Archive for Blog
Manhattan Retail Space Up, Office Space Down
With world economies in a state of flux, office space rentals in Manhattan have dropped 20% in the last four months–the most dismal period since 2009. Despite this drop, the beginning-of-the-year surge should make up for this loss, bringing annual office space leasing activity in equal to, if not even a bit higher than, last [...]
3Q Rentals–Rents Rise, Inventory Slips
The third quarter continued the trend of climbing rents in Manhattan with fewer concessions being offered by landlords. The average rental price was up $56 from last quarter and $61 from last year–but that’s before adjusting for concessions, which were common practice up until last year. 45% of rentals offered concessions in 3Q 2010, compared [...]
Hoch Group Hired as Exclusive Agent for Three UWS Co-op Buildings
The Hoch Group is proud to announce that we have been selected by Shares of New York, a subsidiary of UWS Acquisition LLC, to take over as the exclusive listing agent for the sponsor sales of three newly restored pre-war buildings. These buildings located at 150 W. 87th, 55 W. 95th, and 65 W. 95th offer newly renovated one, two [...]
Co-op to Condo Conversion Increases Home Value 70%
Residents of 1543 1st Street in Brooklyn got a windfall last month when appraisals of units in their building jumped by more than 70% after it converted from a co-op to a condo. One bedrooms priced as low as $160,000 are now estimated to be worth $225,000. So beyond the ability to avoid notoriously stuffy [...]
Federal Loan Cap Reduced by $100K As Feds Eek Out of Lending
In another blow to the real estate market, the government has decided to lower their loan cap from $729,750 to $625,000. Although only 2-4% of the US market will be impacted, with a median sales price of $911,333 in the third quarter this pushes Manhattanites even further out of the qualifying range for the lower [...]
Brooke Astor’s Apartment Sells for Half of Asking Price
The 15th & 16th floor duplex of 778 Park Avenue, a pre-war building that rises majestically between 73rd & 74th Streets on the Upper East Side, just reminded us that even though sales may be up, prices aren’t. The 5-bedroom, 4 1/2 bath apartment that once belonged to New York socialite and philanthropist Brooke Astor [...]
Real Estate Disasters in New York History
Although some New Yorkers and their pets got a little soggy due to hurricane Irene, fortunately the devastation was a far cry from what the media was forecasting. As we thank our lucky stars that our homes weathered that storm, let us pay some respect to times in history when New York wasn’t quite so [...]
International Buyers Responsible for 1/3 of Manhattan Condo Sales
The numbers are in, and they’re confirming what Prudential Douglas Elliman guessed in their 3Q 2011 Manhattan Market Report–foreign buyers are responsible for the increase in Manhattan Real Estate sales in the third quarter. Stribling reports that overseas buyers account for one third of condo sales, and 15% of overall sales. The largest numbers of [...]
What Recession? Bon Jovi Asking Almost Double What He Paid
At $45 million, anyone who throws down on Jon Bon Jovi’s 7,400 square foot apartment’s going to get a shot through the heart, but we’re not really sure who’s to blame. If the 6-bedroom, 6 1/2 bathroom apartment gets his asking price, it will set a record for downtown. Hey Jon–maybe you should talk to [...]
How A Coat of Paint Can Give You a 250% ROI
If you’ve ever sold a house before, you’ve probably heard the dreaded words “you’ll need to paint.” Whether it’s the eggplant exterior that you find so festive or the retro checkered kitchen you’ve rocked out in for years, the cold hard truth is that you probably don’t have the same taste as the vast majority [...]