According to NYPost, wealthy New Yorkers are choosing luxury apartments over luxury estates in Westchester. 11 $10 mm plus estates have sold in Westchester in the last seven years compared with 1355 apartments in New York City during the same period.
550 Madison aka The Sony Building will be converted to condos & it’s PH will ask $150mm
In the first quarter of this year, the count is 36 for NYC and 0 for Westchester. This trend figures to get even more exaggerated as Millenials (born between 1980 and 1999) become more and more part of the buyer population. They tend to like to live in urban environments, use public transportation and eschew driving as much as possible.
According to an article in Crain’s, Manhattan apartment inventory is still hovering around record lows set in 2013. This is true especially if you consider the following factors.
This prewar, intercom building was built in 1899 and converted in 1986. Located at the corner of West 98 street and Broadway, within only 2 blocks of the Expess stop of the 2,3 and 1 local, this building features 2-4 bedrooms with modest common charges and taxes. Layouts are interesting because the building has a space in between it and the building just to the west of it on West 98 street. The B line has plenty of southern sun as it faces West 98th and also has eastern light from Broadway.
243 W 98 street is a rare find- a prewar condo on the Upper West side.
Toll Brother’s NoMad ground up construction has apparently not been selling at the speed anticipated. According to Streeteasy.com, several of the apartments have been pulled off the market and a few have seen fairly large price reductions. Curently, there are 11 apartments in the market from $1.519 million for a 664 sqft 1 bedroom to $6.154 million for a 3bd/3ba 2753 sqft layout in the Christian de Portzamparc building. Three of those 11 apartments have seen reductions including apartment 28E which has been reduced to just under $1.8 million from its original ask of $2.119 million.
In general, most of Manhattan has appreciated over the last several years but some areas have outpaced others in terms of appreciation and residential development. Harlem is one of those areas. In 2010, I was looking at townhouse on West 136 street which could have been purchased for just under $1 million intact. Now those same buildings, a mere 5 years later are double the price.
The NYPost profiles 3 micro nabes and details what’s going on in terms of development and why the market is heating or already hot. They are not suprisingly:
1- Harlem
2- Fidi but more specifically Park Place
3- The Highline
A West Village townhouse purchased in 2012 for $5.8 million has entered the market at $12.5 million. The owner James Oakley hired designer Fernando Santangelo and completed a high end renovation of a property that was already in a good condition. The result is home inspired by Italy’s finest properties and with tons of light thanks to a rear glass wall. Radiant heat as well as high ceilings and a lovely roofdeck with West Village views are among the many features the next buyer will enjoy in this home.
415 Central Park west is a prewar co-op built in 1926 with 17 stories and 92 units. This doorman building is located at the corner of 101 street and Central Park west. Some of the larger apartment have direct park views and the building amenities include laundry and a childrens’ playroom.
A recent sale in this building on the 16th floor closed for $3.1 million. That apartment had 7 rooms and Central Park views from all except one.
The 65 story, 93 unit building launched sales about 6 weeks ago. 6 apartments are already in contract and there are 12 availabilities according toStreeteasy.com. The building which is at the corner of 2nd avenue and runs from 57th street to 56 street features a 34th floor full of amenities including a 75-foot swimming pool, a fitness center with yoga,pilates, and spin rooms plus a lounge and library with18′ ceilings and a 70′ terrace. To see current pictures click through. Continue reading 252 East 57 street New Development update→
West 23 street between 6th and 8th avenue is where these photos were shot early this morning while the City that never sleeps was still getting up. The Chelsea Hotel is picture as well as Peloton and small mom and pop shops which are less and less common as we walk the streets of Manhattan.
The Apple Store that is slated for 74street and Madison avenue continues to be built out amid NIMBYism from local residents who are worried about its impact on the neighborhood.
The Apple Store at 940 Madison avenue continues to be built out amid worries of neighbors.
The locals have even ciruclated a petition with several hundred signatures to ask the Community Board to recommend Apple pursue other locations. Amid their worries are people camping out and long lines adding further congestion to narrow sidewalks as Apple launches new product offerings.
News about the NYC real estate residential and commercial markets provided and interpreted by an industry veteran licensed since 1999. Brian Silvestry of BSRG Inc. Licensed real estate broker
