Archives for posts with tag: manhattan
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,

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,

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Shopping for a high-end rental in Noho (above $10K, 2-bed minimum)? Chances are that you will be frustrated with the lack of inventory available. Indeed, only 8 apartment rentals, in just 4 different buildings show up as being on the market and they are all in condominium buildings (as per 09/19/2013). This low inventory shows a median price of $14,500, size of 1,591sf and price per square feet of $126. Fortunately, for the prospective renters looking for that special rental in Noho, a new rental building located at 37 Great Jones will be opening its doors very soon. Indeed, a model apartment should be available to tour in the next couple of weeks, while first residents will be able to move in January 2014. 37 Great Jones Street is a 95-year-old landmark building, recently conceptualized as “modern luxury residences with historic significance”.

This new rental building is bringing a new and competitive product to the Noho luxury rental market. The 4 new units coming on the market will feature a $25,000, 3,602 sf 3-bed 3-bath duplex Penthouse, and $10-12,000, 2,165 sf 2-bed on lower floors. Looking at these numbers, the trophy unit carries a rental price per square feet 34% cheaper and a surface more than twice the median range of values offered by the current listings.  Noticeable residences’ features include a complete Chef’s kitchen with a 22-bottle Jenn-Air Wine Cooler, Caesar Stone Countertop and Thermadore appliances; the master bathroom will be equipped with Kohler fixtures throughout, and decorated with imported Italian designer tiles.  The living/great room will boast French doors with balconies, and 10.5-16 ft ceilings. While the service and amenities include keyed elevators to open in private apartments and in-residence washer and dryer, the choice of a virtual doorman was preferred to a real one, and there is no sign of a gym, or rooftop access. Small things, but at this price point it may weigh on prospective renters’ decision making process.  However, if the goal is to preserve the few residents’ privacy; then, this set-up could work out just fine. 

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Previously known for being home of the Schrafft’s luncheonette, the corner of 5th Avenue and 13th street was ravaged by fire in 2006, then sold in 2008 to a developer who demolished the remaining structure, before undergoing the development of a new set of luxury apartments designed by architect Alta Indelman. Ever since the 2011 stop-work order, this development has been very quiet until this month of July 2013, when it finally announces that units are for sale. The 10-story building features street retail space, 3 duplexes and 1 triplex. The duplexes are about 4,300sf asking for $12.975 to $13.975 million and the triplex is fetching 6,000sf and a 1,901sf terrace for an asking price of $28.5 million. From the rendering, this luxury boutique condominium will have private key-locked elevators access and a 24-hours doorman service. The triplex living room will sprawl 19’ ceilings with wide plank rift oak floors and other luxurious finishes. All residences will feature an impressive master bedroom, Italian marble baths, sun flooded lofty living rooms with fireplace. The residences “combine modern and chic aesthetic with a traditional New York living”. 

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Over the past decade, Manhattan has experienced a flurry of new real estate developments accompanying new neighborhoods in their growth and definition of their distinctiveness. Among them, the notable NoMad neighborhood has been a success symbolizing the rise of a former unattractive sub-neighborhood confined between Kips Bay, Flatiron and Midtown into one of the trendiest and most dynamic area of Manhattan. Located from 26th Street to 30th Street between Lexington and 6th Avenue, NoMad has successively benefited from the emergence of trendy hotels, fine dining and upscale real estate developments to now shine as a very desirable location.
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Indeed, upon the revitalization of Madison Square Park (home of Shake Shack) trendy hotels have taken the lead beginning with the Ace Hotel in 2010 followed by a sister project, the Nomad hotel which welcomed its first guests in 2012. To kick it up a notch, luxury venues such as the Gansevoort Hotel on Park Avenue South are bringing celebrities and parties into the neighborhood. Two other projects are making noise and are scheduled for delivery by 2016: the 300 room Virgin Hotel at 29th and Broadway, and a 23 story high hotel at 250 Fifth Avenue and 28th Street.

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In parallel, NoMad has been bringing a good variety of food venues; the most noteworthy being the Breslin (next to the Ace Hotel) and Hanjan (Korean) gastropubs, as well as the Nomad upscale restaurant featuring a $79 Foie gras-and-truffled roast chicken. On a more casual scale, this summer is the opening of the DC based healthy food venture “Sweetgreen” inside of the NoMad Hotel. Finally, food markets like Eataly and soon-to-open Fairway on 25th and 6th Avenue will boost the convenience of the current and future residents.

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Such economic and social boosts have also led new residential developments to step forward and offer a new range of luxury living experiences. 241 Fifth Avenue has seen 33 out of its 46 apartments entering contract within the first few months of sale with price ranging from $925K to $3 million +. The Huys, a development in collaboration with Dutch designer Piet Boon, have 36 out 58 units pre-sold. Right across the street, at 400 Park Avenue South aka the Fortress of Glassitude, the Toll Brothers 40 story building will consist of 22 floors of rentals and 99 condos on the top 18 floors, and feature luxury amenities such as a lap pool, Jacuzzi spa, media room, rooftop terrace and a golf simulator. Finally, one of the city most awaited conversion of the Toy Building at 10 Madison Square West will offer apartment ranging from 1-bedroom starting around $1 million to $25 million and up 5-bedroom residences.

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Once a stalled hotel project, the entire block of 10th avenue between 20th and 21st Street, aka 500 West 21st street, finally broke ground to lead toward the construction of a luxury condominium building.

The developer, Sherwood equities, known for being very meticulous in their approach, was able to snap the construction site from the Hotelier Andre Balazs and investor Charles Baichman for $23.5M in 2010, half the price these two paid for the side in 2008.

The proximity to the High Line and the evolution of the neighborhood as a more family-friendly area has led this 32 units building to offer larger apartments, many said to be over 4,000sqft. The apartment mix should consist of 12 two-bedrooms, 13 three-bedrooms and 4 four-bedroom, with 2 penthouses and 2 duplexes. The architect Ms Atkin mentioned that 65% of the units will feature either a terrace or a balcony, and most of them will have 2 exposures, and command views of the Empire State Building and the High Line. Thanks to the zoning, which aimed at preserving West Chelsea’s landscape, the building will be no higher than 80 feet, and blend well with the area by reflecting its industrial character, respecting the stately Romanesque Church and Seminary Row along the 20th street side.

The interior design was handed to Mark Zeff whose focus is to give a “luxurious industrial” quality to the property to balance with the contemporary classic feel of the layouts and building design. To that extend, he is “planning to run a thread of oil-rubbed bronze from an exterior canopy throughout the public spaces and even into some areas within units”.

Finally, on top of the gym, playroom and meeting room, the project will feature a garden of mature trees on the second level of the building that will act as a screen from those passing on the High Line. Residents at this level will enjoy private terraces extending into the foliage. Image