NYC Luxury Real Estate Blog

How About a Little Good News for Downtown Manhattan Real Estate?

Downtown Manhattan real estateAs you may have gathered, we here at NCM like to spread good news, especially when it comes to the New York City real estate market. And, believe it or not, there's always good news to be found. Take the Downtown 2020 report--funded by the Steven L. Newman Real Estate Institute and Baruch College’s business school -- for instance.

WANTED: Early Adopters of New York City's Green Real Estate

New York City's early adopters of green real estate

Good article from The Real Deal... Greening the city means getting realistic. A clip:

But while the commercial real estate market is already taking steps to go green, [Daniel Kaplan, senior partner at FXFowle Architects] said, the residential market isn't focused on greening yet, tending to rely on traditional selling points instead. "It's always puzzling to us that the residential market hasn't caught up to this [green trend]."

Greenwich Village: New York's Best Place to Own a Home?

Owning a home in Greenwich VillageA report from New York University’s Furman Center for Real Estate and Urban Policy, which ranks New York neighborhoods in fifty critical categories, finds Greenwich Village ranks #1 in the following:

  • median household income
  • median age of housing stock
  • percentage of units located within a half-mile of a subway entrance
  • most units in a historic district
  • fewest foreclosures per 1,000 properties

Big Media Looks Up, Realizes... Hey, it's a great time to buy a condo!

bubbleWe've been saying for months now that a down economy is a fantastic time to buy a new place at a great value... And it looks like the experts in the media are starting to agree. Hey, they wait for good ideas to become obvious. That's why they're experts, right? Kidding! Take a look at these recent articles:

 

Union Square Branching Out: More & More Luxury Apartments Available

Luxury apartments around Union SquareFrom its dynamic social history to its famous Greenmarket and Holiday Market, Union Square has always been a diverse hotspot. Well, diverse for the most part... it hasn't always offered many upscale housing choices. But that's changing pretty quickly. It's hardly surprising high-end developers are taking advantage of Union Square's exciting setting--great bars, classy restaurants, unique shopping, Union Square Park, and so on. And it's no wonder high-end homeowners are steadily filling up Union Square luxury apartments. Here's a clip from a recent NY1 article, Union Square Housing Turns Trendy, Luxurious:

Own a Piece of New Upper West Side Development: Riverside Center Condos Available

Riverside Center in the Upper West SideEveryone's excited about Extell's new Riverside Center development running from 59th to 61st Street, and from West End Avenue back to the Hudson River. It'll eventually include five residential buildings, ranging from low-cost to luxury, plus park space, a theater, a public school, and more. Sounds like just what Trump City needs, right? It's come a long way from its railyard roots... Now a great complex will only get better. Don't get too attached to the parking lot that's there right now. In fact, we've got opportunities... We've been very impressed with Extell's first Riverside Center luxury condo, The Avery. Take a look at condos for sale at The Avery. While you're at it, check out available apartments at The Rushmore, Extell's soon-to-be-completed second Riverside project. Maybe you're more interested in owning an Upper West Side apartment near Riverside South. Contact us today!

Renting a New York Apartment? (You know, you probably could OWN for not much more...)

Renting or Buying in New York CityHere's an article from the Wall Street Journal that we hope you didn't miss: Renters Lose Edge on Homeowners. In lots of metro markets, mortgage payments cost just about as much as apartment rent. This is a new, and heartening, development. In recent years, some housing markets have seen ownership cost 60% more than renting. Soon, average mortgage payments could be a scant 14% higher than monthly rent. Owning is already the wiser move for most, but at 14%, it's a simple call... you can either keep throwing money away by renting, or tack on a measly 14% and reap the benefits of home ownership. Not only will you wind up keeping what you put into your home, your investment will only strengthen as markets return.

New York City Landmarks and Apartments Go Dark to Go Green

Green apartments in New YorkOn Saturday, March 28, going lights out for a night meant going Green for many NYC landmarks and high-end condominium buildings. Beginning at 8:30 p.m., the Empire State Building, the Chrysler Building, many Times Square billboards, and the decorative light necklaces on the East River bridges shut off their lights for an hour.

The Going Got Tough... Smart Buyers Are Going for Green Condos

It's easy to philosophize about how good it is to go Green, both for the environment and for your investment portfolio. But let's get down to business. Let's look at some cold hard data on why Green is great, especially in a recession. (Click for an overview of owning an apartment in a Green building).

  • Have you seen the Green Building Market Barometer's survey of 754 real estate executives? 3/4 of execs--from brokers to engineers--believe in Green, recession or otherwise.

The Recession: Catastrophic... or just Condensed? (Either Way, Manhattan Co-ops Might Be a Smart Bet)

Betting on Manhattan Co-ops during the recessionA recent N.Y. Times article, Looking for Bottom in N.Y. Real Estate, caught our eyes. It dealt with the same question we touched on last week... when will New York real estate rise again? Here's a fascinating theory on the nature of the downturn:

Large drops in prices are not new in the city. The last decade-long increase in prices was followed by about seven years of falling prices starting in the early 1990s, said Ingrid Gould Ellen ... “It’s possible that rather than seeing price declines spread out over a six-year period, this time it could be concentrated in a two-year period.”