Well it wasn’t the snow storm that the mayor promised us but that didn’t stop Manhattanites from taking to Central Park with their skiis,sleds and children for a day of fun in the snow.
Chinese insurers are picking up and looking to purchase prime office buildings in Europe and also aggressively in Manhattan. With bond yields so low, Chinese insurers who are flush with cash are moving their funds into prime Manhattan properties.
Anbang Insurance closed the deal for New York’s Waldorf Astoria Hotel for $1.95 billion in October, a value of $1.38 million per room. They were able to move quickly after only a month of talks. As a result of this demand and swift action, values are on the rise.
37 East 12 street will feature just 6 residences with 2 currently on the market. Prices start at $9.35mm for about 3000 sqft and the other apartment is a townhouse with a private entrance spanning 3 floors for $17.75mm. There are a several other developments that are coming to the market with similar product aiming for the luxury buyer in a area where there is strong interest for large residences but little available. Continue reading 37 East 12 street NY,NY 10003 looking to take advantage of scarcity of large residences in the Village
According to Streeteasy.com apartments priced at $10mm and more spent an average of 147 days on the market as compared with about half as many days a year earlier. This is no surprise for several factors. Here are a couple:
1- More inventory- Inventory has increased nearly 100% in the luxury market in the last year. On Billionaire’s Row aka 57 street, there are 4 projects coming to the market or already in the market that will compete with One57. There are 6500 units total coming to the market in 2015 with roughly 1/3 asking $2300 per sqft or higher.
2- Strengthening dollar- Foreign buyers are seeing their money is not going as far.
One57 aka 157 West 57 street, has broken the residential apartment record previously set by 15 CPW sale 4 years ago. The previous record purchase was made by the daughter of a Russian billionaire for $88mm. The sale which closed at just over $100mm for the 89th and 90th floor of One57 sets a new benchmark for Manhattan luxury real estate. The apartment which is 11,000 square feet was sold at approximately $9k per square foot while the apartment at 15 CPW was sold at $13k per square foot. The duplex apartment has helicopter views of Central Park and high ceilings. The building features a Park Hyatt hotel on the lower floors and the residents have access to these amenities.
This record may or may not stand for too long as 520 Park avenue has a penthouse which will enter the market at $130mm.
Due to the robust real estate market, values have increased in the last year and as a result, New York City is raising the property taxes on all types of property. The largest increase will be weathered by Coop and condo owners who are taxed at a different rate. Continue reading New York City property owners brace for higher taxes in 2015
The NoHo area has seen prices appreciate nearly 200% in the last 5 years and the median price in the last quarter according to real estate site Trulia hit nearly $5mm. NoHo has become one of the most artsy, historic and wealthy neighborhoods in Manhattan.
Not surprisingly, 15 Central Park west on the upper west side has topped the list of the 10 most expensive buildings in Manhattan. Also, on the list are 838 Fifth avenue, One57 and The Plaza. 15 CPW still holds the record for most expensive sale of a Manhattan residential apartment at $88 million. This record is going to be challenged this year by a handful of penthouse apartments which are asking north of $100 million.
As previously reported in this blog, 2015 will see approximately 6500 new condos enter the market and according to the real estate industry about half of those apartments will be in the affordable luxury market. This is roughly defined by a price tage of $1700 to $2300 per square foot. So a 1000 to 1100 sqft apartment will come with a price tag of around 2 to 2.5 million depending on floor and views.
Penthouse I is now in the market at the Puck Penthouses in NoLita. The apartment offers a combined over 12k sqft including interior and exterior space. At $66 million, if sold, it will break the downtown record of the Walker tower’s sale in early 2014.
The 10 story 6 unit building located at 295 Lafayette street, has sold 1 unit so far and this is the 4th unit to enter the market. The developer normally would save this apartment for last but changed their strategy probably in effort to get ahead of the incoming glut of luxury real estate heading into the market in 2015.