Articles on Manhattan Co-Ops

Co-ops Carried An Unusually Slow 2011 Sales Market

Manhattan high-end sales market slowed down in 2011For apartments on the Manhattan sales market priced at $5 million or more, 2011 was a mixed bag. Headline stealing deals like the $88 million purchase of Sandy Weil’s 15 Central Park West penthouse obscured larger trends in the market. Overall, the 2011 high-end market was pedestrian: sales rose by less than 1% from 2010. Those gains were unevenly distributed too, as co-ops outperformed all other types of Manhattan luxury apartments. High-end market gains since its 2009 nadir are largely due to the increased presence of eager international buyers - the buyer of Sandy Weil’s apartment was a Russian billionaire - but New Yorkers have been much pickier during that time. And if the high-end sales market in Manhattan is going to fully recover, it needs them to start signing deals.

Just Maintaining: Are Maintenance Fees Climbing on NYC Co-Ops Another Reason Buyers Favor NYC Condos?

Maintenance fees climbing on New York City Co-OpsMonths ago, when we noted the recent spike in the popularity of NYC condos relative to NYC co-ops, the comparison came alongside much attempted soothsaying and no small amount of confusion. The absorption rate on NYC condos and NYC co-ops converge around the $1 million mark, but the way in which upscale Manhattan condos were outpacing similarly priced Manhattan co-ops was striking enough to note even then. That trend shows no sign of diminishing with news that co-op maintenance fees jumped $1.76 per square foot -- an increase of 19% -- over the past year. The condo renaissance -- an ambiguous, tenuous, neighborhood-by-neighborhood renaissance, but one all the same -- continues apace, it seems, in part by default. But what's going on with those NYC co-ops?

Condos, Absorption Rate and You: Understanding What's Behind The Boom in Manhattan Condominium Sales

Condo absorption rates in ManhattanWe're in the "writing about Manhattan apartments" business here at the New Construction Manhattan blog, not in the "looking gift horses in the mouth" business. So while we've covered the recent boom in high-end Manhattan condo sales and New Yorkers' marked preference for new construction condominiums over luxury co-ops, we haven't really puzzled over the how's and why's of this particular state of affairs. The second quarter NYC apartment sales stats tell us that we're in the middle of a surging NYC condo sales market, so let's party -- or at least search Manhattan apartment listings -- right?

New Construction Manhattan Service Moment: Dogging It, Or How To Turn Your Manhattan Apartment Into A Pet-Friendly Apartment

Pet Friendly New York ApartmentsDogs: they're pretty great. So let it never be said that the New Construction Manhattan blog is afraid to take tough stances on the big issues. But as much as we at NCM love dogs -- skateboarding dogs are maybe extra good, but they're all pretty all right in our book -- we know well that Manhattan real estate is not always a pet-friendly zone. While we make a point to make note of pet-friendly condominiums in our Manhattan apartment listings, the fact remains that it can sometimes be difficult to get a dog past a fussy Manhattan co-op board. Given that no one wants to make the choice between the dog they love and the Manhattan apartment of their dreams, it's really the least we can do to offer you, the New Construction Manhattan Reader, a brief guide to getting your dog past a Manhattan co-op board.

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.