Last week there were 10 contracts signed at $10 million or above according to the Olshan Report. This is the highest total of the year. So is now the time to jump in the market considering many luxury Manhattan apartments have seen their original asking price chopped?
Manhattan market downturns do not last long at least of late. So where is the bottom? Well that is like trying to pick or guess what the Stock market will do next. What we do know is that the amount of permits pulled and amount of luxury properties that are in the pipeline has diminished tremendously and will continue to do so over the next couple years. This will give the current glut of luxury properties a chance to be absorbed into the market. Developers who can sit on their sites will do so and those who can not, will sell or lose them to the next guy. Financing is very difficult now for new construction developments and EB-5 visas is not the panacea that it once was due to pending reform.
Now can be the right time to negotiate a prime Manhattan luxury property but you need to do an analysis of the price per square foot as well as what the neighborhood has to offer. Sellers’ expectations are coming down to reality so if you can find a luxury property and negotiate a fair market price, now may very well be the best time to purchase.
Perhaps you should take a look at “Doctor’s Row” which is a section of townhouses on Manhattan avenue between roughly 104th to 106th street. Ideally situated only one block to Central Park, and subway access, this historic district might slip under your radar unless you were looking for it.
According to public records, three townhouses have sold this year alone which is a mini flurry of activity for this section of Manhattan’s upper west side.
128 and 134 Manhattan avenue had similar dimensions(16 by 58 building and 16 by 86 lot size) and sold for $4.445 million and 5.35 million respectively. 111 manhattan avenue sold for $3.1 million due to an interior size of 18 by 40 and a lot of 18 by 50. Currently, there aren’t any houses for sale.
A joint venture between a church and developer will be yielding a 15 unit condo on the corner of West 107th street and Columbus avenue. The church will be on the ground floor and the condos above will range from $885k for a 1 bedroom to $2.75 million for a penthouse. Douglas Elliman will be handling the sales of the condo units which will begin shortly.
With the 2nd avenue subway about to (hopefully) open it’s doors this December after only about 100 years in the making,it has already transformed the neighborhood of Yorkville. The first phase will extend the subway up to 96th street. As a result, there are several condo projects in the works including several luxury developments hoping to lure buyers who would not have gone East of Park avenue in the past. Retail is also beginning to follow as this influx is creating demand for additional services according to NYPost.
The new 2nd avenue subway will decrease congestion on the Lexington avenue line according to the story by a little more than 10%.
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
