Archive for Regions & Neighborhoods
In the News
Posted by: | Comments4/9/12 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
Where to Eat on the Upper East Side
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View Michael Lomonaco in a larger map
Michael Lomonaco shares some of his Upper East Side Favorites
Pizza by the Slice: Italian Village
Pizza by the Pie: John’s Pizzeria
Cheap Burger: J.G. Melon
Fancy Burger: Jones Wood Foundry
Sandwich: 2nd Ave Deli
Coffee: Oren’s Daily Roast
Bagels: Tal Bagels
Chinese: Pig Heaven
Breakfast: E.A.T
Bar: Bemelmans Bar at the Carlyle
Ice Cream/Gelato: Sant Ambroeus
Falafel: Melange Food Fair
Late Night Eats: Cascabel Taqueria
Date night: Crown
Can’t-miss Neighborhood Spot: Sandoro’s
From Serious Eats NY
Manhattan Residential Co-op & Condo Sales Market Report First Quarter 2012
Posted by: | CommentsToday, we released our First Quarter report for the Manhattan Residenital Co-op & Condo Sales Market. Manhattan Residential Co-op & Condo Sales Market Overview Q1 2012 reported here and summarized below was prepared by Miller Samuel for Prudential Douglas Elliman.
“Employment conditions have continued to slowly improve, inventory levels have remained modest, and new development stabilized, but tight mortgage underwriting conditions remain a challenge to the market.”
- Median sales price was $775,000, 0.9% below $782,071 in the prior year quarter. Price per square foot increased 6%, and average sales price increased 0.8% over the same period.
- The S&P’s downgrade of US debt, paired with the European debt crisis, Wall Street bonus concerns, and large swings in the stock market indices all contributed to the market’s slowed pace leading into the first quarter. As a result, the number of sales slipped 3.5% to 2,311 from 2,394 in the prior year quarter.
- Active listing inventory slipped 0.6% to 7,560 in the first quarter from 7,605 in the prior year quarter, but remained consistent with the 7,478 quarterly average over the past ten years.
- Days on market—the number of days between the last price change, if any, and the contract date—saw a 25-day increase to 152 days from 127 days as older inventory was sold off.
- Listing discount—the percent difference between the list price at time of sale to the sales price—increased to 6.3% from 4.5% in the same period last year.
In the News
Posted by: | Comments3/5/12 Pre-K Guide: Everything You Need to Know to Get Your Child a Seat: Thousands of families apply to pre-Kindergarten each year, seeking an experience for their child that is more educational than daycare but not as expensive as private school. But demand is so high that there aren’t enough seats to go around, which means that the most sought-after programs remain harder to get into than an Ivy League college. Read the artlicle at DNAinfo.com
3/6/12 NYC sees biggest building permit rise since crash: Number of permits for demolition work soars nearly 37% in the first two months of year, while the number of permits to put up new buildings jumps almost 43%. Levels are still well below pre-2008 peaks. Read more about it at Crain’s New York.
3//8/12 Apartment bargains melted away in warm Feb.: Unseasonable temperatures bring out more customers and landlords respond by cutting concessions and even hiking some rents. A “disappointi9ng season” for tenants seen. Read the full article at Crain’s New York
3/8/12 Stunning gains for city economy: The city economy grew nearly twice as fast in 2011 as initially thought, according to data released Thursday, and jobs boomed in January. Read the article at Crain’s New York.
3/9/12 Crumbling East 81st Street Pedestrian Bridge Set for Makeover: Months after cutting the ribbon on a stainless steel pedestrian bridge at East 78th Street, the city is moving forward with tackling the next decaying walkway connecting the neighborhood to the East River waterfront. Read the article at DNAinfo.com
The Faith Report – Winter 2012 Warming Up in Winter
Posted by: | CommentsWe may be in the depths of winter, but we’re already at the height of activity for new stores, restaurants and hotels. New York City remains the center of the world for designers and diners, with a number of new hotels readying to house our many visitors (50 million plus last year). From new or relocating designers to coffee shops to luxury condotels, it’s still hot in the city! ~ by Faith Hope Consolo
The end of a quarter brings a blizzard of Residential Sales and Rental Market Reports; followed by a spurt of press coverage spinning and analyzing the reports. But here’s a report that’s different
The Faith Report reads like a who’s who of luxury retailers.
From Madison Avenue to 5th Avenue and the Upper East Side, across Central Park on the Upper West Side down to Union Square, the West Village, Soho, Nolita, Tribeca and to the Lower East Side, the Faith Report alerts you to the newest digs for your favorite designers and other trend-setting retailers.
New York Retail Leasing Activity Report created by Faith Consolo Chairman of Prudential Douglas Elliman’s Leasing and Sales Division.
NYC Department of Education Adds PS 527, Redraws Zones for PS 151, PS 290 and PS 158
Posted by: | CommentsOn December 14, 2011, Community Education Council 2 voted to change the current zones for P.S. 151, P.S. 290, and P.S. 158 to open a new school, P.S.5427, in the Our Lady of Good Counsel building located at 323 E 91st St. . The approved changes for the 2012-2013 school year may be found in the map provided below.
The change will affect incoming kindergarten students and students new to public schools who live within the zones. All currently enrolled students may remain at their current school. Kindergarten students with siblings who are in an existing zone will be grandfathered as an in-zone sibling.
Further information can be found at the NYC Department of Education website
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 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.
A Guide to High Tech Real Estate Tools for First Time Buyers & Renters
Posted by: | CommentsNew York City Real Estate is different – and navigating the waters can be difficult without a network of friends or financial resources to help you. There are many websites you can visit, but here’s a few to help you get started:
StreetEasy has searchable listings and user forums geared towards sales rather than rentals. For $15/month you can get sold prices of coops, condos and townhouses. A must have if you are trying to determine what the “correct” selling price should be.
Trulia has searchable listings and interesting neighborhood stats.
The New York Times website has articles and searchable listings.
PropertyShark.com provides you with comprehensive and detailed data including zoning, permits (Department of Building information), property tax information etc.
Curbed NY is a cross between commentary and gossip, it is a good place to get a feel for New York real estate and learn about new developments and conversions. Tongue-in-cheek
The BrickUnderground gives practical advice, with current prices and advice on rental apartment living.
Hotpads A search tool with thousands of apartment listings plotted on a map.
NabeWise ranks neighborhoods based on various characteristics.
If you have certain neighborhoods in mind, for rentals, sites like Naked Apartments and RentHop provide search tools to narrow preferences
Navigating the waters of Manhattan real estate is not for the faint of heart. It takes stamina and persistence to find just what you want at a price you can afford. Educating yourself is a great first step.
New York City: Spring 2010-All Dressed Up and Ready For Spring!
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Rejoice fashionistas, spring is definitely in the air! New stores, new concepts and new celebrations abound. It’s time for spring cleaning; make room for the fabulous new offerings coming soon to an avenue near you.
Faith Hope Consolo, Chairman, Retail Leasing and Sales Division
of Prudential Douglas Elliman recently published the shop ’til you drop Spring 2010 New York Retail Leasing Report
