Archives for category: Uncategorized
Hi,
Another quarter another laughter! This time the cards are changing hands and buyers have a better margin of manœuvre in a market where sales volume have considerably dropped and inventory gained slightly while recovering from record low levels.
The market has softened but talking bubble at this stage is a bit exaggerated (but it does sell paper). I’ll present some facts and figures associated to New York City Real Estate fundamentals to bring some rationality to all the hype out there.
The complete shutdown of the L train in 2019 for a period of 18 months is starting and will continue to have some repercussion on the Williamsburg market over the next couple of years. However, the Southern and less known side of Williamsburg close to the J,M,Z, which has already taken close to 50% in appreciation in the last 3-5 years may expect a boost in interest for current and future residents wanting the perks of Williamsburg without the hassles.
For this 3rd Quarter, the market focus will be on the two/two under two – short for 2-bed/2-baths under $2M. This is the most sought after property type for the price and its increasing scarcity is making it a hot prey for house hunters.
I hope fall will ease into the holiday season nicely. A good time to check out the new ice skating rink and Danny Meyer’s new seasonal restaurant Public Fare at Bryant Park.
Cheers!
Advertisements
Hi,
Spring is now behind us and left with a confirmation of the 1st Quarter trends showing a cooling Manhattan Market with high level of prices and a growing Brooklyn Market where New Developments are picking up the slack of slower co-op and condo resale.
In this Q2 2016 Newsletter, I’ll introduce the concepts of tax abatement and Mandatory Inclusionary Housing (MIH) to show how vital they are to maintain diversity in Manhattan’s population.
Also, you may have noticed a massive tower on the Far West Side of Manhattan at the end of the High Line Park. That’s the first tower of the Mega Project Hudson Yards on which I’ll give you an update following my recent meeting with The Related CEO.
Finally, if Brooklyn is on your eye sight, this short overview of the New Development market landscape could help manage some of your expectations if you decide to take the leap across the Hudson River…and even if you already did.
I also wanted to thank you for your support and trust in contributing to me making it into the Top 2% of the 47,000 agents of the NRT network nationwide.
A bientôt!
Hi,
The 4th Quarter 2015 finished on a high note for New York real estate (and me as I became a Dad) with all time high price levels and a slight rebound of inventory. Manhattan and Brooklyn market snapshots will confirm the different trends both markets are currently undertaking with more opportunities arising for Manhattan buyers.
As we closed on 2015 and debuted 2016 with questions about the Fed recent rates increase and oil prices effects on Real Estate, I have including two notes about the influence of the Fed on mortgage rates, and oil price drops potential effects on strengthening foreign investment into New York commercial real estate this year.
Few people have decided to sit on the side line for the last year or so hoping for prices to drop and inventory to replenish. Since timing the market is everything, 2016 may bring its doses of opportunities, even if prime neighborhoods and well priced properties will keep showing resilience.
Finally, with Brooklyn’s anthology of neighborhoods and lifestyles, I am bringing some focus on Downtown Brooklyn (dubbed DoBro by many professionals) as the area is set to propel the borough into an entire new and exciting dimension.
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.
Cheers!
Breaking News! New York City recently fell down the list of nation’s priciest Zip Codes, owning only 2 spots versus 6 a year ago! Something must be happening! This 3rd quarter 2015 newsletter will support some signs of a possible slow down in the Manhattan Market based on the price level/inventory and sales volume data.
On the other hand, Manhattan’s best neighbor, Brooklyn, is pursuing its growth stage supported by an escalating demand for properties ranging from entry level to luxury apartments.
Finally, the New Development pipeline section will focus on the number and quality level of units scheduled for delivery from 2016 to 2018 in Manhattan, which could spark some worries in the Super and Ultra Luxury products offerings.
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.
Cheers,

Hi,

Another quarter and another record breaking set of numbers for Manhattan and Brooklyn real estate.

The boom of the luxury and super high end condos have pulled the average price of a Manhattan apartment to an all-time high $1.81M and also helped trigger a rise in inventory with the sales commencements of several high profile New Developments across the borough.

Brooklyn also gets its share of records with the average price per square foot breaking a 7-year high to reach $704/sf. The historically low inventory has risen over the last quarter but in proportion far from the levels that a market requires to reach equilibrium.

In addition to the traditional Corcoran Manhattan and Brooklyn market reports, this newsletter will touch base on the current relationship between Manhattan inventories, price level and the effect of New Developments in the borough. To follow, the impact of Global Wealth and its potential contribution to New York Real Estate along with the consequences of China’s economy will present data that could help developers keeping their cool in regards to the rise in super high end properties hitting the market. Finally, Brooklyn’s alarming lack of inventory may show a swift in current developers’ strategy to anticipate a change of plans and bring more products for sale quicker than expected to feed a demand starved of choices.

I truly hope that this newsletter will be beneficial and informative while shaping your future real estate plans. Please feel free to contact me should you want to consult on your real estate projects.

Cheers,

Q2_2015_Newsletter

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

Gallery

Presentation – Downtown Manhattan by Frédéric Maingois