Articles on The Sheffield

Residential Brokerages Demonstrate Marked Growth

The Real Estate Market for Manhattan's condos is seeing much improvementIt’s a good time to be a part of Manhattan’s residential brokerages. With a recovering market, several real estate offices in Manhattan have been able to maintain or even expand their ranks and value. While the number of overall condo listings on the market may have declined, the value of these Manhattan condos has dramatically increased by 12%. This trend is still led out on top by the Corcoran group, boasting both the highest current number of agents and 3.5 billion dollars worth of sales. Other firms such as Prudential Douglas Elliman and Halstead Property are also doing quite well for themselves, showing double-digit percent increases in listings. While the real estate market in Manhattan continues to be dominated by a few big names, these trends of increase seem to predict growing opportunity for real estate agencies in New York.

Manhattan Apartment Sales Return to Pre-Recession Heights

The Visionaire, a luxury condo in ManhattanDespite the nervous stock market this summer, sales in the Manhattan real estate market are positively stable. While the fear of a relapse in the global economic crisis is still very much a reality in the minds of many potential buyers, the numbers indicate that Manhattan homebuyers are not deterred. The latest trend shows that many Manhattan buyers are now taking advantage of the current market situation and favoring three- to four-bedroom apartments instead of the traditional smaller units. Sales in luxury Manhattan apartments are at their highest point since 2008 and apartments on the Upper West Side are closing at an average of $4.8 million or more.

(Midtown) West Side Story: Luxury Condo The Sheffield Is Making A Comeback

The Sheffield Luxury Condos for SaleBack in 2005, a team of developers purchased The Sheffield -- which was then known as Sheffield 57 and has always been located at 322 West 57th Street -- for $418 million. That was a record for a residential building in Manhattan, but impressive though that price tag was, it made sense. The Sheffield had a prime Midtown West location, a host of luxurious apartments for sale, and the promise of a stellar suite of amenities. But while The Sheffield was then, as it is now, one of the more interesting condo listings in Manhattan, what happened between then and now was, if anything, too interesting.

A seemingly unending series of legal disputes (and an Andrew Cuomo-mandated sales freeze) kept The Sheffield in the news, but also kept it from living up to its sky-high potential as one of the elite condo listings in Midtown West. For awhile. But in 2011, The Sheffield -- now free of that "57," and free of all that drama as well -- has belatedly and deservingly emerged as a legitimate Manhattan condominium success story. Once interesting for all the wrong reasons, The Sheffield is, at last, back where it belonged -- on lists of the most desirable condo listings in midtown.