Archives for posts with tag: penthouse

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

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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