Just Sold
May 8, 2008
Manhattan
UPPER EAST SIDE $1,245,000
170 E. 87th St.
Two-bedroom, two-bath condo, 1,100 square feet, with wide-plank wood floors, walk-in closets, marble bath, through-the-wall AC, balcony and southern exposure; building features doorman, garage, gym, pool, laundry, video security and playroom. Common charges $820, taxes $840. Asking price $1,295,000, on market 10 weeks. Broker: Laurie Lewis, Citi Habitats | |
Believe It: Condo Sales Slow
Believe It: Condo Sales Slow
May 8, 2008
Very little correct information is being floated about the state of the New York City condominium marketplace. The glossy, full-page advertisements for luxury condominiums that are liberally sprinkled throughout local publications project strong sales, while the regular quarterly reports on the state of the local market suggest the city has been relatively immune to the real estate downturn that has crippled other cities.
In reality, nervousness about the economy, falling consumer confidence, and the rising cost of commodities are slowing sales of residential condominiums in Manhattan, the other boroughs, and the suburban communities.
"The truth is that people can't take the truth," the president of RAL Cos., Robert Levine, said.
Mr. Levine blames press coverage for creating an atmosphere of nervousness that is slowing the sales. (more ...) | |
Manhattan Rents Rise
N E W Y O R K R E A L E S T A T E N E W S
________________________________________
Manhattan rents rise
May, 07, 2008
Rents in Manhattan increased in April, while the overall vacancy rate fell from 1.31 percent in March to 1.21 percent, according to a report by brokerage Citi Habitats. The average monthly rental price for a studio increased 3 percent to $1,874,; a one-bedroom increased 2 percent to $2,636; a two-bedroom increased 6 percent to $3,845; and a three-bedroom increased 13 percent to $5,268. The increases indicate that "peak rental season has started with some momentum," the report said. Average rental prices for studios were highest in the Gramecy/Flatiron area, at $2,254, and lowest in Washington Heights, at $1,006. The most expensive neighborhood for a one-bedroom was Chelsea at $3,355, while the cheapest was Washington Heights, at $1,241. TRD
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'Sex' and money: What it costs to live the life
'Sex' and money: What it costs to live the life
'Sex and the City' makes a comeback
By Lizzy Nielsen
May 7, 2008
Pairs of $500 shoes. $1000 designer dresses. Beautiful apartments in extremely desirable Manhattan neighborhoods.
The women of 'Sex and the City' lived incredibly extravagant lifestyles and inspired a gaggle of young women to move to the city. Carrie was a freelance writer, Miranda an attorney, Charlotte an art gallery manager who had been born into money and, finally, Samantha owned her own public relations agency. They always seemed to have enough cash to satisfy their cravings for expensive dresses and shoes, $20 martinis and posh apartments.
The question is: Could they pay their bills?
Miranda Hobbes was probably the character with the most realistic life on the show. Partners at top-notch law firms, according to Web sites like CarreerBuilder.com and Salary.com, partners can make upwards of a million dollars a year. (more ...) | |
Citi Habitats announces re-branding
05/05/08
Citi Habitats announces re-branding
Citi Habitats, Manhattan's largest residential rental brokerage, has announced a re-branding campaign that will feature an advertising campaign, a new corporate logo, a redesigned Web site and radio promo spots during New York Yankees and New York Mets baseball games. The campaign was expected to launch May 1 and should be in full swing by November. TRD
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Residential Sales Around the Region
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Citi Habitats becoming Elite
The Power of Teamwork
The Power of Teamwork
When next-door neighbors sell jointly, one plus one can be a lot more than two.
By S.Jhoanna Robledo
Published Apr 27, 2008
No one remembers who had the idea first, but that's beside the point:
The Aronsons and the Edmondses, whose Riverside Drive two-bedroom apartments (8A and 9A) sat atop each other, were both about to sell. So they entered the market at $2.995 million for the two properties, about right for the four-bedroom their apartments could become but easily $400,000 more than they could've expected to get separately.
Although the couples have since dipped their price, they were definitely onto something: This kind of teaming up is growing more common. The shortage of family-size apartments remains acute, and appraiser Jonathan Miller says larger spaces, once they're put together, can command a 20 percent premium per square foot. Say you join two one-bedroom apartments that cost $600,000 apiece. (more ...) | |
Rent-to-own at the Peninsula
Boulderberg Manor
124 DeKalb
Uncertain market helps lower-end rentals
April 24, 2008
Uncertain market helps lower-end rentals
Some analysts believe that uncertainty in the economy has boosted Manhattan's rental market as New Yorkers become less willing to buy, especially smaller apartments at the lower end. The average rent for one-bedrooms was up by 3.7 percent in the first quarter of 2008 compared to the first quarter of 2007, according to a report from Citi Habitats. Meanwhile, average rent was down 4.9 percent for two-bedrooms and 7.6 percent for three-bedrooms.
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Increased Demand Is Seen at Lower End of Rental Market
Increased Demand Is Seen at Lower End of Rental Market
April 24, 2008
BY CANDACE TAYLOR
Matthew Baldwin and Shelly Shapiro immediately liked the Ludlow, a new luxury doorman building on the Lowest East Side, when they toured two-bedroom apartments there this spring.
But the spacious, light-filled unit that they moved into last week has one only bedroom, in part because Mr. Baldwin, who runs a tutoring company, and Ms. Shapiro, who works in finance, both depend on the strength of the economy for their livelihood.
"If a year from now the economy's not doing well, we didn't want to be in a position that wasn't viable," Mr. Baldwin said. "It's something you have to think about."
Mr. Baldwin and Ms. Shapiro's experiences are not unique. As Wall Street reels from thousands of layoffs - including 9,000 that Citigroup announced on Friday - consumer confidence in the economy has plummeted, leading to an unexpected upside for the New York City rental market. (more ...) | |
NYC Real Estate 101: Survival Tips for the savage home-hunting process
Apr 23-29, 2008
NYC Real Estate 101
Survival tips for the savage home-hunting process.
- Rent control means there's a maximum base rent (MBR) set on a case-by-case basis by the New York State Division of Housing and Community Renewal (DHCR). A landlord can raise rent by up to 7.5 percent yearly until the MBR limit is reached.
- Rent-controlled apartments are only in buildings built before February 1, 1947, and you (or your family) must have occupied the space continuously since before July 1, 1971.
- A place is stabilized if it's in a building with six or more units built pre-1974. The Rent Guidelines Board issues a percentage of allowed rent increase every year.
- Currently, landlords are allowed to raise stabilized rent by 3 percent for one-year contracts and 5.75 percent for two-year contracts.
- If a new tenant moves into a rent-stabilized apartment, the landlord can raise the rent 17 to 20 percent. (more ...) | |
The new switcheroo
The new switcheroo
Some NYC developers are converting their newly built condos to rentals. Does that mean low-budget coveters of the high-end finally have a way in?
By Lisa Selin Davis
At first glance, a place that comes tricked out with Andres Escobar-designed interiors, Bosch appliances, a doorman, an in-house fitness center and a rooftop lounge would seem unobtainable-those are condo perks, aren't they? Yes, as a matter of fact, they are. Yet they're available for $3,400 a month-the cost to rent a one-bedroom at 99 Gold Street in Dumbo, Brooklyn. By no means cheap, that's still better than the $1,000 per square foot the building's developers were asking for before they threw in the towel-or, as some might put it, altered their business plan-and decided to go rental. Thanks to the subprime-mortgage meltdown, overbuilding and fear of a sinking real-estate market, condo developers have hit a roadblock. (more ...) | |
No good buys
No good buys
The economy's tanking, which means sellers are desperate and you can cash in on opportunities. Right? Right?!?
By Aline Mendelsohn
For the past few months, Rick and Amy Atlas, both 35, have been scouring the Upper West and East Sides for a prewar apartment to buy. But they're not in any rush. A year ago, they would have had to pounce on a place or risk losing it. Now Rick, a real-estate investor, and Amy, an attorney who is opening an event-planning company specializing in high-end dessert tables, think the economy is in their favor. "We've watched the asking prices drop pretty steadily," says Rick, noting they've seen certain units discounted 10 to 15 percent. "It's refreshing to have the time. It was a pressure cooker before."
Is Rick overly optimistic? Spot-on? A little of both, actually. Around the country, the softening real-estate situation is being widely labeled a "buyer's market. (more ...) | |
Grads cut rental market a Spring break
Finding Your First Apartment
First-time apartments hunters in New York are often shocked at how little they get for their money. A studio on the Upper
East Side is listed by Citi Habitats at $1,750 a month.
By VIVIAN S. TOY
THE dream: finding a one-bedroom, one-bath apartment in an elevator building with a doorman in Greenwich Village for $2,000 a month.
The reality: nearly impossible.
Spring is the season when newly minted college graduates flock to New York City to start their careers. They begin the search for their dream apartment, brokers say, with the same single-minded determination that earned them their degrees and landed them their jobs in the first place.
But that determination only goes so far when it comes to Manhattan real estate.
"Almost every single person I've worked with thinks there's a golden nugget of an apartment waiting right for them," said Paul Hunt, an agent at Citi Habitats who specializes in rentals. (more ...) | |
How to Prepare for an Apartment Search
April 20, 2008
How to Prepare for an Apartment Search
FINDING the right apartment in New York City is a challenge for anyone, but for recent graduates who are first-time renters, meeting the landlord's financial requirements and coming up with enough cash to get in the door can be even more daunting.
This is documentation that many landlords want to see from prospective tenants and their guarantors:
A letter from an employer stating position, salary, length of employment or anticipated start date.
Pay stubs if already working.
Tax returns for at least two years.
Recent bank statements.
Proof of other income, like revenue from stocks, securities, real estate or trust funds.
Contact information for previous landlords.
Personal reference letters.
Business reference letters. (more ...) | |
Residential Sales Around the Region
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Just Sold!
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Citi Brokers Going on Virtual Tour
April 16, 2008
Citi Brokers Going on Virtual Tour
Previsite, the worldwide leader in rich media content creation for the real estate industry, announced a deal with Citi Habitats, one of the premier residential New York City real estate firms, to provide he company's 700 agents with Previsite's state-of-the-art, all-in-one Virtual Tour package.
The agreement signifies a growing trend in the industry as consumers demand more interactive content on the web when they are searching or homes and also helps Citi Habitats’ brokers and agents keep up with that need in a way that not only saves time but also increases their efficiency while delivering a better online experience to home shoppers and renters.
"We are excited to be working with one of New York City's premier real estate firms," said Jeffrey Nortman, managing director, Previsite North America. (more ...) | |
Malin making brand new moves
Business Briefs: Huh?
April 15, 2008
BUSINESS BRIEFS
Huh?
The average monthly rent for Manhattan apartments slipped in most categories in the first quarter while vacancies rose, according to a Citi Habitats Residential Rental Market Report.
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City foreclosures threaten renters
City foreclosures threaten renters
BLOOMBERG NEWS
Tuesday, April 15th 2008, 4:00 AM
More than 38,000 of renters in the city live in buildings that entered foreclosure in 2007 and many of them face eviction, according to a study released Monday.
About 60% of the 14,912 city properties entering foreclosure last year were multifamily units, according to a report by the Furman Center for Real Estate & Urban Policy at the New York University School of Law in Manhattan.
Rentals account for about 75% of the city's housing stock, according to New York real estate broker Citi Habitats.
In Brooklyn, 7,175 multifamily buildings entered foreclosure last year, the most of any borough, according to the report.
City foreclosure filings doubled from 2004 to 2007, according to the study. (more ...) | |
Avg Manhattan apt rents slip, vacancies rise: survey
Avg Manhattan apt rents slip, vacancies rise: survey
Reuters: U.S.
NEW YORK (Reuters) - The average monthly rent for Manhattan apartments slipped in most categories in the first quarter while vacancies rose on jitters about the economy, according to a Citi Habitats Residential Rental Market Report. | |
Manhattan rents fell in quarter
April 15, 2008
Manhattan rents fell in quarter
Manhattan apartment rents fell in the first quarter and vacancy rates rose from a year earlier, according to New York real estate broker Citi Habitats.
Rents for three-bedroom Manhattan apartments dropped 7.6 percent, according to a Citi Habitats report. Studio apartment rents fell 2.1 percent and two-bedroom apartment rents declined 4.9 percent, the broker said. The only category with average rent increases was one-bedroom apartments, with a gain of 3.7 percent.
Vacancy rates in Manhattan rose to 1.3 percent compared with 1.12 percent a year earlier, according to Citi Habitats. Rentals account for about 75 percent of the city's housing.
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Manhattan Apartment Rents Fall in First Quarter, Broker Says
Manhattan Apartment Rents Fall in First Quarter, Broker Says
2008-04-14 16:27 (New York)
By Bob Ivry
April 14 (Bloomberg) -- Manhattan apartment rents fell in the first quarter and vacancy rates rose from a year earlier, according to New York real estate broker Citi Habitats.
Rents for three-bedroom Manhattan apartments dropped 7.6 percent, according to a Citi Habitats report.
Studio apartment rents fell 2.1 percent and two-bedroom apartment rents declined 4.9
percent, the broker said. The only category with average rent increases was one-bedroom apartments, with a gain of 3.7 percent.
Manhattan landlords have lowered their rents after raising them 16 percent from 2006 to 2007, according to Citi Habitats President Gary Malin. A weaker economy and job cuts in the financial industry have also contributed to the decreases, he said. ''When you get to a certain point after healthy increases, there's a pushback,'' Malin said in an interview. (more ...) | |
MAKING A MOVE AND SAVING A BUCK
MAKING A MOVE AND SAVING A BUCK
Protecting your budget can be just as tricky as protecting your furniture
April 14, 2008 Monday
LORE CROGHAN DAILY NEWS BUSINESS WRITER
John Morris went looking for a moving company that would do the job for less than $1,000 - without tearing the leather headboard on his bed or breaking the spindly legs off his fragile side table.
This was the first real move the 23-year-old actor ever organized. A year before, when he came to town after graduating from UCLA, he flew from Los Angeles with duffel bags of clothes and didn't bring any furniture.
Once he settled into a one-bedroom, $2,450-a-month rental on Perry St., he bought antiques and made curtains. He wanted to stay in the West Village building for many years.
But in January, Morris, who does voiceovers for commercials and cartoon shows, got a letter saying his landlord was selling the building. He had to leave.
He landed a one-bedroom on nearby King St. (more ...) | |
Avg Manhattan apt rents slip, vacancies rise: survey
Avg Manhattan apt rents slip, vacancies rise: survey
Mon Apr 14, 2008
NEW YORK (Reuters) - The average monthly rent for Manhattan apartments slipped in most categories in the first quarter while vacancies rose on jitters about the economy, according to a Citi Habitats Residential Rental Market Report.
The average monthly rent for a studio apartment was $1,849, down 2.1 percent from a year earlier, the real estate brokerage said in its quarterly report. The average rent for a two-bedroom apartment fell 4.9 percent to $3,648, while the rent for a three-bedroom dropped 7.6 percent to $4,665.
Only rents for one-bedroom apartments rose, up 3.7 percent to $2,608.
By March, some average monthly rents were lower than the quarterly levels. In March, studios averaged $1,812, while one-bedrooms averaged $2,595, and two-bedrooms averaged
$3,631.
Only three-bedrooms -- at $4,670 -- were higher in March than the quarterly average.
The overall rental vacancy rate crept up to 1. (more ...) | |
Manhattan rents down except for one-bedrooms
N E W Y O R K R E A L E S T A T E N E W S
________________________________________
Manhattan rents down except for one-bedrooms
April, 14, 2008
The average rent for a studio, two- or three-bedroom apartment in Manhattan was down in the first quarter, compared to the year before, according to a quarterly report from brokerage Citi Habitats. Only the average rent for a one-bedroom home increased.
A three-bedroom apartment in Manhattan had an average rent of $4,665 per month, a 7.6 percent fall from the opening quarter of 2007. The average rent for a two-bedroom showed a smaller drop, down 4.9 percent to $3,648 per month over the same period.
The average rent for a studio in Manhattan fell 2.1 percent to $1,849 per month last quarter, from $1,890 per month in the first quarter of 2007.
The average rent for a one-bedroom apartment posted an increase of 3.7 percent to $2,608 per month in the first quarter of the year, compared to $2,515 per month a year earlier. (more ...) | |
The Hunt
THE HUNT
All for the Dog
By JOYCE COHEN
Published: April 13, 2008
ROBERT RIZZO yearned for a dog to take in and felt awful about the unwanted yellow Labrador retriever that he kept seeing on the A.S.P.C.A.'s Web site. So last summer he adopted her - a needy dog named Sarah with canine epilepsy, controlled by medication. "I like having something to take care of," he said.
It was a decision that would have some consequences.
He knew it would be only a matter of time before he would have to relinquish the $2,500-a-month one-bedroom apartment he was renting on West 16th Street. It was in a co-op building that didn't allow dogs.
Mr. Rizzo, 30, a native of New Haven, who graduated from Georgetown University and Cornell Law School, is a lawyer. He had also been running a Web-based business from his apartment for a couple of years, and so that would have to move, too.
By winter, the co-op board had caught on to Sarah, so he began the hunt for a dog-friendly place. (more ...) | |
Residential Sales Around the Region
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Big Apple, big price: rents rise
National Post
(The Financial Post) (Canada)
April 12, 2008 Saturday
Toronto Edition
Big Apple, big price: rents rise
Manhattan apartment rents climbed 5.5% in 2007 as tenants paid a premium to live in new buildings in the country's most expensive residential market, according to real estate broker Citi Habitats.
The average rent rose to $3US,310 a month for all sizes of apartments south of 96th Street and vacancy rates remained around 1% for the third consecutive year, says the New York-based company.
"Landlords have had this incredible run over the past two years," says Citi Habitats
president Gary Malin. "In 2006, they were able to gobble up increases."
The cost of buying a Manhattan apartment more than tripled over the past 10 years, thwarting some prospective owners and allowing landlords to charge more than three times the national average. The average U.S. rent rose 4.8% last year to $975US a month, according to real estate research firm Reis Inc. (more ...) | |
Citi Habitats Expands From Rentals to Sales
Citi Habitats, part of The Corcoran Group, and with offices in Brooklyn, reports its strength in the rental market has resulted in increased growth in sales business representing both buyers and sellers - as exemplified by the fact that the company completed more than 10,000 rental transactions during 2007.
"Our reputation as the go-to company for area rentals has been enhanced as we have expanded our core business to include a strong sales component," said Gary Malin, president. "As a result, over the last three years, our company has emerged as not only the city's premiere rental agency, but a strong contender among Manhattan real estate brokerages."
The firm accounted for nearly $1 billion in closed sales volume last year, a nearly 20 percent increase over the previous year.
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It's a wrap: Filmmaker Spike Lee's Fort Greene HQ for sale
It's a wrap: Filmmaker Spike Lee's Fort Greene HQ for sale
By Mike McLaughlin
The Brooklyn Paper / Noelle D'Arrigo
Spike Lee has moved out of his converted
firehouse (above) on DeKalb Avenue and
into a building he owns around the corner
on South Elliot Place (below).
The culprit? Rising rents.
You know development is out of control when even acclaimed local filmmaker Spike Lee feels squeezed by rising rents.
The director who sprung to nationwide attention 20 years ago with the seminal film, "Do the Right Thing," fell victim to skyrocketing rent in Fort Greene, compelling him to vacate the converted DeKalb Avenue firehouse he had rented for his production company since the mid-1980s.
"Got priced out, the rent raise was insane," Lee told The Brooklyn Paper.
Instead of being bamboozled by his landlord, the auteur moved his 40 Acres and a Mule Filmworks to a mo' better homestead around the corner on South Elliot Place.
The "For Sale" sign at 124 DeKalb Ave. (more ...) | |
Dwell on Wall, Financial District
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Renting in Manhattan climbs 5.5%
The cost of renting an apartment in Manhattan climbed 5.5% last year as tenants paid a premium to live in new buildings in the country's most expensive residential market.
The average rent rose to $3,310 a month for all sizes of apartments south of 96th St., and vacancy rates remained around 1% for the third consecutive year, according to a Citi Habitats report.
Rentals account for about 75% of the city's housing stock, Citi Habitats said.
The cost of buying a Manhattan apartment more than tripled over the last 10 years, thwarting some prospective owners and allowing landlords to charge more than three times the national average.
The average U.S. rent rose 4.8% last year to $975 a month, according to real estate research firm Reis.
Citywide, studios in new buildings with doormen were going for an average of $2,751 a month last year. One-bedroom apartments cost $3,979, two-bedrooms were priced as $6,695 and three-bedrooms were $10,480. (more ...) | |
Today in New York
Television coverage of the Black and White Report 10 | |
Manhattan Rents Rose in 2007, Led by New Buildings
April 8 (Bloomberg) -- Manhattan apartment rents climbed 5.5 percent in 2007 as tenants paid a premium to live in new buildings in the country's most expensive residential market, real estate broker Citi Habitats said.
The average rent rose to $3,310 a month for all sizes of apartments south of 96th Street and vacancy rates remained around 1 percent for the third consecutive year, the New York- based company said today in a report.
''Landlords have had this incredible run over the last two years,'' Citi Habitats President Gary Malin said in an interview. ''In 2006, they were able to gobble up increases.''
The cost of buying a Manhattan apartment more than tripled over the last 10 years, thwarting some prospective owners and allowing landlords to charge more than three times the national average. The average U.S. rent rose 4.8 percent last year to $975 a month, according to real estate research firm Reis Inc. (more ...) | |
Residential Sales Around the Region
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Residential Sales Around the Region
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Foreigners crossing pond and the river to Brooklyn
04/04/08
Foreigners crossing pond and the river to Brooklyn
Foreign buyers increase presence in Brooklyn
Brooklyn brownstones appeal to European buyers.
By Lisa Abramowicz
Over the past decade, Brooklyn has attracted an ever-growing flood of ex-Manhattanites drawn to its cheaper prices and its continually gentrifying neighborhoods. But now, the borough is attracting a new kind of transplant: the international apartment hunter.
While the vast majority of the foreign investment that has been flooding into the city because of the weak dollar has targeted Manhattan, brokers and analysts say a growing number of foreigners are checking out the city's most populous borough.
"The pace of the interest by foreign buyers in the outer boroughs is probably double or more than it was a few years ago," said Jonathan Miller, CEO of real estate appraisal company Miller Samuel. (more ...) | |
Just Sold!
April 3, 2008
JUST SOLD!
THE LATEST INFO ABOUT RECENT SALES - IN YOUR BACK YARD AND BEYOND
Manhattan
TURTLE BAY $660,000
310 E. 46th St.
Prewar loft condo, 813 square feet, with beamed 13-foot ceilings, sleeping loft and terrace; Turtle Bay Towers building features doorman, garage, roof deck and bike room. Maintenance $1,303, 65 percent tax-deductible. Asking price $675,000, on market eight weeks. Broker: Ryan Rogoff, Citi Habitats
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Dream Homes
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For Manhattan landlords, a new rental safety net
N E W Y O R K R E A L E S T A T E N E W S
For Manhattan landlords, a new rental safety net
March, 31, 2008
Fresh from graduation, tens of thousands of young renters arrive in the city each year, looking to rent in Manhattan. But the numbers are daunting: One-bedroom doorman apartments rent on average for $3,500 a month, and landlords want to see annual incomes of 40 or more times monthly rent before they give an applicant a shot at a lease. Some applicants bring in guarantors, but those co-signers have to show incomes of 80 times the monthly nut.
What are these fresh-faced hopefuls to do if they don't have a high-paying job in the financial sector (an increasingly less-likely scenario) or a parent making buckets of money?
Buy insurance, according to the Insurent Agency Corp., an insurance company founded by Jeffrey Geller and partners. (more ...) | |
Residential Deals
N E W Y O R K R E A L E S T A T E N E W S
Residential Deals
March, 31, 2008
Manhattan
Murray Hill
$1.25 million
136 East 36th Street
2-bedroom, 1-bath, 1,100 sf co-op in prewar building; live-in super; hidden closets, stained wood floors, marble countertops; building has marble lobby and landscaped roof deck; maintenance $1,565; asking price $1.35 million; four weeks on the market. (Broker: David Favale, Citi Habitats)
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Inside the open houses of Washington Heights
N E W Y O R K R E A L E S T A T E N E W S
Inside the open houses of Washington Heights
March, 31, 2008
The neighborhood of Washington Heights is currently a star of the Broadway show "In the Heights," where a bodega owner sings and dances against the dramatic backdrop of the George Washington Bridge.
While that may be a romanticized depiction of the area, the largely Dominican and Latino neighborhood is increasingly becoming a destination for those getting priced out of other parts of Manhattan and gentrified Brooklyn.
The median household income has been rising in Washington Heights, which runs from 155th Street north to Fairview Avenue and is shouldered by the Harlem River on the east and the Hudson River on the west. The area saw telltale signs of change four years ago, when Starbucks and Staples opened. (more ...) | |
Residential Deals
N E W Y O R K R E A L E S T A T E N E W S
Residential Deals
March, 31, 2008
Manhattan
Gramercy
$475,000
310 East 23rd Street
600 sf studio co-op in prewar building (Foundry); newly renovated kitchen and bath, oak hardwood floors, 11-foot ceilings; building has roof deck and laundry facilities; maintenance $875; asking price $495,000; 12 weeks on the market. (Broker: Renee Becker, Citi Habitats) | |
Citi Habitats Monthly Rental Report
Making Real Estate Fun While Focusing On Clients' Needs
Residential Round-Up
Life is Sweet at Cipriani
Residential Deals
N E W Y O R K R E A L E S T A T E N E W S
Residential Deals
March, 31, 2008
Manhattan
Midtown West
$1.48 million
635 West 42nd Street
2-bedroom, 2-bath, 1,042 sf condo in new construction high-rise (the Atelier); 24-hour doorman, concierge; building has full basketball and volleyball courts, sundeck, fitness and yoga centers; maintenance $837; asking price $1.495 million; eight weeks on the market. (Broker: Robert Nunley, Citi Habitats) | |
Just Sold!
March 27, 2008
JUST SOLD!
THE LATEST INFO ABOUT RECENT SALES - IN YOUR BACK YARD AND BEYOND
GRAMERCY $740,000
305 E. 24th St.
Two-bedroom, one-bath corner co-op, 950 square feet, with renovated bath, windowed kitchen with dishwasher and N/E exposures; building features doorman, garage and laundry. Maintenance $1,148, 51 percent tax-deductible. Asking price $799,000, on market 30 weeks. Broker: Jay Molishever, Citi Habitats
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Just Sold!
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IT'S THE LEASE WE CAN DO
IT'S THE LEASE WE CAN DO
By JEREMY OLSHAN
March 20, 2008 -- The economic uncertainty of recent weeks may have one upside: It is slightly cheaper to rent a Manhattan apartment now than it was a month ago.
The one exception is studio apartments, which experts say in times of volatility remain a safe bet for those willing to make do with less space.
In doorman buildings, one- and two-bedroom apartments are $22 less than they were in February, according to the Real Estate Group's monthly rental report released yesterday.
The average one-bedroom in a doorman building rents for $3,578; a two-bedroom, $5,265.
Studios in those same buildings, meanwhile, rented for an average of $2,586 this month, up $7 from February.
In non-doorman buildings, studios are renting for $2,059 this month - $4 more than in February. One- and two-bedroom apartments in the same buildings are $30 to $70 cheaper. (more ...) | |
New Sales Center is Now Open at The Peninsula at City Place in Edgewater, N.J
Wednesday, March 19 2008, 05:16 PM
New Sales Center is Now Open at The Peninsula at City Place in Edgewater, N.J
The new sales center for The Peninsula at City Place condominiums in Edgewater, N.J. is now complete, making way for a state-of-the-art fitness center and children's playroom in its previous space. The project's elite sales team has moved from a temporary site on the property into a model unit that has been converted into a comfortable upscale sales center within the modern building.
"This new sales center is designed to give our buyers a well-planned and spacious environment to meet in private with a helpful sales agent," said Jamie Anthony, project and asset manager for Savanna Partners, a leading New York-based development firm, which, along with Investcorp, is developing The Peninsula. (more ...) | |
40 Acres Former HQ Now for Sale
A couple of weeks ago we reported that 40 Acres and a Mule, Spike Lee's production company, had moved out of its Fort Greene headquarters of the past 22 years. Now, it turns out, the owner has put the three-story former firehouse on the market for a staggering $6,000,000. We realize the place has the fame factor going for it, but you'd have to be pretty star-struck to shell out $1,000 a foot for something that doesn't even have much interior charm going for it and is across the street from the hospital entrance. The aggressive asking price also kinda makes you wonder wonder whether Spike decided to leave or was forced to.
124 Dekalb Avenue [Citi Habitats] GMAP
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Just Sold!
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Residential Sales Around the Region
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The 'Impossible Dream' of Rental Development
The 'Impossible Dream' of Rental Development
BY MICHAEL STOLER
March 6, 2008
Real estate experts say the development of residential rental apartment buildings is grinding to a halt in New York City. Limited availability of financing, high land and construction costs, the elimination of the 421-a program, and limitations on tax exemption financing has led to conditions that make building unprofitable for developers, even as the demand for new rentals is greater than ever.
"Developing rentals is the impossible dream," the chairman of Douglaston Development, Jeffrey Levine, said. "The ongoing strength of the condominium market has absorbed land suitable for residential development. That, in concert with the virtual elimination of tax bond allocations, and the lack of liquidity in the capital market, has made it virtually impossible to create residential rental apartment buildings."
Nevertheless, Mr. (more ...) | |
Brooklyn-Prospect-Lefferts Gardens Archives
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Residential Sales Around the Region
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Citi Habitats Promotes Gary Malin to President
Gary Malin, the COO of Citi Habitats, was promoted to president today, he said.
The promotion was "in recognition of the time and effort and dedication I have put in" to the company since it was acquired in 2004 by the Corcoran Group, which is owned by real estate behemoth NRT, Malin said.
The promotion is "more just in title," Malin said. He already oversees day-to-day operations and strategic planning for the 700-plus-agent company.
Malin, who joined Citi Habitats in 1998, says he wants to continue to enhance the Citi Habitats brand, particularly as a sales company - not just as the city's largest rental brokerage.
"We're a top player in the sales industry," he said. Just five years ago, he added, "rentals completely overshadowed the sales business."
Malin is Citi Habitats' first president. He would not confirm if a salary increase accompanied the promotion. (more ...) | |
Citi Habitats Monthly Rental Report
Residential Round-Up
More New Yorkers opt to rent, not buy
More New Yorkers opt to rent, not buy
Subprime crisis spurs increasing number to wait out the uncertain sales market
By Julia Dahl
"Sex and the City," season four: Carrie is at brunch with her girlfriends, complaining about the prospect of having to buy her beloved apartment. "I'm a New Yorker," she protests. "I rent."
Cut to the rest of the ladies, who gently inform her that they all own.
A few years ago, New Yorkers were like Carrie the television character - they might have assumed that they'd never be homeowners, but suddenly they were buying into the real estate market by the hour. And why not? Prices were going up, and for many, it didn't make financial sense not to.
But times have changed. According to brokers and price-watchers, fallout from the subprime crisis is creating enough doubt in the real estate market here to prompt many to wait out the uncertainty and rent instead of buy. (more ...) | |
Dwell
Dwell - 95 Wall Street
The Moinian Group's project will be the first Yoo by Starck-designed rental building. Occupancy is expected to begin late this spring for the studio, one- and two-bedroom apartments. Amenities inclue valet services, on-site parking, fitness center, indoor/outdoor lounge and complimentary breakfast. Citi Habitats Marketing Group will be the exclusive leasing agent. Contact: www.dwellonwall.com | |
Power shifts to buyers: Era of overpriced listings over, brokers say
March 2008
Power shifts to buyers
Era of overpriced listings over, brokers say
By Lauren Elkies
It has been a while, but Manhattan home buyers seem to be getting the upper hand, with prices starting to soften and qualified buyers taking their time to shop around.
"I think the time of overpriced listings is gone for now," said Lawrence Rich, vice president and associate broker at Prudential Douglas Elliman. "For the first time in a long time, buyers have been able to negotiate a bit."
The room to negotiate coupled with lower interest rates are making for "favorable conditions" for buyers, he said. "The negative," he noted, "is that getting financing is more difficult."
Other pros like Steven Ganz, a broker and executive vice president at CORE Group Marketing, had a similar assessment.
"Across the board we are seeing a slight slowdown in sales volume and velocity, leaving sellers and developers to lower prices slightly to make deals," Ganz said. (more ...) | |
Citi Habitats Hosts a Memorable Evening
An Early Fascination With Real Estate
Manhattan's New Condo Market Poised for Price Increases
With Sales Sluggish, Building Gets Aggressive
With Sales Sluggish, Building Gets Aggressive
'Outrageous' Amenities May Attract Residents
BY BRADLEY HOPE
February 28, 2008
A 23-story building on the Lower East Side is taking aggressive steps to woo potential residents, offering incentives of nearly $19,000 for a top-floor unit, including a month of free rent, no brokerage fee, free moving services, and a year of free storage space.
"We've seen lots of amenities over the years, but nothing this outrageous," the chief operating officer of the Real Estate Group, Daniel Baum, said.
The Ludlow, at the corner of Ludlow and Houston streets, has been on the market for nearly five months and is about 50% occupied.
"This building is in an interesting position for the neighborhood," an executive vice president of rentals at Prudential Douglas Elliman, Yuval Greenblatt, said. "It has a lot of inventory in an area that doesn't have luxury high rises, [and] the prices are higher than the average. (more ...) | |
Done Deals
Done Deals
WEEK IN REVIEW: Bidding on GM Building
Crain's New York Business
February 25, 2008
WEEK IN REVIEW: Bidding on GM Building
BYLINE: from staff reports and Bloomberg news reports
Manhattan rents ease in 2007
The average rent for a Manhattan apartment rose 5.5% in 2007, well below the 10.4% increase recorded in 2006, according to a report by brokerage Citi Habitats New York. Three-quarters of Manhattan's residential housing stock was renter-occupied last year, the report says, and vacancy rates hovered below 1%.
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Bonfire of an urban myth South Bronx has lost its tawdry reputation and is attracting new residents
Financial Times (London, England)
February 23, 2008 Saturday
Bonfire of an urban myth South Bronx has lost its tawdry reputation and is attracting new residents and property developers, writes Sharmila Devi
BYLINE: By SHARMILA DEVI
SECTION: FT REPORT - HOUSE & HOME; Pg. 2
When Chris Dimitri decided to place two small potted trees decorated with Christmas lights outside his South Bronx cafe last December, friends told him he was crazy.
"Some said the plants would be stolen but then others said it was wonderful to see trees in the neighbourhood," says Dimitri. "They weren't stolen and I've decided to keep them out there."
The perception that the Bronx is a crime-ridden ghetto riddled with gangsters and drug addicts stubbornly persists among the many New Yorkers who never venture beyond Manhattan unless it is to take a taxi to the airport.
The Bronx became indelibly linked to Tom Wolfe's novel The Bonfire of the Vanities when it was published 20 years ago. (more ...) | |
Bloomberg Radio Interview / Gary Malin
Gary Malin interviewed on Bloomberg Radio by Lane Bajardi, host of "Bloomberg New York" | |
A time to rent: Manhattan rents see smaller increase
A time to rent: Manhattan rents see smaller increase
February 21. 2008 1:11PMBy: Andrew Buck
According to Citi Habitats New York, Manhattan apartment rents rose only 5.5% over the last year, just over half the 10.4% rise reported in 2006.
If the past year is any guide, 2008 may be the perfect time to rent in Manhattan.
According to Citi Habitats New York, a leading residential real estate brokerage, Manhattan apartment rents rose only 5.5% over the last year, just over half the 10.4% rise reported in 2006.
As always, the high demand and low supply of Manhattan apartments created a tight and expensive rental market. Fully 75% of Manhattan's housing stock is now occupied by renters, and vacancy rates hover below 1%.
SoHo, Chelsea and Tribeca have the fewest vacancies and highest average rents, hovering at $4,636 monthly. Murray Hill has the most vacancies, followed by the Financial District. (more ...) | |
Residential Rental Buyers Adapt to Today's Market
As the second month of 2008 comes to an end, members of the real estate community are beginning to accept the fact that the market has seen a price correction. Purchasers of residential rental property in New York City have had to adopt a whole new terminology, with phrases like "all-cash purchaser," "seller financing," "full and limited recourse," "higher debt service coverage," "lower loan to values," and "personal guarantees."
Despite the new rules now in place, investors are actively pursuing ownership of residential rental developments across New York City. With steady and even rising rents, demand is booming for the city's rental apartment buildings, which represent a safe haven for investors weary of uncertainty elsewhere in the real estate market.
As reported in the press earlier this month, a joint venture of Vantage Properties and an international real estate investment fund purchased the Haros Queens portfolio. (more ...) | |
Just Sold!
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Rental report shows big gap between walk-ups, new apartments
Rental report shows big gap between walk-ups, new apartments
Apartments in walk-up buildings had much lower rental rates last year: 87.5 percent lower than new developments built after 2000, according to a report by brokerage Citi Habitats. The average three-bedroom rented for $4,845 in a walk-up and $10,480 in a new development. The Lower East Side, East Village and the Upper East Side ranked Manhattan's least expensive neighborhoods for rental apartments in 2007, the report said. Soho-Tribeca ranked as one of the most expensive neighborhoods, as did the West Village and Gramercy/Flatiron. The West Village had the lowest vacancy rate at .72 percent, while Murray Hill had the highest at 1.2 percent. TRD
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Just Sold!
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Residential Sales Around the Region
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Jitters for First-Time Homebuyers
ALMOST HOME Barbara Nikonorow and Antoine Vivas bought a four-bedroom apartment at 616 West 137th Street in a building that has income limits for buyers.
February 17, 2008
Jitters for First-Time Homebuyers
By CHRISTINE HAUGHNEY
IF there is a bright spot in New York City's uncertain real estate market, it is that over the last several months, some first-time buyers have found it easier to buy apartments.
With mortgage rates low and prices steady, some of these buyers are getting apartments at the most favorable prices and terms in years.
"I haven't seen a better time to be a first-time buyer in about a decade," said Sarah Burke, vice president for sales and marketing at the Developers Group, a sales, marketing and brokerage firm based in Brooklyn. "First-time buyers have time to get their ducks in a row. A year ago, there were a lot of people who all wanted the same apartment. You have time now to really review the contract with an attorney. (more ...) | |
Done Deals
West Village
791 Greenwich Street Apt. 5
$1,175,000
Two bedroom, one bathroom 960 s/f co-op featuring a full city view with south, east and west exposures. The second bedroom (den/office) is a sleek glass cube and the home gym/office space can be easily reconfigured as well. There is a separate raised dining area and abundant storage space throughout the apartment.
Maintenance/common charges/taxes: $1,281.
Asking price: $1,175,000; 41 weeks on the market.
Broker: Lucie Holt of Citi Habitats.
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Done Deals
TriBeCa
7 Hubert 3D
$2,500,000
Casement windows gird this 1,787 s/f condo with two bedrooms and two baths. Unit features an amply-sized foyer, and high ceilings and proportions that are all loft. Building features a grand lobby, children's playroom, gym and storage.
Maintenance/common charges/taxes: $1,290/$95.
Asking price: $2,650,000; 50 weeks on the market.
Broker: Roy Silber of Citi Habitats.
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Done Deals
Financial District
20 West Street #22F
$695,000
One bedroom 680 s/f prewar condo. Features oak parquet floor and 14' ceilings, modern open kitchen with stainless steel appliances and granite countertop. Building features a fitness center with sauna, steam room and yoga classes, business center, movie screening room and outdoor space. Maintenance/common charges/taxes: $750/$100.
Asking price: $695,000; on the market for 20 weeks.
Broker: Robert Meehan of Citi Habitats.
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Done Deals
Battery Park City
10 West Street 27B
$940,000
The Ritz Carlton Hotel and Residences are located at the southern-most tip of Battery Park City and overlooks both the harbor and the Statue of Liberty. Building features exercise room, meeting room, maid service, valet, video security and high speed Internet. The 842 s/f unit features one bedroom and one and a half bathrooms.
Maintenance/common charges/taxes: $696/$8,402.
Asking price: $940,000; 24 weeks on the market.
Broker: Michael Carioti of Citi Habitats.
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Done Deals
Carnegie Hill
114 East 91st St. #5B
$490,000
Walk-up 630 s/f one bedroom co-op with one bathroom. Prewar details include crown moldings, hardwood floors and 10'ceilings. The living room has dual exposures and a woodburning fireplace. Roof rights.
Maintenance/common charges/taxes: $852.
Asking price: $499,000; eight weeks on the
market.
Brokers: Danielle Harvie and Michele Gershwin of Citi Habitats.
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Done Deals
Murray Hill
137 E. 36th #18C
$668,000
Northeast city/river views in this 800 s/f one bedroom corner co-op apartment. The Carlton Regency is one of Murray Hill's finest white glove co-ops with 24-hour doorman and concierge, private garden, storage facilities and roof deck. Maintenance includes all
utilities. Maintenance/common charges/taxes: $1,285.
Asking price: $649,000; seven weeks on the market.
Broker: Amy Tolliver of Citi Habitats.
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Done Deals
Flatiron
284 Fifth Ave. #8C
$480,000
Prewar co-op in a landmark building. Eighth floor with south facing partial city view. This 573 s/f, two room studio/junior one bedroom features a new kitchen, french doors, decorative fireplace, crown
moldings and high ceilings.
Maintenance/common charges/taxes: $717.
Asking Price: $480,000; 32 weeks on the market.
Brokers: Scott Eylanow and Constance Houghton of Citi Habitats.
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Done Deals
Midtown
322 West 57th St., Apt. 25C
$1,140,000
One bedroom, one bathroom, 724 s/f condo unit in Sheffield
57. Maintenance/common charges/taxes: $450/$580.
Asking Price: $1,095,000; 17 weeks on the market. Broker:
Iran DeLaurentis of Citi Habitats.
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Done Deals
Chelsea
261 West 28th St. 10A
$1,350,000
Two bedrooms, two bathrooms, 1,016 s/f unit in The Onyx Chelsea featuring full city views with north, east and west facing exposures. The Onyx Chelsea is an 11-story, 52-unit condominium offering a 24-hour doorman, in-lobby cold storage, two common roof-top terraces with unobstructed views and Empire State Building views, fitness center and bike room. Every
unit offers lofty open kitchens and high ceilings, floor-toceiling
glass, central A/C, wine cooler, vented W/D and marble and limestone baths with radiant-heated floors.
Maintenance/common charges/taxes: $1,093/$99.
Asking price: $1,355,000.
Broker: Laurie Lewis of Citi Habitats.
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Done Deals
Murray Hill
225 East 34th #14C
$1,365,000
Two bedrooms, two bathrooms 1,234 s/f condo in The Charleston features a west facing exposure. The lobby is complete with a 24/7 doorman and concierge service, lounge, fitness center and Zen-like garden. Unit features custom gourmet kitchens are open, airy, streamlined and include professionalgrade appliances. Maintenance/common charges/taxes: $1,202/$161.
Asking price: $1,405,000; 12 weeks on the market.
Broker: Mike Collopy of Citi Habitats.
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Done Deals
Morningside Heights
175 Claremont Ave. #55
$460,000
Sunny five room, two bedroom, one bathroom co-op, on the fifth floor of a pre-war elevator building. Has original detail, three exposures, a windowed eat-in-kitchen, hardwood floors and dining room.
Maintenance/common charges/taxes: $574.
Asking price: $499,000; 20 weeks on the market.
Broker: Susan Lamia of Citi Habitats.
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Done Deals
East Village
230 East 12th Street
$330,000
Prewar co-op, studio with one bathroom in Virginia Arms building. Separate kitchen with window, windowed bath, wood parquet floors. Building features laundry, storage and live-in super. Maintenance/common charges/taxes: $508.
Asking Price: $330,000; five weeks on the market.
Broker: Laurie Lewis of Citi Habitats
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Done Deals
Clinton
406 West 45th St. 2C
$1,185,000
A property of 21 homes, Thorndale units feature original exposed
brick, timber beams and gas fireplace. Building features attended lobby, storage unit, bicycle room and refrigerated storage. Loft condo unit features a southern exposure, two bedrooms and two bathrooms in 1,209 s/f.
Maintenance/common charges/taxes: $1,079/$383.
Asking price: $1,185,000; 216 days on the market.
Broker: Linda Johnson of Citi Habitats.
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Value conundrum solved when marketers avoid 'conveyor belt'
Rentals back in vogue as vacancy continues to tighten
House of the Week
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Dream Homes
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Just Sold!
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Real Estate Showcase: Elegant Abodes
Just Sold!
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True Grit? Not So Much, Anymore
February 10, 2008
LIVING IN | EAST VILLAGE
True Grit? Not So Much, Anymore
By GREGORY BEYER
Not long ago, Tompkins Square Park was shady in quite another way.
THERE is disagreement- whether stemming from geographic rivalries or plain old confusion - on how best to draw a line around this boisterous, night-lively neighborhood.
Though it is generally understood to extend from the Bowery and Fourth Avenue to the East River between 14th and East Houston Streets, not everyone views it so categorically.
"There is no map for the East Village," said Susan Stetzer, the district manager for Community Board 3. "The East Village is a state of mind." Or, as Francesco Lagutaine put it, "I live in the East Village during the day, in the Lower East Side at night, and in Alphabet City on the weekend."
Mr. (more ...) | |
Residential Sales Around the Region
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Financing Availability Key to Rental Building Sales
February 7, 2008
Because of the crisis in the credit markets, few industry leaders expect 2008's residential rental buildings sales velocity to reach anywhere near last year's record levels.
The only avenue to finance the purchase of rental properties, they say, is from balance sheet lenders and federal agency programs.
Adding insult to injury, many owners of rental properties who are contemplating the possibility of selling are in denial about the current credit market and the limitations on financing.
Last year was a completely different story - more like a fairy tale. More than $10 billion worth of residential rental properties was purchased by local and international investors, as buyers from Europe, the Middle East, and Canada joined the ranks of domestic investors who bought rental properties in the traditionally stable New York region. (more ...) | |
Rental market looks toward uncertain year
Rental market looks toward uncertain year
The rental market is bracing for some uncertainty this year. Rents increased 5.5 percent last year, according to brokerage Citi Habitats, while vacancies rose from 0.76 percent to 0.97 percent. If big employers, like Wall Street firms, slow down hiring, demand for rentals will drop. "We don't know yet what will happen," Halstead Property leasing director Fritz Frigan said. "Relocations and college graduates are a big part of the rental market. We're bracing ourselves to see what jobs are created."
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LOVE 'EM OR LEASE 'EM
February 7, 2008 -- All talk of mortgage rates aside, New York, at its heart, remains a town of renters.
Record-setting condo sales might be what set tongues a-wagging, and a $2,000-per-square-foot penthouse no doubt sounds sexier than a $2,000-a-month studio. But even after the home-buying spree brought on by the recent real-estate boom, nearly 70 percent of the city's residents are still sending checks to their landlords each month.
And while the high-flying sales market has dominated discussion in recent years, the rental market has been solid in its own right. Manhattan rents rose an average of 7 percent and 10 percent in 2005 and 2006, respectively.
So then, what can renters expect heading forward? Well, it's hard to say. Rents rose 5.5 percent in 2007, according to numbers from brokerage Citi Habitats, while vacancies rose from 0.76 percent to 0.97 percent. (more ...) | |
Just Sold!
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Citi Habitats promotes Malin to president
Citi Habitats promotes Malin to president
By Lauren Elkies
Gary Malin, the COO of Citi Habitats, was promoted to president today, he said.
The promotion was "in recognition of the time and effort and dedication I have put in" to the company since it was acquired in 2004 by the Corcoran Group, which is owned by real estate behemoth NRT, Malin said.
The promotion is "more just in title," Malin said. He already oversees day-to-day operations and strategic planning for the 700-plus-agent company.
Malin, who joined Citi Habitats in 1998, says he wants to continue to enhance the Citi Habitats brand, particularly as a sales company - not just as the city's largest rental brokerage.
"We're a top player in the sales industry," he said. Just five years ago, he added, "rentals completely overshadowed the sales business."
Malin is Citi Habitats' first president. He would not confirm if a salary increase accompanied the promotion. (more ...) | |
Residential Sales Around the Region
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Residential Round Up
Making it Happen
For affordable housing, it's one Helluva tough town: patience, persistence are keys to finding a new
Back Stage East
February 1, 2008
For affordable housing, it's one Helluva tough town: patience, persistence are keys to finding a new home;
WELCOME TO NEW YORK
Lehman, Daniel
Shannon Kerr came to New York in 2001 and landed in Williamsburg, Brooklyn, where this small-town girl was shocked to find herself learning "to play dominoes on the stoop while drinking beers out of brownbags." The beer was courtesy of a neighbor who happened to be a drugdealer. Kerr later moved to Astoria, Queens, where her landlord's wife once locked her in the backyard "like a dog."
Every day actors come to New York to follow a seemingly impossibledream, only to find themselves with two: a career on stage and screen, and an affordable place to live. (more ...) | |
Citi Habitats Monthly Rental Report
Residential Deals
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Finding bright side of a downturn
Finding bright side of a downturn
If recession takes hold, impact on market may take time
By Lauren Elkies
Falling Wall Street bonuses and fears of a nationwide recession may affect demand for Manhattan homes, but local market watchdogs maintain, albeit cautiously, that Manhattan real estate is still a solid investment.
"Quite obviously, if the country goes into a recession, New York City real estate would logically be affected," said Elizabeth Stribling, president of Stribling & Associates. "That said, the perception that real estate in New York City is a better investment than placing money in the stock market continues to be a stated reason for buying for many of our customers."
Naturally, lower bonuses and record losses among some of the largest companies will temper activity, particularly among those dependent on their bonus to purchase an apartment. But bonuses still ranked the second highest since at least 1985, at $33. (more ...) | |
Closing a deal despite jackhammers
Closing a deal despite jackhammers
Brokers get creative when it comes to selling near construction sites
February 2008
By Sarah Portlock
On the Upper East Side, a broker recently spent two days painting and staging an apartment on 85th Street overlooking the two-year-old construction site for the Lucida, the new 110-unit luxury apartment building.
The redecorating was not just an exercise in aesthetics.
"We are making sure that the apartment looks very nice again so that the focus is not so much outside as much as inside," said Sara Rotter, a sales manager at Citi Habitats, who is representing the property.
In Tribeca, construction for a new residential high-rise on Broadway was set to wipe out the view for an entire wall of windows in a loft for sale. To prevent potential buyers from falling in love with the soon-to-be disappeared views, the broker covered the windows with butcher paper before showing the apartment. (more ...) | |
Residential Deals
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Residential Deals
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Will new development divisions be forced to scale back?
February 2008
Will new development divisions be forced to scale back?
With fewer condo projects coming on line this year, what will happen to new development divisions?
By Claire Levenson
As condo developments popped up all over the city, an industry of marketing and advertising sprouted up around them. But real estate experts are wondering what will happen to those divisions now that the U.S. economy is turning.
This decade's boom has seen major brokerage firms all over the city open new development marketing divisions at a rapid clip: Halstead opened a marketing division in 2002, Citi Habitats in 2003, and Brown Harris Stevens opened a new division in the fall of 2007.
The Corcoran group bought the Sunshine Group in 2005, creating the Corcoran Sunshine brand side by side with its former new development marketing group.
The intent of all this growth was to help developers make their buildings stand out in an increasingly competitive market. (more ...) | |
Residential Deals
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Residential Deals
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Height Hopes: Hamilton Heights is a beautiful bargain
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Rental Market Snap Shot
Residential Sales
January 24, 2008
Residential Sales
Manhattan
FINANCIAL DISTRICT $765,000
15 Broad Street (Exchange Place)
(Downtown by Philippe Starck)
689-sq.-ft. studio condo in a renovated prewar building; 24-hr. doormen, concierge; bath with soaking tub, 11-ft. ceilings, oversize windows, south and east exposures; common courtyard and roof deck in building; common charge $450; taxes $3,600 (abated); listed at $775,000, 37 weeks on market (broker: Citi Habitats New York)
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Manhattan Times
Manhattan Times
January 24, 2008
by Julia Marsh
Last June, Two07 Arts Gallery
in Inwood hosted an exhibition
titled, "Ladies and Gentlemen,
This is the Last Stop," in its
jewel box of a storefront. With
conceptual pieces that included
a large ball of blue thread that
measured the length of the Atrain's
path, the exhibition
addressed life at the tip of the
island.
This January, the tiny gallery played
host to an entirely dissimilar type of
exhibition. Though "A Celebration of
NOrthern MAnhattan" included images of
the A-train, it focused on straightforward,
familiar neighborhood snapshots like
a man fishing in the Hudson River and
children and dogs playing in Inwood
Hill Park. The capital lettering in the
exhibition's title alluded to the catalyst
behind the show: promoting 12 new
condominium units on nearby Payson
Avenue in a building dubbed "NOMA
175. (more ...) | |
Just Sold!
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Rental slowdown no cause for concern, say brokers;
Rental slowdown no cause for concern, say brokers;
Maggie Hawryluk
The annual Christmas slowdown in the residential rental market has hit and brokers are predicting rents have hit a plateau.
"It's traditional that the rental market slows down around this time of year," said David Schlamm, president and founder of City Connections Realty, Inc. "But what concerned me is that I saw a slowdown in the second week in October. It's causing me to question what will happen in the spring."
The Real Estate Group of New York's August Market Report foreshadowed a slowdown, and is now stating in its December report that the Financial District is taking a substantial hit with asking rents down an average of 5% from November, compared to an average decrease of less than 1% city-wide.
The Real Estate Group specifically said doorman, studio and one bedroom rents in the Financial District declined by 16% and 11%, respectively. (more ...) | |
Residential Round-Up
Residential Sales Around the Region
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The Age of Excess
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