Skyscrapers: Why they are still a good investment

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Skyscrapers: Why they are still a good investment

Gonna Take You Higher: Skyscrapers are getting taller and spreading to Brooklyn. Why they are still a good investment

To look at the number of cranes rising into the New York skyline line you would find it hard to believe the talk of a slowing market. Now they are matching Manhattan for height. The first Brooklyn building to break the 1000 ft mark is at 9 Dekalb Avenue. The building, designed by SHoP Architects, will hold 500 residential units at market value. It begs the question, what it the enduring attraction to live in New York City when a short commute via bridge or tunnel to New Jersey and beyond could save residents a small fortune?

As with all real estate it’s a question of supply and demand. Manhattan is an island that can only accommodate a certain amount of construction. With so much business being located there, real estate is at a premium and so there’s bound to be a spill over. Brooklyn has enjoyed over a decade’s worth of gentrification. It’s been the obvious next best place to live. Gorgeous brownstones, parks, culture and a short commute into the city. The fact is, despite being named the most unaffordable city in America last year Bloomberg, there are still many people who can afford to live in the borough. It takes less time to commute to Wall St from Brooklyn than much of Manhattan, and is largely still more affordable.

As prime Brooklyn, too, becomes crowded it’s inevitable that the borough would take a leaf out of Manhattan’s book and reach for the sky. It still has a way to go. There are currently over 20 super tall buildings either proposed, completed or under constructions in Manhattan. These include One World Trade Center (1776 ft), Extell’s Central Park Tower (1550 ft) on 57th St and nearby SHoP’s 111 W. 57th St (1428), which will not only be tall but like a construction supermodel, extremely skinny. Further south, 30 Hudson Yards (1287ft) will house the city’s tallest observation deck located on the building’s 75th Floor, over 1000 feet over the Gotham. As the Manhattan skyline morphs in front of our eyes, Brooklyn development will continue unabated. That is bound to anger some who reveled in the borough’s reputation for being the anti-Manhattan at one point.

“To me this project is enlightened urbanism at its best, where old and new are combined, where short and tall are combined in juxtaposition,” said Frederick Bland, a landmarks commissioner of of 9 Dekalb Avenue.

Another attraction for sky-high living is the high end amenities than come with it. They are almost a city within a city. For investors, or buyers simply wishing to park their cash somewhere safe, comps are abundant and the other well heeled residents ensures that the value of their property will never drop. Let’s not kid ourselves that owners of these apartments are calculating how much they would save by commuting or sending their kids to well performing state schools in the suburbs. A 1000ft plus luxury building with condo selling for $5 million and above appeals to a different type of buyer. There’s a price, which many are willing to pay, for the convenience of being in the center of the action with everything you could possibly wish for at your disposal. Only now that price looks set to extend across the East River.

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Timeline for Buying & Selling an Apt in NYC

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Timeline for Buying & Selling an Apt in NYC

Buying and selling apartments in New York City condominium and co-op buildings is a very different process than selling a house. The procedure takes longer, it entails more paperwork and more people are involved in the deal.

Traditionally, it takes approximately two-and-one half to three months to close on a co-op once the offer is accepted and approximately two months to close on a condominium. If it’s an all-cash deal, the process will take less time and require less paperwork.

Following is an approximate timeline for buying and selling a condominium and co-op apartment in Manhattan.

After the Offer Is Accepted:

Signing a Contract

Typical Time Frame: 1 week

Buyers and sellers of real estate in New York City are represented by a real estate attorney. The seller’s attorney drafts the contract for the buyer’s attorney and upon receipt, the buyer’s attorney performs a “due diligence”—reading minutes, reviewing the offering plan and financial statements of the building, etc.

Once all terms are agreed to, the buyer signs the contract and returns it to the seller’s attorney along with at 10% deposit. After the deposit is received it is deposited into an escrow account and the seller executes the contract thus making the contract binding.

It’s important to note that prior to the contract signing by both parties, the seller has the ability to accept another offer and the buyer is able to walk away from the deal.

The Co-op & Condominium Application Process

Typical Time Frame: 2 – 6 weeks (time frame is longer if the buyer is financing the purchase)

After the buyer’s real estate broker completes the purchase application with the buyer, she or he will forward the application to the seller’s broker for review. After the review, the purchase application will then be submitted to the building’s managing agent.

The managing agent will review the purchase application to ensure that it is completed properly and run a credit check. The purchase application will then be forwarded to the board of managers of the condominium if it is a condo or the co-op board if it is a co-op.

For a Condo: After the board of managers reviews the purchase application, they have the right to exercise their right of first refusal (the timeframe for this varies from building-to-building and can take anywhere from one to four weeks). The right of first refusal basically means that the condominium association has the right to purchase the apartment being sold for the same terms if they so choose or they can sign-off on the application, allowing the buyer to purchase the unit.

For a Co-op: Depending upon the co-op board, it can take approximately one to three weeks to review the purchase application. If no additional information is requested, the board will schedule a meeting with the prospective purchaser(s).

After the prospective purchaser(s) meets with the co-op board, it usually takes 24 to 48 hours to hear about an approval or rejection.

Closing

Typical Time Frame: 2 weeks from the date of approval

After the co-op board or board of managers approves the buyer(s), then the seller’s attorney works with the buyer’s attorney and all parties involved to schedule a closing date.

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How a transit hub can invigorate a neighborhood - Penn Station

A strong transportation network is the cornerstone of any major city but for many years the City That Never Sleeps was asleep at the wheel when it came to upgrading its bus and rail stations. New York’s Penn Station, and Port Authority Bus Terminal werenoticeably left back in the dark ages with when it came to modernisation. Other US cities such as Denver, Dallas and Miami have stepped into the future with their slick, light and airy transit hubs as have numerous ones throughout Europe and Asia. The good news is that the Big Apple is finally ready to take a bite out of their play books. However, if they want to take pointers, both stations could do far worse than looking to see what’s happening in other parts of the city.

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The Cuomo administration announced in June that it completed a $1.6 billion deal with a group of private developers which will completely transform Penn Station. As well as train halls for Amtrak and the Long Island Railroad, the Fairley Building will also house retail and commercial space. Construction giant Skanska will handling the building, investing $630 million of its own money into a partnership with the Related Cos and Vornado Realty Trust. In return they operate and collect income from the 700,000 square feet of office and retail space.

New York State will contribute $550 million and Amtrak, the MTA and Port Authority along with Federal Grants the remainder.

The new facility will connect under ground to the new western concourse and will be called Moynihan Station.

Nearby, development at Hudson Yards is continuing at breakneck speed. With additional development at Pier 57 (250,000 square feet), soon to be Google’s new NYC home and at Waterline Square, next to the Hudson, four blocks west of Central Park, with stunning new condos, a large section on the west side of Manhattan will be transformed.

Progress, alas, has been less forthcoming with the much maligned Port Authority Bus Terminal. The organization has set aside $3.5 billion for the terminal redesign. After an open call for architects to come up with new renderings, many of which suggested moving the site, the latest

noise seems to in favor of building on the terminal’s current site between 8th & 9th Avenues at 41st & 42nd Streets. It comes after feedback from the local community.

The fact that the terminal is still in the planning and deciding stages doesn’t auger well for the hundreds of thousands of commuters who use the facility everyday and complain of its dark, claustrophobic interior and dated design. By keeping the Bus Terminal instead of moving it further west as was originally touted, the proximity to Times Square and Penn Station will be maintained along with the all important A-Train accessibility.

Amid the the outdated NYC transit system, Grand Central, which operates Metro North trains as well as 4,5,6,7 and Shuttle trains, has been a beacon of light. Majestic and airy with stunning marble architecture, rezoning in Midtown East is paving the way for a slew of new development in the area which was once thought of as something of a dead zone. One of the most talked about buildings in the area is currently under construction. One Vanderbilt will rise to about the same hight as the Empire State building and be the tallest office tower in Manhattan, standing alongside the historic rail terminal. Elsewhere in the area office leasing has been robust with RXR Realty leading the way with a number of projects.

“Tenants have always sought Grand Central for its proximity,” RXR’s in-house counsel, Mitti Lierbersohn said. “High-end financial users have historically been driven to Park Avenue for its cache, but the new tenants populating 530 Fifth Avenue are those seeking an extra cool factor beyond convenience. RXR has been a step ahead of these groups, providing an organically collaborative environment.”

Indeed, with entertainment companies, food halls and restaurants now occupying the Grand Central area and the station itself a long time refuge for commuters with its historic architecture, an Apple store and restaurants, New York’s other transit locations could stand to learn a thing or two by seeing what’s happening around East 42nd St.

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Top Art Deco-Designed Residential Buildings in NYC

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Top Art Deco-Designed Residential Buildings in NYC

There are hundreds of Art Deco buildings of all types in New York City; the majority of them were built in the 20s and 30s.

Two major symbols infusing the Art Deco inspiration are Nature and the Machine. The architecture encapsulates the spirit of technological developments and the integration of the arts with industrial culture.

The two most prominent Art Deco-styled buildings in New York are Rockefeller Center and the Chrysler Building.

Several Art Deco-designed residential buildings in NYC are on Central Park West, the most architecturally distinct area in all of New York City.

 

55 Central Park West

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Designed by renowned architects, Schwartz & Gross55 Central Park West between 65th and 66th Streets is commonly known at the “Ghostbusters Building” because scenes from the 1984 film Ghostbusters were shot there.

A futurist composition is employed with applied decoration, geometric shapes, and the use of repetitive, crenellated geometric-like finials at each setback level that stimulates upward movement.

 In a blended, neopolitan-like style, the bricks on the façade of the building evolve from a maroon color at the base to light tan at the top.

A few celebrities have called 55 Central Park West home, including Ginger RogersCalvin KleinDavid Geffen and Donna Karan.

 

The Eldorado at 300 Central Park West

Emery Roth in collaboration with architects Margon & Holder designed the Eldorado at 300 Central Park West between 90th and 91st Streets.

Built in 1931, the Eldorado is one of the foremost Art Deco structures in the city with its notably sculptured twin towers that feature a series of setbacks, vertical pier formations, and futuristic-looking, cone-shaped finials.

This prestigious building has been home to Marilyn MonroeFaye DunawayGroucho MarxMichael J. FoxRon Howard and Moby.

 

 

 

The Ardsley at 320 Central Park West

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Designed by renowned architect, Emery Roth and built in 1931, the Ardsley at 320 Central Park West is located between 91st and 92nd Streets.

Textural varieties were used for Deco patterns through the intricate laying of courses and brickwork
is laid out in decorative patterns. Two tripartite vertical bands thrust upward on each side of the building stimulating movement. The top portion of the building features a series of setbacks and projections providing outdoor space for some of the apartments.

Barbara Streisand used to own the penthouse in the building.

 

 

River House at 435 East 52nd Street

Designed by Bottomley, Wagner & White and imbued with Classicism and an Art Deco-style, the River House at 435 East 52nd Street by the East River, is one of the most exclusive residential buildings in Manhattan.

The U-shaped plan of the River House consists of two 15-story wings, a 27-story tower, two courtyards and a grand entrance gate facing south.

The aristocratic hauteur and buttoned-up manner in which the co-op building is run has resulted in the rejections of persons such as Gloria VanderbiltRichard Nixon and Diane Keaton.

People who have passed the rigorous standards set forth by the building’s co-op board include Henry KissingerClare Boothe LuceCharlie Chaplin and Cornelius Vanderbilt Whitney.

The latest additions of Art Deco residential buildings in NYC are all designed by renowned architect, Ralph Walker, and include three former commercial buildings that were converted for residential use.

 

100 Barclay Street

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One Hundred Barclay became the world’s first Art Deco-styled skyscraper when it was completed in 1927. Originally built for the American Telephone Company, the building was converted into condominiums in 2016.

The residences begin 170-feet above the street and feature 10-foot ceilings and high-end, custom finishes throughout. With over 40,000 square feet of amenity spaces, One Hundred Barclay offers more amenities than any other Tribeca address.

The stunning lobby and ground-level space features figural cast bronze work, limestone walls, carved marble and hand-painted ceiling murals.

 

Walker Tower at 212 West 18th Street

Walker Tower at 212 West 18th Street features 47 condominium residences. More than half of the residences have private terraces and there are 11 units with wood burning fireplaces.

The apartments range in size from approximately 1,700 to 7,000 square feet. If you would like to buy an apartment at Walker Tower, expect to pay $4,500 and up per square foot.

The condominium conversion was completed in 2013; the building’s original design details were incorporated into modernized, upscale residential living.

A former office building for the New York Telephone Company, Walker Tower was built in 1929 before neighborhood height limits were enacted, As a result, Walker Tower rises above its surroundings and the majority of the residences feature open Manhattan views.

 

Stella Tower at 425 West 50th Street

Located in Hell’s Kitchen at 425 West 50th Street, Stella Tower was built in 1930 and converted into condominiums in 2017.

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The 51 residences at Stella Tower feature ceilings heights from 10 to nearly 14-feet, 8-foot tall doors and many of the apartments include private outdoor space and open city and river views.

The building’s bold profile is topped with a striking crown that was restored during the conversion.

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The next NYC residential hot spot — Midtown Manhattan

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The next NYC residential hot spot — Midtown Manhattan

For many, Midtown Manhattan represents the place to leave at the end of the day. It’s where office and retail workers escape from, clamoring on buses, subways and trains, taking off their suits and uniforms the moment they get home, getting the city off the backs. So it may come as a surprise to many, especially those that work there, that Midtown Manhattan is becoming a booming hub for residential living.

There are several factors at play. Firstly, the old adage of “build it and they will come” applies. A deluge of luxury high rises have been soaring skywards adding amenities that make living in Midtown thoroughly enjoyable — gyms, spas, restaurants — along with the obvious convenience ofa walkable distance to and from work and the added attraction of being close to Broadway, Central Park and scores of other entertainment options.

It's meant that the landscape of Midtown is changing. Large swathes of office heavy areas that stretch from beneath Broadway to Central Park used to be dark and desolateat night with most of the fun happening downtown. The increased focus on creating ultra thin, super tall residential buildings is transforming chunks of city. The only thing higher that the groundbreaking skyscrapers themselves are the prices they are selling for.

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The skyscraper at 432 Park Avenue was designed by the starchitect Rafael Viñoly for developers Harry Maclow and the CIM Group. The penthouse in the property has already sold for a staggering $95 million, close to $11,500 per square foot. A full-floor unit on the 96th floor will be the highest condo in the western hemisphere until the completion in 2018 of the 1550-foot tall 225 West 57th St, by developers Extell. One of the most discussed of the the new luxury towers in midtown has to be 53 West 53rd Street designed by architect Jean Nouveau which will also house the Museum of Modern Art in its striking criss-cross metal and glass facade. Clearly this is not the Midtown of your parents’ generation.

Other factors are at play as well. There will always be a certain luxury retail attraction for the ultra wealthy living in these luxury condo but for other retailers the advent of e-commerce has decimated stores that sell things which can just as easily been purchased on amazon.com. This has meant that their places have been taken by amazon proof stores such as restaurants and “experience” destinations where customers can get involved in activities (meet and greets from sports stars). This in turn has meant that the businesses now stay open later than if they were merely retail stores, adding a friendly, livelier after dark atmosphere.  

The existing, older towers in Manhattan have realized that in order to compete with their sleeker, amenity heavy bethren, they need to polish up their act. Moribund real estate mutton is being rejuvenated as luxurious light and airy lamb. According to the NY Post  at least 11 Manhattan office towers, ranging in age from the 1950’s to the 1990’s, are getting do overs to the tune of $2 billion. Some, such as Douglas Durst’s 4 Times Square are barely two decades old.

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From green technology (cleaning, recycling) at the Empire State Building to modern tiling, green terraces and light filled lobbies with public food courts, older buildings are being rebranded to keep in line with the tastes of their millennial workforce. Case in point is 159 E. 53rd St which is being upgraded to the tune of $150 million. Owned by Boston Properties, which also owns the neighboring 399 Park Ave, new additions will include a new facade, new private lobby and a revamp of a sunken public plaza on the corner of 53rd Street and Lexington Avenue. There will also be a new entrance along East 53rd St offering increased street accessibility to the below-grade food hall via a large stairway. A new private lobby will service the five office floors above.

Then of course there’s the 800lb gorilla in the room — Hudson Yards and all the development taking place on the west side of Manhattan. Only a five to ten minute subway ride separates much of midtown to from it and vice versa. Throw in the massive upgrades planned for the city’s transit hubs — Penn Station, Grand Central, The Port Authority Bus Terminal and its easy to see why Midtown Manhattan is becoming the place to be. At last.

 

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The New Trend in NYC Real Estate – Vegetation on the Façade

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The New Trend in NYC Real Estate – Vegetation on the Façade

Incorporating vegetation onto the façades of buildings is the new trend in NYC real estate.

Manhattan is a city compelled to expand skyward for lack of other directions in which to grow. And now, visionary architects are impelling the earth to do the same by integrating vegetation onto building façades.

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In a city monopolized by concrete, stone and steel, the hybridization of organic and modernist styles gives warmth and adds an opulent dimension of distinction.

Architect Eran Chen, founder of ODA New York, recently said in an interview that he believes that private gardens will soon be an expected amenity in the city.

“There’s going to be a time in New York City where living without a substantial outdoor space is just going to be unacceptable. It’s going to be like living in the suburbs without a backyard,” said Chen.

Eran Chen is the architect for the stunning new residential condominium development that will be erected in Midtown East at 303 East 44th Street.

The slender, 600-foot-tall glass tower features floors separated by 16-foot gaps that are supported by elegantly sculpted concrete columns. The gaps between every two floors create private outdoor gardens for 11 of the residences, starting on the 23rd floor.

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 Architectural firm DDG Partners has designed several striking residential structures in NYC that incorporate vegetation onto the façades including 41 Bond Street and 345 West 14th Street.

345 West 14th Street – Meatpacking District

Conceived by DDG Partners, the façade of 345 West 14th Street features hand-laid Kolumba brick and is distinguished by a striking, concrete landscaped marquee.

 

41 Bond Street – Noho

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The entrance marquee at 41 Bond Street is rife with vegetation. Attenuated strands of green foliage ascend the structure while delicate vines asymmetrically stretch against the bluestone façade.

The biophilic design of living façades reconnects the observer to the natural world and provides ecological improvements.

A stunning example is the smog-eating tower that will soon go up in the Netherlands city of Utrecht.

The skyscraper’s façade, balconies and roof will be filled with 10,000 trees and shrubs—nearly half the amount found in Central Park in New York.

Called the Utrecht Vertical Forest, the 300-foot-tall tower, designed by Italian architecture firm Stefano Boeri Architetti, will feature approximately 30 different plant species.

The tower will produce about 41,400 tons of oxygen annually, roughly the same as what 2.5 acres of forest generates.

The building will include 200 luxury apartments, restaurants, a fitness center, and offices.

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Manhattan’s Most Expensive Condo Building

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Manhattan’s Most Expensive Condo Building

Manhattan’s most expensive condo building is attracting celebrities and the Wall St. elite.

Here’s why…

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The ceiling on prices for prime Manhattan real estate seems to keep getting higher. If you’re willing to pay over $7000 per square foot, you might be able to move into 15 Central Park West, which, according to a CityRealty report released on Tuesday August 22nd, remains the most expensive condo in New York City. In the last twelve months eight sales with an average square foot price of $7227 were inside this building, which was completed in 2008. The penthouse in the property exchanged hands in the last year for $50.55 million which worked out to be an eye watering $9,581 per square foot — the most expensive sale of the year by unit price.

Central Park is big and there are a lot of properties around it, particularly on Billionaire’s Row near 57th St., so why this one? An important factor seems to be designer, Robert A.M. Stern and developers the Zeckendorf family’s, decision to root this building in the sprit of classic New York. They eschewed the glass and steel skyscrapers going up around them in favor of a limestone exterior, taken from the same Indiana quarry used for the Empire State Building. Before the building was complete it had A-list celebs like Sting and Denzel Washington buying apartments which only increased the buzz. Joining them were Wall Street heavy hitters like hedge fund manager Daniel Loeb, and former Citycorp CEO Sandy Weill who paid $45 million and $44 million respectively for their residences. No amount of glossy magazine ads and shimmering online videos could buy that kind of publicity.

The Central Park area still seems to be the biggest lure for condo owners able to splash significant sums of cash. The second and third most expensive condos, according to the report are 432 Park Avenue (45 sales with an average of $5,930 per square foot) and Residences at the Mandarin Oriental at 80 Columbus Circle (four sales averaging $5,215 per square-foot). In fact, the most expensive sale of the year was at 432 Park Avenue — $65.7 million for an 85th-floor condo. Another condo in the same building on the 83rd floor followed closely behind selling for $65.2 million. The Rafael Viñoly designed building rises 1,396 feet above Park Avenue between 56th and 57th Streets, making it the tallest residential tower in the Western Hemisphere. The stratospheric prices received for its upper floors (a 95th floor penthouse is currently available for $82 million) will also encourage other super tall condos under construction in the area such as 53 W53rd St (1050 feet) that it could enjoy similar success despite fears about a downturn in the luxury market.

According to NYCurbed.com the property has consistently been ranked No. 1 since 2014 in the City Realty 100, a bi-annual index tracking the performances of top 100 condo buildings in New York.

Following the lead of 15 Central Park West, other Robert A.M. Stern designed new constructions are also rekindling classic New York and going all limestone instead of glass and steel. The Related Company’s 70 Vestry in Tribeca is one. It’s average price per square foot is $4,526, according to AG filings. The Four Seasons Private Residences, 30 Park Place completed last year, is another. It has a an average price per square foot of$3,587 according to City Realty.

 

Limestone or any stone facade doesn’t come cheap however, amajor detriment to developers, wary of building costs. Glass can be fabricated in factories and brought on-site for installation, whereas traditional buildings, such as brick, require labor by hand on site. Limestone not only cannot be manufactured in factories, it has to first be quarried. Thus the cost per square foot is handed down to the buyer. Proponents of glass and steel construction will point to the added light, thinner walls and thus greater usable square feet. Its critics will point to the detrimental effects of prolonged sunlight on furnishings and greater heating and cooling costs.

 

Whatever your take there is little doubt that 15 CPW was a game changer for NYC luxury buildings and proved, that despite the cost of construction, there are still some people out there willing to pay top dollar for the best best New York has to offer, especially when that harkens back to something timeless and majestic. Robert Stern told the New Yorker Magazine of 30 Park Place: “We’re transposing a 1930s language to Lower Manhattan, which has gotten overrun with glass and abstraction.”

Old New York lives on.

 

 

           

           

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Modern technology is revolutionizing residential real estate in NYC

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Modern technology is revolutionizing residential real estate in NYC

Not only do some of Manhattan’s newest luxury developments appear ahead of their time in their design from the outside, but on the inside, too it seems that urban living has suddenly jumped decades into the future.

Where better to start than the kitchen? Speed ovens are the current trend, replacing microwaves in many new buildings. They are way faster than conventional ovens using convection heat.  Bertazzoni speed ovens will be installed as part of theClodagh-designed kitchens at the Citizen 360 condominium building which is being developed by Anbau in Yorkville, Manhattan.

Miele speed ovens are also feature at 505W19 being developed by the HFZ Capital Group, which neighbors the High Line as well as at Fifteen Hudson Yards. Look, also, for other hi-tech gadgets in the kitchen to include app enabled ranges and ovens that will allow owners to start roasting a chicken from the grocery store and browse the web for recipes on the appliance’s doors.

The bathroom is another area where technology is moving at lightening speed. There was a time when multiple body shower heads was the cutting edge. No more. Touch screens are no longer limited to your phone. Koehler has a new touchscreen-controlled shower  and a toilet, also made by them deodorizes its contents. Useful! Temperature, lighting and music can now also be controlled by bathroom wall mounted pads. Some developers were innovators in taking technology to the next level. The Delos townhouse (66 East 11th St) have vitamin-C infused showers, an aromatherapy air supply and more.

 

New Yorkers know all about the importance of space and storage. With many Manhattanites relying on food deliveries or even wanting regular orders of fresh flowers, cold storage rooms are another amenity which might not be the most cutting edge technology wise but are being introduced to old and new buildings alike to ensure your Fresh Direct remains fresh.

Millennial New Yorkers or teens often crave the chance to get away from mom and dad for a while and hang out with their friends and watch a movie or play music. For parents too, hosting a cocktail party in the home can be a big hassle. Thus, the private lounge. These are have become common amenities. Fifteen Hudson Yards takes it to another level, with the 51st floor hosting lounges, private dining suites and a club room as well collaborative work space. The Kent on the Upper East Side has a music room known as The Sound Lounge which Lenny Kravtiz helped design and The Austin Nichols House in Williamsburg also has a music room for musicians and a screening room.

Waterline Square between Hudson River Park and Central Park is creating a tremendous amount buzz. The Waterline Club’s amenities are stunning. Not only are there top of the range sporting facilitiesthat would give Chelsea Piers a run for its money (an indoor soccer field and skate park along with the gym, pool, tennis etc) but there’s social hub with workstations, a party room, screening/performance space and a business center and parlor lounge. Expect technology to play a big role in these type of rooms, not only with mobile networking but screening facilities and state-of-the-art sound systems.

Many buildings now offer smart phone controlled utilities and entertainment systems as well as charging stations for electric cars such as Related’s 70 Vestry in Tribeca. Indeed, energy efficiency is tremendously important to developers. HVAC systems have come a long way in a few years. Roof top gardens, solar power, high efficiency toilets and glass and sustainable wood flooring are common phrases in countless brochures from developers aiming to points for their eco friendly design. Dozens of the new constructions in New York are LEED certified, many to their coveted silver and goldstandard.

Security is also keeping pace. Increasingly common is keyless, fingerprint technology for access. It means that the sci-fi like versions of urban living you once only saw in the movies are now a reality. Expect all of this this to give many of NYC’s newest buildings a distinct advantage over the competition in attracting buyers.

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Top Residential Starchitecture Buildings in NYC

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Top Residential Starchitecture Buildings in NYC

Starchitects are celebrity architects who design iconic towering divas–bold, visual gestalts, distinctly above the rest. Featuring the best residential starchitecture in Manhattan, designed by critically acclaimed architects including Herzog & de Meuron, Zaha Hadid, Jean Nouvel, Shigeru Ban, Frank Gehry and Norman Foster.


Herzog & de Meuron

Uniquely sculptured with asymmetrical layers, this 60-story, residential condominium tower was designed by Pritzer Prize-winning architects Herzog & de Meuron.  The 145 residences at 56 Leonard feature private outdoor space and range from open lofts to five-bedrooms. The average price of apartments currently on the market in the building is a little over $4,000 per square foot.

Some other NYC residential buildings designed by Herzog & de Meuron are located in Downtown Manhattan and include 40 Bond Street160 Leroy Street, and 215 Chrystie Street.

 

Jean Nouvel

Designed by Ateliers Jean Nouvel in conjunction with executive architects, Beyer Blinder Belle, 100 Eleventh Avenue has been described by the New York Times as a mix of grit and glamour embodied in a glittering façade that seems to have been wrapped around the curved front of a black brick tower like a tight-fitting sequined dress. The curtain wall sheathed in approximately 1,700 various sized panes of glass display slightly differing degrees of transparency and angles creating a textured pattern and reflecting light in numerous ways with the changing of the day. The average price of apartments currently on the market in the building is a little over $2,500 per square foot.

Another residential building in NYC designed by Jean Nouvel is the Tower Verre at 53 West 53rd Street in Midtown West. Currently under construction, the 82-story tower’s unique silhouette with its many diagonal elements tapers as it rises to a spire. When completed, the building will house 160 high-end condominium residences, designed by The Office of Thierry Despont. In addition, the building’s lower floors will include 52,290 square feet of new exhibition space for MoMA distributed over three floors.

 

 

Norman Foster

The New York Observer calls the Norman Foster designed, 551 West 21st Street, “Perhaps the best combination of classic starchitect branding and contemporary trends”. The structure is distinguished by a grid of white, precast concrete inset with bronze-colored detailing in the window surrounds. A private, gated drive court surrounded by a 20-foot green wall and a dramatic, 34- foot, double-height lobby with a grand chandelier, add to the glamor of 551 West 21st Street. The 44 residences in the building are mostly three and four-bedrooms with 11-foot ceilings. The average price of apartments currently on the market is a little over $3,600 per square foot.  Foster + Partners has constructed many high-profile glass and steel buildings.

The firm’s first residential building in the United States was 50 United Nations Plaza. Foster + Partners also designed the new residential building at 100 East 53rd Street that is replacing the old YWCA building in Midtown Manhattan. The tower has a slender, minimalist geometric form with an innovative glazed skin that wraps around the building, concealing the structural elements that are masked beneath integrated shadow boxes.

 

 

Zaha Hadid

“The crown jewel of the High Line” & “a curvy, ebullient, Jetsonian wonder” — The New York Observer. A hand-rubbed metal façade articulates Zaha Hadid Architects’ sculptural design of 520 West 28th Street while an interconnected chevron separates and merges the building’s two distinct zones. Each layout of the 39 residences in the building are unique; all units feature floor-to-ceiling glass walls and ceiling heights up to 10’7″. The average price of apartments currently on the market is a little over $3,800 per square foot.

 

Frank Gehry

8 Spruce Street - For his first residential building in the city, architect Frank Gehry designed a master tower with over 200 unique floor plans. With a distinct aesthetic and a unique façade of undulating waves, this renal building features asymmetrical floor-to-ceiling bay windows in every residence and 10-foot ceilings. At 870-feet tall, the skyscraper at 8 Spruce Street is one of the tallest residential towers in the world. The building features three floors of amenity spaces, all designed with custom furnishings and installations.

 

 

Shigeru Ban

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Metal Shutter Houses, located at 524 West 19th Street  is acclaimed architect, Shigeru Ban’s first condominium residence in the United States. The Metal Shutter Houses’ flexible façade showcases Ban’s mastery of the mobility of parts and the use of common materials in new contexts. The façade’s motorized, perforated metal shutters serve as a light-modulating privacy screen. If all the shutters are down, the building becomes a uniform minimal cube, or it can be opened up completely. The nine floor-through duplex residences in the building feature two 70-square foot balconies on each level and a double height north-facing loggia that opens to a double-height living room. A 20-foot upward pivoting glass wall in the living rooms coupled with interior sliding glass doors, can create one vast and uninterrupted loft expanse which transitions seamlessly from inside to outside.

 

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Prices continue to rise in NYC’s most expensive neighborhoods

If there were any doubts as to whether New York City is still a good place for investors to park their cash, the latest report from PropertyShark.com should dispel all fears. Prices have continued climb skywards, with the top 50 most expensive neighborhoods leading the charge. Out in front, this year, as last, is Tribeca with a median sales price increasing by 24 percent over 2016 Q2 to register at an eye-watering $5.175 million.

However, even more striking than those numbers was the Financial District’s staggering 78 percent 12 month increase pushing it up to sixth place in NYC’s top ten with a median price of $1.9 million. It doesn’t end there, however. Fort Green in Brooklyn recorded a remarkable 151 percent yearly growth. The median price in the trendy neighborhood is now $1,135,000 from $451,612 a mere twelve months ago. And people said it was expensive then!

So what’s behind these sky-rocketing numbers? One word. Development.  Buyers are passionate about new construction and favor it far more than second hand home sales even if the numbers keep reaching upward. Also, with so many buildings being completed around the same time and many condos in them selling within the same quarter, the numbers have reflect a clustering of sales. The reality is that many of the new condos went into contract a couple of years ago, before construction was completed and have only closed recently when the properties were finished.  Tribeca, in particular,  has been a hive of construction for a while with gorgeous properties such as 70 Vestry (not yet completed) wallowing in scenic views, high end amenities and stellar construction, making it one of the go to places for celebrities willing to pay prices prices that are second only to their high profiles.

Elsewhere in Tribeca buildings such as the Four Seasons Private Residences, (completed) located at 30 Park Place, has one bedroom apartments priced from just under $3 million (a 6 bedroom at just over $32 million is currently under contract according to StreetEasy) and the futuristic 56 Leonard Street (completed)  has one bedrooms from $3.175 million (a 4 bedroom is under contract $29.5 million according to StreetEasy).

Tribeca certainly seems to be the playground of the rich and famous. Hardly a week seems to go by without news of some celebrity/high net worth individual’s sale or purchase of a property there. Nearby, in the West Village too, there is always news of splashy transactions that keep the Lower Manhattan market sizzling. Generally, though the median price of Greenwich Village sales dropped from $2,038,260 to $1,400,000 over the last year. This probably had little to do with the area becoming less desirable but rather because of the increased availability of new condos nearby. It’s also something of a warning sign that without a constant supply of new inventory, a hot market often subsides. It’s good for flippers or those looking to cash out to bear in mind — the demand in Manhattan is there and price is often not an issue, as long product is top notch.

The Financial District has not only benefitted from the increased prices in Tribeca but because many commercial buildings have been rezoned residential, it has sparked a flurry of condo sales.

In Fort Greene, Brooklyn, which appears to have been under construction for the best part of two decades, large scale developments such as 300 Ashland Place which is a rental building, has pushed up not only other rents in the area but also sales of condos and multi family buildings in this brownstone rich neighborhood.

Manhattan, though, remains the driver for all NYC real estate. With a slew of ever more sophisticated and luxurious developments hitting the market this year, including mega projects such as Hudson Yards and developers forever planning new projects to keep the momentum up, prices continue to climb north not only in Manhattan itself but Brooklyn, Queens and New Jersey. When will it all end you say? Apparently no time soon.

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The Best Hardware for Your Home

Choosing the right hardware for your house can seem like a mundane chore ­­– one that many people completely overlook – but don’t fall into that pattern and skimp when it comes to hardware for your home. The details in a room set the tone, adding a personal touch to the space. Companies specialize in every type of hardware from vintage to modern, ensuring that you will find accessories for your home that you love. Here are just a couple of companies in New York City that manufacture high end hardware for homes.

 

1. The Nanz Company

Located in the SoHo neighborhood of Manhattan, The Nanz Company specializes in modern takes on antique hardware. The business began by manufacturing door handles for a building restoration project when not enough of the original handles could be found. If you’re unsure of what would look best in your home, Nanz offers to assist customers with selection, specification, and coordination for residential projects. After originally only manufacturing door knobs and lever handles, the company has since expanded its merchandise to include hinges and high-end locks.

 

1. P.E. Guerin

P.E. Guerin Bamboo Towel Bar

P.E. Guerin Bamboo Towel Bar

The oldest decorative hardware firm in the United States, P.E. Guerin was founded in 1857 by Pierre Emmanuel, a French immigrant. The company set up shop on Jane Street in Greenwich Village in 1892 and has been conducting business there ever since. The company is currently owned and run by Guerin’s great grandnephew. Specializing in vintage style hardware, P.E. Guerin’s products are an excellent addition to any room with a traditional theme.

 

3. Lisa Jarvis- Jewelry for Furniture

Lisa Jarvis District Pull

Lisa Jarvis District Pull

Lisa Jarvis Hex on Black Knob

Lisa Jarvis Hex on Black Knob

Another New York City based company, this is a hardware collection put together by interior designer Lisa Jarvis. After decorating numerous homes throughout New York City, Lisa knows firsthand of both the importance and the effect of hardware in a room. After frustrating experiences of futile searches for exactly the right piece for a client, she decided to start her own line of hardware. Stating that the company mission is to allow clients to express themselves through their décor, this collection is broad and unique in order to suit every client’s need.

 

4. Waterworks

Known for their commitment to craftsmanship and use of modern materials, Waterworks’ specialty is bath and kitchen designs. With showrooms across the country, the brand offers any hardware you might need for a kitchen or bathroom, from faucets and drains to cabinet knobs and accessories.

No matter the decor of the room, there is always hardware that can match and complement the style. Even if you can’t afford to remodel, updating the hardware throughout your home can provide a much needed change of tone without the cost of a complete renovation.

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NYC'S TIPPING POINT: WHY BUY?

Midway through the summer, New York City has outdone itself once again. Unsurprisingly, the real estate market has seen more growth this quarter than ever before, with sale numbers reaching unprecedented heights. The median sales price for a home in New York City has jumped 7.3 percent this quarter to $1,189,011. Rising 7.9 percent, the average price for the city is now sitting at $2,189,037. The Halstead Property Development Marketing team conducted a quarterly report in which they concluded that the rise in cost can be attributed to high sales in new buildings such as 15 Central Park West, One57, and the Time Warner Center.

Brooklyn, once seen as an affordable alternative to Manhattan, is suffering rising prices as well, with the median cost of a home increasing 21 percent to $795,000. Like Manhattan, the rising prices can be contributed to closings on luxury buildings earlier this quarter at 550 Vanderbilt, 500 Waverly, and 200 Water Street.

With these new statistics, city residents may be wondering why anyone would choose to buy in this market. StreetEasy has been thinking the same thing and released a new report analyzing what they are calling the “tipping point” ­­– “the point in time in which the benefits of owning a home exceed the benefits of renting that same home”. According to the report, it takes 5.6 years of renting in New York City to reach the point where it makes financial sense to buy the home. Unsurprisingly, out of all the boroughs, Manhattan has the highest tipping point of 7.7 years, followed by Brooklyn at 4.9 years, Queens at 2.7 years, and The Bronx coming in fourth at 1.4 years. While buying is not an option for everyone, calculating the long term value of your home is essential before signing your name to a new housing agreement.

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A Famed Landmark More Notable for its Famous Residents

443 Greenwich Street in Tribeca 

443 Greenwich Street in Tribeca 

Although unassuming from the outside, 443 Greenwich Street, located in the Tribeca neighborhood of Manhattan, has become home to several celebrities in New York City. From the beginning, developer Nathan Berman of Metro Loft Developers, wanted the building to be a celebrity magnet and stated that they will offer “paparazzi-proof amenities” to appeal to the high-end crowd, including an underground garage with a valet and a second lobby with private elevators.

"Paparazzi- proof" Underground Garage

"Paparazzi- proof" Underground Garage

While Berman declined to comment on specific names of residents, he did state that “ninety percent of the buyers are household names”. Australian actress Rebel Wilson is the newest tenant in the building after shelling out $2.95 million on a two bedroom apartment. Wilson is neighbors with other A-list celebrities that reside on the quiet cobblestone street including: Jake Gyllenhaal, Jennifer Lawrence, Meg Ryan, Justin Timberlake and Jessica Biel, and Ryan Reynolds and Blake Lively.

443 Greenwich Street has seen major renovations over the past five years. With pre-war architecture becoming increasingly popular in New York City, this building was the perfect candidate for the transformation.

Lobby at 443 Greenwich Street

Lobby at 443 Greenwich Street

Originally built in 1882 by architect Charles Haight, the building was designed as a bookbindery. In 2012, after being vacant for over a decade, Metro Loft Developers filed plans to completely gut the inside of the building in order to create 53 new condos. Leaving the original wooden support beams, the apartments retain a unique atmosphere in tribute to the original late 1800s architecture.

Original Wooden Beams 

Original Wooden Beams 

Contrary to the current clientele, you don’t have to be a celebrity to be neighbors with one. There are currently seven residences for sale in the building, including a five bedroom, six bath penthouse asking $55 million.

Lux Living in Penthouse A 

Lux Living in Penthouse A 

There are a handful of three bedroom units listed at $8.2 million, and four bedroom apartments asking $11.25 million. With the reputation for this building as a paparazzi free zone growing, the remaining units may soon be snatched up by other residents looking to bring the bubble of Hollywood to New York City.

Private Landscaped Gardens

Private Landscaped Gardens

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The Tech Your Home Needs

We live in an age where everything can be decided by a tap of a finger on a smartphone. With the invention of smart home technology, everything in your house–from the thermostat to the locks– can be programmed directly from your smartphone. 2016 saw about 80 million smart home devices installed, a 64 percent increase from the previous year. A big chunk of that number includes personal home assistants, like Google Home and Amazon Alexa. Capable of more than simply answering questions about the weather, these robots can interact with the smart technology in your home in order to program them according to your routine. Smart homes have created an industry expected to be worth $21 billion by the year 2020. The United States market has been the most receptive to the new technology, followed by Japan and Germany.

So, what’s the market driver behind smart homes? Well, convenience is the first obvious answer. Want the oven preheated before you get home from work? Perhaps you forgot to turn off the lights in the living room? Simply login to the app on your phone to adjust these settings.  

The second driving force behind smart home devices is energy efficiency. No one enjoys overpaying for their utilities and if technology will help decrease the bill each month, many homeowners are willing to make the purchase. In 2015, energy management home devices saw a revenue of nearly $600 million. Devices like the Nest Learning Thermostat adjust to your schedule and will automatically slip into an Eco Temperature mode to save energy when there is no one in the house. The Nest thermostat advertises that it saves customers up to 12 percent on their energy bill every month by learning the occupant’s routines. The thermostat can also be controlled from your phone and will provide an energy consumption report at the end of every month.

The third factor that has boosted sales is safety. Technology has made it easier to set up a security system that can do everything from lock your doors to turn on a motion detector when no one is home. Another device every home should be equipped with is the Nest Protect. No longer a bulky plastic circle, the Nest Protect is a smoke and carbon monoxide detector. The detector speaks a warning alert and sends one to your phone, before blaring the location of a potential problem. If you’re the kind of person that burns popcorn often, this feature is especially useful as it enables you to hush the alert from your phone. While smoke detectors are supposed to be checked monthly, people rarely do. The Nest Protect tests its own batteries and sensors over four hundred times a day and will send a phone alert when it’s time to swap out the batteries.

From ensuring the safety of a home, to asking Alexa to program a coffee machine, smart home technology employs innovative ideas that make people’s lives easier, enabling them to adjust the settings in their house from their vacation hundreds of miles away.

 

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Our Current National Market

For the third consecutive month home sales have taken a hit. The Pending Home Sales Index, a figure based on home contract signings, is 1.7 percent lower than this time a year ago, marking the second year of decline. The cause behind this trend is the lack of affordable houses on the market. Low inventory levels cause prices to rise, forcing many buyers out of prospective homes. The housing shortage hits neighborhoods in the lower price range the hardest. Homes under $100,000 were listed 7.2 percent less than last year and house sales under $250,000 rose a mere 2 percent from June 2016. While the lower end market has been struggling, houses over $750,000 have seen a 26 percent increase in sales, and homes over $1 million fared even better with a 29.1 percent increase. The National Association of Realtors conducted their quarterly Housing Opportunities and Market Experience (HOME) study, finding that weaker financial and economic confidence is a contributor to the slowdown of real estate sales. They discovered that respondents were overall less confident about their own finances and the economy than earlier this year, leading to a lack of interest in buying now.

According to statistics from May 2017, the median listing price of homes in the United States was $275,000. At the end of May there were 1.5 million active home listings, 11 percent fewer than last year, and houses were on the market for an average of only 60 days. Nationally, home prices have been rising every month over the past five years. While good news for sellers, buyers are having a difficult time finding homes within their budget. With the choice in the market being so slim, people are reluctant to list their houses out of fear they won’t be able to purchase another within their price range. As a result, many individuals looking to move choose to rent out their home instead of selling. However, rents have also been a victim of the housing shortage and have been steadily rising. The one consolation to buyers is the current mortgage rates. Even though the Federal Reserve recently announced they were raising interest rates, mortgages have been hovering below 4 percent. As of June 15, 2017, the average rate of a thirty year mortgage was 3.9 percent. While looking optimistic for the near future, interest rates are expected to gradually go up, and buyers may see the rates begin to rise by the end of this year.

Vasel, Kathryn. “Home Prices Are Sky High, But Mortgages Are Still Cheap.” money.cnn.com. 23 June 2017. Web. Accessed 29 June 2017.

 

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Riverside Boulevard: The Lincoln Square Retreat

The Riverside Boulevard development, also known as Riverside South, is a residential development project in the Upper West Side, from West 59th Street to West 72nd Street, encompassing Trump Place and Riverside Center. Spanning 77 acres of land along the Hudson River, the development is located on the grounds of a former New York Central Railroad yard. The $3 billion project broke ground in 1997, and will be completed by the 10 Riverside Boulevard building that is expected to be finished in 2018.

The company in charge of this massive project has changed numerous times. The Trump Organization bought the rights in the 1970's, and then sold to Chinese developers who broke ground on the project, before selling to the Carlyle Group and the Extell Development Company in 2005. The construction of this development employed 12,485 people and is expected to hire 2,549 permanent employees per year. The city collected approximately $314 million tax revenue from the construction.

120 Riverside Boulevard Image Source

120 Riverside Boulevard Image Source

This development upon completion will house over 2,500 residential units, 1,800 underground parking spaces, and a 250 room hotel. The blueprints consist of 210 thousand square feet for retail and restaurants, with up to 150 thousand square feet devoted to a new public school. The Riverside Center School, the new home of Public School 191, is set to open in September 2017, almost a year ahead of schedule.

The Riverside Boulevard development consists of 19 apartment buildings. Appealing to the high end crowd, the units are valued at $2,000 per square foot. From 2004 to 2016, the per square cost rose 66%, compared to the 43% city wide. In order for the project to be approved by the city, the blueprints marked at least twenty percent of the units in the development to be designated as affordable housing.

In addition to the buildings, a 25 acre park, Riverside Park South, was created to extend the Riverside Park that runs from 72nd to 158th Street. The extension includes plazas, bike ways, and a pier, as well as basketball courts, handball courts, and soccer fields. In tribute to the previous function of the site, the park contains ruins from the rail yard that are now integrated into sculptures throughout the park.

Located in the Upper West Side, the Riverside Boulevard development boasts a prime location on the water mere blocks from Lincoln Square. Transforming acres of land previously used as a railroad yard, and more recently as parking lots, this development turns useless land into beautiful homes and parks. Benefiting everyone in New York City, Riverside Boulevard has become a popular spot for city residents looking to enjoy some fresh air.

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4 Luxury Appliance Brands You Need

Image Source

Image Source

Setting up a new home is no easy task, a job made infinitely harder when you have to pick out new appliances. So how do you choose which appliances to buy and which ones to leave on your wish list? These appliance brands have been top rated and will set the tone for your dream kitchen.

Sub-Zero refrigerator

Recognized for its sleek, built-in look, this brand has found its way into many luxury kitchens. Founded in the USA in the 1950s, Sub-Zero was the first to invent built in refrigerators. Sold for about $8,000, they can be ordered in stainless steel or integrated panels to match the decor of your kitchen. Sub-Zero is the only built in refrigerator brand to feature a dual compressor system, increasing the market value of its unique product. This system enables the freezer and refrigerator to run on different cooling systems, which helps food stay fresh and controls the temperature in each of the units. Well known for its generous warranty, Sub-Zero covers all replacement parts and labor for up to two years and replacement compressors for up to five years. One thing is for sure, these appliances are built to last, and the company will guarantee that.

 

Thermador Freedom Induction Cooktop

A recognized brand in the luxury appliance world, Thermador has been an innovator in kitchen appliances since its founding in 1916. Part of the BSH Home Appliances Corporation, Thermador is part of the third largest appliance manufacturer in the world, known for its unique styles and ideas. The Thermador Freedom Induction Cooktop costs about $5,000. The high-end model features end to end electromagnetic surfaces, meaning there are no demarcated burners, so cookware can be placed anywhere on the stovetop. This cooktop emits less residual heat, has a faster boil time, and is child safe as it will only turn on when it senses metal.

 

Miele dishwasher

The German luxury appliance manufacturer focuses on durability, quality, and performance. Their highest end model dishwasher runs $2,500 and has no external buttons in order to seamlessly blend into the design of your kitchen. This model features Miele’s patented design, the “Knock2Open” sensor. This function enables you to open the machine with an armful of dishes by simply knocking on the dishwasher’s surface twice to activate the motorized opening system. Rather than use the common built in heater mode for drying dishes, Miele employs a condensation drying system where cool air is circulated along the outside of a steel tub that lines the interior of the dishwasher. Because water condenses on cool surfaces, the evaporated water will condense again on the cool steel tub rather than the dishes, keeping them cool and dry.

 

Wolf ranges

In 2000, Wolf and Sub-Zero merged to form one appliance company, while keeping cooking appliances manufactured under the Wolf name. A go to for professional chefs, Wolf ranges are known for their iconic red knobs. Costing about $5,000, they feature patented dual stacked burners where the upper tier delivers maximum heat while the lower ensures a gentle flame.

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Downtown's Hottest New High Rise

City residents have been curious about the construction of the new, unusual skyscraper that rises 57 stories into the sky over the TriBeCa neighborhood in Manhattan. 56 Leonard Street, nicknamed “Jenga” by the media, was designed by the Swiss architecture firm Herzog & de Meuron.

Previously, Herzog & de Meuron partnered with famed sculptor Anish Kapoor, most recognized for his sculpture “Cloud Gate” in Chicago, colloquially known as “The Bean”. The nickname “Jenga” came about from an interview in which the designers described the building as “Houses stacked in the sky”. In order to give each residence a unique, spacious floor plan with a balcony, the tower veers from the traditional appearance of a residential building, looking as if it was constructed of units stacked haphazardly on top of each other.

56 Leonard Street has 145 condominiums including nine penthouse apartments. From fifty stories in the air, these penthouses offer panoramic views of the entire city. According to developer Izak Senbahar, the building was 92% sold within seven months of being listed. In April 2017, a 53rd floor apartment in this building sold for $29 million. In June 2013, one of the luxury penthouses went into contract for $47 million, becoming the most expensive residential property ever sold below Midtown Manhattan. The building features 17 thousand square feet of amenities on its ninth and tenth floors, including a children’s playroom, a movie theater, and a 75-foot pool.

More prominent than its surrounding buildings, 56 Leonard Street is a unique structure that is well deserving of its review in New York Magazine as “The most alluring addition to the downtown skyline in decades”.

 

 

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NYC's Current Market

The New York City real estate market is gearing up for a competitive season with 11 percent less houses on the market in Brooklyn and Manhattan than this same time last year. In upper Manhattan, known to be the least expensive area in the city, there are 25 percent less units for sale. Prospect Park and Northwest Brooklyn, more affordable areas in Brooklyn, saw a sharp decline in homes on the market with 24 percent fewer listings than last year.

New York City can’t seem to put enough homes on the market to meet the ever increasing demand. The asking prices continue to rise as buyers compete with each other for the affordable and desirable locations, giving sellers the upper hand. In Manhattan, listing prices hit a new record high every year. The median price for a home being sold in the city is now just under $1 million, at $993,592. In Brooklyn, prices are rising at an average of 6.3 percent every year, reaching a median sale price of $584,121. Neighborhoods seeing the biggest increase in price over the past year were Tribeca, which now has a median asking price of $4.995 million, NoHo with $4.95 million, and Northwest Brooklyn at $1.29 million. As the cost of living continues to rise in the popular neighborhoods, many people begin to seek out homes in other boroughs. Senior economist for StreetEasy, Grant Long, believes that the job growth in New York City is the cause behind the skyrocketing prices. As the unemployment rate continues to drop, people have more confidence in the economy and market, believing that it is a good time to invest in a home.

Although the price of listings is going up, the rental market remains favorable. This past April, StreetEasy tracked the rent in Manhattan and found that it actually declined 1.1 percent, bringing it to a current median of $3,232. Dipping a significant amount in Brooklyn, the average rent was 3.7 percent lower than last year, which brings the current median to $2,785.

As the price of homes continues to rise in many areas of New York City with the demand severely outnumbering the supply, the market for renters continues to look very favorable. Those looking to move may want to shop around for rentals rather than negotiate in the current economy that strongly favors sellers.

Nonko, Emily. “As Inventory Drops in Brooklyn and Manhattan Resale Prices Hit a Record High.” ny.curbed.com. 1 June 2017. Web. Accessed 15 June 2017.

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Welcome to Rooftop Season!

Gotham West 

Gotham West 

How does one luxury building in New York City distinguish itself from the rest? The amenities they offer make all the difference. Buildings offer many perks in order to compete with the multiple residence buildings in the same area. Aside from the common services offered such as having a doorman, laundry on site, and concierge service, recently a building with a rooftop area has become an increasingly sought after amenity. Living in the busiest city in the world, many people feel that they are lacking sufficient space, including parks and greenery. In New York, rooftop spaces have become a fantastic use of an otherwise unused area, becoming a fun and trendy focal point for the residents in the building.

 

4545 Center Boulevard, Long Island City

4545 Center Boulevard, Long Island City

Due to its popularity, rooftop decks are becoming standard in luxury apartment buildings. More than just an outdoor space, many rooftops now have full sized pools, bars, and even outdoor kitchens for those looking to host a barbeque. Good for the residents as well as the developers, rooftop spaces significantly increase the value of the building. While the price of building a rooftop deck costs an average of $32,000, it adds $44,000 in revenue, an average of a 6-8% gain to the units in the building. Of course, the value of an outdoor space is only as good as the location of the building itself. Buildings with a better location and view are going to be worth considerably more. A great use of space in a condensed city, rooftop lounges are a fantastic perk for those looking to kick back from the fast paced city life without having to travel far.  

Olick, Diana. “City Roof Decks Raising the Stakes on Housing.” cnbc.com. 19 August 2016. Web. Accessed 12 June 2017.

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