Showing posts with label residential. Show all posts
Showing posts with label residential. Show all posts

Oct 18, 2015

Manhattan Monthly Market Report | September 2015

Manhattan Monthly Market Report | September 2015

Market Wide Summary 

Overall sales were down 17% year-over-year, with declines in both the co-op and condo markets. As is typical at the end of summer, listings jumped by 18% in September relative to August, led by the co-op market which increased 25%.

However, total inventory remains 6% below last year’s level. Co-op sale price was up while condo sale price fell versus September 2014. Studio and one bedroom units represented a greater share of sales this month versus September 2014, partially accounting for the decline in condo sale price year-over-year.

With an increase in co-op inventory month-over-month, buyer negotiability increased in the co-op market. 52% of total sales this month sold below asking price compared to just 40% in June, reflecting the increase in inventory and greater buyer choice. Days on market declined in both the condo and co-op markets versus last month and last year.

Condominium Market Snapshot 

Condo sales were down this month, dropping 21% versus last year and 11% versus August. Condominium average and median price declined relative to last year. Average price per square foot increased a negligible 2% versus last September.

However, these overall figures misrepresent actual price trends, since larger units have declined markedly as a proportion of total units sold, skewing prices down. Two and three bedroom units represented 60% of total units sold this month relative to 72% of units sold in September 2014.

Average price per square foot increased year-over-year in every bedroom category except 3+ bedrooms, which fell by a modest 2%. The gap between last asking price and sale price narrowed versus last month and last year. The length of time it took for listings to reach contract declined to just 78 days, the lowest such figure since August 2014.

Cooperative Market Snapshot 

Co-op sales were down versus last month and last year. Co-op prices rose relative to September 2014, with co-op average sale price up 10% and median price up 9%. Average price per square foot rose 8% versus last year. Two bedroom units experienced the most substantial price per square foot increase, rising 25% versus September 2014, followed by studios, which rose by 22%. While inventory rose versus last month, the co-op market continued its trend of year-over-year declines in inventory, dropping 15% versus last year. Negotiability - the difference between last asking price and sale price - increased from its nearly nonexistent level last month. The length of time from listing to contract signing declined versus last month and last year to 86 days.

Jul 1, 2015

Manhattan Market Report | Second Quarter 2015

I am delighted to share with you our Q2 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q2 2015 (April 1st through June 30th).

Key Findings of the Second Quarter Report:

·         Record high prices.  Thanks in large part to sales of new development properties, the average price increased 8% to $1.81 million, the highest we have ever recorded.  The average price per square foot is now $1,637.
·         More sales. The pace of closed sales was up 2% over the same quarter one year prior, and there were 7% more signed contracts.
·         Rising inventory. Although the market is still experiencing relatively limited supply, the number of homes listed for sale in Manhattan was up 12% over the same quarter in 2014, as freshly released new development properties reached the market, and homeowners took advantage of the spring selling season.

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

Apr 19, 2012

New NYC Smoking Policy Disclosure Law

New Policy Does Not Change Residential Rules Permitting or Banning Smoking, 
Helps Tenants Make Informed Housing Choices

 Mayor Bloomberg introduced a bill yesterday that would require owners of residential buildings with three or more units in New York City to inform prospective tenants and purchasers whether smoking is allowed inside apartments as well as on balconies, courtyards and rooftops. Building owners would also be encouraged to use this as an opportunity to alert current residents of their smoking policies.

The new law, which is similar to other disclosure policies such as a history of bed bugs or lead paint, would require landlords to provide a disclosure form to tenants and apartment purchasers stating the building’s smoking policy before a lease or sale is finalized. It is similar to laws that have been passed in Maine, Oregon, and several local jurisdictions. The law would not restrict smoking in private residences but enable all residents, including smokers and non-smokers, to know a building’s smoking policy before deciding where to live.

Jul 25, 2011

40 Riverside Boulevard - The Glassiest Tower

Courtesy of Goldstein Hill & West 
The latest Riverside South Tower to be the glassiest reported Amanda Fung in Crain's New York Business.

Riverside Boulevard one of the last residential buildings at Riverside South will be considerably glassier than it's neighbors to the north according to the projects designers at Goldstein Hill & West Architects.

The 650,000-square-foot residential tower at 40 Riverside Blvd. will be 33-stories high and boast more glass than any of the other new buildings north of it according to Stephen Hill, a partner at Goldstein Hill & West Architects.

"The new tower at 40 Riverside will have a stone base but transition into more glass as it rises, It will have an “appearance of a curtain wall.” “It will look cleaner, sleeker and more beautiful,” Mr. Hill told Crain's reporter Amanda Fung.

Mr. Hill has been involved in developing Riverside South since 1995, first under his former employer Costas Kondyllis & Partners and now under his own firm Goldstein Hill & West. To date, he has worked on 10 of the projects, most recently, helping developer Extell Development design residential towers The Rushmore, Aldyn and Ashley.

Back in November I reported in this blog Riverside Center Development Approved. Riverside Center, the final piece of the Riverside South community received city approval for Extell to build Riverside Center, a proposed 3.1 million-square-foot, mixed-use property consisting of five high-rise towers on the southern end of the site, between West 59th and West 61st streets. Riverside Center will provide the neighborhood with much needed infrastructure, amenities and open space including a new 150,000 square-foot school.

Rendering Riverside Center

Riverside Center will be built on an eight-acre parking lot and former rail yard. Riverside Center will be built directly south of The Aldyn, Extell's new 40 story luxury condominium and rental building, now selling on Riverside Boulevard.

May 17, 2011

Manhattan Residential Architecture

Brownstones to Glass Mansions in the Sky
Manhattan Residential Architecture from the 19th Century to the 21st Century

19th Century
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 and multi-family income producing rental buildings for investors.

Upper West Side Townhouses made of Brownstone and Limestone

The luxury apartment house was actually invented in New York in the late 19th century. Upper-class New Yorkers lived in townhouses and single-family mansions during the 19th century. To lure potential tenants, developers borrowed the word "apartment" from the French to make the new buildings sound more fashionable. The word and the lifestyle stuck.

In 1890 The Dakota was the first luxury apartment building in Manhattan.
It's Beaux Art Chateau style architecture was popular in the late 19th century. It was named The Dakota because at the time it was considered so far uptown (West 72nd Street and Central Park West) it might as well have been in Dakota Territory.

The Dakota
Dakota Architect: Henry Hardenburgh

20th Century 
In 1904 The Ansonia was called the most technologically advanced apartment house in the world.
When it opened in 1904, this extraordinary, eighteen story Beaux Arts building provided tenants with such luxuries as electric stoves, hot and cold filtered water, freezers, a pneumatic -tube system to deliver messages, and even an early form of central air conditioning.

Architect: Grave and Duboy built (1899-1904)

Apartment house living spread from New York to the rest of the country. By the 1930's 90% of Manhattanites were living in apartments.

1930 Art Deco Buildings
The San Remo Apartments and The Beresford. Two Emery Roth Architectural Masterpieces.
An ad for the San Remo in the NY Times in April 1930 called it:

As modern as a flying boat, as luxurious as the Ile de France and designed for people who are at home on both. Birds in the sky are your only neighbors.

<--The San Remo Apartments  

The Beresford -->

After World War II the New York apartment buildings became flat panels of brick and glass, lacking shape, color, texture, and ornaments.


 Brick Buildings

11 Riverside Drive - The Schwab House

The Schwab House built 1951 is considered one of the best Upper West Side Coops. 

The 17-story, 654-unit apartment building is on the site of the former Charles Schwab mansion. It recently converted to"green"energy.

 Buildings were white brick - Wedding cake style - Large buildings with many setbacks with terraces.

Fairmont- UES built in 1964 - coop in 1984      
  Dorchester Towers  
 Broadway at 68th Street
built in 1964 with Lincoln Center Development converted to condo 1984 --->


Buildings made of concrete have set back vertical rectangles and cylinders, many with balconies.

Yorkville Towers, Rupert Towers Complex  built in 1975 converted to condos in 2003

<---Yorkville Towers

Rupert Towers --->


Brick facade with glass oversized windows - post modern, construction boom in 1980's.

The Boulevard 1988 - Upper West Side Condop   

The Bromley 1987 - Upper West Side condo --->



Distinctive Brick facade of the 90's. Mixed facade limestone panels of the new century.

The Alexandria built 1991 

Seven buildings (condos and rentals) Trump Place 1998- 2003

21st Century
Glass Towers of the New Millenium - Glass Mansions in the sky

The Ariel East and West at West 99th Street and Broadway -

The Aldyn 60 Riverside Boulevard

The Second Decade of the 21st Century

Hudson Yards Rendering

520 West 28th Street Rendering

520 west 28th street is a boutique condominium being developed by the Related Company designed by world-renowned architect Zaha Hadid.

Hudson Yards Development will Transform New York City’s Skyline and Create a Vibrant New Neighborhood. What was once an underutilized tract of land will soon be transformed into a dynamic, mixed-use destination, which will include new office space, residences, retail, hotels, open space, and access to the City’s waterfront. 

The Hudson Yards district is the single largest piece of undeveloped property in Manhattan and will be the biggest development that has been realized since Rockefeller Center.

To receive listings of Manhattan Apartments and Townhouses
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To sell your Manhattan Apartment or Townhouse

(blog post updated 6/2014)

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