Investing in real estate may not translate into happiness, according to a growing body of research, the New York Times reported. [more]
Posts Tagged ‘Manhattan’
Manhattan tenants found a welcome respite from ballooning rents in January, as more home hunters were pulled into the sales market, according to a monthly rental market report released today by Douglas Elliman. The average monthly rent for a Manhattan apartment was $3,794 in January, a 4.5 percent decrease over December, the report shows. [more]
Sales inventory in new development projects across Manhattan, Brooklyn and Queens was down year-over-year in October, Crain’s reported, citing a Streeteasy.com report. But the number of these listings in Manhattan is on the upswing — rising more than 10 percent in the pat six months — even as they continue to fall in Queens and Brooklyn.
The inventory declines have increased prices, however. Broken down by borough, Brooklyn saw a 52.7 percent year-over-year fall in inventory to 276 from 583 a year earlier. In Queens the number declined 52.6 percent year-over-year to 108 from 228. [more]
An Upper West Side Democratic club has inked a deal for office space in which President Barack Obama’s supporters will work toward his reelection.
Community Free Democrats, whose members include Rep. Jerry Nadler, Borough President Scott Stringer and State Assembly Member Linda Rosenthal, has taken over a 1,200-square-foot, ground-floor retail space at 410 Columbus Avenue, near West 80th Street. [more]
From the July issue: John Burger has had a good year. Not only did the Brown Harris Stevens broker earn the No. 1 spot on The Real Deal’s annual ranking of Manhattan’s top listing agents, he also more than doubled his dollar volume of listings from a year ago to $411.7 million.
That number sets a new bar for the ranking, which is based on dollar volume of active Manhattan residential listings, gathered from Online Residential in mid-June. [more]
Technology and creative firms which have been driving the Manhattan office leasing market this year are inking deals that are shorter and that utilize space more efficiently than the typical financial firm deal, brokers speaking on a panel this morning said. The companies are negotiating deals that are shorter than the industry standard of 10 years, and the firms average about 120 square feet to 130 square feet per person versus the industry standard of 200 square feet to 250 square feet per person, the panelists said. [more]
Despite some major high-end deals closing last month, Manhattan’s luxury residential market, which has been strong since the third quarter of 2010, may soon lose its reputation as the most talked about sector in the real estate industry, according to Jonathan Miller, president of appraisal firm Miller Samuel. [more]
A recently released interactive Manhattan apartment sales map by PropertyShark.com (see map below) shows sales data for individual buildings across the city in the third quarter of 2011. Clicking on a point of interest will open a mini-report with a photo of the building and details on individual unit transactions in the building. – Katherine Clarke
This month marks the three-year anniversary of the Lehman Brother’s collapse, September monthly rental reports for Manhattan and Brooklyn, released today by MNS, note. Rents in neighborhoods such as Tribeca, Soho and Greenwich Village have fared best during the recovery, mostly maintaining their values, the report shows, increasing by around 13 percent from 2008.
As for month-over-month increases, the report indicates a small degree of positive growth.
“As predicted, this September brought nominal growth in average rental prices compared to August, but the rental market in both Manhattan and Brooklyn continues to be strong,” said Andrew Barrocas, CEO of MNS.
Rents increased 1.3 percent for Manhattan one-bedrooms on a month-over-month basis, 1.6 percent for two-bedrooms, but decreased by 2.7 percent for studios. Prices are up in Manhattan 0.8 percent overall compared to August, with 0.2 percent in non-doorman units and a slight decrease of 0.04 percent in doorman properties. – Katherine Clarke… [more]
The total dollar amount of Manhattan assets classified as distressed has halved since 2008, Crain’s reported, a sign that the market is rebounding at a healthy pace.
Three years ago, $30.6 billion of assets in Manhattan was in foreclosure, bankruptcy or in the process of having its loans modified. The figure has dropped to $15.2 billion, and 30 percent of that dollar amount is tied to apartment complex Stuyvesant Town and Peter Cooper Village.
“This happened faster than we would have imagined,” said Dan Fasulo, managing director of Real Capital Analytics.
The drop in distressed properties can be attributed to an accumulation of single transactions, Crain’s said, and bigger landlords buying up distressed loans. Vornado Realty Trust, for example, bought up three of the eight large distressed assets sold in the first half of 2011, including a stake in 280 Park Avenue. … [more]
Turns out the rich aren’t completely immune to a world that seems on the brink of economic disaster. Sure, luxury real estate prices in “prime global cities” continue to grow even as much of the rest of the world is underwater, but in the second quarter of 2011, that growth slowed. Prices rose just 7 percent year-over-year for the priciest real estate in the most coveted cities, which pales in comparison to the 14 percent growth experienced in 2010, according to data by Knight Frank cited by Business Insider.
More recently, quarter-over-quarter data shows further stagnation. … [more]
UrbanDigs.com is about a month away from launching a real-time Manhattan residential market analytics platform, a data service that reports market trends and figures.
Noah Rosenblatt, founder of brokerage and real estate research Web site UrbanDigs, said that the analytics program will run through a partnership with real estate database service RealPlus, and will feature a suite of user-friendly analytical tools. The program will be free, with an option to pay an approximately $15-per-month subscription fee for additional features.
Rosenblatt said that “the desire for more transparency” motivated him to pursue the analytics platform. While he wouldn’t say what specific market indicators will be analyzed until the platform goes live in the first week of May, he said that the platform will look at “every metric worth following in this market.”… [more]
A Prudential Douglas Elliman report released today depicts the spectacular rise of home prices over the past decade, but also the sudden — and definitive — arrival of the real estate slump in Manhattan. In 2009, Manhattan co-ops and condos saw year-over-year declines for the first time since 1996, the report shows. The average 2009 apartment sold for $1.39 million, down 12.5 percent from the previous year. The median price dropped 11 percent to $850,000 from 2008, while the average price per square foot sank 14.2 percent to $1,073. Other areas of the country have seen real estate activity and prices decline gradually over the past few years, but the Manhattan real estate market was still booming until the Lehman Brothers collapse in the fall of 2008. In fact, Manhattan prices set new records in 2008. That year, the average sale price of a Manhattan apartment reached a new ever high of $1.59 million, while the median was $955,000 and the price per square foot was $1,251, according to the report. Still, Manhattan real estate prices remain at dizzying heights compared to a decade ago. More
The Manhattan condo sales market showed a steady monthly and year-over-year decline, according to data compiled by Yale Robbins, a real estate publisher and database resource. The number of sales in November 2009, the most recent month for which the data was available, hit 371, down 9 percent from the previous month’s sales total, and down 10 percent year-over-year, according to Yale Robbins’ Condo Sales Report. The Manhattan condo report, which was compiled using the company’s database of approximately 3,300 condos and co-ops, showed that the average sales price of Manhattan condos in November was $1.49 million, down 18 percent from the month before when the average price hit $1.81 million, and down 11 percent from November 2008, when the average sales price was at $1.67 million, according to the report. Also looking at the sales data, the Real Estate Board of New York’s report, released this week, which included quarterly, not monthly data, put the average sales price of Manhattan condos in the fourth quarter at $1.67 million. TRD
brokerage the Developers Group is merging with Manhattan’s Real Estate
Group of New York, creating one firm with reach in two markets. The new
firm, temporarily known as TDG/TREGNY, has 70 agents. Financial terms
of the merger were not released. Daniel Baum, co-founder of the Real
Estate Group, will be the CEO of the new firm. The
Developers Group was founded six years ago and specializes in marketing
new developments in Brooklyn, while the Real Estate Group, founded in
2004, focuses on Manhattan rentals.
The city Department of Buildings announced it will share information
about tower cranes with Chicago and Philadelphia in an effort to track
equipment failures, recalls, accidents and industry trends. Over the
past year, 12 tower cranes have come to New York City from other
places. The new system will track where the cranes work, who owns them
and will include any information on accidents involving the machines.
This is the latest in a series of measures instituted after two tower
crane accidents in Manhattan resulted in nine people dead last year.
There is currently no national database to track tower cranes and their
parts, and several other places, including California, Connecticut and
Dallas, have expressed interest in the new program…. [more]
New York City saw a slight increase in foreclosures from April to May
but a decrease between May 2008 and May of this year, according to a monthly foreclosure report from PropertyShark.com. There were 285 new
foreclosures across the five boroughs in May, an 8 percent rise from
April but a 9 percent drop from May 2008 (see jump for full report). Queens continued to have the
highest number of new foreclosures, with 209. Staten Island saw 30 new
foreclosures, a 36 percent decrease month-over-month and
year-over-year. There was a 26 percent drop in new foreclosures in the
Bronx from April to May, to 17. Foreclosures in Brooklyn increased 62
percent from April but fell 62 percent from May 2008. Manhattan saw eight
new foreclosures in May, a 43 percent drop year-over-year. The 15 zip
codes with the highest numbers of foreclosure auctions were in Queens. TRD… [more]
Some Brooklynites are worried that as Manhattan real estate prices and rents fall, the borough will no longer be the first choice for young New York City residents. Residential sales transactions fell 57 percent in the first quarter of this year compared to the same period of 2008, which is the biggest drop seen in any borough, according to a first-quarter report by Miller Samuel. Though several companies, including Etsy and SpikeDDB, Spike Lee’s advertising agency, have chosen Brooklyn over Manhattan for their offices, when it comes to the residential market, Brooklyn can no longer count on a spillover of people who can’t afford to rent in Manhattan…. [more]
Renters in the outer boroughs who were previously priced out of
Manhattan are moving back as prices fall. For just $100 more a month, a
publicist left his Greenpoint apartment for a Lower East Side unit
(although it is half the size of his old Brooklyn home), and an editor
left Sunset Park for Midtown, receiving a month of free rent. In the
first three months of the year, one-bedroom rents in Manhattan fell 6.7
percent compared to the previous year, while Brooklyn one-bedrooms saw
rents drop 3.2 percent, according to Citi Habitats and Ideal Properties
Group. Only 9 percent of renters moving to Brooklyn were from Manhattan
during the first three months of the year, while nearly a quarter of
renters migrated from Manhattan to Brooklyn during the same time last
year, according to Ideal.
In the first four months of the year, the total amount office space
available for lease in Manhattan increased by nearly 10 million square
feet, a figure that equaled the increase for all 12 months of 2008,
data from real estate advisory firm Newmark Knight Frank shows. From January through April, the negative net absorption was 9.98
million square feet, versus 9.91 million square feet in all of 2008,
Newmark found. Real estate researchers use the term negative net absorption to
describe the quantity of office space made available through direct or
sublease space subtracted by space removed from the market through