While there have been many reports about the glut of luxury apartments either in the market or coming to the market, the “affordable luxury” market continues to sell at a quick pace.
A couple of East side condo conversions have prices in the $1300 or so per square foot and that is a definite sweet spot of the market. As these buyers have had little relief to the shortage of inventory under $4mm and especially under $2mm.
Of course speculation of market slowdowns has caused some buyers even in this segment to pause according to Brokers.
My firsthand experience is of a studio that I sold recently at 400CPW which was priced under $800k and went for $20k over asking price and sold quickly. Also, an overall lack of inventory means that anything in the family size of 2 bedrooms/2 bathrooms moves quickly especially under $3 million.
Read the Real Deal’s coverage
A study conducted by 3 researchers-two from NYU and one from Clark University, found that the Upper west side and Upper east side have the most organic food. Out of 1,256 stores in Manhattan, as of January 2011, 60 percent of the food stores in the borough had no organic food at all. The highest concentration of organic food was on the Upper west and upper east and also Morningside Heights.
Read the full article on DNAinfo
On West 123 street near Morningside avenue, a brownstone homeowner will soon have their home dwarfed on either side by a new condo. Their relationship has been amicable with the developer and at one point negotiations went on for about 1 year to see if they could be relocated. In the end, they decided not to sell but did sell their air rights to the developer and have an arrangement whereby the developer has to make repairs to their home due to any damage due to the construction which is taking place on both sides of them.
Somehow the developer would only offer them about $1.8 million for their home which is the same price they paid for the homes on either side. Probably their home could be worth as much as 2.5- 3.0 million in the fair market. Due to the properties lying outside of any historic district, the construction of the new condo is as of right and does not require any review or public approval.
Read the NYT coverage
It’s that time of year. Monday is officially the first day of Spring and that means opening day at the Central Park tennis courts. Located mid park at 93th street, they are home to 26 Har tru courts and five hardcourt courts which are used for teaching once the season starts. The hardcourts stay open all year long and are free out of season. You just need to put your name on a sign in sheet.
Continue reading Central Park tennis center to open April 2nd
According to numerous sources, including Alicia Glen, the deputy mayor for housing and economic development and seasoned developer TF Cornerstone, the luxury market has topped out. In some of the soaring supertalls mostly clustered around Midtown, prices can start as high as $15 mm. Chinese buyers, Russian plutocrats and other high net worth individuals have left the market without as much demand as in the recent years.
Smartly, some developers including Extell are now focusing on affordable luxury with apartments sometimes starting as low the 6 figures range. Certainly, land prices which have soared in recent years make it difficult to bring product to the market that does not sell for at least $4000 per square foot. However, several conversions will tap into the market in the next few months to year.
Read the full article
Trader Joe’s is reportedly in negotiations to lease a 20,000 sqft space at the base of 670 Columbus avenue. The space is at the base of the recently constructed retail between 92nd and 93rd street. There is already a Party City location in the retail strip. 100 West 93rd street is the postwar condo conversion above and rises 29 stories. Prices are about $1300 or so per square foot in the condo and the retail space was reportedly asking $450 psf according to LINK.
Just 4 blocks up, there is already a Whole Foods Market, in addition to Westside markets on Broadway at 97th street and 110th street.
The saga of the church to condo conversion of the former Crenshaw Christian Center East continues. The Board of Standards and Appeals granted the developer another chance to present at a public hearing June 2nd. Apparently, the developer withdrew their application about a week ago according to LINK.
56 Leonard, the Herzog & de Meuron Jenga like tower with 145 condos, seems to be almost finished. The building features a 75′ lap pool, gym, screening room and playroom among it’s 75,000 sqft of amenities. Each apartment has 11′-14′ ceilings and outdoor space.
Prices ranged from just under $3 million for a 1027 sqft 1 bedroom to a 4bd/4.5 ba with nearly 8k of interior space in the penthouse for $47mm.
Al listings on streeteasy are in contract.