Articles on Buying Manhattan Apartments

Is the Glass Tower Mega-Condo Losing Steam?

Manhattan luxury glass towersThe NYC luxury condominium market is renowned for its high-rises. With over 45 luxury high-rise condos sprinkled throughout the city, blue-boarded scenes of constructions hoping to scrape the sky is nothing unusual. Indeed, what is unusual is when Manhattan mega-condos aren’t rising. Because the NYC condominium market rides in waves of booms and falls, glass towers shoot up somewhat cyclically. In 2011, Manhattan condominium developers have decided to throw their dice in on residential boutiques and conversions.

According to theReal Deal’s published statistics of the New York State General Attorney’s office (whose stamp approves condo constructions and conversions) only 466 new condo units have risen in Manhattan in 2011. In 2006, there were 10,660 new NYC apartments for sale. But what accounts for the fewer luxury apartments going up is the shrinking pipeline of submissions to the AG, and developers’ shift to the smaller, scaled-back amenity boutiques and conversions that have a shorter turnaround time and smaller price tags. As New York City condominium developers are given tricky budgets, less risky downsized Manhattan residential buildings with immediate ribbon-cutting ceremonies are more likely to get financed. Current federal loaning hurdles often require condo buildings to have closed substantial presales before backing a homeowner’s mortgage--smaller boutiques in  Manhattan districts like Tribeca and Chelsea with fewer apartments for sale can jump these hurdles easily.

You Passed The Co-Op Interview -- Now It's Your Dog's Turn

Luxury co-op boards not so fast to "woof-woof" - New Construction ManhattanYou have done everything you need to do: looked at a hundred different apartments, chosen the one you loved, organized and filled out all of the necessary paperwork, and now your dream apartment is in your grasp; you can picture yourself moving in and how you’re going to decorate it, but there’s one thing left to do and this task isn’t under your control, but the control of your canine. Yep, that’s right; it is now your dog’s turn to pass a test and if he does not, then you cannot move in to your new apartment.

All you can think about is finding an apartment that is pet-friendly. All your potential neighbor can think about is the fact that the last person who lived in that apartment had a dog that never seemed to be quiet. There has to be a happy medium somewhere, right? Now, co-op boards are bringing your little pooches in for an interview, but that’s not all; they want letters of recommendation from others who know your dog best (dog walkers, groomers, neighbors) as well explains the New York Times. You read correctly; co-op boards are now looking to put your dog through what they say are necessary tests to decide whether or not they are willing to allow you to bring your pet with you on your move.

Street Cred Needed: SoHo Condo Residents Chafe Under Artist Rules

The neighborhood of SoHo, or South of Houston Street, is known as one of the most popular -- and one of the priciest -- neighborhoods in Manhattan, alongside the trendy high-rise condos of Chelsea, the stalwart and pre-war Upper East Side, and raucous Greenwich Village. Back in the day SoHo was a haven of artists looking for low rents in the manufacturing district’s industrial work spaces. But now this NYC neighborhood is known less for its poor artists and more as a growing district of affluent families, lush boutiques and converted condo listings. With the demand for SoHo residences at a peak and many artists fleeing to cheaper pastures, some SoHo dwellers are crying foul about an old law that requires residential lofts to be set aside strictly for certified artists. SoHo residents say the law is -- wait for it -- certifiably nuts.

New Mortgage Rules Promise "Financial Colonoscopy" For NYC Condo Buyers

Browsing Manhattan apartment listings is easy, but buying a Manhattan apartment is -- understandably, reasonably, and inevitably -- a much more complicated enterprise. There are many reasons for this, but the simplest and most obvious would be that, while it's free to browse NYC condos at New Construction Manhattan, it costs significantly more to actually buy an apartment in Manhattan.

Chelsea Lately: The High Line Is Expanding, And Chelsea Condos Are Cheering

 

Chelsea Condos for SaleWe’ve not been shy, in the past, about either our crush on Chelsea’s High Line or pointing out the huge boost that the beloved, beautiful Chelsea park has given apartments listings near The High Line. If you're just joining us, though, here's what you need to know: for Chelsea condo listings, proximity to The High Line has led to a spike in both value and demand. The good news, both for those browsing Chelsea condo listings in hopes of getting within hailing distance of NYC's tallest, hottest park and those of us who simply enjoy visiting the aforementioned park, is that The High Line keeps growing. Which means that the number of apartment listings near The High Line keeps growing as well. The sound you are hearing are Chelsea real estate developers and Chelsea apartment hunters high-fiving one another. With news -- and pictures -- of the ongoing High Line expansion reaching the New York Times yesterday, you may have to fight the urge to high-five yourself. It’s not easy for us, either.

Meet The Newest Sales Tool For Manhattan Luxury Condominiums: Federal Housing Administration Approval

FHA-approved Manhattan Condos for SaleIt's sometimes said that Manhattan luxury condominiums sell themselves, and a trip through our Manhattan condo listings will surely bear that out for a few NYC apartment buildings. But it's just an expression, finally, and most NYC luxury condos -- even the best of the best -- don't necessarily sell themselves. Yes, the Manhattan apartment market is surging, but with real estate watchers concerned about a double dip in the housing market and the local and national economies still sputtering, the investment of money and confidence required in buying a Manhattan condominium is no small thing. In reality, most NYC condos require no small amount of selling, which is where price cuts come from, among other things. Recently, developers have hit upon a new -- and, for once, very factual and very useful -- new marketing tool. That would be the approval of the Federal Housing Administration.

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.

The Comeback Continues: NYC Real Estate Market Coming Back, But NYC Condos Still Relatively Cheap

NYC Real Estate Market PricesAnother day, another sign that the Manhattan real estate market is on the rebound. At the risk of overstating things -- or of stating the same thing too darn often -- what's important to note here is that while the market for Manhattan apartments is notably improved over its 2009 status, the median price for NYC condos is still comparatively cheap. Again, that's relative to what the price of a Manhattan condominium was in 2008, but... does anyone even remember 2008? It was weird. The Phillies won the World Series and frankly with a few exceptions it's probably better just to forget the whole thing. Anyway, off-topic. What's important: the market for NYC condos is pretty clearly on the rebound, but the prices for NYC condos don't seem to reflect that yet. Check the numbers:

Trump SoHo Set To Open, Trumps Remain America's Number One Resource for Grandiosity, Monied Goofiness

Trump Soho CondominiumsAh, the Trumps. If you were to ask them -- or ask that older, most-orange Trump with the cotton candy hair -- to describe themselves, they'd probably go with something along the lines of "American Aristocracy" or "New York City Real Estate Royalty" or "Manhattan Real Estate Maestros." And while that wouldn't be false, necessarily, it would also be hilarious. This is the paradox of the Trumps: as impressive as their achievements in New York City real estate have been -- and with a few exceptions, that's "fairly impressive" -- the hilarious grandiosity of the Trump brand always manages to make it look faintly ridiculous. Thus the confusion over the impending opening of Trump SoHo, the luxury condominium/luxury hotel development that the Trumps have been working on for years. On the one hand, it's a pretty impressive new condominium. On the other hand: LOL.

Square Deal? The Inexact Science of Square Footage

Square footage in New York City apartments Buying a condominium in Manhattan is not easy. If there's one thing you'll hear from friends who've gone about purchasing a Manhattan apartment or NYC condo, it's that. But if there's one thing we keep going over here at the New Construction Manhattan blog, it's that buying NYC condos doesn't have to be quite as difficult as it is -- if you ask the right questions and work with the right real estate agent, buying an apartment in Manhattan can be satisfying and maybe even enjoyable. But, as proven in a new report at The Real Deal on the radically imprecise science of calculating the square footage of condominiums for sale, buying a condominium in Manhattan isn't easy. The good news, here, is that square footage numbers aren't necessarily the be-all and end-all when it comes to buying a condo.