Articles on NYC Real Estate

Rally Caps: Manhattan Luxury Apartment Sales Way, Way Up In Last Quarter

Luxury apartment sales are way up over last quarterIt's big news, of course, but the ongoing recovery in the market for Manhattan luxury condos is not exactly news at this point. But what started as a series of anecdotal incidences -- near-ubiquitous price chops replaced by price hikes at buildings like The Apthorp; the consumer confidence reflected in the preference for condos over co-ops; the continued strength of the international market -- has recently become something a lot more measurable. Between the increasingly rapid absorption rate of Manhattan condo listings and the booming market in high-end luxury condo listings, though, the bounce-back in Manhattan real estate is increasingly tough to miss. In that sense, the surge in Manhattan apartment sales in the second quarter reported by the Wall Street Journal's Josh Barbanel isn't exactly a surprise. But the scale of that surge, on the other hand, is both big news and good news. More and more, the recovery in NYC real estate is looking official. "A Wall Street Journal review of closed-sales filings with New York City Department of Finance shows that during the second quarter, which ends June 30, sales were running 80% above the pace reported a year ago," Barbanel writes.

NCM Building Review: Cheers For Riverhouse’s New Management, Green Living Environment, Lovelyl Views, and Luxurious Condos

battery park from a helicopter Have you ever imagined what it would be like to live in The City, but be able to avoid the hustle and bustle that goes on outside of most New York City apartment buildings? Sounds good, does it not? Living in Battery Park City would take that ridiculous imagination of yours and turn your dreams into reality. The Riverhouse (in Battery Park), under new ownership since March, adds some umph to New York City living. The Riverhouse’s amenities are great. With a lap pool, children’s playroom, outdoor terrace and park, yoga studio, billiard’s room, media café, and fitness center, this Battery Park City apartment building fulfills the needs of all of its residents. Rockefeller Park--which is right in the Riverhouse’s backyard--provides residents with a great area to spend time outside, watch ferries go by on the Hudson River, go for a run, or bring the kids to one of several play areas. It would be difficult to find a more relaxing New York City neighborhood. The Riverhouse’s most amazing amenity, by far, is it’s backyard. The Hudson River runs just steps from the building and many Riverhouse apartments have a stunning river view of the Statue of Liberty and Midtown Skyline.

NYC Condo Scene: Transactions Are Booming, New Unit Sales Are Lagging. How Does That Happen?

Transactions are booming while new unit sales are lagging.Ah, the New York City condo scene -- it's chaotic, but it does at least keep the New Construction Manhattan blog busy enough. Of late, you might've noticed a number of posts suggesting that the market for NYC condos is heating up after a long recession precipitated a buyer's market in Manhattan condominiums. What has been anecdotal for the past few months got a little bit more quantified thanks to a study by NYC real estate researchers Radar Logic which showed NYC condo transactions rising an astonishing 146 percent over the past year.

Down From The (Tribeca) Summit: Tribeca Luxury Condo Conversion Cuts Prices

The Summit in TribecaWe've written before about Tribeca Summit at the New Construction Manhattan blog. The pre-war luxury condo conversion at 415 Greenwich Street in Tribeca has -- despite its exceptional promise and striking pre-war looks -- had a rough go of it in terms of squabbling developers and other brand-tarnishing Manhattan real estate mishaps. While the apartments for sale at Tribeca Summit remain very attractive in their own right and the property remains among the most appealing condo listings in Tribeca, the soft market and hard-to-watch developer squabbles dictated that something had to give. And so it has: Curbed reports that list prices on condos at Tribeca Summit have come down some 20 percent of late. What does this mean?

The Riverhouse Saga Continues With... Massive Price Chops?

The Riverhouse in New York CityHave we covered The Riverhouse well here at the New Construction Manhattan blog? If we dare say so ourselves: yes, yes we have covered The Riverhouse very, very well here at the New Construction Manhattan blog. There are a few reasons for this, foremost among them the fact that the LEED Gold The Riverhouse is one of the finest condo listings in Battery Park City and one of the greenest of the green condo listings in Manhattan, period.

Watch This Space: New Apartment Listings Hitting the Market As Economy Improves

New apartment listings in Manhattan You do not need the New Construction Manhattan blog to tell you what people do during tough economic times. You are (presumably) a person, and you have been alive over the last couple of years, and so you know full well what people do during tough economic times. They hunker down, they batten down hatches, and a bunch of other obscure/arcane phrases that basically translate to "wait it out." This is natural, and it makes a certain basic sense, but it is also, theoretically, not good news for the real estate market. And while prices have been held in place somewhat by the "apartment shortage," it hasn't been quite as simple as Econ 101 would have it.

Curbed: Buyer's Market for Condos Illustrated By Discounts at Upper East Side Luxury Condo Building 300 East 79

300 East 79 in the Upper East SideIf you're reading the New Construction Manhattan blog, there's a decent chance you're looking for a condo or apartment in Manhattan. Which means that there's a decent chance that you've probably noticed at least two things while searching for a condo or apartment for sale in New York City. The first is that everyone out there is quick to tell you that the market for NYC condos and apartments is currently tilted in the buyer's favor; the second is that the asking prices for those Manhattan condominiums and apartments don't really seem to have come down all that much. The operative word there is "seem" -- as we discussed in an earlier post to the New Construction Manhattan blog, the asking prices for NYC condos at the moment are notably different than the amounts that people are actually paying for NYC condos. In a post at Curbed, Sara Polsky uses Upper East Side luxury condominium 300 East 79 (no points for guessing that 300 East 79 is indeed located at 300 East 79th Street) as a lesson in the difference between the asking price for a Manhattan apartment and the actual price of said Manhattan apartment.

Re-Animator: Back-From-The-Brink Upper West Side Condo Sheffield57 Ready to Resume Apartment Sales?

Sheffield57 in the Upper West SideSheffield57 looked like the total package -- or at least like an Upper West Side condo development to watch -- for awhile back there. There was a prime location near Columbus Circle, at 322 West 57th Street and all the attendant goodnesses -- access to shopping, subway hub, Central Park, and so on -- that come with that. There was the condo itself, which delivered everything you'd expect from an Upper West Side luxury condo.

Sticker Shtick: NYC Condos Currently Going For Anywhere From 5 to 30 Percent Below Listing Price

%We've devoted many pixels here at the New Construction Manhattan blog to the buyer-friendly trends in the market for NYC condos, and with good reason -- this is a pretty excellent time to be buying a condominium in Manhattan, for a myriad of reasons. That said, a look at the prices for NYC condos at present might make it seem like the buyer's market in NYC real estate is... well, not nearly buyer-friendly enough. And it might indeed seem that way, were you to look at the prices for, say, condos on the Upper West Side or Upper East Side. But the most important thing to note is this: per a recent report at The Real Deal, no one is actually paying those prices. In fact, most condos for sale in Manhattan are currently selling for somewhere between five and 30 percent less than their list prices. Why is this?

State of Happiness: State of New York Mortgage Agency Offering Sweet Deal to First-Time Home Buyers

State of New York Mortgage AgencyFinding an apartment or condominium in Manhattan doesn't necessarily have to be difficult -- if you're already at New Construction Manhattan, you've probably already figured that out. But paying for that NYC condo or apartment... that is another story. But while paying for a new condominium in Manhattan will never be as much fun as finding a new condominium in Manhattan, some encouraging news out of Albany today promises to make buying a NYC condo that much easier, at least for first-time home buyers. Federal funds administered by the State of New York Mortgage Agency have made possible a slew of new, low-interest/low-down-payment mortgages for first-time home buyers in New York, the New York Times reports.