Thanks in no small part to the local private schools including Dalton(photo), several new developments on the Upper East side are experience a spike in their sales at this time. As parents begin to find out that their children have been accepted to schools on the UES, they start to make their plans to move to the neighborhood. Many of these parents are trading in their downtown apartments for family sized (2000 sqft or larger) apartments on the UES.
I have heard about this in relation to a spike of sales surrounding Avenues the World school which is located in the Chelsea area. Parents will be willing to commute for work but not for the children’s school according to the NYT article.
Bloomberg is reporting that buyers of luxury apartments from Downtown’s Stella Tower to One57 on Billionaire’s row are buying apartments to rent out. One such apartment was purchased on the 56th floor of Extell’s One57 for just over $10mm and is now on the lease market for $25,000 per month.
According to the streeteasy somewhere around 2% of the luxury condo purchases are being put back on the market for sale in an attempt to flip the property. This number has stayed consistent for the last several years. Developers of Manhattan luxury apartments price so accurately that flipping is pretty much out of the question. Recently, One Riverside Park on the upper west side, also an Extell Project entered the market and was slighly underpriced as evidenced by the velocity of contracts that were sent out immediately so they pulled it back off the market and raised the prices.
As a result, buying and then renting is the choice for investors. However, according to Jonathan Miller of Miller Samuel, there is not a demand for large luxury rentals so renting out and establishing a new rental price point could be a challenge and cut into the returns of the investor. Typically rates of return or cap rates hover around 3-4% for Manhattan apartments.
CurbedNY and YIMBY are reporting that three small townhouses will be demolished to make room for a 22 story condo building at 15 West 96 street. The building can be built without LPC approval because it is just outside of the historic district. Reportedly, each floor will house a full floor condo except for the duplex penthouse. Since it’s on the North side of the street, the southern exposures will be nice from these apartments and the views especially above the tree line should be excellent.
Greystone along with Continental Properties and Itzahki properties are developing condos within the landmarked West Village historic district at 130 7th avenue south. Greystone has just acquired a major interest in this project and according to reports they will develp condos of approximately 2500 square foot. Based on the zoning, it appears they will develop 2-3 condos on top of retail. Continue reading 130 7th avenue,West Village new condos coming→
This new construction condo which will be finished in 2016, has 6 contracts out of the 16 apartments on the market in streeteasy. Prices for the Robert A.M. Stern building range from just under to $5mm to just over $14mm for the listings on the market at this time. Marketing started less than 2 weeks ago.
The 17 story building will have 43 units ranging from 2-6 bedrooms residences. It also features a porte-cochere and unique amenities according to the building’s website.
This is one of the latest new construction buildings to invoke prewar architecture with luxury finishes. This old as new trend started with Mr. Stern’s 15 CPW which until recently held the record for most expensive residential sale in Manhattan for $88mm.