NYC Luxury Real Estate Blog

Meet the Government Agency That's Quietly Transforming Manhattan

Mayor Bloomberg has always had an unshakable faith in the power of the free market, entrepreneurship, and the nascent tech-industry. Perhaps that’s why he’s doubled the budget of a little known government body during the course of his administration, giving over $500 million in taxpayer dollars annually for capital projects. It's time to get familiar with the New York City Economic Development Corporation, an organization specifically designed to stimulate the economy of New York City, but one that is controversial insofar as it straddles the murky area between the public and private realm, making it powerful and inaccessable at the same time.

Year-End Absorption Rates Indicate Variety in Market Prices

The recovery of New York City’s luxury condominium and co-op market has been extensively examined by New Construction Manhattan, and as we have noted, its gradual comeback is now . As 2011 wrapped up, 6,400 units were on the market in Manhattan, equating to a 9-month supply at current absorption rates.

Manhattan Condo Buyers Prize Private Parking More Than Ever

If there is ever a bigger complaint that New Yorkers have about commuting by public transportation in the city, it would most likely be driving and finding viable parking options in Manhattan. The Department of City Planning recently revealed a report on the parking trends in Manhattan over the last three decades and the numbers are glum to say the least. The number of legally designated off-street parking in Manhattan has declined by close to 20 percent (from 127,000 to 102,000) since the 1980s. For many buyers who are looking to purchase a luxury condo in Manhattan, the inclusion of an on-site parking garage is just as big a deciding factor as a fireplace or walk-in closet. Contrary to intuitions however, many developers are reluctant to incorporate residents parking in new residential constructions.

New Development Market Report Another Healthy Sign for the Manhattan Residential Market

More evidence that the Manhattan condo market is making headway comes courtesy of MNS’s new development market report, which was released last week. The quarterly report, which measures the rate and price at which newly constructed Manhattan condos with no previous owners are sold, points to a solid growth in both median sales and median price per square foot from the fourth quarter of 2010 to the fourth quarter of 2011. It also points to a growth in median price per square foot from the third quarter of 2011 to the fourth quarter, but a slight drop in median sales price during the same time. These numbers imply that, while new condo sales overall were lower during the fourth quarter than they were during the third, the market for high-end Manhattan real estate is alive and well.

High End and Mid Priced Condos Doing Exceptional So Far in 2012

The early winter months always come with a string of market analysis meant to gauge how Manhattan real estate trends will play out over the next year. We wrote earlier about in 2012. Now the Real Deal has compiled the market trends that have been playing out since January, with commentary from industry players on how we can expect those trends to advance. Over the past month, ultra-luxury Manhattan condos have been doing as well as they did in 2011, while mid-priced condos in the $3 to $5 million range have shown marked improvement. Condos priced lower than that have been sluggish, suggesting that most people who want to buy prefer the extensive room and building amenities high-end apartments provide.

Even Amidst Heavy Declines, New Residential Construction Marches On

In a city that thrives on the mantra, “,” nowhere is this as apparent as the development of new construction in Manhattan. The biggest critic of the Manhattan real estate development is, not surprisingly, none other than the business itself. In an industry where the indicators of success each fiscal year is judged by how much taller, more extravagent and expensive this year’s projects are compared to the last, 2011 has been criticized as a less-than-stellar year for new construction. Both DNAinfo.com and The Real Deal recently reported that “new constructions in New York City saw a 31 percent decline last year.” Never one to be easily alarmed or fazed by popular headlines, the decides to take a second look at the data and offers a second opinion on the current affairs.

Just Like the Building, Marketing for One57 Is Larger Than Life

Extell Developers knows that, with a massive project like One57, every last detail must exceed buyers expectations, which is why they’re sparing no expense in marketing a building that almost markets itself. Building a massively expensive 90-story condo tower during a time of deep economic uncertainty, even when the Manhattan condo market is strong and luxury condos are scarce, is a big risk for Extell, and they know it. A flood of hype has accompanied One57, but nothing is guaranteed, especially because One57 is still in the early stages of construction and isn’t due to open until 2013. Selling condos in yet-to-be-built buildings always requires an aggressive sales strategy, so with the global economy in a state of temporary equilibrium and foreign buyers itchy to purchase luxury apartments in Manhattan, Extell is pulling out all the stops in marketing One57. This innovative building now has an innovative marketing strategy to boot, and so far it’s appears to be paying dividends: According to Gary Barnett, the owner of Extell, 30% of the units in One57 are either in contract or have a contract out.

High-End Sellers Continue to Thrive with Excessive Demand for Luxury Properties

New Construction Manhattan has been tracking the overwhelming demand of luxury apartments for ages, and the result of this needy market has made high-end NYC homes exceptionally hard to come by. , and with a relentless demand for these properties from wealthy locals and , they are expected to continue rising.

Some Considering a Shift in the Upper East Side Northern Boundary

If you work in or are otherwise interested in the New York real estate market, chances are you can point out the lines that separate all the Manhattan neighborhoods on a city map. While some neighborhoods are marked with somewhat vague boundary lines, others, such as Tribeca and SoHo, are clearly demarcated, and oftentimes they mark off city zoning areas.  The Upper East Side also has strict boundaries to the west, where it meets Central Park, and to the north, where 96th Street marks the cutoff. But now some realtors and city planners are playing with the idea of extending the northern boundary of the Upper East Side to include new luxury condos for sale in the high 90 and low 100 Streets--currently condos in East Harlem.

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