I have been in the real estate industry first as a licensed agent and as a broker since 1999. I have sold in every Manhattan neighborhood though do work a lot on the Upper west side where I live and upper Manhattan. I speak French,Portuguese, and Spanish.
The project that is a mere 100 years in the making is reportedly going to be finished in December. For many, long walks to the Lexington avenue line may be a thing of the past within a few months if the MTA is on time with the delivery of new subway stations at East 72nd street, East 86th street and East 96th street.
However, you do not have to wait to see the effects of the 2nd avenue subway line. According to the brokers and developers in the area, the new subway stations are already priced into the cost of apartments east of 3rd avenue in Yorkville.
New condo developments and conversions are coming to market or already in the market according to NYTimes. Many businesses though still remain closed along 2nd avenue but with an end in sight, buyers/renters are willing to make allowances for this temporary inconvenience.
Bauhouse Group’s controversial Sutton Place projected 900 foot-high tower which is in foreclosure, is now headed to bankruptcy. The developer put the project in Chapter 11 this week in an effort to avoid losing the property to creditors. The project was seen to be largely out of character with the low rise buildings that are in the Sutton place enclave. Attempts to refinance were not successful and as result the creditors are moving to take control of the property.
The luxury Manhattan real estate market has a glut of inventory and sales have slowed.
With the Yankees having their home opener today and the Mets having their home opener Friday, opening days are abound in April. But the most important one at the Central Park tennis center is getting closer. Signage has been up saying that opening day would be this Saturday but unfortunately the weather got cold and upset the apple cart.
According to reps at the CPK tennis center, the building will be open this Saturday but due to the cold weather it is unlikely the courts will be ready on time. Apparently, in preparing the courts they need to add magnesium to the har tru and then “roll” the courts several times.
You can call the hotline from Thursday to find out more information. See you on the courts! (212) 280-0205 Right now there is a problem with their phone system and the phones just ring. They are looking into it.
Signage advertising Saturday’s opening which will be delayed according to onsite reps
The Board at 400 CPW is suing a first floor tenant according to LINK over excessive smoke that has been entering the hallways for quite some time. The tenant owns apt 1S a studio and also has a rent stabilized apartment which is unit 1R. A few months back, the Sponsor was suing them over an alleged combination that they were trying to make illegally without any permits.
400 Central Park west is a postwar condo with 19 floors and roughly 414 apartments with about 18% being rent stabilized. The units range from 540 sqft studios to 1140 sqft 2bd/2ba and some combination units which are even larger. The building is located at the corner of 100th street and Central Park west and will soon celebrate it’s 25th anniversary of its condo conversion.
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.
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.
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.
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.
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.
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.
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
