed by each director, stating “No actions taken by the board were subject to the annual report required pursuant to section 727 of the Business Corporation Law” [or subject to section 519-a of the Not-for-Profit Corporation Law, as applicable].

Board members, shareholders, managing agents and real estate brokers should be aware. The law basically provides that contracts or other transactions between a BCL corporation and a director (or a company in which a director has an interest) are not automatically prohibited just because of that conflict.

If all material facts in regard to the director’s interest were disclosed in good faith, and the Board voted to approve such contract or other transaction without counting the vote of the interested director, the contract or other transaction is valid: it is not void or voidable (due to the conflict).

However, the law does not contain any provision for enforcement, nor any penalties for violations of this provision however it may be a small baby step toward coop transparency and accountability.




 
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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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