‘Recent Press’ in Press Archives

Astoria Sales Update - Maintenance Blues in Beekman Co-Op

 
ASTORIA—Astoria’s Piano Factory condos went rental, so what in the neighborhood is actually selling? According to reps for the building, the 36-unit Plaza 21 at 23-01 21st Avenue  is half sold. Maybe Queens buyers hate classical music? Plaza 21 also has that new Astoria look that’s so, uh, popular these days. Prices start at $312k [...]

Hipsters as Marketing Material: Billyburg’s Condos Confront the Incredulous

By William Alden
 
“People always ask about the development across the street,” broker Kevin Ferrara said, gesturing toward an empty lot out the window of a first-floor condo at 29 South Third Street in Williamsburg. “So I’m going to tell you.”
The lot, overgrown with weeds and rimmed by a chain-link fence with a barbed-wire coil, formerly [...]

Go Outside

 
516 West 47th Street
At 703 square feet, this apartment is plenty spacious for a one-bedroom, and the kitchen’s renovated. But in warmer weather, you’ll want to do your entertaining in the 500-square-foot patio, with its ample perennial border.
Broker: Robert Beacham, the Real Estate Group of New York.
$850,000

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.”

Residential rental market stagnant: report

The Manhattan rental market stayed relatively flat over the last month, according to the Real Estate Group NY’s March report, which measures rental activity from February 15 to March 15 (see full report below). Average rents crawled upward by .62 percent month-over-month, but were still down 1.52 percent compared to figures from the same time a year earlier. The vacancy rate, meanwhile, increased by about 1.21 percent month-over-month. The data, which was culled from around 10,000 listings in TREGNY’s proprietary database in the borough, all priced under $10,000 per month, showed considerable average rental price gains among Lower Manhattan units, with doorman one-bedroom units in Battery Park City, the Financial District and the Lower East Side showing gains of 5.71 percent, 2.74 percent and 3.7 percent, respectively. The East Village, meanwhile, showed gains across the board, with non-doorman studio rents climbing 6.69 percent, doorman studios increasing 7.69 percent and non-doorman two-bedrooms showing an average rent increase of 6.79 percent. According to last month’s Citi Habitats report, the rental market saw small month-over-month rent gains, but an overall decline year-over-year. TRD

Normality in the World of Manhattan Real Estate

The Real Estate Group of New York has released its latest batch of Manhattan market statistics: rents have seen a slight increase, it seems, but so have vacancies. The mean rent for a non-doorman one-bedroom is now $2,595.

The end of free lunches for NYC renters?

From the March issue: In the past year, New York City renters have come to expect a bevy of incentives, like months of free rent, landlord-paid brokers’ fees, and even — in the case of boutique luxury rental 436 West 20th Street — a butler. Could these perks be disappearing? In recent weeks, brokers have reported that landlords are doing away with concessions, and even increasing rents. “As their vacancies begin to drop, landlords around Manhattan are beginning to test rent increases,” noted Daniel Baum, CEO of the Real Estate Group New York, in a January market report. “Some of the major players, and even a few small outfits, have begun to remove concessions and bump up prices … around $100 to $200 per unit.”

The new negotiability

During the boom, purchasing a new condo was like buying Manolo Blahniks or an Armani suit: Shopping in an elaborate showroom, buyers wouldn’t dream of offering less than the sticker price.

These days, the showrooms are still around, but the process is more like haggling at a flea market.

Residential Deals

$3.4 million

101 Warren Street

3-bedroom, 3.5-bath, 2,208 sf condo in a new elevator building; 24-hour doorman; concierge; unit has high ceilings and views of the city and the Hudson River; building has roof deck, fitness center, children’s play area; common charges $1,998 per month; taxes $4,440 per year (abated); asking price $3.905 million; 87 weeks on the market. (Brokers: Angeli Dahiya, Heather Cook, Corcoran Sunshine Marketing Group; Lyon Porter, The Real Estate Group NY)

“This was an outdoor space search. It was a couple. For both people, really, that was an imperative. They were from Texas [and] were relocating, so … they didn’t know exactly where they wanted to live. We saw properties in almost all areas below the park.”

Lyon Porter, The Real Estate Group NY

The end of free lunches?

In the past year, New York City renters have come to expect a bevy of incentives, like months of free rent, landlord-paid brokers’ fees, and even — in the case of boutique luxury rental 436 West 20th Street — a butler.