Articles on Manhattan Real Estate Trends

A Block-By-Block Breakdown of the Recovery

Manhattan Apartment Sales Volume has varied greatly by neighborhoodGoing by the numbers, 2009 was a long time ago. Sales volume in Manhattan has rebounded by 36.8% since the crash stalled the real estate sales market across-the-board; condo and co-op sales fell 28% from 2008 to 2009. In 2009 there were 7,430 sales of Manhattan apartments, but in 2011 sales volume reached 10,161 units. That’s a great sign in a time of tight inventory and even tighter credit, which is why we at New Construction Manhattan have confidence that this trend will continue. But, as any apartment buyer in Manhattan knows, there is no one single Manhattan sales market; everything here depends upon location. Each neighborhood in Manhattan has recovered at a different rate, and the fastest recovering neighborhoods may surprise you, as may the slowest; there’s only one neighborhood in Manhattan where sales have declined continually since 2009, and it’s probably not the one you expect.

Manhattan Sales Market Going Strong, Especially on Low-End

Sales of Manhattan apartments stayed the course in the first quarterJudging by the numbers released in a first quarter sales report, the Manhattan sales market is nothing if not reliable. The market exhibited stability on both a quarterly and yearly basis, and one could argue that this consistency is its defining trait. In the context of heightened economic uncertainty caused by S&P’s downgrade of U.S. debt, the debt crisis that gripped the Eurozone, a volatile stock market, a credit crunch, and concerns about the state of Wall Street bonuses, this stability is all the more impressive. The ability of Manhattan luxury apartments to weather harsh economic conditions bodes well for the future because it further cements their reputation as safe investments. Plus, the low-end of the sales market is flourishing, serving as the engine for market activity in the first quarter; it's been strong enough to carry the market through these rough waters.

Buyer Demand Greatly Outstripped Supply In March

Luxury condos in Manhattan are in high demand and short supplyBuyers and sellers take note: the Manhattan sales market is traveling in two different directions at once. According to a new market report, buyers signed 1,213 new contracts for Manhattan luxury apartments in March, the highest volume of new deal activity for luxury apartments in Manhattan since the recession. It’s also a 15.7% increase in new deal volume from March of 2011 (and a 39% increase from February 2012). Simultaneously, the trend of declining supply for new apartments for sale in Manhattan continued. Combine this with an unprecedented pace of demand, and it becomes clear that today’s buyers of Manhattan apartments are quick to recognize a deal when they see one, and, moreover, they’re quick to sign a contract for a property.

Have a Drink, Buy Some Art, Get a Condo

Sugar Sugar by Eve PlumbThe New York Times reported a few weeks ago about an art show that doubled as an open house in an apartment building in the Chelsea neighborhood. The art on display was the work of Eve Plumb, the actress who played Jan Brady on “The Brady Bunch” in the early 1970s. The location was Carriage House, a new building on West 24th Street designed by Broad Mill Development Group, which had set up the showing. And the purpose of the event was, as Mrs. Plumb bluntly told the New York Times, to “have a drink, buy some art, get a condo.”

More Families Eschewing Suburbs, Moving to Manhattan

The Aldyn in New York CityThe real estate firm Prudential Douglas Elliman released a report recently that looked at real estate prices and figures over the past ten years, and DNA Info noticed that the numbers pointed to an interesting new trend in the Manhattan condo market. More families are moving into condos in Manhattan than ever before. Traditionally, New Yorkers move out to the suburbs once they decide to have children, but judging from the number of three- and four-bedroom condos that sold in Manhattan from 2002 to 2011, those families are now eager to be in the city itself.

Meet the Government Agency That's Quietly Transforming Manhattan

Manhattan real estate is being transformed by the Economic Development CorporationMayor Bloomberg has always had an unshakable faith in the power of the free market, entrepreneurship, and the nascent tech-industry. Perhaps that’s why he’s doubled the budget of a little known government body during the course of his administration, giving over $500 million in taxpayer dollars annually for capital projects. It's time to get familiar with the New York City Economic Development Corporation, an organization specifically designed to stimulate the economy of New York City, but one that is controversial insofar as it straddles the murky area between the public and private realm, making it powerful and inaccessable at the same time.

Even Amidst Heavy Declines, New Residential Construction Marches On

madison square garden new york midtown westIn a city that thrives on the mantra, “Go big or go home,” nowhere is this as apparent as the development of new construction in Manhattan. The biggest critic of the Manhattan real estate development is, not surprisingly, none other than the business itself. In an industry where the indicators of success each fiscal year is judged by how much taller, more extravagent and expensive this year’s projects are compared to the last, 2011 has been criticized as a less-than-stellar year for new construction. Both DNAinfo.com and The Real Deal recently reported that “new constructions in New York City saw a 31 percent decline last year.” Never one to be easily alarmed or fazed by popular headlines, the New Construction Manhattan Blog decides to take a second look at the data and offers a second opinion on the current affairs.

W Tower Attracting Attention with Fully-Furnished Condos

W New York Downtown Tower in Manhattan's Financial DistrictIf you didn’t know better, you would probably swear that the condos available at the W New York Downtown Tower are already occupied. Designer furniture, wide-screen HDTVs, Warhol Prints, mid-century antiques, animal-skin throw rugs: The luxury condos at the W Tower feature detailed furnishings that make them feel like homes in the fullest sense of the word. The idea of a turnkey apartment is fairly commonplace for luxury rentals, but the W Tower - located at 123 Washington Street a block away from the One World Trade Center construction site in the Financial District - is taking the idea of fully-furnished condos to a whole new level. This innovation is yet another sign of the times; developers need a marketing edge more than ever. The people keeping Manhattan’s sluggish condo sales market afloat are usually either wealthy internationals looking for a pied-a-terre or buyers looking to become one-off landlords by renting their Manhattan properties, and the turnkey condos at W Tower cater specifically to both these groups. So far it seems to be working. After losing buyers in droves after the financial collapse in 2008, this new marketing technique is stimulating sales at W Tower for the first time in years.

Four Trends the Experts Predict Manhattan Will See in 2012

Predicting four manhattan real estate trends for 2012Earlier this month we wrote about how the Real Deal asked a group of real estate experts how they thought the luxury Manhattan condo market would play out in 2012. AM New York has written a similar story that analyzes what various real insiders are banking on in the new year. Some of the predictions from the two articles overlap, but AM New York also found some interesting new ideas, that could be meaningful to New Yorkers looking for luxury condos in Manhattan. We’ve compiled an overview of what exactly the experts say you should look for in the real estate market in 2012.

Condo Boards More Demanding Than Ever

Getting a luxury condo in Manhattan is getting more challengingJudging by the amount of qualified buyers turned away by condo boards in 2011, it might be time to stop thinking of them as less stringent than their co-op counterparts. When it comes to purchasing a luxury apartment, the two are increasingly similar, and the experience of buyers and brokers last year attests to that. More people were turned down than ever, although not in the way that you might think; condo boards don't really reject people, they just use stall-tactics until buyers give up. Condo boards do this because the only way they can formally reject buyers is to buy the condo themselves - not exactly the most desirable option - so much to the consternation of well-qualified buyers, run-around tactics have emerged as the next best thing. While some of these tactics border on the absurd, savvy buyers of Manhattan luxury condos should come prepared to meet all the potential hurdles, no matter how unnecessary they may seem. In order to be prepared, here is an outline of the standards of many condo boards have changed.