Hi,
Manhattan Real Estate market had a mixed year 2016 with closings dropping 11% (13,605), inventory reaching 5,865 units (+16%), but still well below pre-2008 levels (8,500 units) and 2009 Peak (11,500). Prices are keeping their upward trend with an average price of $2.045M (+12%), Median of $1.1M (+11%), and average PPSF of $1,841 (+12%). Prices have been skewed by closings of super and ultra luxurious condos of the like of 56 Leonard and 432 Park Avenue, which contributed to the 206 sales over $10M and 35 sales over $25M. With a pipeline of 4,200 new development units hitting the market this year, we may continue to see rising inventory levels in 2017, but a sustained and healthy activity within the mid-market/entry Luxury segments of New Developments.
For more information, please consult the Manhattan New Development Memorandum here!
Hi,
2016 started on different paths for Manhattan and Brooklyn. Manhattan became more expensive than ever while experiencing a slowdown in number of sales, while Brooklyn keeps cruising with strong fundamentals to back up some sustainability to this trend.
However, some hope remains for the Manhattan buyer! This Newsletter will show how the pipeline of Q1 2016 approved condominium plans will bring a drop of the average price for future products. While some developments remain very high profile, entry level and mid-luxury developments are demonstrating signs of resistance.
To that extend, I’ll bring some thoughts about where to look for some of these values in Manhattan now and for products being delivered in the next couple months.
Finally, Brooklyn will get a focus on Dumbo, an area which development model is inspiring the rest of the Borough’s up and coming neighborhoods.
I truly hope that this newsletter will be beneficial and informative while shaping your real estate plans. I remain available to consult with you at your convenience.
Step into the stately entrance of the Engineer’s Club to enjoy a journey in one of the most iconic Manhattan property where the distinguished names of Andrew Carnegie, Thomas Edison, or Tesla elaborated the plans that shaped the future of New York City architecture and engineering. This Bryant Park hidden gem is located in the12 story Renaissance Revival style building completed in 1907 which has kept its look and appearance almost intact, and stands as an architectural reminder of the emergence of NY State as the engineering center of the country and the World.
The unit 1A is over half the taproom/grill space which originally extended across the full back lobby and boast a large leaded glass window featuring a ship and the ceiling beams that are part of the original motif from 1907. The 14ft ceilings and skylight window brings a unique and grand dimension to the space surrounded by original brick walls and a decorative fire place, and covered with hardwood floor finished with light grey contemporary stains.
The Unit 1A connects with a small kitchen to 1K on the main level. Each unit also has separate entrances and a fire door that creates a flawless pass through between. The Unit 1K spreads over a modern duplex layout and combined a private patio. The finishes include terra cotta floors and a steel staircase. The 1K unit was built later and calls for a possible residential conversion.
As such, a kitchen extension and additional bathroom could be installed to extend the possible residential conversion of this unit, which would bring a substantial upside in the property use and value.
For more information please visit the listing and the Virtual Tour sponsored by YouVisit