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)
Redfin Estimate could be inflating the value of certain homes.
Joseph Alongi, founder of the low-fee brokerage SoldNest, recently argued that the company has had a big impact over the past few years on rising home prices, according to Inman. He told the publication that Redfin’s estimate would adjust right after the home hit the market and then adjust two or three more times within the first two or three days. He believes user engagement plays a role as well.
At one house in Silicon Valley listed for $1.78 million, … (2 comments)
Hotel trades have seen a jump in activity this year thanks to some big-ticket deals — but sellers on the sidelines may be eyeing a more encouraging market, too.
Transactions through the end of July totaled $2.9 billion, according to STR, a hotel data and analytics firm. That’s up from $906 million the same 12 months earlier. While recent sales figures have seen a boost from large deals, the backdrop of the market has also become more positive, brokers and consultants said.
“Because buyers are more optimistic, then you’re going to get sellers come out and actually want to sell assets,” said Bradley … (1 comments)
The condo was marketed for $40.75 million when it went into contract in May, according to Streeteast. Douglas Elliman’s Richard Steinberg and Sabrina Saltiel had the listing. The buyer is listed in property records as Iair Rosencranz.
The 93rd floor unit spans nearly 4,000 square feet. The apartment includes a library and master bedroom suite with dual walk-in closets. The suite and kitchen have marble floors.
As developers Macklowe Properties and CIM Group have sought to offload sponsor units, they’ve been competing with owners' resale listings. Sponsor unit 80B sold last fall … (0 comments)
commercial real estate: The battle for Flatiron: Facing off at the iconic building
- 07/25/18 08:56 AM
The 2 flexible-office companies are vying for the iconic 180K sf building From left: WeWork’s Adam Neumann, the Flatiron Building at 175 5th Avenue, and The Office Group’s Olly Olsen The Flatiron Building, one of New York City’s oldest and most iconic skyscrapers, is available for leasing, and two of the world’s largest flexible-office companies are bidding to move in.
WeWork and London-based The Office Group will go head-to-head in their advance on the 180,000-square-foot building, which would serve as an enticing location for co-working spaces. The negotiations with building owner Sorgente Group were first reported by the Financial Times. A … (0 comments)
The multifamily market in New York City slowed down significantly in April following a strong first quarter, with volume metrics dropping to their lowest levels of the year so far.
The first quarter of 2018 saw a solid rebound from the multifamily market’s painfully slow 2017, with dollar volume reaching almost $3 billion. But in April, dollar volume was at just $431.4 million, spread across 31 transactions and 41 buildings. This was a 48 percent drop in dollar volume, a 30 percent drop … (0 comments)
UPDATED, June 20, 10:00 a.m.: Two months after Town Residential abruptly shut its resale and leasing business, its former landlord at 110 Fifth Avenue slapped the firm and its founder Andrew Heiberger with a lawsuit to recoup unpaid rent.
According to the suit, filed Tuesday in New York State Supreme Court, Town surrendered possession of the 16,600-square-foot office on May 10, weeks after effectively ceasing brokerage operations. But court documents allege that Town and Heiberger, who guaranteed the lease renewal in 2013, defaulted on $438,299 in rent, taxes and other fees. … (0 comments)
Manhattan, Brooklyn. and Queens Market Report Charts Following five consecutive months of decline, Manhattan saw its first increase in rent thanks to a growing demand for larger apartments.
The median net effective rent, which accounts for concessions, rose 0.4 percent year-over-year in May to $3,392, according to Douglas Elliman’s latest rental report. But the trend was largely driven by the surge in new leases for larger apartments, as the high-end sales market remains soft, the report said.
“You’re seeing some of that decline in sales demand being translated into people taking advantage of rentals,” … (1 comments)
The agency certified a text amendment that will lift a 1987 zoning restriction in certain parts of the neighborhood. This marks the first step in the Uniform Land Use Review Procedure (ULURP), which will take several months and culminate in a vote by the City Council. Earlier this month, the city revealed revised plans to rezone the district after temporarily tabling a previous proposal. The latest plan allows owners of buildings on certain side streets in the district to … (0 comments)
Number of deals declined for the fourth straight quarter 
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