Preparing for Building Workers Strike

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. 

Living in the Upper East Side | Carnegie Hill

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  façades, 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

Manhattan Monthly Market Report | June 2016

Market Wide Summary 

Continuing last month’s trend, sales in both the condo and co-op markets were down year-over-year. In terms of average and median sale prices, the condo market was up compared to last year while the co-op market was down.

Average price per square foot grew 3% versus last year in the condo market, but declined 12% in the same time period for co-ops. Inventory continues to grow across the market, impacting negotiability and average days on market. Discounts were prevalent in both the condo and coop markets; difference from last ask to sale was -2.9% for condos and -0.6% for co-ops. Average days on market grew 10% and 25% for condos and co-ops, respectively, versus last year.

Condominium Market Report

Both average and median sale prices were up in the condo market compared to last June, rising 7% and 13%, respectively. While sales remained level month-over- month, the metric decreased 15% versus last June. Overall average price per square foot grew 3% year-over-year, driven by large gains in average price per square foot for both studios and three+ bedrooms. Two bedrooms saw the largest annual decrease in average price per square foot, dropping 11%, while one bedrooms had a modest decrease of 3%. Properties remained on the market for 10% longer than in June 2015, averaging 90 days on market versus 82 days on market last year. Difference from last ask to sale was -2.9%, which was a larger difference than last June. Inventory in the condo market increased a significant 25% versus this month last year, but was nearly level with last month.

Cooperative Market Report

For the seventh month in a row, the co-op market saw a decrease in year-over-year sales. Contract activity declined 27% versus last year and 15% versus last month. Both average and median sale prices were down annually a minimal 1% and 2%, respectively. While average price per square foot was down 12% versus last year, co-ops have seen a steady increase in the past three months.



All bedroom types experienced year-over-year declines in average price per square foot, with the greatest drop of 13% in the two bedroom market due to an unusually low average price for two bedroom. Co-ops spent an average of 73 days on the market, which was 25% greater than in June 2015. Difference from last ask to sale was -0.6% compared to 0.9% last year. After five consecutive months of growth, co-op inventory dropped 5% versus last month, though inventory remained 9% greater than in June 2015.

Manhattan Total Listings 

After six months of growth, total listings decreased for the first time since December 2015. Total listings decreased 3% versus May 2016, which had the highest amount of inventory since October 2012. Total listings rose 17% year-over-year marking the fifth month of annual increases. Condos comprised 54% of June inventory. Condos have made up over half of total listings since May 2015, partially explained by the increasing number of new development condos. Condo inventory increased 25% relative to last year, while co-op inventory saw annual growth of 9%.

Negotiability Factor for Condos and Co-ops 

Trends in negotiability for condos and co-ops have been diverging since September 2015. Over the past year, both condo and co-op inventory has been expanding, creating an environment in which price discounts are common. Negotiability for condos has been increasing month-over-month since March 2016, and moved to -2.9% from -1.4% year-over-year. This month last year, negotiability for co-ops was 0.9%, indicating that units were being sold over ask, versus -0.6% below ask in June 2016. In spite of these changes, difference between last ask and sale price in both the condo and co-op markets is small compared with levels prior to 2014.

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.

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.

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.

2015 Manhattan Townhouse Report

Among it's Findings:

• The number of townhouses sold fell by 12% versus 2014

• The value in townhouses continued to rise-up 11% over 2014 to $1,730/sf

• For the first time in 2015, more than half of the townhouses sold traded over $5MM

• The disparity in value per square foot between townhouse and apartments has led to significant interest in the investment potential of townhouses.

• Thanks to their relative affordability and renovation potential, more e.

• This dynamic fueled the 35% annual gain in median price as well as the 27% increase in average price.

New Rule Disclosure for Luxury Buyers in Manhattan

One 57 
157 West 57th Street Manhattan

The Treasury Department will begin identifying and tracking secret buyers of high-end properties beginning today in Manhattan and Miami.

It is the first time the federal government has required real estate companies to disclose names behind cash transactions. Starting today, luxury buyers wanting to pay in cash will no longer be able to hide behind an LLC in Manhattan or Miami-Dade County.

In Manhattan, the initiative requires buyers in sales of more than $3 million to be reported; in Miami-Dade County, it requires reporting on sales of more than $1 million. In Manhattan, 1,045 residential sales cost more than $3 million in the second half of 2015, worth some $6.5 billion in aggregate, according to PropertyShark, a real estate data company.

According to The Financial Crimes Enforcement Network (FinCEN) of the US Treasury "those without bank financing – may be conducted by individuals attempting to hide their assets and identity by purchasing residential properties through limited liability companies or other opaque structures."

In addition to starting in only two markets, the requirement runs from March through August. If the government finds many sales involved with suspicious money they will implement permanent reporting requirements across the country.

Manhattan Market Report Fourth Quarter 2015

I am delighted to share with you our Q4 Manhattan Report.  Inside you will find a detailed analysis of residential real estate sales that closed in Manhattan in Q4 2015 (October 1^st through December 31^st).

Key Findings of the Fourth Quarter Report:

·         A new record price.  The median price for an apartment in Manhattan reached $1,100,000, its highest level ever recorded.  The median price per square foot is now $1,348, up 12% from a year ago.

·         More closings but fewer contracts. Though closings continue briskly, the pace of sales slowed as 12% fewer contracts were signed in the fourth quarter versus the year prior.

·         More inventory, finally. The available inventory of homes was up 14% from a year ago, though the total is just over 5,000 – a level we still consider “undersupplied.”

As always, I will continue tracking the residential market closely throughout 2016, and would welcome the opportunity to answer any questions you may have about the market report or the market generally. 

If you have any questions regarding your future and specific needs, please contact me for expert market knowledge and exceptional service.