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).
Monday, April 14, 2008
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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