Archive for January, 2010
Manhattan Real Estate: The Sweet Spot and January Sales
Brokers are all taking calls again. The discounts out there are working- not enough to raise prices, but enough to generate sales. Some of it is the bonuses and some of it is just the ripple effect of people thinking they need to buy before the people with bonuses do. Some of it is a [...]
Manhattan Real Estate: Adapting to Change Reflected in Increased Sales
Manhattan Real Estate 4Q 2009
2009 was a new era in New York Real Estate and buyers, sellers and real estate professionals have slowly adapted to the changes. We have seen the adoption of stringent, if not irrational mortgage underwriting to combat the irrationally lenient mortgage underwriting of the years before. We have seen layoffs, elevated [...]
Manhattan Real Estate: One Beacon Court Apartment and Anna Wintour’s Preservationist Concerns
One Beacon Court
Manhattan celebrity real estate is in a constant state of change. In 2007, Johnny Damon sold his three bedroom at One Beacon Court, the one with the amazing Manhattan skyline and Central Park view, for $8 million, having bought it for just over $5.5 million. Curbed wrote this week that the 2,100-square-foot apartment [...]
Tishman Speyer Properties and BlackRock Realty Default on Stuyvesant Town and Peter Cooper Village
It’s one of those where you can’t look away. Stuyvesant Town and Peter Cooper Village were the biggest apartment complexes in Manhattan and they attracted the biggest money- their 2006 sale was for $5.4 billion and everybody wanted in.
But that was 2006. The most recent appraisal put the value of the two complexes at $1.9 [...]
Manhattan Real Estate Amenities and Fees Are Rising
That movie screening room, roof deck and pet spa you thought were included in your rental or condo? Check twice, as Manhattan is seeing a new wave of fees and charges for amenities-all those wonderful things that were included just a few years ago are proving a little harder to pay for.
“These days, with the [...]
Manhattan Real Estate: The Plaza Hotel Sees Dropping Unit Costs and Rising Hope
The down market is affecting prices across the board and even classic historical landmarks like the Plaza Hotel are not immune to dropping prices. They may even be feeling the recession more acutely than other properties, as their value rose after Isaac Tshuva’s $675 million purchase of the hotel and subsequent revitalizing of the property [...]
Manhattan Real Estate: Pricing in a Down Market
Manhattan Real Estate: Pricing in a Down Market
Half of what makes a successful agent is the ability to price a home effectively. According to the 4th Quarter market report, the listing discount from the final asking price of a Manhattan apartment is 12.8%. Too many properties will pad their asking price- the secret is to [...]
New York City Rentals : Free Month Incentives and Lowering Base Rents
If you’ve been in the rental market anytime recently, you’ve noticed the talk of net effective rent and the growing prevalence of a free month or two (or three) at the beginning of a lease, and perhaps other incentives like gym memberships. It’s become the reality for hundreds of buildings around the City, with landlords looking to [...]
Celebrity Real Estate : Lenny Kravitz Soho Condo In Contract After Over 7 years
On the market since 2002 when it was first listed for $17 million, Lenny Kravitz’s Soho condo at 30 Crosby St. has found a buyer. After going as low at $12.95 in 2004 and as high as $19.5 million in 2007, the current listing is for $14.995 million. In the world of celebrity real estate, [...]
Manhattan Real Estate : Ken Friedman and Ace Hotel Speakeasy Jersey Joe’s
Ken Friedman is looking to turn a long-lost space in the nether regions of the Ace Hotel into his next buzz-worthy project- a speakeasy. BlackBook has a great feature article on Friedman’s plans where they talk with him about the new project. Friedman knows a thin or two about creating buzz-worthy spots: if you’ve been [...]