You have to ask the question: can the up-‘til-now untouchable Manhattan real estate market survive under the weight of Wall Street’s banking implosion?
Bear Stearns folks suddenly seeing their stock-based bonuses disintegrate into nothing and credit and capital fleeing the building at an alarming rate, are those priciest of pricey pads going to be able to hold their value?
As usual, the answer depends on location and price point. Remember one thing: there is limited supply in Manhattan and the city’s troubles of previous real estate downturns (high crime, filth and economic issues in the city’s own coffers) don’t exist today. Demand is high and that is the core of the Big Apple’s ability to survive this.
Wednesday, March 26, 2008
Monday, March 24, 2008
A need for a real estate authors from Manhattan
This is Tam Tree ,I hope you like the NY CIty real estate news blog.
I need real estate authors from Manhattan to help me coverage the areas of Brooklyn and the Soho.
Please send email if you like to participated in this effort. Thanks !
tamtree@gmail.com
I need real estate authors from Manhattan to help me coverage the areas of Brooklyn and the Soho.
Please send email if you like to participated in this effort. Thanks !
tamtree@gmail.com
Saturday, March 22, 2008
Manhattan apartment costs are down
A report released Wednesday by the Real Estate Group found the average price of Manhattan one- and two-bedroom apartments decreased last month - and finding a new home in the next six weeks could mean less rent.
"If you want to save money and plan on moving soon, move now ... If you can move before May, you're almost sure to find a considerably better deal," the group said in its 27-page analysis of the market.
The trend dates to last year, the report found, with the cost of living in a doorman building down across the board compared with March 2007: from $2,639 to $2,586 for studios, from $3,661 to $3,578 for a one-bedroom, from $5,555 to $5,265 for a two-bedroom.
"If you want to save money and plan on moving soon, move now ... If you can move before May, you're almost sure to find a considerably better deal," the group said in its 27-page analysis of the market.
The trend dates to last year, the report found, with the cost of living in a doorman building down across the board compared with March 2007: from $2,639 to $2,586 for studios, from $3,661 to $3,578 for a one-bedroom, from $5,555 to $5,265 for a two-bedroom.
Wednesday, March 19, 2008
The average price of one- and two-bedroom rental apartments in Manhattan went down over the last month
The average rent for a one-bedroom in a doorman building went from $3,661 in March 2007 to $3,578 in March 2008. Two-bedrooms in doorman buildings went from $5,555 to $5,265.
Real Estate Group Chief Operating Officer Daniel Baum tells the Associated Press that anticipated job cuts and the sagging dollar “have planted seeds of doubt in the minds” of many New Yorkers.
He says they are responding by sacrificing space and service for cheaper apartments. By “cheaper,” we assume he means less expensive: The average price of a one-bedroom in a doorman
Real Estate Group Chief Operating Officer Daniel Baum tells the Associated Press that anticipated job cuts and the sagging dollar “have planted seeds of doubt in the minds” of many New Yorkers.
He says they are responding by sacrificing space and service for cheaper apartments. By “cheaper,” we assume he means less expensive: The average price of a one-bedroom in a doorman
Sunday, March 16, 2008
New York's Manhattan district and Monaco have continued to boom
The picture mirrors that of London, where average prices have been slowing in 2008, but the super-prime market has continued to see strong growth.
The fact London has enjoyed a boom in top end property in recent years has been well reported. Since September the prime market and the mainstream market have slowed, activity and price growth will slow further into 2008, but at the top end of the market there has been no such slowdown.
In New York developers are in a race to improve the luxury credentials of their property in order to secure a sale.
The fact London has enjoyed a boom in top end property in recent years has been well reported. Since September the prime market and the mainstream market have slowed, activity and price growth will slow further into 2008, but at the top end of the market there has been no such slowdown.
In New York developers are in a race to improve the luxury credentials of their property in order to secure a sale.
Thursday, March 13, 2008
Vanick Properties Buys Broadway Office Bldg.
Vanick Properties Inc. acquired the 408-410 Broadway office building in lower Manhattan from 408 Broadway LLC for $29 million, or about $386 per square foot.
The five-story, 75,100-square-foot property was built in 1915 and renovated in 2008. It sits between Canal and Walker streets in the City Hall submarket.
The Cushman & Wakefield team of Charles Kingsley, Jonathan Caplan and Yoav Oelsner represented both parties in the deal.
The five-story, 75,100-square-foot property was built in 1915 and renovated in 2008. It sits between Canal and Walker streets in the City Hall submarket.
The Cushman & Wakefield team of Charles Kingsley, Jonathan Caplan and Yoav Oelsner represented both parties in the deal.
Tuesday, March 11, 2008
Foreign companies buy into New York residential market for employees
For foreign companies in New York, it is a huge cost of doing business: Employees move to the city or come here on assignment, and the company provides temporary corporate housing whose cost routinely exceeds $4,000 a month.
But more and more foreign companies are buying high-end Manhattan condominium apartments and taking on the role of landlord themselves, brokers say. The companies, many from Europe and Asia, say the strategy makes perfect sense because of the booming Manhattan real estate market and the favorable exchange rate.
But more and more foreign companies are buying high-end Manhattan condominium apartments and taking on the role of landlord themselves, brokers say. The companies, many from Europe and Asia, say the strategy makes perfect sense because of the booming Manhattan real estate market and the favorable exchange rate.
Saturday, March 8, 2008
The Manhattan real estate market is bucking the national trend in home prices
In the fourth quarter of 2007, the latest data available, the median sale price for Manhattan coops and condos increased 6.4% compared with that period the year earlier, according to Mr. Miller.
The luxury apartments that make up the top 10% of the market, or those priced at more than $2.8 million, increased 28.4% over the same period. Median prices are more accurate indicators than average prices, as they exclude outlier data, such as the ultra-luxury apartments at 15 Central Park West and the Plaza, which skew average prices upward.
In other New York economic news, the office market slowed in January, with the vacancy rate increasing slightly, to 7.6%, while asking rates were similar to the fourth quarter of 2007, according to the Fed.
The luxury apartments that make up the top 10% of the market, or those priced at more than $2.8 million, increased 28.4% over the same period. Median prices are more accurate indicators than average prices, as they exclude outlier data, such as the ultra-luxury apartments at 15 Central Park West and the Plaza, which skew average prices upward.
In other New York economic news, the office market slowed in January, with the vacancy rate increasing slightly, to 7.6%, while asking rates were similar to the fourth quarter of 2007, according to the Fed.
Tuesday, March 4, 2008
109th Street Buildings For Sale
N.Y Real Estate - In the midst of a citywide housing crisis, a notorious Harlem landlord has put 22 buildings on W. 109th Street up for sale.
The buildings, which the Pinnacle Group acquired in September 2005, are located between Columbus Ave. and Broadway and include 384 residential units. According to the listing on real estate information provider Eastern Consolidate’s Web site, Pinnacle is seeking a single buyer for the group of buildings, and “only offers for the entire portfolio are being considered at this time.”
The Pinnacle Group, which owns a reported 21,000 apartments throughout the city, has been referred to frequently as a contributor to gentrification in Upper Manhattan.
The buildings, which the Pinnacle Group acquired in September 2005, are located between Columbus Ave. and Broadway and include 384 residential units. According to the listing on real estate information provider Eastern Consolidate’s Web site, Pinnacle is seeking a single buyer for the group of buildings, and “only offers for the entire portfolio are being considered at this time.”
The Pinnacle Group, which owns a reported 21,000 apartments throughout the city, has been referred to frequently as a contributor to gentrification in Upper Manhattan.
Saturday, March 1, 2008
New York real estate: Chinatown
Steeped in tradition, Chinatown is one of the city's few neighborhoods to fend off gentrification, keeping its cultural fabric intact through a constant infusion of immigrants who keep the neighborhood true to its roots.
"People want to buy in Chinatown, but because there are no high-rise buildings, there aren't a lot of affordable apartments on the market," says Sherri Shang of Century 21 NY Metro, who has a large Chinese clientele. "A lot of the available buildings don't have amenities--just the apartment with the key … They don't want luxury--they just want to be surrounded by cultural things and the way of life."
"People want to buy in Chinatown, but because there are no high-rise buildings, there aren't a lot of affordable apartments on the market," says Sherri Shang of Century 21 NY Metro, who has a large Chinese clientele. "A lot of the available buildings don't have amenities--just the apartment with the key … They don't want luxury--they just want to be surrounded by cultural things and the way of life."
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