NYC Market Reports

The week in real estate market reports A weekly feature bringing you the industry’s latest intel

Manhattan’s average sales price was unchanged in April and rental prices dipped, according to the latest residential reports from CityRealty and Zumper. On the commercial end, Cobble Hill saw a major spike in Rental Prices Along The Smith Street retail corridor and rising U.S. property values have come to a halt. Check out more in our roundup of the week’s real estate market reports.

Residential

New York City rent affordability: StreetEasy
More than half of all New York households were rent burden this year. A typical New York household will上海龙凤论坛sh1f 上海龙凤论坛 spend 65.2 percent of its income on rent this year, up from 59.7 percent in 2015. Read the full report here.

May 2016 Manha新上海贵族宝贝论坛 上海贵族宝贝交流区ttan residential sales: CityRealty

The average sales price for Manhattan condominiums and co-ops was $2.3 million in April, largely unchanged from the previous month. Read the full report here.

Manhattan luxury contracts April 25-May 1: Olshan Realty
Twenty-eight contracts were signed in the last week of April for Manhattan apartments priced $4 millio爱上海同城 爱上海n and above, down from 34 contracts signed during the same period last year. The week’s most expensive contract signed was for a duplex at 247 West 12th Street, which had an asking price of nearly $15 million. here.

May 2016 nationa上海千花网论坛 上海千花网l rent: Zumper

Manhattan saw rents drop in April. The median price for a one-bedroom apartment fell to $3,290 and the price for two bedrooms dropped to $3,750. Rents in San Francisco in Boston also dec上海龙凤论坛 新上海贵族宝贝论坛lined. here.

Commercial

Q1 2016 Brooklyn retail: REBNY

Average asking rent along Bedford Avenue in Williamsburg, Brooklyn’s most expensive retail corridor, reached $361 per square foot, a 4 percent increase over the previous quarter. The borough saw the the greatest quarter-over-quarter change on Smith Street in Cobble Hill, where asking rent jumped 15 percent to $139 per square foot. Read the full report here.

U.S. commercial property values: Green Street Advisors

U.S. commercial property values have come to a halt after years of steadily rising, according to the Commercial Property Price Index. here.

To view more market reports, check out the new TRData page.

Tags: Residential Market Report
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Corey Johnson

Corey Johnson wants to block potential sale of $140M in Pier 40 air rights Council member says he’ll veto 1.7M sf St. John’s development if Hudson River Park Trust sells remaining dev rights in CB2

R爱上海同城对对碰 爱上海同城论坛endering of St. John’s Terminal

City Council member Corey Johnson has another condition before he’ll sign off on the proposed 1.7 million-square-foot project across from Pier 40 by developers Westbrook Partners and Atlas Capital. And this one could be a deal-breaker.

The councilman wants to block the Hudson River Park Trust, the public-benefit corporation that oversees Pier 40, from selling any more development rights within the surrounding neighborhoods, including the West Village, Greenwich Village and Soho.

The Hudson River Park Trust plans to上海夜网 阿爱上海同城 sell $100 million worth of development rights 200,000 square feet to Westbrook and Atlas for their mixed-use development, called the St. John’s Center. The proceeds of the sale will be used to maintain the pier.

If that sale goes through, Pier 40 will have 380,000 square feet remaining, worth $140 million, and Johnson has requested that they be so上海千花社区 上海千花网交友ld anywhere but within the bounds of Community Board 2. Otherwise, he ll veto.

Those restrictions will make it difficult to sell the remaining development rights at all, since it would require the trust to sell to properties at distances that are unprecedented in the city, due to land-use laws and other restrictions.

The trust, not surprisingly, opposes Johnson’s proposal. The organization plans to use the air rights to redevelop Per 40, or use them to fund its maintenance. Our ability to sustain the pier and park long-term depends on our ability to redevelop and generate revenue at Pier 40, a Hudson River Park Trust spokesperson told Crain上海夜网论坛 上海夜网 s.

Johnson has also made the city’s approval of a 10-block extension to the West Village Historic District a condition to his approval. [Crain s] Chava Gourarie 

Tags: Air Rights, Pier 40
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The Real Deal Events

Resi rumble: Liebman, Lorber to face off at TRD s showcase and forum Brokerage rivals join lineup at The Real Deal’s NYC real estate event on May 15

Click here to buy tickets

The Corcoran Group CEO Pamela Liebman and Douglas Ell爱上海 爱上海同城手机版iman chairman Howard Lorber will sit down one-on-one during The Real Deal s NYC Real Estate Showcase and Forum on Monday, May 15 at 12:30上海贵族宝贝 上海千花网龙凤论坛 p.m.

The two residential rivals led TRD s most recent ranking of the city s top Manhattan firms, with Elliman edging out Corcoran with the highest number of agents, number of listings and listing dollar volume.

The industry heavy-hitters will du上海千花网交友 上海千花网论坛ke it out during our 10th annual showcase and forum, which kicks off at noon at the Metropolitan Pavilion in Chelsea. To catch the conversation, as well as three information-packed panels and a sneak peek of the hottest projects around town, buy your tickets today.

Here s what else is in the line-up:

— The impact the Trump administration will have on the real estate industry: How protectionism, bank deregulation and changes to the tax structure will affect the NYC market
— Looking at the post-peak luxury new development market: Selling in an increasingly competitive landscape
— Gauging the commercial slowdown: Amid a shift in activity and broker reshuffling, what’s next for the market?

To find out more information about the event, click here.

 

Tags: Howard 上海千花社区 上海千花网交友Lorber, Pam Liebman
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Chevra Anshei Lubawitz

Historic Borough Park synagogue sold to developer won’t be demolished — for now Chevra Anshei Lubawitz remains standing under judge’s order

Borough Park’s 新爱上海同城对对碰论坛 上海同城对对碰交友社区oldest synagogue at 4050 12th Avenu上海千花社区 上海千花网交友e (Credit: Google Maps)

Borough Park’s oldest synagogue will get the chance to stick around for at least a little bit longer.

A judge in Brooklyn has temporarily blocked the demolition of Chevra Anshei Lubawitz, located at 12th Avenue and 41st Street, which dev上海千花社区 上海千花网交友el爱上海 爱上海同城手机版oper Moses Karpen had planned to tear down and replace with a six-story apartment building, according to the New York Daily News. The synagogue would pay $3 million for the basement and first floor of the building and use it as a temple.

Karpen bought the building on June 14 for $3.1 million, but 17 members of the synagogue have said that they did not find out about the sale until days after it happened and that the building was not put on the open market before being sold to Karpen, a friend of a board member. Critics also say it was sold for at least $1 million less than its value.

Attorney Scott Mollen, who represented the synagogue’s leadership backing the sale, told the Daily News that the board had the property appraised and talked to several developers before selling.

The congregation wanted to make sure that they were dealing with a developer that they had confidence in and was highly respected, he said.

The synagogue opened in 1914, and while the board claims it badly needs repairs, opponents of the sale maintain that it is still in good condition. [NYDN] – Eddie Small

Tags: borough park, Commercial Real Estate, Develop上海夜网论坛 上海夜网ment
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The Real Deal November 2017

Last month, developer Harry Macklowe took the stand at his divorce trial.

His wife of 58 years, Linda, did not play a significant role in building his empire, he told the court. “My wife was my wife, but she played no role in assembling the buildings,” he said, to which Linda loudly scoffed.

The Macklowes  $2 billion divorce爱上海同城论坛 爱上海同城 trial which involves some of the city’s most famous buildin爱上海同城手机版 新爱上海同城对对碰论坛gs has captivated the tabloids. The Real Deal has closely followed the trial, and for our cover story, Macklowe vs. Macklowe,  we take a forensic look at the divorce, and the fortune that is being divided. We break down the financial assets th上海贵族宝贝交流区 上海贵族宝贝论坛at have been laid bare throughout the trial, and look at what a division may mean for the Macklowe empire.

Meanwhile, we look at how the New York City Housing Authority is dealing with its $17 billion backlog, and how its head Shola Olatoye is spending more time at the table with New York real estate players. We also look at Ashkenazy Acquisition Corporation s recent stake purchase at The Plaza Hotel.

We examine the challenged luxury condominium market,  and ask what Newmark Frank Knight’s initial public offering could mean for commercial brokerages. We also look at how Doug Harmon and Adam Spies are performing since their jump to Cushman Wakefield.

To 新上海贵族宝贝论坛 上海贵族宝贝交流区read the November issue of TRD, click here or on the “Magazine” tab on the top left of the homepage. Enjoy! — Miriam Hall

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Sydney Real Estate Market

Sydney s proper爱上海龙凤419桑拿 上海龙凤论坛sh1fty market cools After five years of growth, property prices are falling

(Credit: Pixabay)

Sydney s property market is cooling off after five hot years creating an opening for some bargain prices though not right away.

Prices are expected to drop between 5 and 10 percent in 2018 and many are attributing the changing market to tighter lending rules introduced by the Australian Prudential Regulation Authority, according to Mansion Global.

Mortgage-lending is stricter under the new rules as is borrowing for foreign investors and上海千花社区 上海千花网交友 Australians who live abroad using foreign sources of income to pay.

They’ve been heavily hit with some banks not even lending a cent to them,” said Chris Gray of Your Empire to Mansion Global.

The result is less interest from buyers, which, analysts predict, will lead to some deals on luxury properties though buyers will have to爱上海龙凤419桑拿 上海龙凤论坛sh1f wait it out to avoid the problem properties.

“The agents haven’t rung us for three or four years because they’ve had 101 buyers, whereas now they are ringing, but usually with pr爱上海龙凤419桑拿 上海龙凤论坛sh1foperties that have got fleas in the way or zero buyers on, or have got something wrong with them,” said Gray to Mansion Global.

In 12 or 18 months he expects some genuine bargains to appear. [Mansion Global] Erin Hudson

Tags: Commercial Real Estate, global real estate, Mortgages
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Nonprofit Real Estate

Why a nonprofit trust took out a $5.3M loan for 1,000 acres in North Carolina They’re risking it all for some historical answers

A drawing of a carving which was one of the only clues explorer John White found to explain wh上海龙凤论坛 新上海贵族宝贝论坛at happened to the Lost Colony. (Credit from left: Wikimedia Commons, GotCredit)

The North Carolina Coastal Land Trust is taking a big risk in the name of history.

The nonprofit trust is taking out a $5.3 million loan in order to buy a 1,000-acre property, according to the Associated Press, which it will preserve due to its history as the last-known location of the Lost Colony a group of English colonists who set up England s first settlement in North America in 1587 and disbanded by the time the explorer, John White, who returned to Europe for supplies, got back three years later.

It is believed some of the settlers joined Native American c爱上海同城对对碰 爱上海同城论坛ommunities, but further archaeological research is needed.

“That sit上海千花网交友 上海千花网论坛e can tell a whole century of North Carolina history from 1584 to the Tuscarora wars of the 1700s. It’s a century of No爱上海同城论坛 爱上海同城rth Carolina history that’s often forgotten because there are no standing structures for people to see,” said Phil Evans, president of the First Colony Foundation to AP. Evans is leading a dig on the property.

The deal is the nonprofit s first property buy, though it has worked to preserve about 70,000 acres since the early 1990s, and they plan to repay the loan using grants. [AP] Erin Hudson

Tag阿拉爱上海同城 爱上海龙凤419桑拿s: nonprofit, preservation, Real Estate Finance, Real Estate Loans
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Oceanfront Quogue home lists for $13.5M

A 1,600-square-foot home in Quogue is back on the market 上海夜网论坛 上海夜网for $13.5 million, nearly $3 million less than it had listed for back in 2016, Curbed reported. The five-bedroom home, which was built in 1993, has four bathroo爱上海同城对对碰 爱上海同城论坛ms, chef’s kitchen, a stone fireplace, an oceanfront deck, and a marble ensuite bathroom. While the interiors could use some up上海同城对对碰交友社区 上海夜网论坛dating, the property itself that’s the biggest draw: the home sits on three acres and has 212 feet of ocean frontage. The property, currently listed with Robert Cullen of Daniel Gale Sotheby’s International, was last sold in 2007 for $8.6 million. [Curbed]

Tags: Hamptons
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Southampton mulls more accessory apartments to ease housing shortage

Nearly 2,000 properties in Southampton Town could become eligible for accessory apartments under a plan designed to alleviate the South Fork’s housing crunch, according to Newsday. Th爱上海 爱上海同城手机版e town code requires that property owners have a three-quarter-acre lot to get a permit for an accessory rental. Local officials are weighing changing rul上海夜网 阿爱上海同城es to allow permits for owners on half-acre lots in less densely populated hamlets such as Bridgehampton, Eastport, Flanders, North Sea, Northampton, Noyack,上海同城对对碰交友社区 上海夜网论坛 Tuckahoe, Water Mill and Westhampton. The plan dictates that those rents be kept at affordable levels to serve Southampton’s workforce. Newsday noted the number of eligible properties still wouldn’t meet the 4,729-unit shortage outlined in a 2008 housing study, a number that has li上海千花网论坛 上海千花网kely risen over the last decade爱上海龙凤419桑拿 上海龙凤论坛sh1f. [Newsday]

Tags: long island
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