Articles on Luxury Condos and Co-ops

Pricey New Boutique Development on the West Side

The newest soon to be completed addition of luxury developments at the High Line have just revealed their prices for the units. The gas station-replacing condominium tower - dubbed The Getty– will start at $15 million for each of the six full-floor residences, roughly $4,500 a foot for the 3,300 square foot home.

Raising the Roofs on Luxury New Construction

Zaha Hadid starchitect luxury apartment rendering at 520 West 28th Street near the High Line

Last Wednesday, cement workers at around 30 major construction sites in New York City went on strike due to a labor disagreement. Although some construction has halted, progress continues on some of Manhattan’s most exciting luxury new construction projects that we know like the back of our hand, and others that thrill like tearing a seal on a letter from the mail.

Don't Let Increased Maintenance Fees Catch You By Surprise

Co-ops are struggling to keep maintenance fees low in order to attract new buyers.When determining how much money they can spend on a Manhattan luxury apartment, many buyers of Manhattan real estate tend to take maintenance fees for granted, at least when compared to similar costs like property taxes and mortgage payments. But the changing landscape of Manhattan now demands that potential buyers of condo and co-op apartments become aware of maintenance fees, because they aren’t what they used to be. According to the Council of New York Cooperatives and Condominiums, median maintenance fees for co-ops on the West Side of Manhattan rose 59% from 2000 to 2009, a change indicative of Manhattan as a whole. These changes are directly related to the increased tax rates levied by New York City and their increased assessments of property values; most owners of luxury apartments in Manhattan have seen their maintenance fees increase on a yearly basis due to these factors. These days, maintenance fees for condos and co-ops in Manhattan can range from a couple hundred to thousands of dollars per month, and high maintenance fees often lower property value; apartments with low maintenance fees usually sell for more than comperable apartments with high maintenance fees. Most importantly, all buyers should know that if they want to live in an apartment with low maintenance fees, they should look for a condo rather than a co-op.

Condo Attitude: New Study Finds New Yorkers Prefer Luxury Condos To Manhattan Co-Ops

It's a real estate rule of thumb: during economic recessions, co-op apartments are generally more popular than luxury condominium listings. The ostensible reasoning is that co-ops -- which demand more money down and involve what is often a painfully rigorous screening process -- are less volatile than condos. That is the rule of thumb, anyway. But a new report in The Wall Street Journal thumbs its nose at that particular rule of thumb by pointing out that, during the recent/ongoing recession, the market for NYC condos has been notably stronger than that for Manhattan co-ops. While this was especially true for luxury condo listings at the higher end of the condo price spectrum, it's more or less true for all Manhattan condominium listings. The big question, of course, is why.