The High Line
As new developments rise along the High Line in West Chelsea, families are flocking to them, the New York Times reported.
A lack of family-sized apartments Downtown has sent prices for luxury condominiums surging past those of Uptown and Midtown. One of the most sought-after neighborhoods is West Chelsea, as the High Line’s elevated parkland continues to drive development. [more]
Source: Streeteasy.com (chart refers to new developments only)
Inventory is declining and asking prices are rising for new development sales throughout Manhattan, Brooklyn and Queens, according to a new development market report released today by Streeteasy.com. Nowhere is this more apparent than in Williamsburg, the only neighborhood outside Manhattan with median asking prices surpassing $1 million in April. That milestone was achieved on the back of a 53.2 percent year-over-year increase that pushed median asking prices to $1.07 million for the 76 remaining sponsor units in the neighborhood, a 51.6 percent reduction. [more]
210 East 35th Street
After several years of delays, Iconic Development’s Sonu Arora has begun converting a former glass factory in Murray Hill into an 11-unit condo, Arora told The Real Deal today.
Plans for the six-story building, located at 210 East 35th Street between Second and Third avenues, call for ten 950-square-foot one-bedroom units and a 1,250-square-foot, two-bedroom penthouse. Arora said he expects construction to be complete by the summer of 2013. Marketing is scheduled to begin this fall. [more]
From left: Michael Guerra, Elliman’s Brooklyn managing director, and Frank Percesepe, Corcoran’s Brooklyn senior regional vice president
Home prices and transaction volume in Brooklyn and Queens were down in the first quarter of 2012 compared to the same period last year, according to market reports released today by residential brokerages Prudential Douglas Elliman and the Corcoran Group, although the overall picture shows stability.
In Brooklyn, the median sales price dropped 5.3 percent to $450,000 from $475,000 in the same period last year, while the number of sales tumbled 23.9 percent to 1,807 from 2,373 sales, the Elliman report says. Corcoran pegged the median sales price at $428,000, a 2 percent decline over the same period last year. [more]
From left: Halstead Property Development Marketing President Stephen Kliegerman and Citi Habitats President Gary MalinCiti Habitats President Gary Malin and Halstead Property Development Marketing President Stephen Kliegerman whipped out their crystal balls for amNY and noted five trends to watch for in the city’s “booming” real estate market in 2012.
Low interest rates, the strong rental market and the stock market’s daily swings will attract Wall Street investment to new developments, which Malin and Kliegerman say will become more prevalent next year. As for those new buildings, developers will likely offer deals on apartments in buildings that haven’t even begun construction yet in order to kick off sales…. [more]
Though new development sales slowed severely in Manhattan and Brooklyn in recent months, prices are mostly on the upswing, according to third quarter Manhattan and Brooklyn new development sales reports released today by residential brokerage MNS.
In Manhattan, the number of sponsor sales recorded in public records declined 18 percent from the second quarter, while in Brooklyn that figure fell off a cliff, to the tune of a 34 percent drop. However, the median sales price per square foot in that same period rose 4 percent in Manhattan to $1,243, and 3 percent in Brooklyn to $594. As for overall sales figures, in Manhattan the median price gained 10 percent since the third quarter of 2010 to about $1.5 million, and in Brooklyn it rose 7 percent to about $600,000. – Adam Fusfeld… [more]
The Hunters Point section of Long Island City is experiencing a boom in new development, NY1 reported, with $700 million of construction happening inlcuding four new residential towers in the works.
“This all used to be industrial waterfront, much of it abandoned. Now we have 10 acres of beautiful waterfront park land, five residential buildings, a public school and a lot more coming on the way,” said President Paul Januszewski of the Queens West Development Corporation.
Since development began in 1997, Januszewski said, Hunter’s Point has experienced a major transformation. By the time of its completion in 2013, the area will have 11 residential buildings, two public schools, a park and a public library…. [more]
After months of rapidly dropping prices in Manhattan’s residential market, more brokers say they’re seeing seeing stabilization across all types of housing stock, according to Crain’s. The rebound has been so pronounced that some brokers, like Marketing Directors CEO Adrienne Albert, are even raising prices on new development units. Albert, who recently boosted prices by 3 percent to 5 percent at the 44-unit Apex condominium in Harlem, said she’s one of many who are feeling more bullish…. [more]
TreeTop Development’s 16 new Greenpoint luxury condominiums at the Locale are going up for auction, a move that the company hopes will speed sales and reduce the costs involved with a conventional marketing process. Units range from 600 to 1,000 square feet, and bids will start at $150,000, a steep discount from the original asking prices of between $445,000 to $599,000. The building’s first showing is this Sunday. The Nov. 11 auction, which will take place at the New York Marriott at the Brooklyn Bridge, will be the first of its kind for Brooklyn, but not for TreeTop, which is also working with real estate auction firm Sheldon Good & Company to auction off the first nine units at the Saffron in Jersey City on Nov. 8. [Crain’s] … [more]
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