Archive for In The News
In the News
Posted by: | Comments4/25/12 ‘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 report
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
In the News
Posted by: | Comments3/30/12 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.
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
In the News
Posted by: | Comments2/5/12: Big Ticket: $19,000,000 - “A Condominium at Trump International Hotel and Tower that sold for $19million was the biggest sale of the week, according to city records.” Read the entire article in the New York Times.
2/10/12: More rooms at more inns loom in NY’s future - “City saw at least a dozen new hotels bow in 2011, with no less than 40 more expected to follow in the next 30 months; YOTEL was the only addition to the Top 25 hotels, with 669 rooms.” Read the whole article at Crain’s New York.
2/14/12: Uzbekistan Cancels Valentine’s Day – Who needs love when you can celebrate the birthday of Mughal Emperor Babur? Uzbekistan has canceled Valentine’s Day — or at least a yearly concert by Rayhan, a popular singer who traditionally croons during Feb. 14 celebrations. Instead, the government is trying to push the appreciation of Babur, who’s a descendent of Genghis Kahn and helped spread an empire across South and Central Asia. Basically, its a rebellion against Western influences. Instead of candy hearts and valentines, the government will schedule commemorative readings and poetry festivals.
2/14/12: Big Deal Rental: Just-sold CPW mansion to hit rental market for $110,000 a month – “A 13-room townhouse at 247 Central Park West recently sold by the former president of handbag company Coach, is now set to hit the rental market in the next few days for a staggering $110,000 per month” Read more about it at The Real Deal
2/14/12 Want a Date? Buy a Home: In a survey of 1,000 single people, more than a third of women and 18% of men said they would much rather date a homeowner than a renter. Read about it at CNNMoney.com
2/16/12 Big Deal Brazil Booms and Brokers Smile: “Many of the Brazilian buyers in New York are professionals in their 30s and 40s, often tied to commodities or the finance sector, which has made many Brazilians rich from a flurry of I.P.O.’s in recent years. Brazilians favor addresses along Central Park on the Upper East Side or in Midtown near Lincoln Center, where many have season tickets, brokers say.” Read about it in the New York Times
2/22/12 A tour of beer heiress’ UES apartment, on market for $14M: :Beer heiress gives a tour of her New York City apartment at the Stanhope, on the Upper East Side, in a video from the New Yorker, via the Real Estalker blog.” Read about it and see the video at the Real Deal.
2/22/12 MTA to make late-night house calls along Second Avenue Subway construction site: “Rather than take Upper East Siders’ word, Metropolitan Transportation Authority officials want to experience sleepless nights along Second Avenue for themselves. According to the New York Post, transit officials plan to make late-night visits to apartments near the Second Avenue Subway construction site that has elicited constant noise complaints from neighbors.” Read more at the Real Deal
2/25/12 Subway Entrances? Not on Our Block: “…fears running along 69th Street near Lexington Avenue, home to the Union Club, neo-Georgian homes and carriage houses. They are fears normally associated with the less-charming realities of urban life, like a homeless shelter or a late-night dive bar. But in this case, they are focused on something quite different: new entrances to a subway station.” Read the whole article in the New York Times.
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
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
In The News
Posted by: | Comments12/10/11: Storage Enters Stratosphere: “For buyers willing to pay far more than the median sales price for a one-family home in the U.S., modest bins can be had at a new condominium tower under construction on West 57th Street in Manhattan.” Read more about it in the Wall Street Journal
12/11/11: Luxury homes hard to come by, easy to sell: “Three years into real estate market recovery, pricey new units finally catch fire” Read more about it at Crain’s New York
