Articles on NYC Real Estate News

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.

A New Story in Astoria: Astoria Cove and The Hallets Point Projects

 

Over recent years, Queens has become increasingly more attractive to Manhattan developers starting projects in the outer boroughs. Long Island City has been at the center of many of the developments, and now developers are betting big on Astoria.

International Buyers Making New York City Real Estate Sector Shine

International buyers are dominating Manhattans real estate market

New York City’s real estate sector has been having a great spell over the past few months. Several high profile listings have come into the limelight this past year, with some garnering eyeballs for their astounding heights and others with their stupendous brands of luxury. Besides these, many new construction projects are also being developed, with these swanky new apartments being lapped up as soon as they enter the market. But what’s interesting about the buyers of these ultra deluxe homes is that many of them are not from New York, or even from America—foreign buyers are dominating Manhattan’s real estate scene today.

Hurricane Sandy and One57 Collide, Crane Collapses

One57 crane collapse in ManhattanWhen you’re 1,004 feet in the air, the slightest gust of wind can feel like a hurricane. One57, currently the tallest Manhattan apartment building, fared well considering the damage that Hurricane Sandy incurred on Manhattan, including ripping the facade off of a four story Chelsea apartment building. LendLease’s construction crane at the uppermost stories of the building, on the other hand, didn’t manage to survive the 50 mph gusts of wind. Within hours of the crane’s collapse at 2:35 p.m. on Tuesday, October 30th, wreckage rubberneckers took to the internet. Nearby onlookers released a video of the actual collapse and a sassy One57 Crane twitter account surfaced, humorously documenting its own absurdity. It’s easy to brush over an incident of wreckage when it looks like performance art, but if a massive piece of damaged construction is dangling precariously between blocks of billions of dollars worth of investment, the situation becomes less comical.

New Construction Expected to Strike $30.7 Billion This Year

The Freedom Tower rising in Lower ManhattanWith both residential and office towers popping up like wildflowers all around the city, an annual report by The New York Building Congress predicts that the annual construction spending in the city is expected to reach a record high of $30.7 billion this year. This development has been hailed as good news for New York City’s real estate sector, as this is the first time that the city’s overall construction spending has exceeded $30 billion since 2008. This rise in spending has been credited to two main reasons: an increase in demand for luxury housing, as well as an increase in activity in both non-residential projects and government spending.

Better Than You'd Heard: REBNY Third Quarter Stats Show Manhattan Luxury Condo Market Is Booming Again

Manhattan Real Estate Market 2010It's enough to make a blogger nervous, honestly. It's increasingly obvious that the market for Manhattan luxury condominiums is in a boom phase -- but as the shape, size and volume of the boom in NYC condos continues to become clearer, our job here at the New Construction Manhattan blog becomes more difficult. Wasn't it just a little while ago that we wrote about the big third quarter in the Manhattan condominium market? Yes, yes it was. And is this another report crossing our virtual desk, from the august Real Estate Board of New York, indicating that the third quarter spike in NYC apartment sales was even more intense than previously reported? Yes, yes it is. Good news, but... can we get a break over here?

More Sales, Higher Prices: Third Quarter Stats Show Prices Rising on NYC Condos Amid Increased Sales Activity

Manhattan Luxury Condos for SaleIt's a function of the way that statistics dribble out over the course of months that it wasn't so very long ago that we were writing about how, despite a bump in sales, second-quarter prices on NYC condos were flat year-over-year. It was fairly surprising, given that more sales and a limited supply of Manhattan apartments would indicate -- even to those, like your blogger, whose economic expertise is limited to auction-style fantasy baseball drafts -- that prices should rise. Supply and demand and elasticity and all that. But the last few years in Manhattan real estate have challenged just about every previously held belief most market-watchers have, and there the numbers were, tracking right alongside 2009's. The second quarter numbers, that is. With the arrival of the third quarter stats, it looks like things in the NYC condominium market have straightened themselves out. Which means that, belatedly, prices on Manhattan apartment listings did indeed climb in the last quarter, both over the second quarter and over the third quarter of 2009. Good news for fundamental economic rules, not-as-good news for Manhattan condo buyers, right? As usual, it's a little more complicated than that.

Main Street, Out Of Exile: Roosevelt Island, Home To New York City's Dullest Retail Strip, Heading For Long-Awaited Makeover

Roosevelt Island viewThere's a scene in the otherwise not-so-good horror flick Dark Water that packs a solid laugh for New York City real estate watchers. Well, several scenes if you're the sort who finds the idea of haunted bathtubs amusing, but the one we're thinking of is when John C. Reilly's real estate agent proudly describes a Roosevelt Island apartment building (spoiler alert: it's haunted) to Jennifer Connelly as featuring "brutalist school" design. Which, as much as we love newer Roosevelt Island condo listings like the elegant Riverwalk, is certainly a fair enough way to describe the East Berlin-style retail strip (above) that runs down the center of Roosevelt Island. While the community's quiet, city-within-a-city vibe is a big part of what makes Roosevelt Island apartments appealing, no one will mourn the passing of those identical, charmless facades.

Are Mortgage Rates Getting Set For A Spike?

New York City Mortgage Rates to Rise?Mortgage markets reeled Wednesday after the Federal Reserve released the minutes from its January 26-27, 2010 meeting. Mortgage rates in Manhattan are now creeping up to their highest levels since the start of the year. The Fed Minutes is a follow-up document, delivered 3 weeks after an official FOMC meeting. It’s a companion piece to the post-meeting press release, detailing the debates and discussions that shaped our central bankers’ policy decisions. The Minutes also offer a terrific look into the Fed’s collective mind, and they make it clear that, on Wednesday, Wall Street didn’t like what it saw. Specifically, the report disclosed that:

"Fifth straight month of increased sales volume in Manhattan" -- New NYC Real Estate Report

5th straight month of home volume sales increases reportedTake a look at this report on recent Manhattan apartment sales, based on samples below 96th Street and excluding new developments. Lots of good news for anyone who deals with New York real estate... According to this data sample, neighborhoods on the sales rebound include Clinton, the Upper East Side, and the Upper West Side. The Lower East Side and West Village are among the hottest, with units selling quicker and quicker by the month. Also, good news for prospective buyers: prices are even friendlier than they've been in a long time. But there are certainly signs that prices are starting to level out, making this a fine time to consider investing. Have a look at the report, and let us know what you think about where Manhattan real estate is headed.