There’s many ways to find property that is on the market or will be on the market. For example, streeteasy allows you to save buildings and save searches so that when an apartment comes to the market you can pounce on it. You also have your broker who watches out for property on the market for you in case you are too busy. However, in the event that you don’t want to compete with 20 people at a crowded open house, then there’s off market deals or “whisper listings“. Continue reading How to find a NYC apartment before it goes on the market
Monthly Archives: January 2015
Chinese buyers picking up trophy assets
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 NY,NY 10003 looking to take advantage of scarcity of large residences in the Village
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
415 East 6 street NY,NY 10009 Synagogue to repopen this year with condos on top
The synagogue at 415 East 6 street in the East Village will be reopening in a renovated space as a result of a deal with East River Partners spearheaded by Jody Kriss. The developers have a 99 year lease on the top 3 floors which will house 3 luxe condos including a penthouse. Continue reading 415 East 6 street NY,NY 10009 Synagogue to repopen this year with condos on top
Carnegie Park 200 East 94 street NY,NY 10128 Development to watch
The Related Companies is bringing this condo conversion to the market soon. The 1987 building was a rental and due to the pent up demand for property on the Upper East Side has been converted to condos. Continue reading Carnegie Park 200 East 94 street NY,NY 10128 Development to watch
Manhattan luxury real estate market showing signs of slowdown
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.
Searching for a Manhattan apartment with a celebrity pedigree?
Buyers who are looking for propeties in Manhattan that have some celebrity connection have several offerings to choose currently. They include:
1- The townhouse that Audrey Hepburn lived in in Breakfast at Tiffany’s.
2- The site of a Beyonce video
3- The penthouse from the Wolf of Wall street
242 West 132 street NY,NY 10027 Townhouse back in the market
This 17 foot wide townhouse on a prime Central Harlem block is now back on the market with an asking price of $1.55. The building is a shell SRO with no roof and open exterior rear wall. The seller had extended the basement and parlor floors to 60 feet deep and had originally intended to do the same for the other floors. Their original plans called for a 4 family but the next buyer can convert to whatever use that makes sense for them. Continue reading 242 West 132 street NY,NY 10027 Townhouse back in the market
$100 mm sale of Manhattan apartment sets new record
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.
New York City property owners brace for higher taxes in 2015
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