rentals: 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)
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rentals: 2010: The Year of the Renter?
- 01/26/10 01:41 AM
SCORES of stalled construction projects can be found scattered around New York City, but one category of building that doesn’t seem to have been sidetracked by the recession is the luxury apartment rental.
Some of the new buildings that will add at least 7,000 apartments to the city’s housing stock.
At least 16 new rental buildings are expected to open in Manhattan in coming months, ranging from small buildings to 500-unit high-rises, for a total of more than 3,500 apartments. Brooklyn will get an additional 3,500 new apartments as well, including units in some buildings that opened in late … (3 comments)
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rentals: Brand New and Reduced Listings Available for Rent
- 11/11/09 03:53 AM
Brand New and Recuded Listings Available for Immediate to Decmeber 1st Occupancy
Contact JAD Realty Group to schedule an appointment.
610-781-8417
www.jadrealtygroup.com
… (0 comments)
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rentals: Market Report: No May Flowers for Manhattan Rentals
- 05/26/09 10:59 AM
Rental-heavy brokerage The Real Estate Group New York has released the May edition of its Manhattan Rental Market Report (available to download here), and while rents stayed largely flat over last month, the year-to-year declines can be seen in the tables above. TREGNY also cites increased demand over the past month as a sign that the typically hot Manhattan spring/summer rental season will have life this year. Graduates should check out non-doorman buildings on the Upper East Side, where rents are at a 13-month low.
While the report doesn't factor in landlord incentives that drive rents down even lower, the … (1 comments)
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rentals: FORMER CORCORAN SUNSHINE SALES DIRECTOR SUES BROKERAGE
- 05/26/09 09:46 AM
Former Corcoran sales director suing for commissions from Five Franklin, the Avery and Linden78 A former sales director for Corcoran Sunshine Marketing Group says she has been stiffed for more than a quarter million dollars in residential brokerage commissions for sales in high-profile developments including Five Franklin, the Avery and Linden78, a court filing says. Broker Nancy Reese accuses Corcoran Sunshine and other Corcoran entities of withholding at least $200,000 in commissions on closed sales and says the developer of Linden78 owes her $70,000 in commissions on canceled contracts, the court papers say. The lawsuit was filed at a time when … (1 comments)
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rentals: Market Reports: Pileup on Brooklyn-Queens Expressway
- 04/17/09 02:28 AM
Brooklyn Waterfront Construction
Following in the footsteps of Manhattan, the Brooklyn and Queens real estate markets also posted price declines and huge drops in sales during the first quarter of 2009—but much like the boroughs themselves—they didn't completely follow in the big island's footsteps. Today the Prudential Douglas Elliman/Miller Samuel Brooklyn and Queens market reports were released (available for download here), and there are some juicy findings:
1) Brooklyn: The median sales price in Brooklyn was $474,600 during the first quarter, a 9.9% drop from the previous year's median mark of $527,000. Interestingly, the decline was consistent across all property … (1 comments)
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rentals: Manhattan office market sluggish
- 03/04/09 05:23 AM
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)
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rentals: Tenants in position to bargain
- 02/06/09 08:54 AM
Speaking on NBC's Today show this week, the Corcoran Group's founder, Barbara Corcoran, said that most apartments that haven't been sold are turning into rentals, and that tenants are now in the perfect position to bargain. Possible concessions from landlords include several months' free rent, an apartment with a better view or slightly more square footage for the same price.
Watch the interview here:
www.youtube.com/watch
… (1 comments)
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rentals: Parent trap trips Corcoran
- 02/03/09 05:01 AM
Is Pamela Liebman, CEO of the Corcoran Group, hobbled by her firm's parent company?
The New Year ushered in a wave of misfortune for city real estate brokerages, as a raft of companies announced that they would shed offices or close up shop altogether. Predictably, small brokerages were hit hardest: Brooklyn Properties closed an office, Domain Properties downsized to a smaller space, and both Upside Residential and Homestead New York announced they would shutter completely. Meanwhile, medium-sized firms like Warburg Realty and Bellmarc Realty also closed branches. And, as part of that rash of closures, rentals behemoth Citi Habitats … (3 comments)
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rentals: Townhouses get condo amenities
- 01/29/09 02:13 AM
33 Charlton Street
Aberdeen Properties is adding amenities usually found in condos, like concierges and climate-controlled package rooms, to townhouses around the city. The properties include 52 West 76th Street, on the market at $15.9 million; 24 West 11th Street, listed at $14.95 million; 33 Charlton Street, listed at $10.95 million; and two separate units at 41 West 74th Street, on the market for $7.65 million and $7.5 million. The renovated townhouses are ready for move-in, and Prudential Douglas Elliman's Dolly Lenz, Leonard Steinberg and Raphael De Niro have the exclusive listings.
… (1 comments)
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rentals: J Condo offers free rent
- 01/28/09 10:18 AM
J Condominium
The J Condominium at 100 Jay Street, between York and Front streets, is offering one month of free rent to anyone who signs up for a $2,400 per month studio, according to a listing on Craigslist.com. The listing for the Dumbo building also offers no broker's fee and no application fee. The Corcoran Group is the sales and marketing agent for the 267-unit building.
… (1 comments)
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rentals: Economist predicts gloomy 2009
- 01/26/09 06:37 AM
A year ago, economists predicted 2008 would be a challenging year for the struggling real estate industry. The property market had just come off what seemed then like its worst year ever and signs of a recovery were faint. A year later, after watching property values plummet further, foreclosure rates soar higher, and home sales shrink lower, real estate professionals from Florida to California are now predicting far worse for an industry in ruins.“The very future of how real estate is bought, sold, and financed is under tremendous pressure,” says veteran Florida real estate economist Lewis Goodkin. “There’s no question that … (1 comments)
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rentals: Major retailers seek rent relief in NYC
- 01/20/09 01:10 AM
Borders at 2 Penn Plaza
Beleaguered owners of chain stores in New York City are asking for permanent or temporary rent reductions through deferred payments, lower payments or leases based on a percentage of retail sales, several retail brokers said. "Virtually every national chain has a rent reduction program that [will] affect metro New York real estate," said Patrick Smith, executive vice president of the northeast region of Staubach Retail. "Performance is down so significantly they are trying to bring their four-wall occupancy costs to an acceptable rate." Tenants and landlords are negotiating over a wide spectrum of options … (0 comments)
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rentals: 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)
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rentals: Freshening up the inventory
- 10/16/08 04:34 AM
As market slows down, brokers pull and re-list apartments
As the market slows, an increasing number of brokers have pulled apartments off the market, with the intention of giving them a short hiatus from the lackluster real estate environment and then re-listing them.The goal? To bring new attention to properties that have lingered for weeks or months without any movement. In some cases the sellers have dropped their prices before putting them back on the market, but in other cases the move has merely been designed as a breather to turn the stale units into "new listings" again when they … (0 comments)
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rentals: Vacancy rates creep up in Manhattan
- 10/16/08 02:10 AM
Vacancy rates rose across Manhattan's three main business districts in September, when Wall Street was battered by a credit crunch that nearly brought commercial lending to a standstill.At the same time, average asking rents fell in two of them, according to a report from CB Richard Ellis covering September data, released today.Leasing activity rose or remained flat in the districts, with the largest lease renewal to Macquarie Equities USA for 258,335 square feet at 125 West 55th Street. There was no other lease written greater than 50,000 square feet in any of the three districts -- Midtown, Midtown South and Downtown.The … (0 comments)
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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.
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