Archive for In The News

Jan
27

In the News January 27, 2013

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01/24/13  Douglas Elliman Releases Elliman Reports for the Hamptons Market Q4 2012:   The Hamptons housing market had more fourth quarter sales and the fewest listings in inventory than there had been at any point in the past 6 years. Fiscal cliff tax planning was a key driver of the market, especially at the upper end, resulting in the highest average sales price in more than seven years. We saw many more sales above $1M and a record number of sales over $5M. We anticipate that the increased market momentum will continue to carry into 2013.  See the full report at Elliman.com

1/24/13  Douglas Elliman releases Elliman Reports for North Fork for 4Qtr 2012:  The North Fork housing market also saw a drop in listing inventory, which fell sharply to a four-year low. Thanks to record low mortgage rates, the fastest monthly absorption rate in more than four years, and rising sales, there was some upward pressure on housing prices. With a stable listing discount, negotiability between buyers and sellers remained stable as well, while average marketing times increased as tight inventory caused older listings to be more readily absorbed. We expected conditions to continue to improve in 2013.  See the full report at Elliman.com

 

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Oct
08

In the News – October 7, 2012

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9/27/12 City Awards Contract for Controversial E 91st Street Trash Station:  Swedish construction giant Skanska has won a $181 million contract to build the controversial East 91st Street marine transfer station.   The city’s Department of Design and Construction selected Skanska and a company called Trevcon to work jointly on building the new 10-story garbage facility, the city confirmed.  Read the full story at DNAInfo.com 

10/02/12 Second Avenue Subway Newsletter:  72nd Street Station plans.  See the full newsletter at MTA.info 

10/02/12:  Forget Restaurants!  Locals are eating in:  The 2013 New York City Zagat restaurant guide reveals that for the first time in more than three decades, New Yorkers are cooking more dinners and lunches at home than dining out or ordering take-out.  See the full article at Crain’s New York Business 

10/2/12:  Manhattan Apartment supply hits 7-year low:  Despite tight inventory of apartments and co-ops in Manhattan, there is little sign of any pickup in prices.  The time it takes to sell an apartment drops to a five-year low.  See full article at Crain’s New York Business

 

 

Aug
26

In the News: August 26, 2012

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08/20/2012  Sales of high-end pads jump 36%:   The number of contracts signed in Manhattan at over $4 million so far this summer stands at 106. Prices, however, are flat and properties are taking slightly longer to move.  See the story at Crain’s New York   

08/20/2012  The Dakota, New York’s most exclusive building:  The Victorian-era German Renaissance co-op apartment building at 72nd Street and Central Park West is best known as the home shared by John Lennon and Yoko Ono from 1972 to 1980 and the site of Lennon’s murder. Ono still lives there, as do many other celebrities, but being famous is no guarantee of residency at the Dakota, and neither is simply having ample savings.  See the story at Yahoo! Real Estate 

Aug
20

In the News – August 19, 2012

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08/15/12  In Manhattan Home Search, Some choose to Go Big:  There are a small, but growing group of New Yorkers with deep pockets and the stomach for renovations, some are creating single-family homes out of an apartment building.  Behold the return of the urban mansion.  See the full article in the Wall Street Journal 

08/16/12  Refinancing a Vacation Home:   Homeowners who want to take advantage of historically low mortgage rates and refinance a vacation home should be prepared for stricter loan requirement especially if they rent out the property.  See the full article in the New York Times

08/17/12  Rent or Buy?  Blanching at their rent bills, more New Yorkers are being forced to confront that age-old question, should I rent or does buying make more sense?  See the full article in the New York Times 

08/19/12 Upper East Side  fourth-grader Samuel Wohabe is cooking up quite a career in food: White House ‘State Dinner’ is next for the 9-year-old upper East Sider and co-winner of national Healthy Lunchtime Challenge  See the article in the New York Daily News

Aug
12

In the News – August 12, 2012

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08/05/12:  Surge in shipping has New York hot on L.A.’s heels:   New York is the nation’s third-busiest port, right behind L.A. and neighboring Long Beach. But the region is growing at a faster pace than its West Coast rivals.  According to reports, two-way trade through New York’s seaports and airports increased by 18% in 2011 over the prior year, to $418.3 billion, while L.A.’s traffic grew by 12%. Chinese imports grew at a faster rate for New York than for L.A., accounting for much of the discrepancy.  Read the full article at Crain’s New York Business.   

08/07/12  MTA Bus Service Restorations  From New York State 26th Senate District Senator Liz Krueger  

08/09/12  Parisian Bakery Maison Kayser Opens on UES Upper East Siders were eagerly soaking in the je nes sais quois — and world-famous French bread — as baker Eric Kayser’s first U.S. brasserie-styled café opened Wednesday Read the full story at DNAInfo.com

Jul
31

In the News – August 5, 2012

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07/26/12:  Prudential Douglas Elliman Releases Exclusive 2nd Quarter 2012 Elliman Report for the Long Island Market.  The spring housing market in Long Island was brisk this year with an increase over last year’s sales even though we had unusually strong sales in the previous quarter caused by the warm winter.  Housing prices remained stable and inventory fell to a seven year second quarter low.  Record low mortgage rates continue to drive demand in this slow-to-improve economy and we anticipate more of the same conditions in the coming quarters.    Download the full report at Elliman.com  

07/29/12:  Big Ticket: Sold $27,376,940.03 An urban version of the traditional rambling family compound, a seven-bedroom, nine-and-a-half-bath apartment that occupies all 8,360 square feet of the 16th floor at 995 Fifth Avenue, a condop building formerly known as the Stanhope Hotel, was the biggest sale of the week, according to city records.  See the full article in the New York Times    

07/30/12  Country’s most expensive apartment lists for $100M:  The most-expensive apartment in the country — a triplex, wrap-around penthouse on W. 56th Street — can now be yours for just $100 million.  Read the full article in the New York Daily News

Jul
22

East River Transfer Station One Step Closer

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Despite intense opposition, the plan to build a garbage transfer station on the East River at 91st Streetnear the Asphalt Green Recreation area  has received final federal regulatory approval from the US Army Corps of Engineers.  Construction is slated to begin before the end of this year.

The Bloomberg Administration developed a waste-manage plan in 2006, in part to rely more on barges to transport trash and decrease the amount of trucks used.  Each borough would also have to handle its own waste.  Currently Manhattan is the only borough without a waste-transfer station, making the East River transfer station a key part of the plan.

Opposition to the plan includes several unsuccessful lawsuits to stop the construction, and a current lawsuit brought by Assemblyman Micah Kellner of Manhattan which charges two other key parts of the plan have yet to be implemented:  building a recycling center on Gansevoort Street in Greenwich Village; and modifying the 59th  Street Recycling center to receive commercial waste; as well as the greater than estimated volume of waste coming to the 91st Street station.  The Bloomberg administration states the Gansevoort Street recycling center would be operational by 2016 with the W 59th Street station would be modified at that time to receive the commercial waste.

Other opposition is concerned about air quality and marine life in the East River and the proximity to Asphalt Green Recreation center.  

With a budget of $240 million, the construction contract will be forthcoming.  The waste station could be operational by 2015, according to city sources.

 Inspired by New York Times Article.  Map courtesy Google Maps

Jul
22

In the News – July 23, 2012

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07/19/12:  Elliman Releases 2Q 2012 Brooklyn Market Report.    The housing market in Brooklyn continued to show price stability and a slight increase in sales, largely the result of falling inventory. The rise in demand and fall in supply have made the current market move at its fastest pace in two years. Despite record low mortgage rates, strict lending conditions have held back further improvement.  With a slowly improving regional economy, we expect more of the same conditions over the upcoming quarters.The housing market in Brooklyn continued to show price stability and a slight increase in sales, largely the result of falling inventory. The rise in demand and fall in supply have made the current market move at its fastest pace in two years. Despite record low mortgage rates, strict lending conditions have held back further improvement.  With a slowly improving regional economy, we expect more of the same conditions over the upcoming quartersSee the full report at Elliman.com

7/23/23:   Elliman Releases 2Q 2012 Queens Market Report.  The Queens housing market experienced a seasonal increase in prices, with slightly fewer sales than a year ago and a large drop in listing inventory. As a result, properties sold somewhat faster and buyers and sellers moved closer together in negotiating sales prices. Tough mortgage lending still remains one of the market’s greatest challenges. As the regional economy continues to improve, we look for more of the same conditions in the immediate future.   See the full report at Elliman.com

7/23/12 City Takes the Initiative in Revitalizing Industrial: As part of a comprehensive package of initiatives aimed at revitalizing the city’s industrial sector, the 16-member Industrial Business Advisory Council is holding its first meeting on Aug. 1.  See the full article at GlobeSt.com.

 

Jul
16

In the News

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06/26/12:  Let them all eat a $1,000 dessert:  A crown prince of Dubai and his party arrived at the Serendipity 3 for one of their Golden Opulence Sundaes recently.  Read the full article at the New York Post   

7/13/12:  Geffen gets super Rich pad:  David Geffen buys Upper East Side Penthouse apartment of Denise Rich for $54 million.  See the full article in the New York Post

Jun
17

In the News

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6/11/12  Manhattan apartments tip furthest in favor of buyers in last six years:  Amid rising rents, buying a Manhattan apartment hasn’t looked this sensible since 2006. Citing data from appraisal firm Miller Samuel, Bloomberg News reported that in the first quarter the average cost of buying was 20.8 times more expensive than the annual cost of renting, the smallest spread since the end of 2006, when buying was 20.4 times the cost of renting. In the second quarter of 2008, the multiple was 26.7.   Read the full article at the Real Deal

6/11/12:   For Comedian, Leading Her Condo Board Is a Serious Matter:  To sit on the board of a condominium or cooperative in New York City is to exert exquisite control over your building, to decide who gets to buy Apartment 12C and to pick the color of the lobby wallpaper. But it is also a position that comes with neither compensation nor thanks, and it requires sitting through hours of bickering over questions like whether the doormen ought to wear little caps. The ranks are often dominated by retirees, real estate brokers and lawyers.   Read the full article in the New York Times 

6/13/12  American buyers join foreigners in flight to city’s luxury market:  Wealthy Americans have been lost in the hysteria over foreign buyers descent upon the city’s luxury real estate market, but in the last week domestic buyers have returned with a vengeance. The Wall Street Journal noted that two apartment deals totaling $110 million closed Monday to foreign buyers.  Read the full article at the Real Deal 

6/14/12  Hospital for Special Surgery Unveils Plan for New Building:  The Hospital for Special Surgery unveiled plans Wednesday to build a 207,000-square-foot, 13-story ambulatory care facility.  The proposed building would included three floors of operating rooms for ambulatory surgeries — where patients stay up to 23 hours — along with a floor for recovery.  Read the  full article at DNAinfo.com

Jun
10

In the News

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6/3/12  Tourists Drive Retail Surge in Manhattan:  Tourists are spearheading a retail spending surge in Manhattan, with $52.4 billion expected to pour into the cash registers of clothing stores, electronics shops and other outlets by the end of 2012, according to a report being released Monday.  See the article in the Wall Street Journal 

6/6/12  Foreign investment in NYC commercial properties doubles, Knakal says: VIDEO:  While foreign investment in New York City residential real estate has captured the headlines, Massey Knakal Realty Services Chairman Robert Knakal appeared on CNBC’s “Street Signs” this afternoon to say foreign investors have also sought commercial properties (see video above). He reported seeing twice as much foreign investment in real estate thus far in 2012 as he did during the same period last year.  See the Video and read the article at The Real Deal 

6/6/12  New York Hospitals Look to Combine, Forming a Giant:  A proposal to bring together NYU Langone Medical Center and the Continuum Health Partners network would change how medical care is delivered in the city.  See the full article in the New York Times   

6/7/12  Reports:  Manhattan rental market gets even tighter:  With rents again hitting record highs, vacancy rate dips below 1%.  See the entire article at The Real Deal

Jun
05

In the News

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5/2/12  StreetEasy Manhattan Market Report for April 2012:  StreetEasy Manhattan Condo Market Index shows that Manhattan condo market in March had a 0.8% increase over a year ago.  Contract volume jumped 11.8@ over a year ago, with the Downtown market showing the biggest increase in contract activity with 22.1% more contracts than this month in 2011.  Get the full report at StreetEasy.com 

5/17/12  City’s job gains in 2012 are best in 60 years:  New York City added 12,000 private-sector jobs in April, bringing this year’s gain to 60,000, marking the best four months since the 1950s, data released Thursday show. Unemployment rate dips to 9.5%.  Read the full article at Crain’s New York 

5/18/12  How’s the Weather Down There?:  New York, it seems, is entering a tall-buildings arms race. By 2016, New York could have 6 of the 10 tallest buildings in the country (with Chicago having the other 4), and 3 of the highest residential structures, according to the Council on Tall Buildings and Urban Habitat in Chicago.  Read the full article in the New York Times

5/18/12  One57 Penthouse sells for more than $90M, breaks the price record:  Gary Barnett has set a new record for a New York apartment sales price with the deal for a penthouse apartment as his One57 worth between $90 million and $100 million for the 10,923 square foot penthouse on the 89th and 90th floors of the new building.  Read the full article at The Real Deal

5/25/12  Now Coveted:  A Walkable, Convenient place:  As a neighborhood moves up each step of the five-step walkability ladder, the average household income of those who live there increases some $10,000. People who live in more walkable places tend to earn more, but they also tend to pay a higher percentage of their income for housing.   Read the full article in the New York Times Sunday Review Opinion Page.

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Apr
30

In the News

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4/25/12  ‘Sex and the City’ Townhouse sold for $9.85 million:  The home at 64 Perry Street, listed for $9.65 million in early March with sold for $9.85 million, according to city records.  Read the full article at The New York Observer 

4/26/12  Useful  Vocabulary for Building Watchers:  Here are a few  architectural definitions that anyone who wants fluency in New York architecture will find useful.  Read the full story in the New York Times  

4/26/12  Prudential Douglas Elliman releases “The Elliman Report:  Long Island Sales 1Q 2012”:  Mild winter weather brought consumers into the market earlier than usual, causing the number of signed contracts in the Long Island housing market to jump from year ago levels. Housing prices were mixed, as buyers of lower priced properties took advantage of record low mortgage rates. Although properties took slightly longer to sell, listing inventory fell to its lowest first quarter total in six years. Despite the slow improvement in the national economy, we are encouraged by the state of the market in 2012.  See the full repor

4/26/12:  Prudential Douglas Elliman releases “The Elliman Report:  Hamptons & North Fork Sales 1Q 2012”:  The Hamptons and North Fork housing markets showed stability in both price and sales activity. Just as we have seen in prior quarters, the high end of the market continued to show strength. While it took somewhat longer to sell a typical property this quarter, listing inventory continued to decline. Considering the slow pace of our national economic recovery and tight credit, the East End housing market has continued to hold its own.  See the full report 

4/27/12:   Space Shuttle Enterprise’s Historic Flyover Wow’s New Yorkers: Did you see it?  Hundreds of space shuttle shuttle fans braved the chilly temperatures and biting wind Friday Morning along the Hudson River here to catch a glimpse of NASA’s prototype orbiter as it flew past the Intrepid Sea, Air and Space Museum it will soon call home.  See the full article on Yahoo! News 

4/27/12:  Threats, stormy Exits and…:  The setting for the closing on an apartment in the East 50s was a lawyer’s office. Things seemed to be going well between the sellers until the wife found out the price her husband had received for the apartment.  This is New York City, where real estate transactions can literally take on the trappings of a blood sport. Unlike most other parts of the country, it is a place where lawyers are invariably involved in the transaction; at the very least, this increases the number of people around the table.  Read the full article in the New York Times 

4/27/12  Brokers See Bright Future for 2012’s Residential Real Estate Market: The Real Estate Board of New York (REBNY) has released the results of its Residential Brokers Survey for the first quarter of 2012.  With the unseasonably warm weather and favorable market conditions, brokers saw an uptick in activity this quarter and are optimistic about next quarter.  Of the brokers surveyed, 69 percent reported that they thought the first quarter of 2012 was better than the previous quarter.  Additionally, 76 percent of brokers reported that they expect the second quarter of 2012 to be better than the first, a 16 percent increase from last quarter. 

 Their optimism was based on the improving activity in the market.  The survey found that 70 percent of brokers reported completing executed contracts of sale this quarter, a nine percent increase from last quarter.  Another highlight from the first quarter of 2012 was that 74 percent of brokers reported closing rental transactions at or above asking prices, which is a 13 percent increase from this time last year.  In addition, 26 percent of the brokers reported closing sales at or above asking price, a nine percent increase from the fourth quarter of 2011 and a 4 percent increase from the first quarter 2011.

 “Brokers feel changes in the market first and we count on them to help us gauge where the market is headed,” said REBNY President Steven Spinola.  “Based on the survey results, it’s clear that broker’s optimism is coming from an improving market and that their view that 2012 will be a strong year for New York City real estate is justified.” 

 The survey also found a near perfect record of 99 percent of brokers reporting that they received a coop board approval in less than 90 days from the time a completed coop board application was submitted.

 Similar to last quarter’s findings the top features/amenities this quarter were: 1) doorman building, 2) laundry in unit, 3) private storage space, and 4) on-site fitness center.
 The survey was sent to REBNY’s Residential Broker Members.  404 brokers took the survey this quarter.  See the REBNY Q1 2012 Residential Broker’s Survey Results

Apr
16

In the News

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4/9/12 Lux Life:  3 Pads sold for over 20M last week: Despite the Easter and Passover holidays, the affluent pulled out the stops in Manhattan, snapping up the former Fifth Avenue homes of a famous financier and a copper heiress.  Read the full article at Crain’s New York Business

4/12/12:  Audits Find Flaws in City’s Property Assessments:  The audits note that for many years the city used one methodology, called net income capitalization, to determine property valuations. For the 2008-9 fiscal year, the city switched to another method, called gross income multiplier. Then, without advance notice to homeowners, it reverted to the original methodology for the 2011-12 fiscal year. Read the full article in the New York Times

4/13/12  Exclusive 1st Quarter 2012 Elliman Report for the Miami, Florida Market:  The Miami housing market experienced the highest market share of non-distressed sales in several years, with a surge in both condo and single-family sales activity. The luxury and the non-distressed markets both continued to see upward pressure on prices. Distressed sales activity is expected to pick back up over the next year, which will help the market gain better footing for the long term. Foreign buyers continue to play a key role in driving sales demand, incentivized by the weak US Dollar. We anticipate an active Miami housing market over the next several quarters.  Read the report from Prudential Douglas Elliman 

 

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Apr
04

In the News

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3/30/12 In Manhattan Pizza War, Price of Slice Keeps Dropping:  “In the amped-up war of commerce and 75-cent pizza on the Avenue of the Americas in Midtown, a perilous moment is approaching. Circumstances suggest that ravenous New Yorkers might soon witness 50-cent pizza, 25-cent pizza or, yes, free pizza.”  Read the full article in the New York Times.

4/2/12  NY ranks as No. 1  global business center:  “Thanks to investments in public transportation, cultural amenities and education, New York surpassed London, Paris and Tokyo as the city with the most global clout.”  Read the full article at Crain’s NY Business.

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