Articles on NYC Real Estate

2015 Closes Out with Surging Manhattan Real Estate Prices

The New Year has been rung in and 2015’s 4Q reports have confirmed the undeniable: Manhattan’s real estate prices are on the up. In Miller Samuel’s final Elliman Report for the old year, Manhattan housing prices set records as sales all around remained on the higher end. Over the 27-year data series, 4Q of 2015 marked the highest sales prices in the borough.

Real Estate Rewind: A Year-End Review of the NYC Market

Over the past year, New Construction Manhattan has reported on the top stories in New York City real estate. From new construction plans to top listings, and the state of the real estate market, the stories of the year touch on a number of layers that make up NYC real estate. With 2015 coming to a close, it’s an obvious choice to start from the beginning — the very beginning — in this year-end review.

Record High Residential Spending & Foreign Investments

Foreign Investments Manhattan New Construction

Image via Flickr

The Real Deal recently reported that new residential construction cost has hit an all-time $12 billion high over the last year. Spending shot up 73 percent in 2014 to $11.9 billion, the former record even after accounting for inflation. Despite spending reaching new heights, the actual number of new units constructed in 2014 has not increased proportionally; units are being underproduced. Only 20,329 units were created last year, just 11 percent more than the year before, but far less than the 30,000 new units created annually between 2005 and 2008.

The New Kids on the Block: Chinese Investors

Chinese investors pumped more than $3 billion into New York real estate last year, nearly 43 percent more than 2013. This only seems to be the tip of the iceberg as foreign investors dominate Manhattan’s condo and townhouse market – accounting for  30 to 40 percent of institutional and individual buyers. Chinese investors are particularly interesting due to their propensity for “central city/urban” real estate, the increasingly powerful yuan, and the overall slowing of Chinese economy. The combination of factors has created the perfect incentive for Chinese investors to expand their assets.

Manhattan's Growing Skyline

In wake of One57, West 57th Street is becoming the hotspot for residential development. With its ideal location to Central Park, it’s no surprise that developers are choosing this area for construction. There seems to be other factors as well, drawing people to this previously desolate site. The location of West 57th street is part of a special Midtown zoning district with no height restrictions. With that freedom, developers are taking their projects to new heights which means fantastic views of Central Park and the river, and wealthier buyers.

Looking Back on 2013: Top 10 Real Estate Stories in NYC

New York City

This year was huge for real estate in New York City, as new construction soared to pre-crash levels. Before we look forward to 2014, let's count down (in no particular order) 10 of the biggest real estate stories in 2013.

NYC’s Tallest Tower Headed to Park Avenue

The Manhattan skyline from Central ParkNew York City is known for its skyscrapers and high-rise buildings towering over the bustling city below. Well, there will soon be a new kid on the block that will be the tallest apartment building in the city. Located at Park Avenue and East 56th Street and standing about 1,397 feet and rising 95-stories, 432 Park Avenue will beat out One57 by 400 feet, shoving its closest competitor to the side upon completion in the next few years. It is expected that once construction gets underway on this condominium tower, Manhattan’s real estate will soon be battling it up for superlatives.

Manhattan Sales Market Healthier Than Ever

As the first half of 2012 ends, the Manhttan condo market is moving on upAs we bid farewell to June 2012, it’s fair to ponder: how exactly has the Manhattan real estate market done so far this year in comparison to the past few years? Since the collapse of Lehman four years back, the buying trends of Manhattan apartments has been a subject of intensive analysis and concern. From the perspective of supply (amount of available inventory) vs. demand (amount of sales), 2012 has brought about the strongest 6 months of market activity since 2007. With such a disparity in the statistics of condo sales since 2009, it’s obvious that, as a whole, confidence in the Manhattan real estate market has revived enough for a solid surge in sales.

Outdoor Pools: The Summer's Coveted Condo Amenity

Outdoor pools - New Construction ManhattanAs the scorching summer rages on, New Yorkers find themselves searching for the sweet, serene relief that goes hand in hand with swimming. Recently, however, it has become increasingly difficult to find Manhattan apartment listings offering on-site pool facilities. Even more rare are the highly coveted rooftop, outdoor pools. It is more likely, if a building has a pool at all, that it is an indoor unit, a trend that has become increasingly more prevalent.

According to the New York Times, outdoor pools have become a rarity in NYC. In fact, while there are nearly 150 condominiums with pools as an amenity, only about 15 of them are outdoors and several are privately owned townhouses. Those offering outdoor swimming facilities see it as a source of pride -- and therefore use it as a selling point. But as the number of outdoor pools dwindle, the demand for them is rising, and Manhattan new construction buildings are innovating their pool amenities.

On The (East River) Waterfront: New Waterfront Park Opens in FiDi

East River Waterfront view in New York CityAnyone who has ever lived in Manhattan and entertained guests who do not live in Manhattan has been there. You’re on Wall Street, showing your family where the Dutch once built their defenses that gave the street its name. Tourists crowd in, snapping photos of one another and begging you to do the same. You haven’t had caffeine yet today and your head is thumping like a drum. You need to grab some fresh air and recoup because you’ve promised to take your family to a nice place on the Upper East Side for dinner, but you’re out of luck because you’ve got no access to the water unless you walk to the Battery, which is clogged with the same types of tourists who’ve driven you to near-madness in the first place.

Now, we bring you news of freedom: the East River Waterfront opened its first leg on Monday -- that's a rendering above -- and it's exactly what those suffering Financial District fatigue needed. The East River Waterfront as presently constituted is fairly modest: a two-block greenspace running between Maiden Lane and Wall Street, featuring 4,000-foot dog run, benches with a view of the Brooklyn Bridge and Downtown Brooklyn, and steps leading down to the banks of the East River. As impressive as the East River Waterfront is now, though, it's only the first step in opening the neglected East River waterfront -- and that's good news indeed for those living in or hoping to buy Financial District condominiums.