Archives for posts with tag: condominium New York
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,
Advertisements

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

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

The area below Chambers street defined as the Financial District has experienced a tremendous transformation since the 9/11 attacks, which plunged the area into darkness for almost a decade. Subsequently, the residential, commercial and retail booms have revived the area with more to come.

In the early 2000’s, the area attracted renters in quest for a better bang for their bucks. The 24/7 full service doorman building lifestyle has its perks and despite the limited nightlife options at the time, the 10 subway lines available within 5 min walk from wherever you stand in the Financial District allow residents to quickly exit and be in the hottest nightlife spots or commute to work within minutes. Then, the real estate boom brought top of the line condominiums to the neighborhood such as 20 Pine Armani Casa, which was the first cross marketing condo development pairing a fashion designer with residential real estate. It was and still is a success.

The commercial landscape changes happen upon the 2008 financial crisis when the neighborhood witnessed many firms closing their offices, downsizing or simply relocating. Similar to the residential boom, non-typical Wall Street companies in need of more space for their money started to migrate to the area and enjoy class A building near a major transit hub. Ad agencies, tech and media firms among others have now replaced financial firms. The new World Trade Center also anchored a major tenant Condé Nast acting as a snowball effect since most of his midtown located vendors are now looking to move near the new headquarters. Proximity remains an important factor to maintain efficient relationship.

The retail has been the biggest challenge and is now seeing the expansion this area needs in order to become an all-star venue for locals and visitors. As mentioned in my May 8th 2014 Blog, Brookfield place along with the gallery under the Oculus will bring the most prestigious fashion brands and eateries to satisfy a demanding local clientele who often have to shop outside their neighborhood to find quality products.

With so much going on, real estate developers have been able to move forward with stalled projects by securing additional funding, that precedent events froze. Luxury condos are already in the area, but ultra luxury are not…yet. With land prices fetching $900 to $1000/sf and development costs reaching the $600-$800/sf for a decent product, a developer starting a project with these constraints would have to sell at $3,000/ft to see the risks worth the reward. To create a better spread one could look at either searching for a cheaper acquisition or reducing construction costs. The latter one is harder to handle with rising labor and material costs that a developer can’t always control. The first one is where developers can get creative and search for alternatives (i.e: cheaper) sites to build in, on or upon. It is definitely worth the challenge – keeping in mind the high demand for ultra exclusive and luxurious New York Real Estate. We can find a good illustration of this strategy by looking at Alchemy Properties project involving the Woolworth Building.

woolworth_condos_09 Woolworth_Overall2_MGa

IMG_Woolworth Lobby 886_2 Woolworth Lobby Woolworth_Interior1 woolworth-building_views   

Located at 233 Broadway, the Woolworth building is a National and New York City historic landmark designed in the neo-gothic style by Cass Gilbert and built in 1913. It consists of about 58 stories reaching 792ft (241 meters) in heights that earned it the title of the tallest building in the World from 1913 to 1930. In 1998 the building traded hands for $137.5M to a partnership of Witkoff Group and Cammeby’s. Most recently, Alchemy Properties bought the top 30 floors totaling 106,000sf for $68M, or just about $640/ft. The price point is great, but the quality and uniqueness of the product acquired is even greater. The site is classified National landmark, boasts original and historical details that traditional new developments can’t replicate. Looking at the unit mix below, the development will offer 34 units (33 + 1 Penthouse).

Woolworth_Unit_Mix WoolworthCoverPhoto

The average ppsf excluding the penthouse is expected to fetch around $3,440/ft. The crown jewel will be the 8 level (Floor 50th-58th) Penthouse dubbed the Pinnacle (see floor plan below). The Penthouse is asking over $11,000/sf or $110,000,000, one of the priciest listing to ever hit the Manhattan market. The plans currently show the Penthouse as a 3-bed 3-baths with 3 powder rooms. The more than 4,700sf contains between the 50 and 51st floor will host the dining and living rooms. The subsequent floors will be arranged to have media room, library and an observation deck among other luxury features. Naturally, a private elevator will help navigating this 8-story sky-high mansion.

The long awaited project of the Second Avenue subway line dubbed “T Line” has recently shaken the real estate activity on the Upper East Side, east of 3rd Avenue. The T Line – which will eventually run 8.5 miles from 125th Street to Hanover Square – has been in the plans for decades and long been awaited by commuters on the overcrowded Lexington 4,5,6 line. Now that the project finally broke ground, and is getting some momentum, with an anticipated opening date of 2016 for the stretch of 86th Street to 63rd Street, we can witness an increasing interest for properties located on the east side of 3rd Avenue among prospective buyers.

According to data provider CityRealty, the average sales price of Upper East Side condo east of Third Avenue was $1.57M compared to $2.34M for the entire Upper East Side. Activity in 2013 suggests that the gap is narrowing. Indeed, average price per square foot (ppsf) for condos on and eastward of Third Avenue increased 11.4%, above the 10.4% for the overall neighborhood. Similarly, co-ops average ppsf increase 7.7% compare to 5.3% for the entire area.

One of the most noticeable developments highlighting this trend is the condominium building at 515 East 72nd Street, where half of the 142 one-bedroom apartments closed between summer 2012 and 2013. Overall 90% of the 329 units have been sold which brought the building to the list of the 10 best-selling New York City building of 2013. This “spa-like” condo offers outstanding services and wellness amenities such as a pool, yoga rooms, rock climbing wall and fitness center which have been a major draw for prospective buyers. Over the past 12 months, sales averaged $1,318/sf and currently available apartments are asking $1,638/sf on average.

Another influential development which also made it to the list of the 10 best-selling New York City building of 2013 is the Manhattan House. A 513 unit luxury condominium conversion located on 66th Street off 3rd Avenue, where sales averaged $1,713/sf in the past 12 months while currently available apartments are asking $2,107/sf. The building offer five star hotel concierge services, full-time residence manager, valet, parking service, rooftop Manhattan Club with 10,000 square feet of interior and exterior entertainment space, Exhale Mind Body Spa & Fitness club, yoga studio, a bike storage, and children’s playroom designed by Roto.

Many of the high rise condominiums on the East side of 3rd Avenue offer sweeping river and city views but without the premium of their Midtown and downtown counterparts. It’s also an area that is not so congested, offers access to major food merchants, big box retailers, restaurants and located a few blocks away from Madison Avenue shopping strip

Corcoran Sales Market Report – 1st Quarter 2014

One Madison Park, one of Downtown most awaited new development designed by Cetra/Rudy, is finally seeing the light of the day, or should I say, the end of the tunnel. Indeed, this magnificent development went through financial and legal turmoil, which stalled its progress. Another anecdote talks about a couple of residents, who bought on floor plans and decided to settle in the unfinished building, which later fell in bankruptcy. Fortunately, for these residents and excited buyers eyeing the Downtown market, One Madison Park is ready for completion and closings are happening as early as the 1st quarter of 2014. Developer Related led the rescue scenario which included creditors CIM and HFZ Capital, as well as interior design firm Yabu Pushelberg hired to finish the remaining half of the units, the lobby and amenity spaces. A couple of months ago, Related already had a successful experience with a similar situation at 225 Rector Place, a bankrupt building, that they transform into one of the most successful Battery Park City condominium.

One Madison Square Park stands upon a unique location, where Downtown meets Midtown South, and at the crossing of the Flatiron, Gramercy, NoMad and Chelsea neighborhoods. Facing the beautiful Madison Park, residents can enjoy the change of the season sceneries along with 360 degrees breathtaking views of Manhattan. No other residential building in NY offers these views – it’s a feature that you would only find at One Madison Square.

To preserve the residents privacy, the entrance of this 60-residence only boutique condominium is located at 23 East 22nd Street above which a duplex and triplex units will be available for buyers who prefers a “townhouse” living style to the “perched-in-the-sky” condominium. The lobby will be filled with marble walls and sculptural element. “A slender water feature casts light and shadow behind tall wood columns and a soft mosaic-patterned custom rug leads guests to a curated permanent art installation created specifically for One Madison”.

As mentioned above half of the residences feature Yabu Pushelberg interiors and the other half Cetra/Ruddy interiors. Yabu Pushelberg (see pictures below) brings a contemporary, elegance and calm environment to full floor residences. Living rooms layout with open kitchen and a set back with dining areas offer multiple views of the Manhattan skyline from one room, ideal for casual get together or dinner with private chef enjoying the top of the line kitchen features.  The master bedroom on full floor overlooks Madison Avenue and the Park, while the baths covered in custom blue Cippolino marble vanity with grey stained European oak cabinetry creating the feeling of a spa.

yabu-den

yabu-dining

yabu-bath

yabu-kitchen

yabu-master_Bed

yabu-gr_Living

The Cetra/Ruddy interiors (see picture below) are a “Modernist-style celebration of natural light and expansive skyline views” and feature lighter finishes such as wide plank solid white oak flooring and finishes in light hues which the loft like interior with sky high living, custom kitchen in satin-rubbed Indian Laurel veneer, and marble countertops. The baths feel like zen havens filled with stone surfaces from Italian travertine to rich marbles.

 

cetra_living

cetra_kitchen

cetra_living (1)

cetra_bathroom

The amenities and service level brought by related have been curated to meet with the future owners high expectations and demands. To that extend, the One Club will provide assistance with everyday needs as well as access to the most exciting activities and entertainment the city offers. The assistance extends to the organization, design and planning of private event within the building.

The amenities include an upscale dining room to provide owner’s guests with cocktail and gastronomic parties thanks to the butler’s service and gourmet catering kitchen. A screening room, lounge and entertainment rooms are available for relaxing outside your apartment. Residents can take relaxation to a higher level by enjoying the 75-foot pool and spa, located next to state-of-the art gym and yoga studio. 

screening

playroom

fitness

spa

pool

parlor

greatroom

dining