New York City Real Estate Blog Archives for June 2010

Is Upper West Side Luxury Condo Linden 78 Ready For Its Comeback?

Linden 78 Upper West Side Luxury Condos We at New Construction Manhattan have had our collective eye -- we just share one, it's more convenient -- on Upper West Side luxury condo Linden 78 since it was first announced back in 2009. There's a lot to like, after all: top-tier new construction finishes and amenities share space with elegant condos that have spacious dimensions and soaring ceilings that are more-or-less pre-war in their graciousness. But while Linden 78 inarguably rates among the most interesting new condo listings on the Upper West Side, it has spent the last six months as just that: a listing. Calls to Linden 78's sales office weren't answered, and the building was wrapped up in a series of legal and financial entanglements. Now, finally, comes some good news: the phones are being picked up at Linden 78's sales office, and indications are that Linden 78 could begin sales within the next month. This is good news for a number of reasons.

New York Times Raves Over Gramercy Luxury Condo One Madison Park, But Is It Too Late?

One Madison, Gramercy Luxury Condos for SaleTaken purely on its merits -- which include a prime Manhattan location at the foot of Madison Square Park, a unique and appealing look, and some of the most luxurious condos for sale in Gramercy -- the new luxury condo One Madison Park is one of the more impressive new condo listings in Manhattan. But taking One Madison Park on its merits misses one very important point: despite being a pretty exceptional Manhattan condominium, One Madison Park is an exceptionally troubled Manhattan condominium. One Madison Park is currently the subject of several ongoing lawsuits and other controversies, which have conspired to bring the final construction on the building's amenities -- the wine cellar, the swimming pool, stuff like that -- to a halt. We wrote about this at the New Construction Manhattan blog back in March, and it remains true today. Of course, all that other stuff we just wrote about One Madison Park -- prime Manhattan location, good looks, stunning condos for sale -- holds true as well. Since New York Times architecture critic Nicolai Ouroussoff's job is to write about a building's aesthetics, it's not surprising that he delivered a very positive review of One Madison Park in today's Times. It seems kind of surprising all the same, though, simply because it has been so long since we've had good news to report about One Madison Park.

High Five: Clinton Luxury Condo The 505 Gets All-Important FHA Approval

The 505 Clinton Luxury Condo, FHA-approved Manhattan CondosIf it seems like it has been awhile since you've read about a new FHA-approved Manhattan condo development at New Construction Manhattan, that would be because it has been awhile. That is, both awhile since we wrote about it, and awhile since a new Manhattan condo qualified for FHA approval. So long, in fact, that you might've forgotten what it means for a condo to qualify for FHA approval. In short -- or at least shorter than this NCM post, which explains it in more detail -- when a condo gets FHA approval, the Federal Housing Administration has deemed the project both healthy and stable enough that condo buyers at said condo project qualify for government-backed loans at very advantageous rates. The list of NYC condos that have received FHA approvallinks to all of the FHA-approved condo listings in New Construction Manhattan's NYC condo database. Now that list has grown by one, as the Clinton luxury condominium The 505 has been granted FHA approval.

Condo Attitude: New Study Finds New Yorkers Prefer Luxury Condos To Manhattan Co-Ops

It's a real estate rule of thumb: during economic recessions, co-op apartments are generally more popular than luxury condominium listings. The ostensible reasoning is that co-ops -- which demand more money down and involve what is often a painfully rigorous screening process -- are less volatile than condos. That is the rule of thumb, anyway. But a new report in The Wall Street Journal thumbs its nose at that particular rule of thumb by pointing out that, during the recent/ongoing recession, the market for NYC condos has been notably stronger than that for Manhattan co-ops. While this was especially true for luxury condo listings at the higher end of the condo price spectrum, it's more or less true for all Manhattan condominium listings. The big question, of course, is why.

The Price Elevator: Just How Much Do NYC Condo Prices Rise Alongside Floor Numbers?

NYC Condo Prices Alongside Floor NumberThere are various reasons why condo prices generally go up the higher the elevator climbs -- Manhattan views, distance from Manhattan street noise, Manhattan views, generous helpings of natural light, and Manhattan views. But while it's generally accepted that NYC condos climb in price by floor level, the question of just when the prices go up -- and just where -- is one that's a bit less clear. In The Real Deal, Matthew Strozier does his best to crack the code of NYC condo prices by floor. What he found will... actually probably not surprise you all that much if you've ever paid much attention to Manhattan real estate. But it is interesting to see what Strozier came up with.

New Construction Manhattan Service Moment: The Smart Way To Furnish Your NYC Condo

You wouldn't necessarily know it from a lot of Manhattan apartments, but there are more options when it comes to furnishing a New York City apartment than buying too much furniture that you cannot find space for, throwing out your old coffee table because you found another, shipping your couch back home to your parents to make room for the oh-so-necessary desk, or deciding not to buy that shelf because you have no idea where you can fit it. Sounds crazy, but it's true. In what will become a semi-regular feature here at the New Construction Manhattan blog, we're going to get in service-y mode and outline some other routes you can take to make your NYC condo a home. Or at least a much less cluttered and better-organized NYC condo:

They're Coming To (Luxury Condos In) America: International Buyers Still Buying NYC Condos

International Buyers Invest in New York City CondominiumsEurope: it's a great place to visit, the food is almost uniformly delicious and their way of living frankly makes a lot more sense than ours. What Europe is not, or at least hasn't been lately, is especially economically healthy. You might've read about this in literally every newspaper printed, but if you haven't: here you go and here you go (and yikes). Long story short: a bunch of Eurozone countries are in pretty serious economic trouble, the Euro's value has declined precipitously, and economists are -- ominous music goes here -- concerned. Given that the rest of the world economy isn't in appreciably better shape, all of this would suggest that perhaps international buyers wouldn't still be snapping up Manhattan condos. You'd think that, but it isn't so. As Reuters reports, international buyers are still keen on high-end Manhattan condominiums.

From The Top Up: High-End Manhattan Condos Lead Rally In NYC Real Estate Market

High-End Manhattan CondosIt's been coming for a long time, and we've been writing about it for a long time here at the New Construction Manhattan blog, but it's not without some sadness that we bring news of what appears to be the demise of the buyer's market in NYC condos. This isn't to say that great deals on NYC condos can't be found -- they're still very much out there, if you know where to look -- but a recent report from the Wall Street Journal confirms what previous intimations have suggested. Namely, that prices for Manhattan condos are finally climbing from their historic lows, and that the market for high-end Manhattan condos is rallying especially hard. For NYC real estate watchers, it's good news to see the market getting healthy again. For those looking for NYC condos, though, it can be cause for consternation. How concerned should you be if you're searching for a Manhattan apartment? Not as concerned as you might think, thankfully.

Light at the End of the Tunnel For Upper East Siders: Second Avenue Subway Slated For Completion In 2016

Just last week, we discussed the impact of the expanded 7 train -- which will have a new terminus in West Chelsea come 2013 -- on real estate in West Chelsea and Clinton. It's really not hard to figure all that out -- condos in Chelsea would become significantly more valuable were they suddenly to be a short walk from a subway that connects them to the rest of Manhattan. The same would be true for condo listings in Clinton, Upper East Side Subway Constructionwhich is why NYC real estate developers are lobbying so hard for an additional 7 train stop at 41st Street and 10th Avenue. While we at New Construction Manhattan love us some Chelsea condos and Midtown West apartments, it's probably fair to say that the planned 7 train expansion is small potatoes compared to the opening of the long-awaited Second Avenue Subway line. While it hasn't hurt the market for or value of Upper East Side condos, one of the downsides to life on the UES is that the entire Upper East Side is served by just one subway line, which can make for some unappealing rush hours.

NCM Building Review: Cheers For Riverhouse’s New Management, Green Living Environment, Lovelyl Views, and Luxurious Condos

battery park from a helicopter Have you ever imagined what it would be like to live in The City, but be able to avoid the hustle and bustle that goes on outside of most New York City apartment buildings? Sounds good, does it not? Living in Battery Park City would take that ridiculous imagination of yours and turn your dreams into reality. The Riverhouse (in Battery Park), under new ownership since March, adds some umph to New York City living. The Riverhouse’s amenities are great. With a lap pool, children’s playroom, outdoor terrace and park, yoga studio, billiard’s room, media café, and fitness center, this Battery Park City apartment building fulfills the needs of all of its residents. Rockefeller Park--which is right in the Riverhouse’s backyard--provides residents with a great area to spend time outside, watch ferries go by on the Hudson River, go for a run, or bring the kids to one of several play areas. It would be difficult to find a more relaxing New York City neighborhood. The Riverhouse’s most amazing amenity, by far, is it’s backyard. The Hudson River runs just steps from the building and many Riverhouse apartments have a stunning river view of the Statue of Liberty and Midtown Skyline.

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