New York City Real Estate Blog Archives for October 2010

Midtown On The Rise: How New Luxury Condos Are Making A Nice Place To Visit Into A Nice Place To Live

Midtown Manhattan Luxury CondosThere's plenty to do in Midtown Manhattan -- New Yorkers know that, and so do the tourists who throng to the luxury shopping on Fifth Avenue and such tourist mainstays as St. Patrick's Cathedral, the Empire State Building, and everything in between. In short, most Manhattan residents and Manhattan visitors think of Midtown Manhattan in the same way: a nice place to visit, shop, and eat, as well as work or take photos, depending on whether you're arriving from within NYC or without. The proliferation of new construction luxury hotels in midtown Manhattan reflect its status as a tourist hub, but those hotels have a secret. Well, two secrets, if you count the secret hamburger joint inside Le Parker Meridien. But the secret that's more important for those browsing Manhattan condo listings, though, is this -- midtown luxury hotels such as Cassa NYC and The Centria are also home to some stunning new construction condominiums for sale. Hotels with residences for sale are nothing new in Manhattan real estate, but what's most striking about these midtown luxury condos is the way in which they've helped change the face of this neighborhood -- and make a very nice place to visit into an increasingly nice place to live.

Those Were The Reasons And That Was New York: Remembering The Chelsea Hotel, Pondering What's Next

The Chelsea Hotel Manhattan Condos for SaleIt's something of an understatement to write that the Chelsea Hotel is among one of the most famed Bohemian landmarks in Manhattan, given that it has been the epicenter of artistic Chelsea and Boho Manhattan for over a century. The long list of notable musicians, writers, and artists who have frequented the hotel’s 125 rooms -- roughly make up half of what is considered artistic New York, give or take -- have produced a slew of homages, from Leonard Cohen's Chelsea Hotel to countless others with less on-the-nose titles. The Chelsea has been adapted into literature, music, art, and film, but now faces a new and perhaps most difficult adaptation, now that the Chelsea landmark has hit the real estate market. It’s strange, but it's true -- the previous owners have decided to sell the hotel, and haven to so many of the greatest artists ever to call Manhattan home, is now a prized piece of Chelsea property for sale. The on-the-market status of the Chelsea Hotel is noteworthy both because it's not every day that icons hit the market and because of what it means for Chelsea's past, present and future.

Better Than You'd Heard: REBNY Third Quarter Stats Show Manhattan Luxury Condo Market Is Booming Again

Manhattan Real Estate Market 2010It's enough to make a blogger nervous, honestly. It's increasingly obvious that the market for Manhattan luxury condominiums is in a boom phase -- but as the shape, size and volume of the boom in NYC condos continues to become clearer, our job here at the New Construction Manhattan blog becomes more difficult. Wasn't it just a little while ago that we wrote about the big third quarter in the Manhattan condominium market? Yes, yes it was. And is this another report crossing our virtual desk, from the august Real Estate Board of New York, indicating that the third quarter spike in NYC apartment sales was even more intense than previously reported? Yes, yes it is. Good news, but... can we get a break over here?

From Non-Neighborhood To Neighborhood: Meet NoMad, The Rising Murray Hill-ish 'Hood North of Madison Square Park

NoMad Murray Hill Luxury CondosIf you browse the Manhattan apartment listings at New Construction Manhattan, you won't find anything under "NoMad." You'll find apartments for sale in Murray Hill and Gramercy Park condos for sale, but nothing on apartments for sale in NoMad. This is not an oversight -- until brokers slapped a name on the area just north of Madison Square Park in what's generally thought of as Murray Hill, NoMad didn't exist. But this is more than the usual Fun With Contractions NYC real estate name game -- the stretch of Murray Hill that we'll now (somewhat grudgingly) call NoMad is indeed on the rise, whatever one chooses to call it. (Not to pat ourselves on the back too much, but we wrote about this back in August) With a feature in the Wall Street Journal touting the new semi-neighborhood's transition into a full-on neighborhood, though, NoMad has gotten its imprimatur as a Manhattan neighborhood to watch. Which is to say that you'd better get used to that name, like it or not.

More Sales, Higher Prices: Third Quarter Stats Show Prices Rising on NYC Condos Amid Increased Sales Activity

Manhattan Luxury Condos for SaleIt's a function of the way that statistics dribble out over the course of months that it wasn't so very long ago that we were writing about how, despite a bump in sales, second-quarter prices on NYC condos were flat year-over-year. It was fairly surprising, given that more sales and a limited supply of Manhattan apartments would indicate -- even to those, like your blogger, whose economic expertise is limited to auction-style fantasy baseball drafts -- that prices should rise. Supply and demand and elasticity and all that. But the last few years in Manhattan real estate have challenged just about every previously held belief most market-watchers have, and there the numbers were, tracking right alongside 2009's. The second quarter numbers, that is. With the arrival of the third quarter stats, it looks like things in the NYC condominium market have straightened themselves out. Which means that, belatedly, prices on Manhattan apartment listings did indeed climb in the last quarter, both over the second quarter and over the third quarter of 2009. Good news for fundamental economic rules, not-as-good news for Manhattan condo buyers, right? As usual, it's a little more complicated than that.

Comments