NYC Luxury Real Estate Blog

Attracting Foreign Buyers in the Middle of the Eurozone Crisis

Wait-and-see. For many foreign buyers whose fortunes hinge on the outcome of the European debt crisis - even those who aren’t from Europe - these words neatly sum up their attitude towards the future. This potentially disastrous impasse threatens to slow sales ofluxury condos in Manhattan even further, but who can blame people for waiting? The fate of the world’s economy is up in the air. In case you’re wondering why this is immediately relevant for us, look at the numbers: foreign buyers made up one-third of sales in Manhattan over the past year, and from March 2010 - 2011 8% of home sales nationwide came from foreign buyers. In other words, foreign buyers have been keeping theManhattan luxury condo marketafloat, so this wait-and-see attitude could prove to be devastating; the market is already in a sales slump. However, new legislation introduced in the U.S. Senate might stimulate sales of luxury condos in Manhattan to unprecedented heights, if it passes. And that’s a big if.

Walker Tower: The Newest Very Old Chelsea Building

Chelseais in the interesting position of being one of the hippest and most modern neighborhoods in all of Manhattan, while still being decked out in equally hip and desired pre-war buildings. , developers often address this position by to fit with a modern style and sensibility. We’ve seen this often enough; developers will buy an old apartment building, raise the ceilings, expand the windows, and put the , describing them as a combination of the new and the old.

In Manhattan, Luxury Condos and Luxury Rentals Blend Together

What’s the difference between a luxury condo and luxury rental in Manhattan? These days, barely anything. The average size of a 1-bedroom luxury rental in Manhattan is 600-675 square feet, while the average size of a 1-bedroom luxury condo in Manhattan is 700-800 square feet. The units in 8 Spruce Street inFiDiand Silver Towers in Midtown West are newly constructed luxury rentals that are indistinguishable from newly constructed luxury condos and subsequently attract wealthy buyers who would’ve only considered condos before; Silver Towers in particular was originally going to be a luxury condominium. This trend is no accident; the has made developers antsy about the future, leading them to adopt the strategy of designing luxury buildings in Manhattan that could convert easily from rentals to condos or vice versa. Consequently, these newly constructed luxury buildings have made the distinction between the two thinner than ever.

Autumn Real Estate Sales are Fading Fast

Even though, traditionally, autumn has been a strong season for sales ofluxury condos and real estate in Manhattan, sales these days have been harder to come by. This decline has put brokers and real estate pros in a bind, because many buyers and sellers are waiting until the spring to make their moves. Over the past few years, New Yorkers have turned their attention towards spring in lieu of buying or selling Manhattan luxury real estate during the fall. According to Streeteasy.com, Manhattan October sales have declined from 868 in 2009 to 371 in 2011. This precipitous drop may not be as bad as it as sounds - this isn’t a long-established pattern - but as of right now it appears that a slow autumn season may become the norm, as the market shifts from autumn to spring. But is there a benefit to this slowdown for Manhattan buyers?

Manhattan Buyers Are Choosing LEED Certified Buildings

Leadership in Energy and Environmental Design, or more commonly known as simply LEED, is one of the biggest buzzwords in real estate right now. In short, it is a set of strategies that are used to evaluate real estate development projects on their effort towards environmental friendliness. In order for a building to be considered LEED certified, it must pass a series of required prerequisites and elective credits set by the U.S. Green Building Council. Once a building has been approved by the Green Building Council, it will then be confirmed and decreed by the Green Building Certification Institute as officially certified. While many people have heard of LEED certified buildings, few New Yorkers can confidently identify the characteristics of green buildings.

Revival of the Harlem Condo Market in Full Swing

When Lehman Brothers went bankrupt in the fall of 2008, perhaps no neighborhood was more greatly affected than Harlem. The ill-timed flurry of construction in Harlem that preceded Lehman’s collapse left about a dozen new developments stranded, so to speak. In other words,  those new luxury condominiums either on the market or about to be on the market at that time suddenly had no buyers and a bleak future. So, almost overnight, the new construction revival in Harlem created a glut of luxury condos that no one wanted to live in. This unfortunate turn of events had defined Harlem real estate for the past few years, but it looks like the damage wrought by those events has finally abated: in the third quarter of this year 150 condos sold in Harlem, marking the fifth quarter in a row where condo sales in Harlem exceeded 100 units. Despite the odds, sales of new luxury condos now exceed pre-Lehman levels. Granted, this is due to greatly reduced inventory and an of quality inventory elsewhere in Manhattan, but this recovery is still impressive, and it spells good news the Manhattan luxury real estate market as a whole.

NYC New Construction Condos: Tips and Tricks

The allure of newly constructed luxury condos in Manhattan is undeniable. These shiny new condominiums look great and offer a litany of amenities not found in older buildings. Plus, many luxury apartments in pre-war and older post-war buildings are badly in need of up-keep and may need extensive renovations, whereas newly constructed luxury condos are untouched and pristine. But before making the decision to purchase a new luxury apartmentin hot neighborhoods likeBattery Park City or Chelsea, there’s a few things you should address before you sign on the dotted line. While new construction buildings offer many benefits that range from new amenities, modern designs, and excellent locations, buyers should keep these new construction tips in mind when searching for a new home. For example, buyers probably won’t know the details of the offering plan for their building. Moreover, when buying a new luxury condo, eager buyers may be entirely unfamiliar the ramifications of the contract they’re about to sign. In order to save money, avoid problems, and buy the best apartment possible, don’t jump right into a deal; take the time to check some of the basic features of the building and the apartment. There’s a lot more going on beneath the surface than you may realize.

Drake Tower: Tallest Residential Building in Manhattan on the Way

It’s an encouraging sign that, even in a weak economy, developers are still willing to take risks in new construction. None of those risks are bigger (literally) than the Drake Tower at 432 Park Ave, which will be the largest residential tower in all of Manhattan when completed. The current designs have this massive luxury condominium standing at over 1,300 feet, a good couple hundred feet higher than any luxury residential tower currently standing in Manhattan. A partnership between developer Harry Macklowe and CIM Group, a Los Angeles real-estate company, has kept the project moving forward despite . When 432 Park Ave construction begins, it will set a new standard for luxury condominiums in Manhattan and stand as a powerful symbol that better things are yet to come.

Time to Rethink Manhattan Zoning Laws

Most of us don't think too hard (or at all) about zoning laws in Manhattan, unless we’re developers. That’s why we often know nothing about the regulations that literally shape the face of the Manhattan. Zoning is an all-encompassing subject that touches every aspect of new development, and it has done so for over a century. So what are the zoning rules that regulate new condo construction Manhattan? Anyone? Well, here’s a starting point to understanding our current situation: for 50 years, the basic structure of New York’s zoning laws installed by then Mayor Robert Wagner has remained the same. Currently, numerous neighborhoods such as the East Village and East Harlem are overhauling the details their zoning laws in order to accommodate new condo construction in Manhattan, but even with these changes, the basic structure of zoning laws remains untouched. A panel of planning experts met last week to discuss whether or not that structure can be improved, and the consenus was that our zoning laws are badly in need of change.

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