manhattan new developments: Manhattan New Developments Market Report: First Quarter 2012
- 04/07/12 04:23 AM
Manhattan New Developments
New development supply has diminished substantially, particularly at the high-end of the market, impacting sales and price statistics. While most properties that have been on the market continue to absorb steadily, newly introduced developments in prime locations are absorbed rapidly but since a number of properties haven’t begun closings, these sales are not reflected here.
Compared to a year ago, median price declined 13% to $990,000, due to a 9% decline in three-plus bedroom median price, a 30% decline in Downtown median price and increased share of one-bedroom sales both Uptown and Downtown. Average price per square … (4 comments)
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manhattan new developments: Manhattan Real Estate: FAQ About New Residential Developments
- 01/10/11 05:04 AM
WHAT IS CONSIDERED NEW RESIDENTIAL DEVELOPMENT?In New York, this is a residential offering that is completely new to the market, and must be approved by state and local governments. It includes both ground-up construction and the conversion of an existing structure, such as an office building or rental property.WHAT IS A ‘SPONSOR'?The legal entity that owns the new development being offered-considered "the seller."WHAT IS AN ‘OFFERING PLAN'?A comprehensive disclosure document provided by the Sponsor and approved by the Office of the Attorney General of the State of New York ("Attorney General") that describes the property's offering.WHAT IS AN ‘OFFERING PLAN AMENDMENT'?A … (9 comments)
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