sales: 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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sales: The Most Expensive Manhattan Neighborhood for Renters Is...
- 10/16/14 12:27 AM
Rental listings site Zumper is back with a new report (warning: PDF!) that details just how much one-bedrooms and two-bedrooms cost in various New York City neighborhoods. And the winner (Or is it the loser? If you're paying a lot to live there?) is... the Flatiron District, with a 1BR median rent of $4,200/month. It is closely trailed by Tribeca ($4,195), Dumbo ($4,040), NoMad ($3,795), and Chelsea ($3,793).
For more affordable rentals, eyeball the bottom of the list, where areas like Forest Hills, Brighton Beach, Rego Park, Central Harlem, and Bed-Stuy reside.
When you look at Zumper's figures for the rest of the country, just take … (0 comments)
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sales: Three Cents Worth: The Ripple Effect When Rents Dip and Rise
- 09/24/14 11:44 PM
This week's chart plots the vacancy rate and landlord concessionsagainst the change in rental prices. To be clear, Manhattan's vacancy rate has remained nominal for decades, hovering around 2 percent, but we get excited when market reports hype up the rise and fall by a few tenths of a percent. The vacancy moves are more subtle than the hype suggests, but they shouldn't be completely ignored.
Understanding the rental market is a little easier if the sales market is seen as a competitor (hint: people either rent or buy, so they affect each other). Last fall's Manhattan rental market saw weaker … (1 comments)
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sales: Tour an Impressively Roomy 425-Square-Foot NYC Apartment
- 07/09/14 01:51 AM
[All photos by Will Femia.] Is this the most spacious 425-square-foot apartment on the Upper West Side? It's definitely a contender. Owner Huxley Somerville is a finance exec who bought the space for $95,000 in 1994, telling theTimes he saw it as an ugly duckling. A compartmentalized duplex on the fourth and fifth floors of a 73rd Street walk-up, it had a distinct living room, kitchen, bathroom, bedroom, and terrace across multiple levels. Despite the condition, he and his wife lived there until '97, then rented it out, till their tenant eventually left, too.
So, almost 15 years post-purchase, they decided to overhaul the recent-college-grad pad into a pied-a-terre, hiring Specht Harpman Architects to … (1 comments)
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sales: 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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sales: NYC'S MOST UP AND COMING NEIGHBORHOODS
- 04/17/14 01:27 AM
No other city changes as quickly as New York City. It's easy to feel behind on the latest trends, restaurants and hotspots. As Manhattan luxury apartment specialists, we're happy to provide you a bit of foresight into NYC's most up and coming neighborhoods.
Lower East Side
What it Was:
Just south of the East Village, the Lower East Side used to be an immigrant/working-class neighborhood in the 80’s and 90’s.
What's Changed:
Beginning in the early 2000’s, the LES started developing with lots of trendy restaurants and bar life.
What's Coming (photo above):
The once vacant parking lot on Delancey Street will become The Essex Complex … (0 comments)
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sales: New Yorkers Brace for Doorman Strike
- 04/19/10 05:05 AM
It has been nearly two decades since New Yorkers faced their last doorman strike, but as the deadline for a new contract for building workers approached, the questions being posed throughout the city remained largely unchanged on Sunday.
Enlarge This Image As the possibility of a strike loomed, a doorman on Park Avenue helped with packages on Sunday.
Who will safeguard my apartment as I sleep? Greet my children when they come home from school? Accept deliveries? Clean the hallways? Sort the mail? Operate the elevator? And who, for goodness sake, will let the cleaning lady in?
Residents, co-op boards and … (2 comments)
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sales: 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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sales: 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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sales: E-mails replacing phones in negotiations
- 04/27/09 03:19 AM
THERE are few things that New Yorkers react to more quickly than the trilling of a smartphone as it signals the arrival of an e-mail message.
With lightning speed they respond to e-mail messages on the street, in cabs, on buses, standing in line at Starbucks, the instant their Q train emerges from darkness onto the Manhattan Bridge.
So perhaps it should come as no surprise that many real estate deals involving multimillion-dollar apartments and complicated co-op board applications are also now being done electronically.
In the current market, with fewer apartments being sold and buyers waiting to scrape the bottom … (8 comments)
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sales: 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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sales: Biggest price cut of the day
- 02/06/09 08:33 AM
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)
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sales: 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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sales: 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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sales: Elliman canned from Manhattan House
- 01/28/09 09:55 AM
Manhattan House
O'Connor Capital Partners has ousted Prudential Douglas Elliman as the exclusive broker at Manhattan House, the landmark Upper East Side condominium conversion that has struggled under a debilitating credit crisis, The Real Deal has learned. Elliman Vice Chairman Dolly Lenz, who supervised the Manhattan House sales team, was officially notified of the decision late Monday, following weeks of negotiations involving frustrated apartment buyers, existing tenants and HSH Nordbank, the senior lender, according to sources. Corcoran Sunshine Marketing Group and O'Connor Capital Partners issued a joint statement confirming that Anne Young, senior managing director of Corcoran Sunshine, … (0 comments)
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sales: 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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sales: Townhouse sells at highest price since summer
- 01/20/09 01:39 AM
Janna Bullock's townhouse at 9 East 67th Street, at Fifth Avenue, spent nearly three years on the market before closing for $14.925 million, the highest price on an Upper East Side townhouse since the summer. Bullock, a developer, put it on the market unrenovated and invited decorators to dress it up. She took it off the market to renovate the interior and worked with a series of brokers. The townhouse finally sold after Bullock got permission from the Landmarks Preservation Commission to recreate the house's old limestone front stoop and entryway. Broker Richard Steinberg of Warburg Realty brought … (1 comments)
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sales: As Economy Stalls, Fewer New Yorkers Moving Out of State
- 01/20/09 01:17 AM
In what may prove a silver lining in the latest economic black cloud, New York lost fewer residents to other states in 2007-8 than during any year in at least a generation.
Between July 1, 2007, and July 1, 2008, New York recorded a net loss of 126,000 residents to other states — meaning 126,000 more people moved out than moved in — according to an analysis by demographers at Queens College.
Some 257,000 people moved away during those 12 months, the analysis showed, about half the peak of 521,000 in the same 12 months spanning 2005-6.It was the first time … (0 comments)
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sales: 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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sales: Number of Homes Listed For Sale Fell in December
- 01/14/09 01:25 AM
The number of homes listed for sale declined in many metropolitan areas last month, but the drop was smaller than has been typical for the holiday period.
The supply of homes available for sale in 29 major metropolitan areas in December was down 6.4% from a month earlier, according to figures compiled by ZipRealty Inc., a real-estate brokerage firm based in Emeryville, Calif. The ZipRealty data cover all single-family homes, condominiums and town houses listed on local multiple-listing services in metro areas where the firm operates.
On a national basis, inventories typically fall sharply in December from November because fewer people … (0 comments)
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Listings pulled by the hundreds and new ones drop 79% in brutal week
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