Archive for Neighborhood View
In the News
Posted by: | Comments1/31/12: NYC hotel sales reach all-time high in 2011: “New York transaction activity in 2011 was driven by the perfect combination of strong operating fundamentals, quality product being brought to market and unprecedented real estate investment trust appetite.” Read about it at the Real Deal
2/1/12: Tavern on the Green tour yields a few surprises: More than 100 restaurateurs attended the Parks Department’s tour of the famed former eatery, as city solicits bids for a new operator. The new rules? Forget the fairy lights and fancy parties in a space now half its former size. Read about it at Crain’s New York
2/2/12: Manhattan Townhouse Decade Report Released: The year 2011 saw a 21.8% increase in Manhattan townhouse sales, with the most sold since the credit crunch began. Read the whole report at Prudential Douglas Elliman
2/2/12: Manhattan Families Forsake Suburbs for Sprawling Apartments: “In looking at real estate trends over the past 10 years, the Elliman report found that the past two years saw the most sales of three- and four-bedroom apartments”. Read about it at DNAinfo
2/3/12: Lloyd Goldman buys UES Retail building for $13M: “Property owner Lloyd Goldman is on a bit of a roll. He’s closed on or in contract to buy at least three small retail properties over the last four months in Manhattan and says there are more to come” Read about it at the Real Deal
Air-Quality Survey Dismisses Health Concerns for MTA’s Second Ave Subway
Posted by: | CommentsMTA recently hired Parsons Brickeroff to conduct an air-quality survey.
Starting on September 12, 2011 and continuing throughout a 4 week period, the firm collected minute-by-minute data for various pollutants at 10 locations between E 69th and 87th Streets. The final report, revealed that most measured pollutants were below national air quality and industry standards.
- High concentrations of one type of particulate matter were “attributed to local traffic emissions, other local sources such as commercial and residential boilers . . . with no significant contribution from blasting activities”, according to the report.
- Another spike during the 3 to 7 pm blasting period showed concentrations below acceptable levels to indicate no adverse health effects.
According to a statement released Thursday, MTA Capital Construction President Michael Horodniceanu “Based on the results of the study, there are no concerns that Second Avenue Subway construction si causing any danger to the public’s health. We will continue to do everything we can to be a good neighbor as we complete this critically important project as quickly as possible.”
Several measures were implemented to mitigate the odors and dust :
- “Dust Bosses” that spray water mist to force the dust particles to settle within the “muck house” structure were installed in two of the structures.
- Wet burlap curtains were installed in the shafts to act as screening for dust.
- Permanently sealing some overhangs
- Installed additional vents
- Increased time between blasts to allow for dust and smoke to dissipate.
Residents agree these measures have improved the conditions, but lament the delay in implementation.
The study findings will be presented by the MTA to the Community Board 8’ Second Avenue Task Force at Hunter College, 695 Park Ave, West Building Lecture Hall Room, 714W on January 26, at 6:30 which we will be attending.
Excerpted from DNAInfo.com article by Amy Zimmer.
In the News
Posted by: | Comments1/6/12: Silk Stocking District Still Hotter Than the Trendiest Neighborhoods: ‘Last year, the somewhat stodgy “Silk Stocking District” of the Upper East Side fared better than hip new downtown and uptown enclaves in terms of their absorption rates — the percentage of listings that went into contract or were taken off the market.’ Read about it at DNAinfo.com
1/18/12: ‘Medical Arms Race’ Spurs Massive Health Development on East Side: “At a time when the city’s public hospitals are struggling and Brooklyn hospitals are facing possible closures, top-tier East Side institutions — including the Hospital for Special Surgery, NYU Langone Medical Center, Lenox Hill Hospital, Weill Cornell Medical College and Mount Sinai Medical Center — could dramatically reshape the city’s landscape over the next five years as they expand their footprints, modernize and adapt to upcoming health care reforms.” Read about it at DNAinfo.com
1/21/12: Chefs, Butlers, Marble Baths: Hospitals Vie for the Affluent: “Pampering and décor to rival a grand hotel, if not a Downton Abbey, have long been the hallmark of such “amenities units,” often hidden behind closed doors at New York’s premier hospitals.” Read about it in the New York Times
1/22/12: Massive, Exclusive Full Floor UES Co-op Wants $30M: “It’s not every day when a unit at the fabled 2 East 67th Street comes onto the market, and this massive full floor unit is certainly impressive.” See the floor plan and read about it at Curbed
1/24/12: East River Underwater Turbines Give Jolt to City Power Grid: Using underwater turbines in the East River off the coast of Roosevelt Island, Verdant Power will be electrifying New York with roughly 1 megawatt captured from the strait’s natural tidal currents — enough for an estimated 1,000 city homes. Read about it at DNAinfo.com
1/25/12: A-Rod sells his NYC condo for a considerable profit: “According to the Wall Street Journal the New York Yankees third baseman has already received a contract for his 3,500-square-foot condo on the 35th floor of the Rushmore building on Manhattan’s Upper West Side.” Read about it at YAHOO! Sports
Residential Brokers are Confident Amidst a Slow 4th Quarter
Posted by: | CommentsNEW YORK, January 26, 2012 – The Real Estate Board of New York (REBNY) has released the results of its Residential Brokers Survey for the fourth quarter 2011.
- New York City average home prices and sales citywide declined compared to the same time last year
- 60 percent of the brokers surveyed are optimistic for 2012 and expect next quarter’s residential market to be slightly better or much better than this quarter
- There was a seven percent increase in brokers reporting executing contracts of sale at the $3 million and above price range
Top 4 Building Features/Amenities:
- Doorman building
- Laundry in unit
- Private storage space
- On-site fitness center
Most Popular Areas:
- East Side with 27 percent of all closed sales,
- Downtown with 22 percent of all closed sales
- West Side with 19 percent of all closed sales
- Brooklyn with 16 percent of all closed sales.
Excerpted from REBNY Press Release January 26, 2012
Manhattan Residential Rental Market Report Fourth Quarter 2011
Posted by: | CommentsThis week, we released our Fourth Quarter report for the Manhattan Residenital Rental Market. Manhattan Residential Rentals Market Overview Q4 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“Tight mortgage credit conditions continued to drive rental prices and activity higher.”
- The median net effective rent (face rent less landlord concessions) jumped 9.5% from $2,950 to $3,121 in the same period last year. The year-over-year-gains were consistent across all rental price indicators.
- The 2-bedroom and 3-bedroom markets outpaced their smaller counterparts,increasing 14% and 18.1% respectively over the same period.
- New rental activity (excluding lease renewals) was up 10% from 7,217 to 7,942 in the same quarter last year.
- About 7.4% of new leases had some form of landlord concession compared to the 40.5% in the prior year quarter. For those leases with concessions, the average amount was the equivalent of 1.2 months of free rent.
- Days on market—the number of days from original list date to lease signing—was at its second fastest pace of 37 days in 15 years, which is when we began tracking this metric.
Sellers in Manhattan are Renovating
Posted by: | CommentsThe decision to sell an old apartment can be liberating. Old counter tops and kitchen appliances can start you dreaming of a fresh start in a new kitchen with shiny appliances and granite countertops.
But buyers are more discerning than ever, and squeaky or stained floors and cracked laminate countertops can sink a potential sale as fast as an outdated kitchen or bath.
Renovations before the open house can attract a buyer faster. Buyers today want move-in ready, a far cry from the boom years when buyers would buy anything with walls and a floor, and often will pass up the older units in need of updating.
It might go against the grain to spend money on an apartment you’re leaving behind, but it can be money well spent, setting your apartment above the dozen or so apartments a buyer is considering. You may not be able to add the cost of the renovation to your asking price, however in most cases, if you don’t renovate, you may need to reduce your asking price, causing people to wonder what is wrong with the place.
It may not make sense to spend a huge amount of money. With a fresh coat of paint and skillful staging, you can present a buyer with an attractive property, even if you can’t swing the $50,000 kitchen renovation. Of course every case is different and you should consult your broker when making a decision on whether a renovation is ‘worth it’ in order to sell.
Inspired by New York Times article by C. J. Hughes published November 4, 2011.
Manhattan Co-op/Condo Residential Sales Market Report Fourth Quarter 2011
Posted by: | CommentsOur Q4 Manhattan Market Overview was released today and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“After a year of mixed economic news, the Manhattan housing market, while continuing to experience overall price stability, closed out the year with a slower pace of sales.”
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Median sales price was $855,000, a modest 1.2% increase from $845,000 in the prior year quarter. Price per square foot increased 5.6% to $1,117 from $1,058 over the same period.
- There were 2,011 sales in the fourth quarter, 12.4% less than 2,295 in the prior year quarter. The fourth quarter had the lowest number of sales since the same period six years ago, perhaps related to the unusual surge in sales in the prior quarter. Pending sales were also below the prior year level.
- There were 7,221 active listings at the end of the fourth quarter, essentially unchanged from the same period last year, but 2.6% less than the ten-year quarterly average of 7,412.
- Days on market—the number of days from the last price change if any to the contract date—saw a modest 5 day increase to 130 days from 125 days, still consistent with the 132 day average for the prior decade.
- Listing discount—the percent difference between the list price at time of sale to the sales price—fell to 4.9% from 8% in the same period last year.
In The News
Posted by: | Comments11/30/11: From The Real Deal: November Rents in Manhattan, Brooklyn avoid seasonal drop: “Despite the seasonal cooling of the residential rental market come the winter months, Manhattan rents barely flinched, according to a Manhattan rental market report released today by MNS, as prices dropped just 0.2 percent in November compared to the prior month. The rental market in Brooklyn showed similar strength, according to another report from the brokerage.” Read more about it at The Real Deal
12/3/11: From the New York Times: Taking the Tiny House Movement Tinier: “Glenn Grassi used his skills as a set designer in the construction of his portable 84-square-foot microhome, trying to maximize the space available. Read more about it in the New York Times
12/4/11: From the New York Times: Higher Loan Limits, Again for Pricey Markets: “Less than two months after lowering the maximum loan amount that could be backed by the Federal Housing Administration, lawmakers in Washington reversed course just before the Thanksgiving holiday and once again raised that limit, offering home buyers more financing options in a tight credit market”. Read more about it in the New York Times
12/4/11: From the New York Times: Help with a Down Payment: “The biggest barrier to buying a home these days is saving for the down payment, according to a survey released in September by Trulia. The best holiday gift some people might receive would be help with the down payment.“ Read more about it in the New York Times
In Recent News
Posted by: | Comments10/31/11: From The Real Deal: Related to bring cancer center to controversial UES site: “The Related Companies is bringing a state-of-the-art cancer treatment center to its Upper East Side development site” currently occupied by Rupert Playground. Read more about it at The Real Deal
11/3/11: From The New York Times: A City Shrinks, or So the Census Says: “According to its latest calculations, New York City has shrunk by more than two square miles, or the equivalent of Central and Prospect Parks combined.” Read more about it at the City Room Blog of the New York Times
11/6/11: From the New York Times: Salvaging Abandoned Bikes, Making Room for Others: “No firm numbers exist for how many bicycles sit abandoned in storage rooms around New York City. They decay uncounted in dim basements, mixing awkwardly with sleek new city cruisers and carbon-fiber racers, threatening to turn an increasingly marketable real estate amenity, the bicycle storage room, into something like a bone-filled catacomb.” Read more about it in the New York Times: 11/08/11: From Crain’s New York Business: Cuomo council seeks to boost city tech campus: “Group established by Gov. Andrew Cuomo proposes state aid for plans to build a graduate school or schools in NYC. Other projects include Hunts Point market and green manufacturing facility at the Brooklyn Navy Yard. Read more about it at Crains’ New York
Third Quarter 2011 Brooklyn Residential Sales Market Overview
Posted by: | CommentsToday we released third quarter sales for the Brooklyn residential market. Brooklyn Market Overview Q3 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“Sales noticeably increased, as all price indicators edged higher, and listing inventory remained stable.”
- There were 2,219 sales in the third quarter, 18.1% more than 1,879 sales in the prior year quarter, and the second highest quarterly total in three years.
- Median sales price increased 5% to $510,000 from the prior year quarter, reaching its highest level in three years, and tying the 2008 third quarter level.
- Listing inventory edged 0.9% higher to 6,688 in the third quarter from the prior year quarter. With the rise in sales outpacing the increase in inventory, the absorption rate fell to 9 months from 10.6 months over the same period.
- Days on market expanded by nearly a month over the same period to 149 days from 109 days in the prior year quarter, as stable inventory, and higher sales resulted in an increase in sales from older listings.
- The listing discount—the difference between the listing price at time of contract and the contract price—was 3% in the third quarter, down from 5% over the same period last year.
Third Quarter 2011 Queens Residential Sales Market Overview
Posted by: | CommentsToday we released third quarter sales for the Queens residential market. The Queens Market Overview Q3 2011 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“The market continued to find its way to stability, as price indicators higher and both listings and sales levels declined”
- There were 2,743 residential sales in the borough, 11.8% less than 3,110 sales in the same period last
year. The decline in sales was attributable to re-sale, as new development sales nearly doubled. - For the fourth consecutive quarter, the year-over-year median sales price increased.
- The median sales price was $385,000, 8.5% above $355,000 in the prior year quarter.
- Listing inventory fell 15.9% to 10,305 from 12,255 in the prior quarter. Coupled with the decline in sales, the monthly absorption rate–the number of months to sell all listing inventory at the current pace of sales–was at 11.3 months, 4.2% faster from 11.8 months at this time last year.
- The listing discount–the percent difference between the list price and time of sale and the sales price–was essentially unchanged at 6.6% as compared to the prior year quarter result of 6.7%.
- It took 8 days longer on average to sell a property as compared to last year, resulting in a total of 108 days in the third quarter.
Manhattan Co-op/Condo Residential Sales Market Report Third Quarter 2011
Posted by: | CommentsOur Q3 Manhattan Market Overview which was released Tuesday and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
- Housing prices in Manhattan continue to remain stable. The median sales price of a Manhattan apartment was $911,333 in the third quarter, essentially unchanged from $914,000 in the prior year quarter and up 7.2% from $850,000 in the prior quarter.
- Although year-over-year co-op sales activity was unchanged, the increase in condo activity resulted in a 16.7% year-over-year increase in overall sales activity. An increase in demand from foreign buyers due to the weak US dollar is likely a key factor for the gain.
- There were 7,726 active listings at the end of the third quarter, 4.9% fewer than 8,123 listings in the same period last year and 4.3% less than 8,070 listings in the prior quarter.
- Consistent with the decline in inventory, the time to sell an apartment and the discount from list price have also declined. Days on market fell to 119 days from 125 days and the discount from the list price at time of sale slipped to 4.4% from 5.8%, both from the same period last year.
Hurricane Irene – Updates, Tips & links
Posted by: | CommentsThe current forecast is that Hurricane Irene will reach the New York metropolitan area as a Category One storm. The ground speed of the storm has accelerated; gale forces winds of 40 miles per hour will reach New York City by 9 pm Saturday. The severe weather is expected to last between 12 and 18 hours. As Hurricane Irene continues on its path, the impact on New York City becomes more clear and additional information and precautions are being advised.
Updates:
- Mayor Bloomberg ordered a mandatory evacuation of coastal areas in Brooklyn, Queens, including all of the Rockaways, and Staten Island, along with Battery Park City and the financial district in Lower Manhattan and Governor’s Island. People are expected to be out of these areas by 5PM on Saturday.
- MTA and NJ Transit service, including subways, buses, and railroads, will begin to shut down at noon Saturday. Depending on the effect of the storm MTA service may not be restored in time for rush hour Monday morning.
- The NYC Department of Buildings is ordering suspension of all work at construction sites in New York City as of 2 p.m. Saturday, August 27 to 7 a.m. Monday, August, 29, 2011. Please continue to review their website for the most up to date information on precautions for buildings and construction sites.
- The City is revoking permits for events on Sunday and in the low-lying areas on Saturday.
- Evacuation centers are open as of 4:00 pm today, Friday August 26; there are 91 centers in total. See link below for location of evacuation centers.
- Governor Andrew M. Cuomo has declared a state of emergency in the State of New York and may close bridges and tunnels if winds exceed 60 miles an hour for more than a short time
Building Owners and Managers can prepare by:
- Organizing emergency contact information for staff, tenants, and vendors.
- Locate and review relevant insurance information.
- Ensure you have proper staffing to run the building and perform EAP duties.
- Secure objects in and around building such as lawn furniture, garbage cans, gas grills, antennas and satellite dishes.
- Check flood pumps to ensure proper operation.
- Make sure backup generators are working properly and you have adequate fuel.
- Residential buildings should notify residents to secure outdoor furniture on patios and balconies.
In addition to the city’s local preparations, FEMA and the Department of Homeland Security have regional and national support personnel briefed and on call. FEMA’s Private Sector Desk is operational from 8am-8pm daily and can be reached at FEMA-NRCC-Private-Sector@dhs.gov or by calling 202-212-2240. Our regional private sector liaison is Terry Winters who can be reached at Terence.Winters@fema.gov or 212-680-8516.
For more information on Hurricane Irene, please check the resources below:
NYC Department of Buildings:
http://www.nyc.gov/html/dob/html/news/pr_weather_advisory_082611.shtml
NYC Office of Emergency Management:
http://www.nyc.gov/html/oem/html/home/home.shtml
FEMA:
http://www.fema.gov/news/newsrelease.fema?id=57362
http://www.ready.gov/america/beinformed/hurricanes.html
National Weather Service:
To locate your local evacuation center:
http://www.nyc.gov/html/oem/downloads/pdf/hurricane_map_english.pdf
Details of MTA Shutdown
Please stay safe.
