condos: Eight out of 10 Manhattan homes bought all with cash
- 05/16/14 12:34 AM
In Manhattan real estate, cash is king. While about four out of every 10 homes sold in the U.S. in the first quarter were paid for entirely in cash, Manhattan’s rate is much higher. In fact, eight out of 10 homes in the borough were bought with cash during the last three quarters, according to RealtyTrac. Darren Blomquist, vice president at RealtyTrac, told the Washington Post that the high rate of cash transactions might be fueled by foreign investors who are buying property in New York. Chinese buyers, especially, are increasingly active in the market. Tight credit, along with a low supply … (0 comments)
condos: Need a Renter? Try Giving Away Free iPads and Bicycles
- 05/10/10 03:57 AM
Prospective buyers playing hard-to-get? How about sweetening the deal with an iPad? Some developers and brokers are turning to quirky giveaways, hoping the extra incentives will help fill buildings during this tough economy. The freebies, often tacked on to traditional incentives such as fee eliminations or coverage of certain taxes, are the latest trend in attention-getting promotions. In one online ad, a broker with Platinum Properties offered to throw in two custom suits worth $2,000 each with the keys to a penthouse apartment. The broker could not be reached to say if the penthouse had been rented. Last month, Alchemy Properties … (3 comments)
condos: Illegal Conversion Boots Tenants From 1182 Broadway
- 03/11/10 02:06 AM
Our tipline has been abuzz this morning with rumors that all tenants were evacuated yesterday from rental building 1182 Broadway. We checked with the Department of Buildings—which has one "work without permit" violation posted for the property—to get the full story. And that is? A DOB spokesperson tells us the agency investigated after anonymous complaints and found that the property was illegally converted from a 16-floor manufacturing building into residential apartments. The building had no fire sprinklers, no secondary exit, and only one stairwell, which could trap tenants in the building in the event of a fire, so the DOB slapped … (3 comments)
condos: Manhattan rental market flat
- 02/24/10 01:13 AM
The Manhattan rental market showed little movement this past month, according to the Real Estate Group NY's mid-month February 2010 report, with rents climbing just .19 percent since last month (see the full report below). While the rate of vacancies continued to decrease, particularly among doorman units, which saw inventory drop 9.65 percent month-over-month, the report describes the market as sluggish. "Downward seasonal pressure combined with positive market trends to hold rents flat this month," the report explained. "Yet… landlords are finding that the bottom of the market is not the reprieve they were hoping for… the rebound is likely to … (3 comments)
condos: Manhattan apartments see annual price decline for first time since 1996
- 02/04/10 04:51 AM
A Prudential Douglas Elliman report released today depicts the spectacular rise of home prices over the past decade, but also the sudden -- and definitive -- arrival of the real estate slump in Manhattan. In 2009, Manhattan co-ops and condos saw year-over-year declines for the first time since 1996, the report shows. The average 2009 apartment sold for $1.39 million, down 12.5 percent from the previous year. The median price dropped 11 percent to $850,000 from 2008, while the average price per square foot sank 14.2 percent to $1,073. Other areas of the country have seen real estate activity and prices … (0 comments)
Fifth on the Park rendering Some buyers of new condominium units are being forced to walk away from their deposits because the mortgages they lined up before the credit crisis are no longer available, and they can't get financing. Near closing dates, some banks are requiring buyers to put additional money up for the down payment if they want a mortgage. For conforming loans in New York City, banks are now requiring at least 20 percent down, and for jumbo loans, lenders want down payments of as much as 50 percent. Some buyers are suing the developers of new … (0 comments)
The Manhattan office market overall and most submarkets continued to decline in February, but the pace of decline was slower than in January of this year, according to a February office market report released today by Newmark Knight Frank. The availability rate in February rose slightly to 12.4 percent from January's 12 percent in Manhattan. Year-over-year, the availability rate rose a sizable 4 percent from February 2008. The average asking rent dropped 1.5 percent, to $51.27 per square foot last month from $52.08 per square foot in January. Year-over-year in February, the average asking rent dropped 22 percent from … (0 comments)
770 Park Avenue, #14B The unit with the biggest price cut today in Manhattan is a two-bedroom, three-bath co-op at the Rosario Candela-designed 770 Park Avenue, according to Streeteasy.com. The apartment, unit #14B, was cut by $2.4 million and is now listed for $7.5 million, down from its $9.9 million listing. The apartment was originally put on the market at $10.95 million in May 2008, and cut to $9.9 million in September. Brown Harris Stevens' Nancy Elias and John Burger are listing the unit, which also has a 45-foot terrace. The $2.4 million cut from the unit is almost … (2 comments)
condos: Condo conversions slow in FiDi
- 12/12/08 12:23 AM
Condo conversion development in the Financial District is slowing down. During the first nine months of this year, 2,278 converted condo units in FiDi went on the market. Coming up in 2009, there are only five conversion projects scheduled to open, according to the Downtown Alliance, all with less than 15 units each. The bulk of big residential projects expected to open in the area over the next two years are new developments, including a 189-unit building at 201 Pearl Street scheduled to open next year. Marketer Michael Shvo attributes the condo conversion slowdown to the cessation of tax abatements, the … (0 comments)
condos: Dropping rents and increasing vacancies give Manhattan renters upper hand
- 12/01/08 06:11 AM
Rents in some Manhattan neighborhoods plummeted nearly 7 percent in November, according to a Manhattan rental market report released today by the Real Estate Group New York, while rental vacancies have skyrocketed in the months since Wall Street's meltdown. Rental vacancies in November increased 7.5 percent from October, and 17 percent from September, the report shows. The 17 percent is "a very large number," said Daniel Baum, COO of the Manhattan-based rental and sales real estate firm Real Estate Group. "It's a lot more inventory than we thought was out there." He said the true figure may be even larger … (1 comments)
condos: Listings up, sales down in Manhattan
- 11/24/08 06:09 AM
The number of apartments that went into contract or had accepted offers in Manhattan in October fell 20 percent from September, and declined 62 percent compared to October 2007, according to the Corcoran Group. The number of listings in Manhattan rose 33 percent in October compared to the same time last year, according to Miller Samuel. Jonathan Miller, president of Miller Samuel, said because of the lag time between contract signings and apartment closings, about 45 days, sales figures won't reflect the price decline in the market until the first quarter of next year. … (0 comments)
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