In the first quarter of this year, the median price for a Manhattan home rocketed up 18%, to $872,000, compared with the same period last year, according to an Apr. 17 report by ResidentialNYC.com, a Web portal operated by the Real Estate Board of New York. The median price for all of New York City, which includes much weaker middle-class neighborhoods in the Bronx, Brooklyn, Queens, and Staten Island, rose 4% in the first quarter, to $535,000, the real estate industry group reported.
"The numbers continue to amaze me," said Steven Spinola, president of the Real Estate Board. "What's driving the prices up is the closing of high-end condos."
Tuesday, April 29, 2008
Friday, April 25, 2008
Real estate slump sets Brooklyn back
A rise in foreclosures and gloom about the economy could stop up-and-coming Brooklyn neighborhoods in their tracks. As the real estate market cools, fears grow that professionals will lose interest in such areas as Bedford-Stuyvesant, East New York and Brownsville.
“When there’s a pullback in the marketplace, the ‘newer’ neighborhoods are often harder hit,” said Frank Percesepe, Brooklyn VP for Corcoran.
These neighborhoods are among the top 10 Brooklyn areas with foreclosures, according to a 2006 list from NYU’s Furman Center for Real Estate and Urban Policy.
“When there’s a pullback in the marketplace, the ‘newer’ neighborhoods are often harder hit,” said Frank Percesepe, Brooklyn VP for Corcoran.
These neighborhoods are among the top 10 Brooklyn areas with foreclosures, according to a 2006 list from NYU’s Furman Center for Real Estate and Urban Policy.
Monday, April 21, 2008
Property prices in Manhattan have soared 41%
Despite belt-tightening and record losses at Wall Street banks, demand for luxury dwellings was strong, said the association of New York estate agents.
On average a Manhattan home costs $1.6m (£0.8m), up from $1.1m a year ago.
However in other parts of New York City property prices are on the slide, with Queens and Staten Island down 5% and the Bronx slipping 1%.
On average a Manhattan home costs $1.6m (£0.8m), up from $1.1m a year ago.
However in other parts of New York City property prices are on the slide, with Queens and Staten Island down 5% and the Bronx slipping 1%.
Thursday, April 17, 2008
New York real estate: Financial District
Manhattan real estate - Since last year, three new rental buildings and various condominiums projects have also started leasing and selling apartments so that number is probably higher now. The anticipated population is 51,930 by 2009.
"When I first started out as an agent 3 ½ years ago I couldn't put 'Financial District' on listings -- I had to put 'downtown,'" said Sang Oh, director of sales and marketing for Platinum Properties on Wall Street, "but now people want to live here."
Oh is himself one of those people, having relocated to the Financial District a year ago. "Seeing the neighborhood progress made me want to move downtown," said Oh, "And now I just get up and walk across the street to work. I spend all day down here."
"When I first started out as an agent 3 ½ years ago I couldn't put 'Financial District' on listings -- I had to put 'downtown,'" said Sang Oh, director of sales and marketing for Platinum Properties on Wall Street, "but now people want to live here."
Oh is himself one of those people, having relocated to the Financial District a year ago. "Seeing the neighborhood progress made me want to move downtown," said Oh, "And now I just get up and walk across the street to work. I spend all day down here."
Monday, April 14, 2008
Manhattan's Real Estate: An Island Unto Itself?
According to the latest quarterly report from Halstead Property, the first quarter of 2008 saw property values continue their outlandish surge on the isle of Manhattan. The report touts "new records" in median sale prices and average apartment sale prices.
Yes, $1.69 million is the new average sale price of an apartment, but remember, that's "average" and that number was pushed up artificially by two high-end properties: 15 Central Park West and the Plaza.
Without those two, the average sale price would be a mere $1.4 million. Ah well. What this says, though, is that there is far more activity on the high end of the market, because the median sale price is $855,000 (which is still up 13 percent from last year).
Yes, $1.69 million is the new average sale price of an apartment, but remember, that's "average" and that number was pushed up artificially by two high-end properties: 15 Central Park West and the Plaza.
Without those two, the average sale price would be a mere $1.4 million. Ah well. What this says, though, is that there is far more activity on the high end of the market, because the median sale price is $855,000 (which is still up 13 percent from last year).
Friday, April 11, 2008
Ashkenazy, Carlyle Take 650 Madison for $680M
Ashkenazy Acquisition Corp., in a joint venture with private equity firm The Carlyle Group, has completed its $680 million purchase of 650 Madison Ave., a 27-story office and retail tower in midtown Manhattan.
Hiro Real Estate Co. of New York sold the 600,000-square-foot building for more than $1,130 per square foot.
The property is anchored by Polo Ralph Lauren's corporate headquarters and includes 90,000 square feet of retail space occupied by the New York flagship stores of furniture chain Crate and Barrel and designer accessories label Tod's.
Hiro Real Estate Co. of New York sold the 600,000-square-foot building for more than $1,130 per square foot.
The property is anchored by Polo Ralph Lauren's corporate headquarters and includes 90,000 square feet of retail space occupied by the New York flagship stores of furniture chain Crate and Barrel and designer accessories label Tod's.
Saturday, April 5, 2008
Manhattan real estate hits a record high
A lot of Americans are watching their homes decline in value, and many families are finding themselves upside down on their mortgages -- owing more than the home is worth.
But don't worry: if you were wealthy enough to afford New York City's sky-high real estate in the first place, you're doing quite well. New York apartments hit record highs in the first quarter -- an average of between $1.63 million and $1.72 million, depending on which data source you believe. That's a year-over-year price increase of more than 19%.
Manhattan real estate rose 13% to between $855,000 and $945,276, depending on which source you believe. But some experts say that that number is inflated by a disproportionate number of high-end properties and that prices on lower-end units are flat to negative.
But don't worry: if you were wealthy enough to afford New York City's sky-high real estate in the first place, you're doing quite well. New York apartments hit record highs in the first quarter -- an average of between $1.63 million and $1.72 million, depending on which data source you believe. That's a year-over-year price increase of more than 19%.
Manhattan real estate rose 13% to between $855,000 and $945,276, depending on which source you believe. But some experts say that that number is inflated by a disproportionate number of high-end properties and that prices on lower-end units are flat to negative.
Tuesday, April 1, 2008
Manhattan Home Market Slows as Wall Street Cuts Jobs
New York City's residential real estate market is showing the first signs of fallout as U.S. banks and securities firms cut the most jobs in seven years.
Manhattan apartment sales fell in January and February from a year earlier and new properties came to the market at the fastest pace since at least 2000, according to data from New York-based real estate appraiser Miller Samuel Inc. Transactions slid 6.4 percent to 3,250, while the number of condominiums, co- operatives and townhouses for sale at the end of last month climbed to 6,225, 15 percent more than at the start of the year.
Manhattan apartment sales fell in January and February from a year earlier and new properties came to the market at the fastest pace since at least 2000, according to data from New York-based real estate appraiser Miller Samuel Inc. Transactions slid 6.4 percent to 3,250, while the number of condominiums, co- operatives and townhouses for sale at the end of last month climbed to 6,225, 15 percent more than at the start of the year.
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