New York City in mini: video | The Real Deal | New York Real Estate News
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Thursday, February 25, 2010
Wednesday, February 24, 2010
Manhattan rental market flat
The Manhattan rental market showed little movement this past month, according to the Real Estate Group NY's mid-month February 2010 report, with rents climbing just .19 percent since last month (see the full report below). While the rate of vacancies continued to decrease, particularly among doorman units, which saw inventory drop 9.65 percent month-over-month, the report describes the market as sluggish. "Downward seasonal pressure combined with positive market trends to hold rents flat this month," the report explained. "Yet… landlords are finding that the bottom of the market is not the reprieve they were hoping for… the rebound is likely to be a much slower process than landlords anticipated." The most expensive units on the market were non-doorman two-bedroom Tribeca apartments, which had average rents of $7,297 per month, while the lease expensive units were Harlem non-doorman studios, with an average rental rate of $1,394. These figures, are based on data cross-sectioned from over 10,000 currently available listings located below 155th Street, the report indicates.
Monday, February 22, 2010
Union Square One Bedroom - NEW PICTURES - Irving Place Rent Stabilized Unit - Private Patio
East 17th Street & Irving Place One Bedroom Rental - Rent Stabilized Unit w/ Private Patio/Garden - Available for March 1st Occupancy
Contact JAD Realty Group for showing times:
610.781.8417
East 17th Street & Irving Place One Bedroom Rental - Rent Stabilized Unit w/ Private Patio/Garden - Available for March 1st Occupancy
Contact JAD Realty Group for showing times:
Foreclosure looms for One Madison Park
Glitzy residential development One Madison Park is being foreclosed on before it's even finished.
A prominent commercial real-estate lender says the developers have defaulted on the mortgage and owe them over $200 million.
In papers filed in Manhattan Supreme Court, iStar Tara claims the borrowers at the problem-plagued luxury condo site have committed "numerous breaches of its obligations under the mortgages," and the company's had enough.
It wants to foreclose on the property, sell it, and get a "deficiency judgment" against developers Ira Shapiro and Marc Jacobs and their Slazer Enterprises, who had "guaranteed repayments of certain amounts owed to [iStar]."
Calls to Slazer were not returned.
When it was announced in 2008, the blue-glass One Madison Park was a hot property that attracted Hollywood stars such as Susan Sarandon, Liev Schrieber and Naomi Watts.
Then financing woes hit, and Shapiro and Jacobs found themselves mired in controversy and targeted in lawsuits by other angry lenders and buyers, including ex-Yankees Chairman Harvey Schiller and One Madison Park's ex-broker Wendy Maitland of Brown Harris Stevens.
The newest suit says the developers defaulted on interest payments, which have not been paid since September and now total over $13 million. They also didn't keep enough cash on hand to finish the 60-story building on East 23rd Street.
In an interview with The Post on Thursday, Shapiro acknowledges there were "issues" with iStar, but said, "we are hoping to resolve them." iStar didn't return calls about what Shapiro had characterized as 11th-hour talks.
The suit says there are a dozen judgments, liens and lawsuits pending against the property. The on-site sales and marketing office has been closed for at least the past week, sources said.
The suit said the foreclosure action would not affect condos that were sold by the developers with iStar's OK.
Wednesday, February 10, 2010
Upper East Side Studio for Sale - 304 East 73rd Street - $345,000
Upper East Side Studio For Sale - 304 East 73rd Street & 2nd Avenue - Asking Price $345,000
Contact JAD Realty Group for showing times:
610.781.8417
Well maintained, elevator building
Fifth floor unit
Separate kitchen featuring a breakfast bar area
Modern bathroom
Large living space, wall of windows facing south
Bright apartment
Two storage closets
New hardwood floors
Live in super
Priced to Sell - REDUCED TO $345,000
Low Monthly Maintenance - $625.00 per month
Upper East Side Studio For Sale - 304 East 73rd Street & 2nd Avenue - Asking Price $345,000
Contact JAD Realty Group for showing times:
610.781.8417
15 Madison Square North loft bid up to $12M from asking price of $9.5M
Dubbed by its listing as "the superlative apartment in a building filled with apartments beyond compare," the 17th-floor loft at 15 Madison Square North must indeed be something. Otherwise, it would be tough to explain the 2007-like bidding war.
According to city records, hedge funder Anand Desai and wife Erica recently paid $12 million for the 14-foot-high-ceilinged, freshly renovated apartment on the edge of Madison Square Park. A high price, but not that unusual for more than 5,000 square feet of loping loft space.
The catch was that an earlier listing price pegged the condo at $9.95 million, chopped from an original early 2009 asking price of $13.5 million. Was the $2 million-plus jump from $9.95 million to the closing price of $12 million a typo or evidence of a high-flying bidding war, the sort not common in these parts since Lehman Brothers went kaput in September 2008?
The latter proved to be true.
Corcoran Sunshine Marketing Group was reticent to comment on whether, in fact, there was a bidding war showdown in Madison Square Park. Tricia Cole, the group's executive managing director, said only that she was not currently in a position to comment. But the group did offer the following official explanation: "Listed early in 2009 at $13.5 million, the price was later reduced in order to draw a larger audience of interested buyers. In this case, our reduced price generated significant interest and multiple bidders for this wonderful home, which in the end drove the price back up. As is always true in an efficient market, the market ultimately sets the price."
And apparently the market was hopping. "This really does show the efficiency of the market," said Louise Phillips Forbes, a top broker with Halstead who was not involved in this particular deal. She was speaking generally about an uptick in bidding wars in New York. "The market is catching up. The truth is, maybe not across the U.S, but in New York proper, where our economy is responding to all of the efforts that have been put into helping it, I am seeing bidding wars at every scale. This is what we are dealing with for great, unique properties."
In 2006, the top 12 floors of the 20-story office building at 15 East 26th Street were converted to deluxe residential condos. Officially known as 15 Madison Square North, the converted residential floors are almost sold out, according to Ms. Cole.
All have views, of course, of the wholesale district north of Madison Square Park and east of Broadway that is one of the only unnamed neighborhoods on those taxi maps of Manhattan. However, an overhaul of this neighborhood's image is swift underfoot-one hotelier has tried to make the acronym NoMad (North of Madison Square Park) stick as a new Tribeca. Which begs the question, evinced by this $12 million deal borne of an apparent bidding war: Has NoMad started to settle down?
Thursday, February 4, 2010
Manhattan apartments see annual price decline for first time since 1996
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.
The number of sales sank 27.9 percent to 7,430 in 2009, from 10,299 in 2008 and 13,430 in 2007. Still, Manhattan real estate prices remain at dizzying heights compared to a decade ago.
Source: Prudential Douglas Elliman
In 2009, the median sales price of a Manhattan co-op or condo surged 113 percent from $399,000 in 2000, Elliman's report says, while the average sales price climbed 96 percent from $710,778. In 2000, the average price per square foot in Manhattan was $522, about half of what it was in 2009, the report said. "Nobody lost if they bought something in 2000," said appraiser Jonathan Miller, president and CEO of Miller Samuel and the preparer of the report.
Brokers recall watching in awe as prices began their rapid ascent in the 2000s.
"A thousand per square foot -- that's a number that I never would have imagined," said Jeff Wolk, the president of real estate brokerage Fenwick Keats Goodstein, who has been a real estate agent in the city for 20 years. He recalled being flabbergasted when Manhattan apartments started selling for $30 and $40 million in the aughts. "Thirty million dollars for an apartment?" he said. "Those are stratospheric prices. We're still talking about incredible sums, even though the market is off since the onslaught of the recession."
The aughts saw more price appreciation than either of the two prior decades, Miller said. The average sale price increased 96 percent throughout 2000s, but it grew only 26 percent in the 1990s, Miller said. While he does not have specific data for the 1980s, he estimated that prices during the decade grew more than in the 1990s but didn't match the monster increases of the 2000s, he said.
One reason for the dramatic price increase was the mid-2000's construction boom of new condominiums. In 2000, co-ops represented 60 percent of the units that changed hands, but in 2009, that percentage had shrunk to 46 percent, while condos made up 54 percent. Co-ops still represent about three quarters of the total housing stock in Manhattan, Miller said.
Source: Prudential Douglas Elliman
Because of the new construction, Manhattan's housing stock is more luxurious than it was a decade ago. "The new product that's been added to the market is larger, the mix of larger units is higher, and you have more full-service, doorman-type properties," Miller said.
Easy credit and speculation also helped fuel rising price in the last decade, he said, even in the face of 9/11 and two recessions.
"Clearly, we did have a housing bubble, and that was part of it, and we also had significant economic expansion during this period," Miller said. "A big part of it, really, was a function of credit."
In addition, New York City itself was transformed during the late 1990s and 2000s as crime rates fell.
"It's become safer and more cosmopolitan," Wolk said. Manhattan's enhanced reputation for safety has made it more desirable to foreign buyers, who in turn helped drive up real estate prices.
"We attracted a higher concentration in the aughts of foreign buyers, and I think safety was a huge element of that," Miller said.
Wolk also attributed the run-up in prices to the expansion of Wall Street during the 2000s.
"The growth of the financial markets and the huge amounts of money [it produced] has fed right into our market, no question," he said.
Areas that saw the most price appreciation over the past decade were what Miller called "fringe" neighborhoods like Harlem. For example, the average sales price of a co-op or condo in Upper Manhattan (north of Central Park) in the year 2000 was $170,332, a figure that shot up 204 percent to $519,169 by 2009.
More established neighborhoods also saw prices rise, but not to the same extent. For example, the average price of an Upper East Side co-op rose 110.2 percent to $1.49 million in 2009 from $710,299 in 2000. Condo prices in the same neighborhood grew 100 percent to $2.11 million from $1.06 million in 2000.
An anomaly in the report was Battery Park City, which saw its prices quadruple as new condos were built with much larger units than had been found in the area in the past, Miller said.
Meanwhile, townhouses saw a slow-but-steady appreciation over the decade, though their prices are also down from 2008.
The average sales price of Manhattan townhouse (defined as a one- to five-family home, delivered vacant) was $5.01 million, down 32 percent from a record $7.37 million in 2008 and up 51.6 percent since 2000. The median sales price was $3.4 million in 2009, down 31.2 percent from a record $4.99 million in 2008, and up 37.2 percent from 2000.
Because there are a limited number of Manhattan townhouses, but also a limited number of potential buyers, "you saw modest, steady growth," Miller said.
Wednesday, February 3, 2010
Gramercy Park One Bedroom Rental - 1 Block From Union Square & Irving Place
Gramercy Park / Union Square Rent Stabilized One Bedroom Apartment - Private Garden - Exposed Brick Wall
Contact JAD Realty Group for showing times:
610.781.8417
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Gramercy Park / Union Square Rent Stabilized One Bedroom Apartment - Private Garden - Exposed Brick Wall
Contact JAD Realty Group for showing times:
610.781.8417
Tuesday, February 2, 2010
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