Jun 24, 2016

Manhattan Monthly Market Report | May 2016


Market Wide Summary 

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

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

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

Condominium Market 

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

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

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

Cooperative Market

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

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

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

Manhattan Total Listings

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

Manhattan Above/Below Ask by Price Point 

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

Jun 23, 2016

Fiscal 2017 Real Property Tax Rates


Fiscal 2017 Real Property Tax Rates

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

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

Jun 22, 2016

Manhattan's Newest Neighborhood | Hudson Yards

Hudson Yards Image courtesy  Related Companies

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

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

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

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

Image courtesy: Related Companies & Diller Scofidio + Renfro

The Hudson Yards lifestyle include:

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

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

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

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

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

Jun 20, 2016

The Aurum | 2231 Adam Clayton Powell Junior Blvd.

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

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

More info on new developments: nycnewdevelopments

Jun 19, 2016

The New York Roommate Law


 The New York Roommate Law

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

Image Credit: Everett Collection

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

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

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

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

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

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

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

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

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

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

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

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

Jun 14, 2016

New Development 268 West 87th St. The Chamberlain


269 West 87th Street, rendering by FxFowle Architect

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

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

Current site 269 West 87th Street

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

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

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

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

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

Jun 13, 2016

Condos with Pools in Lincoln Square | Columbus Circle | Hell's Kitchen

Originally posted: Saturday, December 15, 2012

Manhattan Condos with Pools | Condos with Pools in Lincoln Square | Columbus Circle | Hell's Kitchen

Most Manhattan apartment buildings are pre-war and were rarely built with pools there are a few rare exceptions like the 1930 London Terrace complex in Chelsea. 

Today many new large construction developments are including pools, so there are more pools in luxury condos and condops than ever before.

This post is the second in a series featuring Manhattan Apartments (condos, condops  and coops with pools. This post will focus on the Lincoln Square (Lincoln Center area), Columbus Circle, West Columbus Circle and Hell's Kitchen / Clinton  neighborhoods. 

The Copley | 2000 Broadway
(West 68th/69th Streets)

Built: 1986 
28 Floors - 163 Units

 30 Lincoln Plaza | 30 W 63rd Street
(Central Park West & Broadway)

Built: 1980 - 33 Floors - 609 Units
converted to condo: 2009

The Alfred | 161 West 61st Street
(Columbus Avenue and Amsterdam Avenue)

 Built: 1987 
37 Floors -222 Apartments


Time Warner Center | The Mandarin
 80 Columbus Circle | 1 Central Park
(59th Street and West 60th Street)

Built: 2004 
 80 Floors - 191 Apartments

  10 West End Avenue
(West 59th/ 60th Street)

Built: 2007 
 33 Floors - 173 Apartments

The Element | 555 West 59th St.
(Amsterdam Avenue and West End Avenue)

Built: 2007
35 Floors - 198 Apartments

157 West 57th Street

Built: Under Construction
90 Floors - 92 Apartments

Now Selling

Park Place | 301 West 57th Street
(Eighth Avenue and Ninth Avenue)

 Built: 1987 
61 Floors - 301 Apartments

 The Sheffield | 322 West 57th Street
Cross street: 8th & 9th Avenues

Built: 1978
58 Floors. 597 Apartments
Converted to condominium 2005

City Spire | 150 West 56th Street
(cross street: 6th & 7th Avenues)

Built: 1988 
72 Floors - 353 Apartments

The Orion | 350 West 42nd Street
(cross street:  8th and 9th Avenues)

Built: 2005
60 Floors - 551 Apartments

The Atelier | 635 West 42nd Street
(cross street: 11th/12th Avenues

Built: 2006 
46 Floors - 478 Apartments

Prices vary building to building but start around $600,000 for studios up to $20 million+ for large multi- room apartments. One57 prices range from $3.2 million to $102 million. 
Please contact me if your looking to purchase or sell a condo, condop or coop in Manhattan.

Condos and Condops with Pools on the Upper West Side

Manhattan-condos-coops-with-pools Downtown

 Listings of Manhattan condos and condops with pools

courtesy of:
Mitchell Hall, Associate Broker
The Corcoran Group
P (212) 877-6268 | M (917) 312-0924

Jun 11, 2016

Summer in the City | Buildings with Pools on UWS

updated original post October 2011

Manhattan Condos with Pools

Upper West Side Apartment Buildings with Pools

If a pool is a priority for you, and you want to live on the Upper West Side, whether buying or renting, the following buildings have swimming pools.

Built 2011

The Aldyn Residences, Athletic Club and Spa includes 40,000 square feet of amenities overlooking the Hudson River including a 75' Swimming Pool and Hot Tub.

Built 2010

the Rushmore Pool

The Rushmore
LaPalestra Well Center

75' swimming pool

The four Trump Place condominium buildings have health clubs with pools.
120, 200, 220, 240 Riverside Boulebard
Built 200 -2004
Trump Place

The Alexandria - 200 West 72nd Street at Broadway -
Full Service Condo - Health Club, Pool, Hot Tub
Built 1991
The Alexandria -201 West 72nd POOL

The Alexandria -201 West 72nd POOL

The Bromley
225 West 83rd Full service condo built 1988
health club with pool
The Bromley _ Upper West Side
The Bromley Pool

The Boulevard 2373 Broaway
at 2373 Broadway, - Built 1989
The Boulevard is a full service luxury Condop.

Two level Health club with 75' Boulevard Pool

The New West
250 West 90th Street at Broadway - Built 1986
Full Service condo with rooftop pool
Full service condo, 21 floors, 185 apartments, rooftop pool and health club
The New west 250 W 90th at Broadway

New West

535 West End Avenue
at 86th Street
Full Service Luxury Condo Built in 2010
535 West End Avenue

535 West End Avenue POOL

The Columbia
275 West 96th Street at Broadway - Built 1983
Full service condo, 35 floors, 302 apartments, garage, health club pool.
The Columbia - 275 west 96th Street at Broadway POOL
The Columbia - 275 West 96th Street at Broadway

The Ariel (East and West)
Broadway at West 99th Street - Built 2006
The Ariel East and West, Broadway at 99th St.
Ariel Condos East & West POOL

The Ariel West and the Ariel East. Ariel East - Fitness center, pool

courtesy of:
Mitchell Hall, Associate Broker
The Corcoran Group
P (347 921-4255


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.

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