Archives for posts with tag: 18 Gramercy Park South

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

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HI,

I hope you are having a great start of 2015 and wish you great health and success for this exciting new year!

2014 has seen several records shattered in many market segments and locations. A recap of the Manhattan Q4 2014 report is bringing new insight about what moved the market over the past 12 months with some perspective on the current level of inventory.

With the upcoming of about 6,500 new units on the market (almost 50% already in contract), I also found it necessary to talk about the concept of New Developments, explain what they are, and which segments of the market they’ll be affecting in the next year.

Finally, Brooklyn’s sellers’ market is becoming more and more challenging to navigate with a highly competitive pool of buyers, increasing prices, low inventories, and only a few New Developments scheduled to hit the market. (Brooklyn Q4 2014 included)

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,

Q4_14_Newsletter

September 2013 Newsletter

In the frenzy of the new luxury condominium buildings’ wave that recently hit the market, I’ll focus on those, which actually closed on transactions, and observe their relative success. 

Tribeca:

250 West Street: 

While making the headlines for having Leonardo DiCaprio checking on a $42 million Penthouse, 250 West has been doing great with the highest volume of closed transactions in the first half of 2013. Out of the 93 units put on the market in September 2011, only 2 remain available: a $10.95 million three bedroom and the Penthouse. According to records, 250 West closed sales averaged $1,588/sf.

250WestStreet

Chelsea/West Village:

607 Hudson Street, the Abingdon: 

Celebrities and big numbers are often associated with top real estate developments, and 607 Hudson Street is no exception. Indeed, infamous hedge fund titan, Steven Cohen, acquired a $23.4 million maisonette in the building, and the Penthouse went for $10 million over asked to close at $29.8 million. Originally, the building was a 200-unit nursing home, and has been converted into 10 luxury units by Flank Development who acquired the building in 2011 for $33 million. One more unit is under contract, and so far the building accumulated sales reached $136 million.

abingdon

345 West 14th Street, 345Meatpacking:

Probably one of the most successful stories for new development this year, 345Meatpacking’s 37-unit building is sold out! The building should come to completion by the end of 2013 and the results beat most expectations. Indeed, earlier surveys from the brokers’ community speculated that the average price per square feet would fetch way below $2,000. However, closed sales in the building have averaged $2,067. The site was bought and developed by DDG in 2010.

 

345Meatpacking

Gramercy

18 Gramercy Park South

Location, Location, Location! Gramercy Park is somewhat considered as an oasis steps away from one of the densest area of Manhattan (Union Square). The ultra limited inventory available and the lack of new products to be developed in this specific area surrounding a private keyed accessible park only for the resident of Gramercy Park are fundamental drivers to sky-high prices for the latest luxury condominiums at 18 Gramercy Park South. The team behind the conversion of a former Salvation Army building into a 16-unit boutique high end condominium is no other than Zeckendorf Development and A.M. Stern Architects, well known for their outstanding achievement at 15 Central Park West. So far, $80.6 million in sales closed within the first 6 months of 2013 averaging $16.12 million for the five recorded sales. In addition, seven other units are under contract, including the $42 million penthouse purchased by the Houston Rockets’ owner Leslie Alexander. 

18GPSouth_outside

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