Articles on NYC Real Estate

Looking Back on 2013: Top 10 Real Estate Stories in NYC

New York City

This year was huge for real estate in New York City, as new construction soared to pre-crash levels. Before we look forward to 2014, let's count down (in no particular order) 10 of the biggest real estate stories in 2013.

NYC’s Tallest Tower Headed to Park Avenue

The Manhattan skyline from Central ParkNew York City is known for its skyscrapers and high-rise buildings towering over the bustling city below. Well, there will soon be a new kid on the block that will be the tallest apartment building in the city. Located at Park Avenue and East 56th Street and standing about 1,397 feet and rising 95-stories, 432 Park Avenue will beat out One57 by 400 feet, shoving its closest competitor to the side upon completion in the next few years. It is expected that once construction gets underway on this condominium tower, Manhattan’s real estate will soon be battling it up for superlatives.

Manhattan Sales Market Healthier Than Ever

As the first half of 2012 ends, the Manhttan condo market is moving on upAs we bid farewell to June 2012, it’s fair to ponder: how exactly has the Manhattan real estate market done so far this year in comparison to the past few years? Since the collapse of Lehman four years back, the buying trends of Manhattan apartments has been a subject of intensive analysis and concern. From the perspective of supply (amount of available inventory) vs. demand (amount of sales), 2012 has brought about the strongest 6 months of market activity since 2007. With such a disparity in the statistics of condo sales since 2009, it’s obvious that, as a whole, confidence in the Manhattan real estate market has revived enough for a solid surge in sales.

Outdoor Pools: The Summer's Coveted Condo Amenity

Outdoor pools - New Construction ManhattanAs the scorching summer rages on, New Yorkers find themselves searching for the sweet, serene relief that goes hand in hand with swimming. Recently, however, it has become increasingly difficult to find Manhattan apartment listings offering on-site pool facilities. Even more rare are the highly coveted rooftop, outdoor pools. It is more likely, if a building has a pool at all, that it is an indoor unit, a trend that has become increasingly more prevalent.

According to the New York Times, outdoor pools have become a rarity in NYC. In fact, while there are nearly 150 condominiums with pools as an amenity, only about 15 of them are outdoors and several are privately owned townhouses. Those offering outdoor swimming facilities see it as a source of pride -- and therefore use it as a selling point. But as the number of outdoor pools dwindle, the demand for them is rising, and Manhattan new construction buildings are innovating their pool amenities.

On The (East River) Waterfront: New Waterfront Park Opens in FiDi

East River Waterfront view in New York CityAnyone who has ever lived in Manhattan and entertained guests who do not live in Manhattan has been there. You’re on Wall Street, showing your family where the Dutch once built their defenses that gave the street its name. Tourists crowd in, snapping photos of one another and begging you to do the same. You haven’t had caffeine yet today and your head is thumping like a drum. You need to grab some fresh air and recoup because you’ve promised to take your family to a nice place on the Upper East Side for dinner, but you’re out of luck because you’ve got no access to the water unless you walk to the Battery, which is clogged with the same types of tourists who’ve driven you to near-madness in the first place.

Now, we bring you news of freedom: the East River Waterfront opened its first leg on Monday -- that's a rendering above -- and it's exactly what those suffering Financial District fatigue needed. The East River Waterfront as presently constituted is fairly modest: a two-block greenspace running between Maiden Lane and Wall Street, featuring 4,000-foot dog run, benches with a view of the Brooklyn Bridge and Downtown Brooklyn, and steps leading down to the banks of the East River. As impressive as the East River Waterfront is now, though, it's only the first step in opening the neglected East River waterfront -- and that's good news indeed for those living in or hoping to buy Financial District condominiums.

Are Two Bedrooms Now Number One in the Manhattan Condo Market?

After the 2008 market crash the prices of one-bedrooms and studios recovered fairly quickly, but the two-bedroom has held out until now. According to The Real Deal, overall inventory of apartments has grown by 13.4 percent since March, but the inventory of two-beds has grown much slower. True to the laws of economics, the ever-present high demand of Manhattan real estate coupled with a low supply means that prices of Manhattan two-bedrooms has hit a new peak -- and the competition to secure one is getting fierce. The New York Times interviewed Tracie Hamersley, a senior vice president of Citi Habitats, whose two-bedroom listing in Murray Hill closed at the asking price after only a single week on the market. It was the buyer’s third attempt at securing a two-bedroom.

Great Explanations: Donald Trump's Obama-Baiting Gong Show Was All To Sell Condos, Of Course

We've got no real quarrel with Donald Trump here at New Construction Manhattan. Aesthetically, we might favor Superior Ink or HL23 over the "big gold box" style of the older Donald Trump Birth Certificate NYC CondominiumsTrump Manhattan condominiums, but we can certainly see the appeal in new Trump condominiums such as

 

and Trump Place. And while The Donald's shouty, humorless self-promotion and cartoon ego can make him a little tough to take on television, even we have to give it up for Trump Park Avenue, which is one of the more impressive pre-war condo conversions on Park Avenue, and among the elite pre-war condo conversion listings in all of Manhattan. Yes, Trumpian real estate grandiosity can be a little silly. But no, we've got no problem with his luxury condominiums; luxury condominium listings are kind of our thing. But that doesn't mean we can't enjoy a good laugh at his expense from time to time. This would be one of those times.

Bump Ahead, Or Why Waiting To Buy A Manhattan Apartment Could Cost You Money

Waiting on a manhattan apartment may cost you money

In the years since the economic collapse, we have seen a wide array of metaphors deployed to describe both what just happened and what lies ahead. Some were more felicitous than others and none quite did the trick, but when it comes to summing up the current situation in the market for Manhattan condominiums, "like turning around a battleship" isn't bad at all. This particular pundit-approved cliche is unusually apt when it comes to describing the Manhattan condominium market's a slow, steady and maddeningly gradual ongoing comeback. Given the extent of the slump in the Manhattan real estate market, this is to be expected -- and is even somewhat advantageous for those browsing Manhattan apartment listings, as condo prices are still relatively low, and price cuts still comparatively common. But a recent article in the New York Times serves as a sobering reminder of both how deep the real estate trough of the last few years actually was, and as a warning that -- once we finally get this battleship turned around -- there may still be some choppy seas ahead for those looking to buy a condo in Manhattan.

What's New: Are New Construction Condominiums Back In Fashion?

East River view from luxury condominium During the boom years in Manhattan real estate, it seemed like new construction condominiums -- and a host of new Manhattan condominium listings -- hit the market every week, each more spectacularly amenitized, dramatically turned out and eye-poppingly expensive than the last. It was a good time, in short, to be a real estate developer -- with plenty of buyers and a housing market that seemed on an endless upward trend, new construction NYC condos essentially sold themselves.

Department of Resurrections: New Life At New Construction UWS Condo Linden 78

Linden78 is seeing new lifeThe Upper West Side's Linden 78 has just about everything a new construction condo listing is supposed to have, from a wide-ranging suite of amenities to a prime location -- at, you guessed it, 230 West 78th Street -- to a host of elegant condominiums for sale. What Linden 78 has not enjoyed, though, is luck. Few Manhattan condo listings have been as star-crossed as Linden 78, which saw many residents back out of their contracts during the Manhattan real estate market’s bleakest hours back in 2009, due to construction delays. There was never anything wrong with the building – quite the contrary, in fact, as Linden 78 had appeared poised to become one of the Upper West Side’s most sought-after new construction condominiums. It was just a case of being in the wrong place at the wrong time.

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