New York City Real Estate Blog Archives for April 2010

Apthorp Chronicles: The War Over The Upper West Side Pre-War Condo at 390 West End Avenue

the apthorp pre-war condoEven among the many pre-war condo listings on the Upper West Side, The Apthorp stands out for its impressive pedigree. The building, at 390 West End Avenue, was built by William Waldorf Astor in 1908, and was modeled after the famed Pitti Palace in Florence, Italy. That doesn't exactly bespeak modesty, but a recent restoration has highlighted just how grand (and occasionally grandiose) Astor's vision for The Apthorp actually was. The building itself is stunning, and one of the most impressive pre-war condos in Manhattan. But while The Apthorp is a great building, it has yet to take off as a star NYC condo listing because of the ongoing tussle over that ambitious restoration.

New Construction Manhattan Approval Corner: The Contest That Looks To Improve Beautiful NYC Condos With Ugly Lobbies

nycThe New Construction Manhattan blog is, you know, a blog. And while we spend most of our time trying to bring you important news about Manhattan real estate and NYC condos -- and links to New Construction Manhattan's condo listings, of course -- every now and then we reserve the right to get a little bloggy when the time is right. The announcement of a hilariously well-conceived new contest in which interior design firm BC Exchange that promises to identify and overhaul the ugliest lobby in a Manhattan condominium or co-op is one of those moments that cries out for blogginess.

A Pinch and A Squeeze: Will Fewer New Luxury Condo Buildings in Manhattan Lead to a Rise in Condo Prices?

Rising prices in New York's luxury condo marketAnyone who has spent any time wandering around Manhattan's former real estate hot spots over the past year has probably noticed the relative dearth of new construction residential projects, but people notice a lot of things wandering around Manhattan. But while there's no hard data proving that everyone on the Upper East Side owns a tiny dog, say, the where-have-all-the-new-construction-condos observation turns out to be right on.

The Riverhouse Saga Continues With... Massive Price Chops?

The Riverhouse in New York CityHave we covered The Riverhouse well here at the New Construction Manhattan blog? If we dare say so ourselves: yes, yes we have covered The Riverhouse very, very well here at the New Construction Manhattan blog. There are a few reasons for this, foremost among them the fact that the LEED Gold The Riverhouse is one of the finest condo listings in Battery Park City and one of the greenest of the green condo listings in Manhattan, period.

24-Hour Doorman Service: From NYC Condo Amenity To Source of Real Estate Anxiety... and Back To Being a NYC Condo Amenity

Doorman for a luxury apartment building in manhattanThe possibility of a doorman strike at Manhattan co-ops and condominiums is the sort of thing that surfaces every couple of years, scares the bejeesus out of Manhattan real estate folks for a little while, and then works itself out. And in a few months, that will be how people remember the Almost-Happened Doorman Strike of 2010.

Christopher Albanese, Visionary Behind The Visionaire, Talks Manhattan Real Estate and Green Condos With New York Times

There's no shortage of places in which to read about Manhattan real estate online -- although obviously you both already know this and have excellent taste if you're reading the New Construction Manhattan blog. But one of the New Construction Manhattan blog's favorite places to read about Manhattan real estate is the weekly 30-Minute Interview at The New York Times, which offers an opportunity for the biggest developers in NYC real estate to talk shop without, you know, talking too much. This week, the Times catches up with Christopher Albanese, the visionary behind The Visionaire, the much-loved green condo building located in Battery Park City. When Albanese speaks, New Construction Manhattan is definitely going to be listening.

On Urgency: The End of the First-Time Homebuyer Tax Credit and Your NYC Condo

To the extent that it's ever true in Manhattan real estate, the current market for NYC condos favors buyers. Prices are flat, apartment listings are plentiful, concessions on price are increasingly the rule, and an investment in Manhattan real estate remains about as good a long-term bet as there is out there. As a sort of cherry on top of all this, there's the soon-expiring federal tax credit for first-time home buyers.

The Comeback Continues: NYC Real Estate Market Coming Back, But NYC Condos Still Relatively Cheap

NYC Real Estate Market PricesAnother day, another sign that the Manhattan real estate market is on the rebound. At the risk of overstating things -- or of stating the same thing too darn often -- what's important to note here is that while the market for Manhattan apartments is notably improved over its 2009 status, the median price for NYC condos is still comparatively cheap. Again, that's relative to what the price of a Manhattan condominium was in 2008, but... does anyone even remember 2008? It was weird. The Phillies won the World Series and frankly with a few exceptions it's probably better just to forget the whole thing. Anyway, off-topic. What's important: the market for NYC condos is pretty clearly on the rebound, but the prices for NYC condos don't seem to reflect that yet. Check the numbers:

Battery Low: Is Fannie Mae Slowing Apartment Sales in Battery Park City?

Battery Park City CondominiumsBattery Park City is home to some of the most impressive new condominiums in Manhattan. You probably already know this. The condominiums for sale in Battery Park City are also some of the greenest condos for sale in Manhattan. You may already know that, too. But something you might not know -- and which the New Construction Manhattan blog didn't know, either -- is that the condominiums for sale in Battery Park City are also kinda-sorta rentals. It's complicated, but condo buyers in Battery Park City are paying not just for those LEED-certified condos, but for the land on which those condos sit. No, not in a location-location-location sense. More in a "ground lease" sense. Again, it's complicated. But with ground leases set to spike in 2011, it has suddenly become difficult to buy a condominium in Battery Park City.

Trump SoHo Set To Open, Trumps Remain America's Number One Resource for Grandiosity, Monied Goofiness

Trump Soho CondominiumsAh, the Trumps. If you were to ask them -- or ask that older, most-orange Trump with the cotton candy hair -- to describe themselves, they'd probably go with something along the lines of "American Aristocracy" or "New York City Real Estate Royalty" or "Manhattan Real Estate Maestros." And while that wouldn't be false, necessarily, it would also be hilarious. This is the paradox of the Trumps: as impressive as their achievements in New York City real estate have been -- and with a few exceptions, that's "fairly impressive" -- the hilarious grandiosity of the Trump brand always manages to make it look faintly ridiculous. Thus the confusion over the impending opening of Trump SoHo, the luxury condominium/luxury hotel development that the Trumps have been working on for years. On the one hand, it's a pretty impressive new condominium. On the other hand: LOL.

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