New York City Real Estate Blog Archives for August 2010

Strongly Approved: Naming Names on Manhattan's FHA-Approved Condominium Listings

FHA-approved Manhattan CondominiumsIt's a good question, and a natural follow-up -- after our recent post on the marketing appeal of Manhattan condos that have received Federal Housing Administration approval, readers emailed us asking which Manhattan apartments these might be, and where they could find a listing thereof. Again, a totally natural question -- and, oddly, one of the few things you can't find using New Construction Manhattan's advanced search function. Not to worry, though. We've got you covered here, too -- read on.

Eternal Power Struggle Corner: New York Times On Extra-Tense Relationship Between Brokers And Apartment Buyers In NYC

Investing in NYC CondosWe say it seemingly every day: the statistics all indicate that the market for NYC condos is better than it has been in a long time, and improving every quarter. And yet, as you surely know if you've even walked past a newspaper over the last year or so, people in this world -- and in New York City -- are pretty hacked off. About... well, name it. Fantastically irresponsible, totally trumped-up real estate scandals that play loathsomely to the smallest-minded among us? Yeah, we've got that. But there are legitimate causes for concern in this world and city of ours, and the broader uncertainties of the national and global economy are among them. So while we can tell the world, several times weekly, that the Manhattan condominium market is going strong and that NYC condos remain a really great investment, it stands to reason that a city that's even more on edge than usual, people are a little more jittery about buying an apartment. Or it could be that people are just kind of difficult. At any rate, according to The New York Times, brokers, sellers and buyers have entered a new era of contentiousness. To which we at the New Construction Manhattan blog would like to say, without qualification or any quantitative evidence: nice try, but no.

Clean Out Your Desk: Another Art Deco Financial District Office Tower Slated To Become Art Deco Financial District Condo

Financial District CondominiumsNew Construction Manhattan blog readers know that we love Financial District condo listings. This is not entirely because Financial District condos are among the most popular on our site, although that obviously helps, but because condominiums in the Financial District are so unique. In a city that is, for all The New Classics we discussed recently, home to a lot of identikit luxury condominium listings, the apartments for sale in the Financial District stand out because of the architectural distinction of their buildings -- many of them elegant art deco office towers making the switch to condominium (or luxury rental, in some cases). As new condo listings go, therefore, it's generally easier for us to get excited about a new condo conversion in the Financial District than it is over, say, a new construction listing in Murray Hill. (With all due respect to the lovely condo listings of Murray Hill, none of those buildings are National Historic Landmarks, unlike the Cipriani Club Residences) So it's always good news when we can report that another elegant Financial District office building is re-imagining itself as a Financial District condominium. The latest project, as Curbed reports: the stately art deco tower at 119 John Street.

The Old Boom Reverberates: New York Times Salutes The Beautiful Condominiums of Last Decade's Manhattan Real Estate Boom

Manhattan Condos from the last decadeIt seems like we spend all our time here at the New Construction Manhattan blog sussing out the shape and size and seriousness of the ongoing Manhattan real estate recovery. Which, you know, is reasonable enough of us, given that this is a blog about NYC condos and Manhattan real estate and such. But this fine-grain focus on the present -- and attendant anxiousness to find positive indications for the future in the still-anxious present-day state of Manhattan real estate -- can sometimes limit our perspective somewhat. Not just as regards the recovery, and the search for omens and signs indicating the existence thereof, but to the basic elements of Manhattan real estate itself. All the more reason to enjoy architecture critic Jayne Merkel's piece in the New York Times on the one objective lasting benefit of the last Manhttan real estate boom -- the addition of numerous beautiful and architecturally distinguished new construction luxury condos to the Manhattan skyline. That we have many of those NYC condo listings here at New Construction Manhattan is probably worth mentioning, too, but... anyway, let's get to Merkel.

Here Comes The Neighborhood: Gansevoort Park Avenue Hotel's Approval Is Good News For Murray Hill Condo Market

Gansevoort Park Avenue HotelAs good as things have been for Manhattan condo sales over recent months -- and if you're just joining us, the answer is very good indeed -- the boom in NYC luxury hotels has been that much more notable. A whopping 37 hotels have opened in the city over the past 18 months, and 21 more are slated to open over the next year, and occupancy rates are still at an impressive 93 percent. It has gotten so that it's hard to notice when a new luxury hotel opens its doors, but rest assured that Murray Hill and the Flatiron District are aware that the Gansevoort Park Avenue Hotel will soon be opening at 420 Park Avenue South. As well they should -- the perpetually popping NYC scene at the Gansevoort promises to do a lot to enhance the value of condos such as Twenty 9th Park Madison and Sky House, among other Murray Hill condos.

Meet The Newest Sales Tool For Manhattan Luxury Condominiums: Federal Housing Administration Approval

FHA-approved Manhattan Condos for SaleIt's sometimes said that Manhattan luxury condominiums sell themselves, and a trip through our Manhattan condo listings will surely bear that out for a few NYC apartment buildings. But it's just an expression, finally, and most NYC luxury condos -- even the best of the best -- don't necessarily sell themselves. Yes, the Manhattan apartment market is surging, but with real estate watchers concerned about a double dip in the housing market and the local and national economies still sputtering, the investment of money and confidence required in buying a Manhattan condominium is no small thing. In reality, most NYC condos require no small amount of selling, which is where price cuts come from, among other things. Recently, developers have hit upon a new -- and, for once, very factual and very useful -- new marketing tool. That would be the approval of the Federal Housing Administration.

Further Tales of the Manhattan Real Estate Recovery: Wall Street Journal Details Massive Second Quarter Jump In NYC Condo Sales

Has it really been almost a month since we last reported on the stupendous ongoing boom in the market for Manhattan condominiums? Well, yes, we did write this almost a month ago, but it's not like we haven't talked about it since. We've talked about absorption rate and the spike in Manhattan apartment sales, among other things, but we've always really been talking about one thing: the stupendous ongoing boom in the market for Manhattan condominiums. Today, we would like to talk about...