Archives for posts with tag: condominiums
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,
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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

As we see the 2008 financial crisis negative effects on Real Estate diminishing, stalled projects are now back on track and I selected 3 of the most impressive projects ongoing in the Downtown Manhattan.

First, 30 Park Place/99 Church street, which has been a whole in the ground surrounding by temporary walls displaying the names of cities worldwide for about 2 years. A whole that residents of 50 Murray may no longer appreciate soon, as developer Larry Silverstein is planning to build an 80 story condo/hotel branded as a Four Season Hotel and Private Residences New York Downtown which consist of 189 rooms, 157 condo units with the most expensive unit flirting with the $35 million. The projects was re-activated upon an agreement with Children’s investment Fund Management LLP for up to $660 million in construction financing.

 

30parkplacerender

Second project, located at 80 South Street, a once planned tower designed by Santiago Caltrava has experienced shifts in few ways. First, a new team of architect from Morali Architects has been hired. Their proposal brings the tower higher than the original plan (1018ft vs 760ft), will most likely be used as a mix used development featuring a boutique hotel, condominiums, and sky gardens. the project could see the light of the day in 2016 if discussions between the NY YIMBY and chief architect Anthony Morali move forward.

80 South Street

Last, but not least, 5 Franklin Place, now called Franklin Place, is one of the newest Tribeca condominium projects. The building comprises of 53 units and its first round of listings have been released just 15 days ago on Streeteasy. The project, which started in 2008, initially had an uneasy design drawn by Ben Van Berkels, but developer El Ad Group manifested some ambition and hired ODA to re-design the building. Since the sales office open in April 2013, over 30% of the units have been sold while only 5 out of the 20 story have been built so far. Completion is expected for Fall 2014.

5franklinplace

From Dumbo to….Long Island City (LIC)

The high prices out-marketing buyers looking to get into the industrial feel of Brooklyn neighborhoods such as Williamsburg and DUMBO have brought the flourishing Long Island City into the spotlight of the market. At $750 a foot and a stone throw away from Midtown Manhattan, new condos offering similar finishes as Brooklyn’s most sought after neighborhoods are seducing buyers looking for alternatives yielding more bangs for your bucks.