real estate market: Doronin’s Crown Building trades condo for $35M
- 07/19/22 08:49 AM
Unit 18A fetched full offering price of $9K per sf
Vlad Doronin with 730 Fifth Avenue
Vlad Doronin’s OKO Group has sold another gem on Billionaires Row.
An international buyer paid $34.8 million for a 3,700-square-foot condominium in Aman New York, the developer’s luxury hotel and residential project at 730 Fifth Avenue in Midtown.
The three-bed, three-bathroom unit boasts a 1,000-square-foot terrace, and fetched its full offering price, according to plans filed with the New York State Attorney General. Jean-Michel Gathy of Denniston designed the interior, which includes views of Central Park and a 42-foot heated pool.
The sale was recorded Thursday, but closed in an off-market transaction … (0 comments)
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real estate market: First Signs of Rent Frenzy Ending
- 06/30/22 05:36 AM
Prices still rising, but less than before
After months of soaring rents, firms tracking national apartment prices say national rent growth has slowed, an early sign of a cooling market.
A recent report by rental platform Apartment List showed that in June, monthly rent growth for a median apartment — 1.3 percent — was the same as in May, marking the first time this year that it did not increase from one month to the next.
Data from Zumper, another rental platform, supported those findings. A Wednesday report found median rent for a one-bedroom in June had risen just 0.5 percent over last month, “a much more reasonable growth rate … (1 comments)
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real estate market: Fed-up brokers are going off-road to avoid StreetEasy
- 04/25/20 06:49 AM
More agents are looking for ways to get around the city’s dominant listings platform
Over the first few months of 2020, real estate agents began seeing a strange new trend in their inboxes: emails advertising listings not available on a certain popular listing site.
“NOT ON STREETEASY!” screamed the subject line of a Compass team’s e-blast about a Financial District studio going for $650,000.
“Surprise your clients as this will NOT be found on StreetEasy!” an agent from Sotheby’s International Realty wrote about a $1.5 million sales listing on the Upper East Side, and an email from a Corcoran Group broker touted a $1.2 … (0 comments)
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real estate market: Tenant groups set rent strike for May 1
- 04/17/20 05:59 AM
New York and Philadelphia organizers are rallying tenants to skip rent next month
Cea Weaver, Gov. Andrew Cuomo and Jonathan Westin of New York Communities for Change
Tenant organizers in New York and Philadelphia are pushing for a mass rent strike on May Day.
New York tenant coalition Housing Justice for All is aiming to organize 1 million renters to withhold their rent in a bid to compel Gov. Andrew Cuomo to cancel rent and mortgage payments.
The Philadelphia Tenant Union is launching a similar effort after its members voted in favor of a citywide rent strike. They demand a “cancellation of rent for the … (0 comments)
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real estate market: As New York shut down, so did its residential market
- 03/26/20 06:26 AM
Listings pulled by the hundreds and new ones drop 79% in brutal week
About 450 sellers pulled their listings last week
Nearly 450 homes were pulled off the market, new listings plummeted and contract signings sank in New York City last week as the coronavirus pandemic worsened.
Data firm Urban Digs compared the number of yanked listings, signings and new listings last week to the number in the same period a year ago to see how hard the city’s health crisis is hitting residential real estate. A brutal picture emerged.
New York began shutting down March 16 and reached full “pause” Sunday night as Gov. … (4 comments)
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real estate market: Landlords brace for impact of pandemic
- 03/20/20 12:53 PM
With debt to repay and rent rolls at risk, multifamily owners look to government
Landlords are scrubbing down their apartment buildings, but no amount of Clorox is going to help when the rent checks stop.
In a series of interviews, owners of multifamily portfolios said they have responded to the coronavirus outbreak by stepping up cleaning in their properties, staggering their employees’ shifts and having them work remotely. What they cannot control, though, is the loss of income their tenants are suffering as the coronavirus pandemic wreaks havoc with the regional economy.
While most have not yet seen a drop-off in rents, many expect … (1 comments)
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real estate market: Three more months in limbo: Broker-fee ban lawsuit delayed
- 03/09/20 05:20 AM
The temporary restraining order issued last month will remain in place until summer
New York Attorney General Letitia James and REBNY president James Whelan
The uncertain future of broker fee payments will be prolonged until at least June.
On Friday, the office of New York Attorney General Letitia James requested an extension to respond to the real estate industry’s Article 78 petition until May 1 and the industry agreed to the delay, according to court documents and a statement sent by the Real Estate Board of New York. The parties will now meet in court on June 12.
The petition was filed last month in Albany County … (0 comments)
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real estate market: Stubborn sellers are putting a major damper on the Manhattan sales market
- 10/04/18 07:02 AM
Number of deals declined for the fourth straight quarter
Sellers who can’t part with their sky-high expectations keep slowing down apartment sales in Manhattan.
The number of residential sales in the third quarter dipped 11.3 percent over the same period last year, according to Douglas Elliman's latest market report. That’s the fourth consecutive quarter of declines.
“There’s movement, but I do think it’s going to take time,” said Steven James, president and CEO of Douglas Elliman’s New York City brokerage. “It’s predicated on sellers getting the message that they need to price realistically.”
As sales decline, prices keep falling too. The median sales price slid 4.5 … (0 comments)
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real estate market: A flipping loss: Owner loses money on yet another unit at 432 Park
- 07/26/18 03:56 AM
Apartment on 65th floor was listed for $32.5M 432 Park Avenue
Why the face? Maybe because this buyer’s flipped two units at 432 Park Avenue at a loss.
An LLC by the name of “WHY THE FACE” just sold a unit on the tower’s 65th floor for $24.2 million, records filed with the city’s Department of Finance show. That’s down from the $25.6 million the buyer paid in March 2016, and $8.3 million less than what the apartment was initially listed for in April 2017.
The apartment spans 4,000 square feet and features three bedrooms and a library.
… (0 comments)
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real estate market: Brokers are going all in on #branding to snag clients, but does it work?
- 07/26/18 03:49 AM
Agents are spending more money and time on marketing
As Kylian Mbappe, Lionel Messi and Neymar were slicing through defenses to bring glory to their respective nations, Alex Lavrenov was curating a list of bars where his clients in downtown Brooklyn could watch the beautiful game. He’s previously given away Yankees tickets, and when autumn comes around, he’ll offer Thanksgiving pie. None of that relates to real estate — but it’s part of how the Warburg broker is building his brand.
As they seek to add and retain clients, residential brokers are forced to become more creative in their approach to marketing. In a soft market and … (0 comments)
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real estate market: Midtown is the sixth priciest office market in the world
- 06/28/18 05:15 AM
A weekly feature bringing you the industry's latest intel
According to this week’s market reports, Midtown ranked as the sixth most expensive office market in the world and the late photographer Virginia Thoren’s home was the priciest residential deal in contract.
Residential
Sales | Leslie J. Garfield
There were two closed sales and 14 signed contracts for Manhattan townhouses between June 9 and 22. The most expensive sale for the period was 37-39 Perry Street. The four-story property, which was the home of famous fashion photographer Virginia Thoren, was sold for $17.5 million. The most expensive contract, meanwhile, was … (0 comments)
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real estate market: Why it’s so hard to buy a house right now
- 06/22/18 10:03 AM
Affordability is at the lowest level since 2008
U.S. home prices are the least affordable in nearly a decade.
Affordability this quarter fell to the lowest since late 2008, Bloomberg reported. In May, the median price of a previously owned homes rose to a record $264,800.
“Home price appreciation continued to outpace wage growth, speeding up the affordability treadmill for prospective homebuyers even without the rise in mortgage rates,” said Daren Blomquist, senior vice president at ATTOM.
According to ATTOM data, average wage earners would need to spend 31.2 percent of income to buy a median-priced home … (0 comments)
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real estate market: Let the listing wars begin...
- 06/11/18 07:06 AM
Step one: Land the exclusive. Step two: Cut the price enough to sell it.
They won the listings — but can they sell them?
That’s a question New York’s top residential agents have been grappling with for the past few years, with buyers calling the shots in a slow-moving market. Amid tax-reform jitters in 2017 and a pileup of new condo inventory, an affirmative answer often boils down to one thing: price.
This month, in addition to ranking Manhattan’s top agents by their closed deals, The Real Deal tallied their total dollar volume of listings — which offers a window into … (0 comments)
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real estate market: Renting With Bad Credit - Leases; Window Guards; Co-Op Boards
- 08/18/14 09:49 PM
Renting With Bad Credit
Q. In 2010, I lost my full-time job and began freelancing. By 2012, my financial situation worsened and I was unable to make payments on my co-op apartment. To avoid foreclosure, I sold my apartment in 2013. I used the proceeds from the sale to pay off my federal tax lien, leaving me with about $200,000 cash. However, my credit rating is poor because of the mortgage delinquency and at age 43, I am a freelance graphic designer, with no steady income. I have been trying to find a rental apartment, but my sizable savings do not help. Landlords are unwilling to … (0 comments)
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real estate market: 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)
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real estate market: Stunning Glass Houses on the Water
- 03/31/11 07:40 AM
Living with water views is a coveted luxury, but living in one of these five mansions takes the pleasure of waterfront living to a new high.
Location: Sitka, Alaska 2323 Halibut Point Road, Sitka, Alaska, 99835 Price: $1,285,000 The Skinny: Thanks to the warming effect of the Pacific Ocean, Sitka enjoys a more mild climate than one would expect. The expected high on Christmas Day? Forty degrees fahrenheit, and on average, the temps dip below freezing just 13 days a year. That might make this the perfect place to pretend to flex your macho while catching up on Deadliest Catch from … (4 comments)
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real estate market: 4 Renovations That Will Devalue Your Home
- 01/24/11 06:17 AM
Most homeowners think that all renovations or home improvement project ideas will increase the value of their property. After all, who wouldn't love a super-deluxe kitchen, or a bathroom fancy enough to be in a five-star spa? Sure, we'd all love that. But the problem is that most people don't want to pay extra for someone else's pet project when it comes to buying a home.
Homeowners should of course invest in renovations that are going to make them happy and improve quality of life. It is "home" after all! But if you're going to be putting your home on … (1 comments)
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real estate market: The Most Affordable Cities in America
- 01/11/11 03:29 AM
Billionaire Warren Buffett has made Omaha, Neb., synonymous with savvy stock investing, but the city is also highly attractive for those seeking an affordable lifestyle. In fact, the Midwestern metro ranks No. 1 on our Best Bargain Cities list.
What do we mean by a bargain? The Merriam-Webster Dictionary defines it as an "advantageous deal." On that score Omaha qualifies, thanks to a list-leading combination of affordable real estate and a healthy ratio of income to living costs.
To compile our bargain city list, we started with the 50 largest U.S. Metropolitan Statistical Areas (MSAs) and then compiled a mix of … (0 comments)
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real estate market: Beijing architect lives in egg-shaped house on sidewalk
- 12/15/10 04:16 AM
Dai Haifei, a 24-year-old architect in Beijing, China, found an ingenious solution to live rent-free. He built himself a mobile egg-shaped house that is powered by the sun.
The 6-foot-high structure, which is small enough to fit on a sidewalk, is made of bamboo strips, wood chippings, sack bags, and grass seed that’s expected to grow in the spring.
The pod features a solar panel on the roof that powers a lamp in the cozy space. The house cost around $1,000 to build (6427 yen), according to China Daily.
It seems Haifei has taken the trend of living in tiny spaces … (0 comments)
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real estate market: **Video Tour/New Listing** Upper East Side One Bedroom Rental - East 90S & 3rd Avenue
- 11/19/10 03:48 AM
Upper East Side One Bedroom Apartment Rental - New Listing featuring a Video Tour!
Well maintained walk up building, original pre war detail and feel, separate eat in kitchen including appliances, tiled bathroom, large living room featuring a southern exposure view, bright apartment corner unit, large bedroom – can fit a queen size bed and extra furniture, southern and western exposure views, new hardwood floors, video intercom system, excellent Upper East Side location – 2 blocks away from the 6 line!
Shown by appointment only - JAD Realty Group 610.781.8417
… (0 comments)
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Unit 18A fetched full offering price of $9K per sf
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