City Real Estate May Face Smoother Ride In 2010

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With 2009 coming to an end, real estate experts are trying to forecast what may be in store for both property owners and property seekers in the new year. NY1's Shazia Khan filed the following report.

The city's residential sales market waded though uncertainty, panic and dramatic price drops in 2009 -- so what's in store for 2010? Steven Spinola, president of the Real Estate Board of New York is cautiously optimistic.

"Well 2010 is going to follow basically the last quarter of 2009 and the last quarter according to the first two months of the last quarter are doing pretty well -- sales are up dramatically from a year ago, city-wide condo sales are up 64 percent, co-op sales are up 30 percent versus where they were a year ago," Spinola said.

Manhattan Real Estate Mogul, Elie Hirschfeld: Real Estate Will Continue to Dip in 2010

New York real estate tycoon, Elie Hirschfeld, President of Hirschfeld Properties, LLC released the following commentary regarding the 2010 Manhattan NYC real estate market.
"Difficulties will continue in the year to come. While I don't foresee a double dip, values will continue to erode modestly," says Elie Hirschfeld, President of Hirschfeld Properties, LLC. "The capital market will slowly come back into real estate, but sellers will need to soften a bit to achieve the realistic sales prices that will persuade investors to invest. That being said, the market is loosening up. Although investors are concerned, there is huge opportunity to benefit from the depreciated property pricing, so many investors are scouring the New York market to scoop up the good deals. Personally, I see opportunities in both commercial and residential."

Stalled condo projects dot NYC

Stalled condo projects dot NYC

New York City's construction boom went bust so fast some of the condominium buildings are standing unfinished. But proposals to turn them into affordable housing units have been a tough sell. Alisa Roth reports.

Chipotle Owner Pays Extra for the Guacamole of West Village Real Estate

Chipotle founder and co-CEO Steven Ells made his fortune in other lucky parts of the country before finally slowly introducing his Mexican-burrito chain to New York. But he's taking on personal real estate at the heart of the city, in Manhattan's West Village, in a veritable full-court press. Curbed discovered that Ells has purchased, in the last two years:

• 92 Jane Street: A 5,000-square-foot landmark with a minimalist interior that set him back $13.4 million.
• The penthouse at 40 Fifth Avenue: This four-bedroom, four-bathroom palace with a killer view, which he purchased from Village Voice founding publisher Ed Fancher, only cost him $11 million.

Read more: Chipotle Owner Pays Extra for the Guacamole of West Village Real Estate -- Daily Intel http://nymag.com/daily/intel/2009/12/chipotle_owner_pays_extra_for.html#ixzz0ZUy1MvR9