‘Blogs’ in Press Archives

Is Bed-Stuy’s 315 Gates NYC’s Cheapest New Development?

 
Location: 315 Gates Avenue in Bedford-Stuyvesant
Size: 72 units
Prices: Prices begin at $195,000 for a studio
Architect: Karl Fischer (with interiors by Durukan Design)
Developer: Select Holding Corp.
Sales & Marketing: The Developers Group/TREGNY
Lowdown: Straight from the mind of Karl Fischer to the Bed-Stuy/Clinton Hill DMZ is 315 Gates. The building gets the Post treatment today thanks to its [...]

315 Gates Merges Luxury with Affordability

Bed-Stuy Blog.com
I’ll be the first one to admit that I was a little sad to see them demolish the building that once stood on the corner of Gates and Bedford, because I thought it was a beautiful building and I had secretly hoped that it would be restored. These days I don’t feel so bad [...]

Still Rental Deals to be Found on the Upper West Side

 
Throughout the city, rents have been rising gradually, and fewer apartments are sitting empty. But the Upper West Side rental market is a mixed picture, according to a rental market report released today by The Real Estate Group of New York (TREGNY).
In fact, two bedrooms in buildings without doormen continue to fall in price, and [...]

Manhattan Rents Ring Up Little Higher, But So Do vacancies

It’s time for the Manhattan rental market’s monthly weigh-in from the folks at The Real Estate Group New York. Recent months have seen rents on the way up and a few concessions vanishing, with only mixed success for landlords. So how’s the market lookin’ now? Rents are up from February by a slight 0.62 percent, but down from last year by 1.52 percent. Rents in doorman buildings have seen an uptick, but so have vacancies, which rose 1.21 percent month-to-month. Frowny face? Not according to TREGNY, which has turned to Pollyanna for the market analysis: “Given the low activity levels and price increases, this modest climb is actually a good sign for the overall health of the rental market.”

Landlords See Mixed Success With Rent Increases, Report Says

The last week of the month means, yup, another monthly Manhattan rental market report from the folks at The Real Estate Group New York. The last report contained the bombshell claim that landlords were pulling back on concessions and even testing rent increases. But this month’s analysis of how well those increases went is a little less daring. TREGNY reports: “Landlords were beginning to test the market by removing concessions and increasing rents, and it seems that at least some of these tests were successful. While some properties did return to their original offerings, there were equally as many that did not.” So that’s cleared right up! And what are the hard numbers on rent and vacancies?

Report Claims Manhattan Landlord Testing Rent Increases

Yes we’ve been blitzed by rental market reports lately, but the scary numbers for landlords at the end of ‘09 make the findings in The Real Estate Group New York’s January Manhattan rental report feel almost uplifting. Almost. Rents have stayed relatively flat month-to-month, though they have fallen 6.5 percent in non-doorman buildings and 10.5 percent in doorman buildings since last year. This month the brokerage reports that inventory is down 17.66 percent, and—here’s the interesting bit—landlords are confident enough that the world isn’t ending that they’ve started creeping out of their fallout shelters to strip the concessions out of their listings and start increasing rents by $100 or $200 per unit over previous months. TREGNY circumspectly comments that “whether or not Manhattan’s rental market can handle these increases is still yet to be seen.” Indeed.

Manhattan’s Apartment Market Stabilizes

NEW YORK CITY-As a gauge of the multifamily sector’s health, a trio of new reports on Manhattan apartment-unit sales offer some encouraging indicators and dovetail with a recent report on the island’s rental market and Real Capital Analytics data on apartment property transactions nationwide. The fourth-quarter 2009 Prudential Douglas Elliman Manhattan Market Overview shows volume up 10.9% over the prior quarter, while both Brown Harris Stevens Residential Sales and the Corcoran Group say Q4 closings showed a year-over-year gain. Inventory levels have also dropped, says the Douglas Elliman report, which is prepared by Miller Samuel.

Rent Too High? 09 Manhattan Rental Report Has the Answer!

Think the dropping of a big fancy ball means the real estate industry can forget about a horrific 2009? Not so fast! Tomorrow the brokerages will release their quarterly sales reports for the Manhattan market, but before that, The Real Estate Group New York is tying a bow on the bag of flaming dog poo that was the Manhattan rental market. The brokerage’s year-end rental report is out, and it plays like a greatest hits collection of landlord miseries. Rents? Down. Concessions and incentives? Up. The traditional summer surge? Largely nonexistent. The downward spiral of prices is cushioned by the report’s failure to account for freebies offered to renters, but we doubt there’s much room for positive spin for building owners. As for 2010 predictions, TREGNY expects a “slow start,” but sees potential. Or maybe they’re just banking on the power of positive thinking?

Report: Small Apartments on UWS Keep Getting Cheaper

Average rents for small apartments on the Upper West Side dropped considerably again this month, with studios in apartment buildings without doormen falling more than 5% month-to-month. Larger apartments, however, actually got more expensive, according to the The Real Estate Group of New York (TREGNY), which put out a report on Monday about December rents. Two-bedrooms in non-doorman buildings were actually renting for about 6% more in December than they were in November. (One notable exception for small apartments: one-bedrooms with doormen increased in price by nearly 2% in December). The numbers jump around quite a bit from month to month, however, so it’s difficult to determine whether these trends will last. The report is based on thousands of listings for rentals in Manhattan and omits ultra-luxury apartments.

Demand Relatively Stable for Manhattan Two-Bedrooms

Manhattan’s two-bedrooms have long been popular for young professionals and couples with a young child. But the market appears to benefiting as renters double up to shave costs.

In such addresses lacking a doorman, December’s rents dipped 1% from a year earlier to $3,672, better than a 3.8% drop for studios. For two-bedrooms boasting a doorman, asking rents declined 4.81% to $5,086, outperforming a near 7% drop for studios, according to the Real Estate Group NY’s December Manhattan Rental Market Report.