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.
Tuesday, January 15, 2008
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."
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