The planned building, to be developed by Vornado Realty Trust, would rise 21 stories in an interlocking set of luminescent glass cubes at 125th Street and Park Avenue and would be the first prime office tower to be built in Harlem in more than three decades.
Vornado is also negotiating with Inner City Broadcasting, the second-largest radio broadcasting company aimed at black listeners, to move to the planned tower from its Midtown offices, according to real estate executives and local officials.
Thursday, January 31, 2008
Monday, January 28, 2008
How does Long Island real estate compare?
Long Island is still one of the wealthy markets so the median prices over here are always going to be better than what it would be than in Detroit ... The seepage is coming more from Manhattan. Their prices are going up. New York City is still one of the most stable places around, only because of the amount of immigration and the amount of apartments that exist in New York City, Brooklyn, Queens, where people could become homeowners, if we can show them that they have the ability.
Thursday, January 24, 2008
Downtown Brooklyn 'Renaissance'
Amid the low-end retail outlets, dentists' offices, and courthouses that dot the neighborhood, 11 new condominiums and rental buildings — a total of 1,480 units — are welcoming their first residents.
The newcomers are a mix of Wall Street bankers attracted by the short commute to Lower Manhattan, families trading in their Brooklyn brownstones for condominiums, and 30-somethings fleeing high Manhattan prices, brokers and new residents said in interviews.
The newcomers are a mix of Wall Street bankers attracted by the short commute to Lower Manhattan, families trading in their Brooklyn brownstones for condominiums, and 30-somethings fleeing high Manhattan prices, brokers and new residents said in interviews.
Monday, January 21, 2008
Rise in NYC real estate value smallest since 1998
New York City property values will rise 1.44 percent in the new fiscal year, the smallest increase since 1998 when the market climbed a mere 1.35 percent, city finance officials said on Tuesday.
The value of commercial buildings, hotels, apartments and homes will climb to $807 billion from $796 billion last June, the city's Department of Finance added in a statement.
New York City's real estate market has been one of the nation's strongest; the current value is more than double the 1998 total of just under $300 billion.
The value of commercial buildings, hotels, apartments and homes will climb to $807 billion from $796 billion last June, the city's Department of Finance added in a statement.
New York City's real estate market has been one of the nation's strongest; the current value is more than double the 1998 total of just under $300 billion.
Thursday, January 17, 2008
Housing Slump Hits Long Island as Home Sales Drop
Jan. 16 (Bloomberg) -- Long Island and Queens home sales dropped 25 percent in the fourth quarter and the inventory of properties surged as the housing decline hit residential areas east of Manhattan, Miller Samuel Real Estate Appraisers said.
Sales fell to 6,359 from a year earlier. The median price declined 3.2 percent to $425,000, New York-based Miller Samuel said in a report issued today. A total of 38,769 homes were on the market, 41 percent more than a year ago. The survey excludes the Hamptons.
Sales fell to 6,359 from a year earlier. The median price declined 3.2 percent to $425,000, New York-based Miller Samuel said in a report issued today. A total of 38,769 homes were on the market, 41 percent more than a year ago. The survey excludes the Hamptons.
Tuesday, January 15, 2008
Sotheby's to Buy NYC Headquarters for $370 Million
Jan. 14 (Bloomberg) -- Sotheby's, the auction house that sold about $6 billion of art last year, agreed to buy its New York City headquarters for $370 million from RFR Holding Corp.
RFR, the New York real estate company controlled by developer Aby Rosen, will receive certain terms on the sale of art works through Sotheby's as part of the deal, Sotheby's said in a regulatory filing today. Sotheby's paid about $750 a square foot.
RFR, the New York real estate company controlled by developer Aby Rosen, will receive certain terms on the sale of art works through Sotheby's as part of the deal, Sotheby's said in a regulatory filing today. Sotheby's paid about $750 a square foot.
Sunday, January 13, 2008
What’s Next for New York City Real Estate?
No one is predicting that 2008 will be a repeat of 2007. The sprawling pieds-à-terre may still sell for millions at the Plaza and 15 Central Park West, but in general, economists are predicting that prices will drop in some segments of the market and in some neighborhoods around the city.
“New York has had a very good run, and there are still a lot of people sitting around with cash,” said Christopher Mayer, the Paul Milstein professor of real estate at Columbia Business School. “But that doesn’t last forever.”
“New York has had a very good run, and there are still a lot of people sitting around with cash,” said Christopher Mayer, the Paul Milstein professor of real estate at Columbia Business School. “But that doesn’t last forever.”
Monday, January 7, 2008
Why the Dollar Matters in Real Estate Stories
This week, these fine folk set out to solve a lingering mystery -- at least for anyone almost willfully blind to the effects of a weak dollar in an area that's attractive to foreign buyers. Here is the headline: Apartment Prices in Manhattan Defy National Real Estate Slide.
The article led off in deep wonderment about the half-price sale that is the Manhattan real estate market for many foreign buyers, thanks to that weak dollar:
The article led off in deep wonderment about the half-price sale that is the Manhattan real estate market for many foreign buyers, thanks to that weak dollar:
Tuesday, January 1, 2008
NYC's Strong Real Estate Market Makes Leaving it Easier
hanks to the soft real estate market everywhere except our fair city, many New York City residents have been able to pick up and move out of the Big Apple for less expensive and literally greener pastures. The NY Times had an article yesterday about people who cash out of their NYC apartments and "get much more for their money outside the city."
The first example is a couple who sold their Upper West Side two-bedroom apartment for $899,000 within two hours of the first open house. They then bought a $690,000 three-bedroom home in Norwalk, Connecticut (no mortgage). An Upper East Side couple, expecting their second child, had been looking for a 1,400 square foot apartment in Manhattan but ended up buying a 5,000 square foot home for $1.665 million in Westchester, where "prices had dropped by about 10 percent in the last few months."
The first example is a couple who sold their Upper West Side two-bedroom apartment for $899,000 within two hours of the first open house. They then bought a $690,000 three-bedroom home in Norwalk, Connecticut (no mortgage). An Upper East Side couple, expecting their second child, had been looking for a 1,400 square foot apartment in Manhattan but ended up buying a 5,000 square foot home for $1.665 million in Westchester, where "prices had dropped by about 10 percent in the last few months."
Subscribe to:
Posts (Atom)
New York City 2010
