Commercial property sales in New York City rebounded powerfully in 2011, as sales volume increased 32 percent from 2010 on 8 percent more transactions, according to a report released today by PropertyShark.com.
In all, 3,453 properties sold (six more than did in 2010) in 2,986 transactions for a total of $24.17 billion. The last time commercial property sales volume surpassed $20 billion in the city was 2007, when 5,466 properties sold for a total of $49.18 billion. [more]
Thanks to the moratorium on foreclosures that resulted from the robo-signing controversy, New York City foreclosures declined 61 percent in 2011 to their lowest levels in seven years, according to a report released today by PropertyShark.com. But Manhattan proved an exception to the rule, recording 193 new foreclosure filings in 2011, 28 percent more than it did in in 2010. [more]
Douglaston Development’s the Edge in Brooklyn was the most successful New York City residential development in the third quarter of 2011 in terms of number of units sold, according to data from PropertyShark.com.
Seventy units were sold in total at the Edge between July and September, with a median sales price of $705,229. It is also the most successful development of the year so far, the data shows, with 215 units selling at the property so far in 2011.
As The Real Deal reported earlier this year, the Edge, which is being marketed by MNS, sold more units by June than any New York City residential building did in all of 2010. — Katherine Clarke [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
New foreclosure auctions in New York City plummeted during the third quarter, according to a PropertyShark.com report released today, but that’s far from a sign of an improvement in the housing market.
Just 207 new foreclosures were filed in the third quarter, down 33 percent from the 311 filed in the second quarter, and down 69 percent from the 659 new filings in the third quarter of 2010. About half the new foreclosures were filed on co-ops.
Queens led all boroughs with 82 foreclosures, or 39 percent of the city’s foreclosures. However, the number was still 28 percent less than it was last quarter, and 79 percent below the figure recorded in the prior year quarter. – Adam Fusfeld [more]
The number of newly scheduled New York City foreclosure auctions was down 70 percent in August compared to the same month in 2010, and 7 percent from July 2011, according to a monthly report covering first-time residential New York City foreclosures by PropertyShark.com.
Borough by borough, Queens and Staten Island saw the largest drop. Compared to August 2010, foreclosure auctions in those areas were down more than 80 percent. Newly scheduled foreclosure auctions also fell 40 percent in Brooklyn and 13 percent in Manhattan while Bronx foreclosures remained consistent. — Katherine Clarke [more]
There were 223 high-end residential property sales in Brooklyn in the second quarter of 2011, the highest number in three years, according to recent analysis by PropertyShark.com cited by Crain’s. High-end sales are defined as those over $1 million.
Sales of million-dollar-and-up properties jumped a jaw-dropping 60 percent from the period in 2010 and outpaced the previous record set in the third quarter of 2008. Condo purchases accounted for 123 of the deals, more than double the tally in the same quarter of 2010, Crain’s said. Around 25 percent of the sales were in new developments.
The surge in sales does not necessarily indicate that Brooklyn’s residential market is thriving, experts said, as a lot of the logged sales actually went into contract earlier in the year. [more]
Soho and Tribeca were the most expensive New York City neighborhoods in the second quarter of 2011, but Dumbo was a surprising fourth entry on the top 10 list, according to PropertyShark.com. Dumbo was ahead of many other Manhattan neighborhoods such as the Upper East Side, the Upper West Side, the West Village and Chelsea, with a median sale price of $1.075 million. That price increased 9 percent from the median sales price in the second quarter of 2010, which was $990,000. Brooklyn’s Boerum Hill was also on the list at number 10, with a median sales price of $801,000. Soho was tops at $2.147 million, a 26 percent increase over its 2010 second-quarter price of $1.7 million.
— Miranda Neubauer [more]
Foreclosures on co-op apartments in New York City reached a two-year high during the second quarter, more than quadrupling in number since the second quarter of 2010, according to the latest data from PropertyShark.com.
The spike was fueled by a major uptick in scheduled foreclosure auctions in Manhattan, which had 66 in the second quarter, up from 27 at this time last year, and from 41 in the first quarter, the data shows. But the increasing distress that was apparent among Manhattan co-op owners wasn’t replicated elsewhere in the city, with all other boroughs — which have traditionally been much harder-hit by foreclosures — seeing year-over-year declines in the number of auctions scheduled during the second quarter. – Sarabeth Sanders [more]
DAB Group is facing a foreclosure suit at its stalled 16-story Allen Street
Hotel project on the Lower East Side, after the loan was acquired by
Manhattan-based Maverick Real Estate Partners.
Maverick acquired a $5.5 million note from Brooklyn Federal Savings Bank,
after DAB, a Valley Stream, N.Y.-based developer, allegedly went into
default, according to the complaint filed July 1 in Manhattan Supreme Court.
The loan had an initial due date of June 1, 2008, with an optional extension
to December 2008. In August 2008, DAB received an extension until Sept.
1, 2009, with three six-month extensions, until March 1, 2011. [more]
