According to NYPost, wealthy New Yorkers are choosing luxury apartments over luxury estates in Westchester. 11 $10 mm plus estates have sold in Westchester in the last seven years compared with 1355 apartments in New York City during the same period.
550 Madison aka The Sony Building will be converted to condos & it’s PH will ask $150mm
In the first quarter of this year, the count is 36 for NYC and 0 for Westchester. This trend figures to get even more exaggerated as Millenials (born between 1980 and 1999) become more and more part of the buyer population. They tend to like to live in urban environments, use public transportation and eschew driving as much as possible.
This prewar, intercom building was built in 1899 and converted in 1986. Located at the corner of West 98 street and Broadway, within only 2 blocks of the Expess stop of the 2,3 and 1 local, this building features 2-4 bedrooms with modest common charges and taxes. Layouts are interesting because the building has a space in between it and the building just to the west of it on West 98 street. The B line has plenty of southern sun as it faces West 98th and also has eastern light from Broadway.
243 W 98 street is a rare find- a prewar condo on the Upper West side.
Toll Brother’s NoMad ground up construction has apparently not been selling at the speed anticipated. According to Streeteasy.com, several of the apartments have been pulled off the market and a few have seen fairly large price reductions. Curently, there are 11 apartments in the market from $1.519 million for a 664 sqft 1 bedroom to $6.154 million for a 3bd/3ba 2753 sqft layout in the Christian de Portzamparc building. Three of those 11 apartments have seen reductions including apartment 28E which has been reduced to just under $1.8 million from its original ask of $2.119 million.
In general, most of Manhattan has appreciated over the last several years but some areas have outpaced others in terms of appreciation and residential development. Harlem is one of those areas. In 2010, I was looking at townhouse on West 136 street which could have been purchased for just under $1 million intact. Now those same buildings, a mere 5 years later are double the price.
The NYPost profiles 3 micro nabes and details what’s going on in terms of development and why the market is heating or already hot. They are not suprisingly:
1- Harlem
2- Fidi but more specifically Park Place
3- The Highline
A West Village townhouse purchased in 2012 for $5.8 million has entered the market at $12.5 million. The owner James Oakley hired designer Fernando Santangelo and completed a high end renovation of a property that was already in a good condition. The result is home inspired by Italy’s finest properties and with tons of light thanks to a rear glass wall. Radiant heat as well as high ceilings and a lovely roofdeck with West Village views are among the many features the next buyer will enjoy in this home.
The 65 story, 93 unit building launched sales about 6 weeks ago. 6 apartments are already in contract and there are 12 availabilities according toStreeteasy.com. The building which is at the corner of 2nd avenue and runs from 57th street to 56 street features a 34th floor full of amenities including a 75-foot swimming pool, a fitness center with yoga,pilates, and spin rooms plus a lounge and library with18′ ceilings and a 70′ terrace. To see current pictures click through. Continue reading 252 East 57 street New Development update→
The former rental of former New York Knick Iman Shumpert is on the market as of yesterday for $3.8 million. The property in the Hamilton Heights Historic district is 20 feet wide with high ceilings.
If sold at asking price this would set a record for Harlem where the previous record for a townhouse sale was the one purchased by Neil Patrick Harris. With low inventory and this home’s high end finishes you never know….
7 Harrison street is a 12 unit boutique condo loft whose residents include Steven Soderbergh and David Fincher. They bought units in this building for just over $8mm and $6mm respectively. The penthouse has not sold however and they have decided to cut the price from $34mm to $29.95mm.
According to Streeteasy.com, the penthouse has 6434 sqft including 6 bedrooms and 6baths plus 5 half baths. In contract at 7 Harrison street is apt 5s which was asking $5.65mm for a 3bd/3ba with slightly more than 2000 sqft.
The South Street Seaport project in Manhattan has been stalled. The Howard Hughes Corp has promised a $300mm amenity package inlcuding a school and affordable housing. However, the developer has also planned a nearly 500 ft tall condo tower over the water which many locals including politicians are against.
Local politicians including Gale Brewer, the Manhattan Borough president, would prefer to see the City develop the area and does not want a large tower overshadowing the low rise nature of the South Street Seaport Historic disctrict.
Frank Sinatra’s former 3200 sqft apartment at 530 E 72 street aka The Edgewater co-op is now sold. The apartment featured a triplex layout, a terrace and a roofdeck overlooking the East River.
The seller had bought it from Old Blue Eyes and completed a renovation. The selling price according to the Wall Street Journal article was $4.93 million. Mr. Sinatra had bought it new and until four years ago it was hardly changd at all.
Read the WSJ article below and see CurbedNY’s take on it as well.
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
