Warren Buffett said it best, "Price is what you pay, value is what you get . . . It is wise to be fearful when others are greedy and greedy when others are fearful."
Read MoreBefore someone decides which is the best city to invest in real estate, they decide why they should choose real estate as opposed to stocks and bonds, for example. In this article we will discuss the why and the where to help our many current clients, and our future clients, to make wise decisions and the best choices.
Read MoreExperienced stock investors make money by choosing their stocks wisely. They may invest in a well-established publicly-quoted corporation, be it large, medium, or small cap. They may choose to put their money in a promising IPO, or even in a non-traded business because they see its future very clearly.
Read MoreBuying New York City property is a complex process--and making your offer is an important part of that process. Deciding on your offer is part art and part science. You want to pay the lowest amount possible for your new property, but you also want to be sure that you don't offend the seller. Not only that, you want to be able to secure the property you have your eye on, especially if you know that it's the right one for you.
Read MoreThe fact is, every real estate buyer should have his or her own buyer’s broker, whether that buyer is a current resident, relocating from another state in the U.S. or country, or buying an investment property.
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Real estate is always hyper-localized, so when you hear that there might be an oversupply of new condos in the Manhattan real estate market in 2019, note that four fringe Manhattan neighborhoods will be most affected - the Financial District, South Street Seaport, Lower East Side & East Village.
Read MoreForget Silicon Valley – many of today’s top tech executives are choosing New York’s Silicon Alley.
Read MoreThere are a multitude of reasons that a real estate buyer might consider purchasing property in Manhattan, whether it’s for a new home, a new job, or your family. It’s a wonderful place to live, especially for those seeking exposure to the arts, diversity, and culture. However, even if you are not considering relocating to New York, there’s still a fortune to be made by purchasing properties in the Manhattan as investments. Because the city has become such a hotbed for real estate, you’ll want to be sure you’re keeping in step with the other professionals looking for the winning property. Here’s our list of five ways to invest in Manhattan real estate like a pro.
Read MoreAs foreign buyer specialists, we are often asked many legal and tax questions by our foreign buyers. For instance, Can a foreigner buy property in the US? What taxes does a foreigner need to pay when buying Real Estate in New York? What is FIRPTA? Should I set up an LLC or should I buy in my own name? These are just a few of the questions that have been asked over and over from our foreign buyers.
Read MoreRead MoreA gaggle of noteworthy architects are due to put their stamp on the Hudson Yards megaproject, but if the Wall Street Journal is to be believed, two bona fide starchitects may be joining their ranks.
WSJ reports that “a person familiar with the matter” claims that Santiago Calatrava and Frank Gehry have been tapped to design buildings for the megaproject’s second phase, due to rise over the west side rail yards (stretching between 30th to 33rd streets from Eleventh to Twelfth avenues).
It’s estimated that 15% of the real estate transactions that occur in Manhattan are carried out by foreign buyers. These individuals are often in search of diversity and safety by investing in Manhattan real estate. Often, they are searching for a home for their child studying abroad, a second home for themselves, or an investment property that will provide yield and capital appreciation. In all cases, these buyers have unique needs and concerns. If you’re a foreigner looking to buy real estate in Manhattan, here’s a checklist to guide your search.
Read MoreMost foreign individuals moving to the USA already have a set of ideas about American culture. Media, politics, or history may leave individuals excited about the potential for the future, yet simultaneously nervous about the new people and places they will discover. If you’re preparing to buy residential property in the USA, here are some facts you’ll need to know, and advice for some things to do early on to ease the transition into a new culture.
Read MoreIf you’ve reached the decision to sell your Manhattan property, you’ll be doing so in a fast-paced real estate climate. You’ll need to find a way to stand out in the crowd, impress people with your home’s layout and decoration, and then make sure you’re getting the best return on your investment possible. The following tips should help you to efficiently sell your Manhattan residential property as a foreign buyer.
Read MoreRead More"Buyers — A price correction already occurred, and over the last year or so the broader market has shown signs of stabilization and normalization. If you have a real need to buy and you find the right property, utilize this slow period for any leverage you can get in negotiations — you never know when a seller has had enough, and is ready to hit that bid."
The fourth quarter of the 2017 real estate market in Manhattan is one best described as stable, with the last three out of four quarters showing an increase in closed sales activity. 2017 was a much better year than 2016, although there has been a marked drop in the number of signed contracts in the quarter year-over-year that can be primarily attributed to non-market factors such as tax reform and political climate.
Read MoreWhen a foreign buyer is looking for Manhattan real estate for sale, one of their biggest concerns is ensuring they’re truly seeing the properties that are the best fit for them. In such a vast market, with so many properties listed and sold each day, a foreign buyer wants the confidence that their broker is directing their attention to the right opportunities, and has the connections and abilities to seek them out. If you’re considering buying property in Manhattan, but don’t live inside the United States, here are some search tactics you and a broker can use to help you find the perfect property from abroad.
Read MoreBuying residential property in another country can be intimidating, but with the right broker partner, foreign citizens buying property in the United States have little to worry about. Foreign citizens are legally allowed to buy residential property in the United States, but they will have to follow certain tax rules both in the US and possibly in their home nations. Just because a buyer is a nonresident doesn’t automatically mean they must pay additional taxes. Some of these taxes might even be paid by a U.S. citizen, too, under certain circumstances. Here’s the US property tax specifics that foreign and luxury buyers need to be aware of when shopping for homes in Manhattan and Miami.
Read MoreNow that tax reform has been passed by the US Congress, we know for sure that some people stand to gain significant wealth from the new tax rules that will be implemented in 2018. As a general matter, the new law is expected to be very favorable to investors of real estate and the wealthy, regardless of whether one is in a high-tax state or not.
Read MoreThe residential real estate market of Manhattan presents a lot of variety both in price and style. Comprised of about 25% condos, 70% co-operatives (co-ops), and 5% townhouses, the population and metropolitan style of Manhattan means there aren’t many single-family homes for sale on the island. No matter whether you’re an investor looking to make income off your property purchase, or a new resident hoping to find a forever home, you’ll want to know what types of property are available to you. Below is a breakdown of the Manhattan market to help you get a sense of the city’s many offerings.
Read MoreIf you are living outside the U.S. but considering a move stateside, you’re actually in luck. The housing market in the United States is extraordinarily friendly and convenient to any foreign persons who want to invest in property throughout the country. The American government doesn’t maintain restrictions or charge hidden fees, such as extra stamp duties, to a non-citizen seeking out a home or smart property investment in the country. In fact, the experience of home buying in the U.S. may not differ too wildly from the experience in your home country. That being said, there are four rules any foreign investor needs to keep in mind as they begin their search for property in the United States.
Read MoreRead MoreYIMBY has the latest renderings for Extell's Central Park Tower at 217 West 57th Street, which will soon become the tallest skyscraper in Manhattan by roof.
If you're looking for a solid investment, you have many choices. Over many years, however, real estate has been one of the most popularly and widely recommended investments. There are quite a few reasons for this. Before investing, it's important to consider your unique needs, personality, and budget. However, real estate is an investment worth considering regardless of your situation. Let's look at the top 5 reasons to invest in real estate.
Read MoreThe annual UBS Global Bubble Report revealed that once again New York real estate prices are fairly valued. UBS economists analyzed the data of 20 financial centers, of which New York, Boston, Milan and Chicago were determined not to be either fairly valued or under valued. The remaining 16 cities were either classified as either in bubble territory or over valued.
Read MoreA rare 20-Year tax abatement has popped up in Manhattan at a handful of condominium projects across the city at:
Read MoreNever before has America had a New York City property developer and real estate broker (yes, he has a NYC broker’s license) sitting in the White House. While many of us may not agree with Trump’s behavior and policy positions, one thing for sure is that Trump will be pro-property and pro-real estate.
Read More10 Hudson Yards finally opened its doors yesterday, four years after ground breaking. The 52-story commercial tower built over the rail yard next to the High Line at West 39th Street and 10th Avenue in New York will house corporate heavyweights like Coach, L’Oréal, SAP, and Boston Consulting Group, to name a few.
Read More"The global population of ultra-high-networth individuals (UHNWIs) has grown by 60% in the 10 years since The Wealth Report was first published. According to data prepared for the 2016 report by wealth intelligence company New World Wealth, there are now 187,500 UHNWIs with $30 million or more in net assets, excluding their principal residence, around the world. This figure is up 61% from 116,800 in 2005."
Read MoreThe Manhattan Real Estate Market median and average sales price, as well as the average price per square foot, reached the highest levels recorded in 27 years in Q4 2015. The resale market remained tight with low inventory, fast pace and rising prices. New development closings are on the rising as well. While many regions are suffering enormous instability, NYC, in contrast, is one of the last bastions of stability. In 2015, Manhattan saw record job growth and the highest number of people employed in history. We expect similar market conditions to carry over into 2016.
Read More"The Donald Trump-developed condo tower at 845 United Nations Plaza has the highness total tax assessment in the city, according to Department of Finance data."
Read More"Condominium-plan submissions to the New York State Attorney General are the highest they’ve been since 2007, according to a TRD analysis of applications data."
Read More"The 33-story mixed-use tower at 16 West 40th Street is the first ground-up New York project by the British architect known for his pared-down aesthetic."
Read More55 West 17th offers a collection of 53 distinctively modern condominiums in the heart of Chelsea. Come explore these magnificent residences today.
Read MoreWhile 432 Park is over 70% sold out, the tony New York City Condo building has been having a hard time selling its high, full floor apartments. It's no wonder that they remain unsold, since full floor units at 432 Park measure over 8,000 square feet, enormous for New York City condos. And, since they are on some of the highest floors, very expensive as well (close to $80 million).
Read MoreWith land, development and construction costs clocking in at $5,000 per square foot, no wonder why prices at 220 Central Park South in NY are breaking records. While one would think high prices and related costs would be an impediment to sales activity, the Real Deal states that the building is more than 50% sold, despite not being open to the public just yet. We are not surprised, having seen all the details of the project with a few of our clients at the makeshift showroom.
Read MoreNew York real estate prices are fairly valued, according to the new UBS Global Bubble Report. In the report, UBS economists analyzed the data of 15 financial centers, of which only two were rated as being at fair value, New York and Boston, with most others classified as overvalued or in bubble territory.
Read MoreWe have been obsessed with Zaha Hadid’s first New York Luxury Condo project, located along the High Line at 520 W 28 Street, ever since we first heard about it a few years ago. Zaha Hadid, the only female Pritzker Prize winner, is one of the most talked about architects in the world, having a very distinctive personal design aesthetic that eschews typical rectangles and squares that define most architecture. Inside and out, the space-age building in West Chelsea features organic shapes that result in a very attractive and one-of-a-kind design; even much of the glass curtain wall has rounded corner glass details.
Read MoreThe Manhattan real estate market continues to be very strong. Prices are up 7% from one year ago, with the average condo selling for $1,589 per sq. ft. and luxury condos selling for $2,551 per square foot. Buyers, however, continue to have a difficult time finding properties, as inventory remains low. This forced a 13% decline in sales activity of condos. Had there been more properties for sale, sales activity would have been much higher. We see the trend of low inventory continuing, even as more new development comes on the market.
Read MoreNo longer is gold in vogue as a common store of wealth as it has been in the past. Both property and art have grown in terms of importance for the sophisticated investor.
Read MoreAs current condo and coop buyers know too well, buying property in Manhattan isn’t as easy as one would think. Among the vast array of buildings in the city, there were only 10,243 properties for sale in the quarter, a record low. The inventory was split into coops and condos 51% and 45%, respectively.
Read MoreWith the flagship hotel and residences’ recent opening, Baccarat has brought French flair to the heart of Midtown Manhattan, located just off Fifth Avenue on West 53rd Street, across from the MoMA. Two full floor units have sold, this one and another one that should be closing soon. For $19.75 million the buyer purchased the 43rd floor, which has over 4,500 square feet. Now, the building is 71% sold and there are only 17 units left raging in sizes and prices from $3,800 to $8,128 per square foot according to Streeteasy.com.
Read MoreThe Manhattan condo market results for Q1 2015 are in and the results were quite positive, setting the tone for a good 2015. During the quarter, Manhattan had the highest number of sales for any first quarter in over 6 years and closed sales increased 12% vs. the same period in 2014. Inventory tightened further, as days on the market dropped. The market continues to be undersupplied, but 2015 may bring some relief in terms of new development. However, with activity so high - buyers signed contracts at a record pace in the quarter for properties priced over $4 million during the quarter – we believe 2015 will still be a seller’s market.
Read More111 West 57 Street NY condos, the world’s skinniest tower, aka the Steinway tower, will officially start sales by the end of May. As we get closer to the launch, more info is now available about the project. For one, the height is going to be 1,428 feet tall, which is considerably higher than its neighbor One57, which is 1,005 feet tall. This will make it one of the tallest in NYC, however, it will be a bit shorter than 217 West 57 Street, which is anticipated to come in at 1,500 feet tall.
Read MoreWe see the Financial Times is catching up to what has been happening in Manhattan’s ultra-luxury segment. And, while they are correct in that there will be a lot of New York ultra luxury homes coming to the Midtown / 57th Street corridor, long-term demand for this sliver of the market should remain quite high if the projected increase in global Ultra High Net Worth Individuals (UHNWIs) has anything to do with it.
Read More1110 Park Avenue is a boutique condominium that features only nine residences in New York. Each unit boasts great views of Park Avenue with all of its greenery, through oversized windows. The design of the buildings is very classic and in keeping in line with those trophy buildings in the immediate neighborhood.
Read MoreBattery Park’s luxury building, River & Warren, is making a splash in Lower Manhattan. The 28-story tower located right off the Hudson River overlooking Nelson A. Rockefeller Park is a condo conversion from a rental building.
Source: rew-online.com
River & Warren, aka 212 Warren, is a gut renovation of a rental building into luxury condos in Battery Park NY. What we love most about the building is its position along the Hudson River and Rockefeller Park, as well as the luxurious interiors that are designed with neutral tones – think white, oak and grey.
Read MoreLooking to the future, one constant remains the rise of the Asian powerhouse cities, the relative decline of the European centres and the tussle between two global behemoths – New York and London, with New York expected to be the most important city for global UHNWIs in 2025.
Source: www.knightfrank.com
In its recent Global Cities Survey for 2015, the Knight Frank Wealth Report ranked New York City #2 global city, losing out to London. But, that should be short lived, as the same survey projects New York City to regain its top ranking by 2024. The Global Cities Survey monitors the cities
Read MoreNYC luxury real estate has been heating up, despite the sub-freezing temperatures that marked February 2015 as the coldest February in over 80 years. The market for properties over $4 million is on fire, rising to 116 signed contracts, an increase of 23% over last February, making this month the highest number of signed contracts over $4 million on record. January fared well too, with 98 signed contracts, about the same as last year. With such sales strength of luxury properties during this brutal winter, we are expecting a banner year for the NYC luxury real estate market for the balance of 2015.
Read More20 East End Avenue, designed by renowned architect, Robert A. M. Stern (famous for 15 Central Park West, 520 Park and 220 Central Park South), is one of the most elegant new developments in Manhattan. The Upper East Side condo building will feature only 43 units, mostly larger, stately apartments (including two townhomes with separate entrances) with some of the best finishes we have seen in Manhattan.
Read MoreManhattan’s rental-to-condo conversion craze has continued unabated, amid rising prices, the lack of available buildable land, and low condo inventory. Over the last year, major new condo conversion projects have been announced at a record pace throughout Manhattan, from the Upper West Side all the way down to Battery Park. To-date, the driving force behind the conversion trend was a number of economic challenges and opportunities; however, a major new policy shift is set to fuel even more conversions, creating a huge opportunity for both building owners and future buyers.
Read MoreAt 777 feet tall, this iconic glass tower will be an elegant addition to the Madison Square Park skyline. The floor-to-ceiling glass design grows progressively wider toward the top of the building and towers over most of the surrounding buildings, given the low-rise neighborhood where it is located in NYC. The Madison Square neighborhood is very much in vogue and now the epicenter of NYC’s rapidly growing technology sector. 45 East 22 Street will be a welcome addition to the neighborhood where both One Madison and 10 Madison Square West - two other tony new luxury condominiums in the neighborhood - have had great success.
Read MoreNew York unemployment rate hit the lowest level since the dark days post-Lehman in November 2008. The seasonally adjusted unemployment rate in New York dropped to 6.8% in September 2014. The 1.8-point year-over-year drop took place at the same time the labor force expanded by 0.8%, suggesting a much greater improvement than can be discerned solely from the unemployment rate. The declining unemployment rate has, in part, put upward pressure on rents and prices of New York real estate. Manhattan rental rates for September are up 5.2%, while condo prices are up 7% (on a price per square foot basis).
Read MoreManhattan housing prices continued their rise at a decent pace in the 3rd Quarter, as demand outstripped resale inventory supply. While the number of New York properties for sale was up significantly in the quarter, most of the new inventory entering the market has been for new construction projects that won’t be delivered for another year or two. Anyone who is currently in the throes of a property search will know that the number of properties available for immediate occupancy is very low. While the sales pace in the 3rd Quarter relaxed compared to last year, the market is still very competitive, with more than 50% of the properties closing at asking price or higher and over 50% of the condo deals closing in cash.
Read MoreWe are very excited to announce for the third year in a row that Manhattan Miami Real Estate has won the category of Best Real Estate Agency Website in the USA 2014-2015 at the International Property Awards regional ceremony held in Los Angeles, California on September 19, 2014. As the highest-scoring winner in the USA, Manhattan Miami Real Estate will automatically be entered into the International Property Awards final competition and compete against all other regional winners for the coveted title of World’s Best.
Read MoreAnchoring the eastern end of Billionaire’s Row, this long-awaited 65-story luxury tower by World Wide Group and Rose Associates will soon rise at 252 East 57 Street on the corner of Second Avenue. Designed by Skidmore, Owings & Merrill (SOM), the building’s most distinctive feature is its curved glass façade, making it one of the most unique New York City luxury properties in terms of architecture.
Read MoreDesigned by Thomas Juul-Hansen, the Danish modernist architect responsible for designs at 50 West Street and 505 West 19th Street, as well as the interiors of One57, 210 West 77 will rise 18 stories between Amsterdam and Broadway on West 77th Street in New York. This is an area that has few New York condos for sale, so this building will be very welcome addition to a great Upper West Side neighborhood that is home to Zabars, Fairway, Apthorp, Museum of Natural History and, of course, Central Park.
Read MoreAgentfolio provides a unique collaboration experience between our homebuyers and Manhattan Miami Real Estate agents. With Agentfolio, the entire home buying process becomes a much more efficient and pleasant experience. Agentfolio has all of the available New York properties for sale in its databases. In addition, Agentfolio is the only real estate platform that allows multiple people involved in a home search to collaborate in a central place, rather than crowded email inboxes.
Read MoreThe Four Seasons Private Residence Downtown is destined to be one of the finest Manhattan Luxury Properties in all of Downtown New York City when it opens in late 2016. This prestigious hotel and condo building will rise 926 feet tall over 82 stories, making it one of the tallest residential buildings in all of downtown. Located in sophisticated Tribeca, just north of the World Trade Center, the building will serve a huge need in the area for true 5-star hotels, as well as private residences with 5-star hotel services.
Read More35 Hudson Yards, the second residential building coming to Hudson Yards at 33rd Street and 11th Avenue in New York, will rise a few blocks north of 15 Hudson Yards and the fashionable High Line Park. Unique in its cylindrical design, 35 Hudson Yards will be one of the tallest Manhattan Luxury Condo buildings in Manhattan, rising 1,000 feet over 79 stories. In addition to the condo component, the building will include a 150-room, five-star hotel with ballroom and luxury spa. The condo will have specially designed luxury amenities to pamper residents and access to amenities at the hotel.
Read More15 Hudson Yards, the first residential building coming to Hudson Yards, the 28-acre mixed-use redevelopment project due west of Penn Station on the Hudson River, will be located at 30th Street and 11th Avenue, adjacent to the fashionable High Line Park. Taking the form of what looks like two double barrel shotguns fused together, its multi-cylindrical appearance is a standout in a city full of right angles.
Read MoreThe Pierhouse offers contemporary townhouse-like living, except with expansive, protected views of Brooklyn Bridge Park, the Manhattan skyline and New York Harbor. Given its location, a short ferry or subway ride from Wall Street or Midtown, Pierhouse could be a great alternative to Manhattan Luxury Properties, which are priced much higher. Also, it’s only a 5-minute walk to both Dumbo arts district and Brooklyn Heights historic district.
Read MoreViews. Views. Views. 50 West Street is a standout among Manhattan Luxury Properties in Downtown. Rising 760 feet tall, high above its neighbors, the building’s position between Rector Street and West Thames Street guarantees breathtaking views of Statue of Liberty, Ellis Island, New York Harbor, and the East and Hudson Rivers in New York.
Read MoreTechnology is playing a greater role in New York City’s job market and, consequently, in the New York Real Estate market. A recent study found that New York’s Silicon Alley has almost 300,000 jobs in its high-tech “ecosystem,” which includes both tech and non-tech jobs from programmers to sales reps. These jobs pay almost 50% higher than the average city-wide wage. At the beginning of 2014, approximately 7% of the city’s population was in the high-tech industry, generating 12% of the city’s tax revenue. NYC tech jobs, however, are being created at a higher pace than in any other sector - growing four or five times faster than the rate in the rest of the city.
Read MoreSuper-tall, thin, sexy and elegant! One would think I was referring to the latest runway models at fashion week, but, actually, I am referring to the new super-tall, ultra-luxurious towers rising, or set to rise, from 950 to 1,550 feet tall along 57 Street (and its environs) from Park Avenue to Broadway, now dubbed by many as Billionaire’s row in New York. While the intersection of 57 Street and Fifth Avenue has long been the epicenter of luxury in Manhattan, never has it been home to the most exclusive of New York residential real estate. Soon, however, that will forever change.
Read MoreThe newest proposed tower of the bunch, 520 Park Avenue, is being developed by the Zeckendorf’s, the same team behind 15 Central Park West, 18 Gramercy Park and 50 United Nations Plaza. Its’ 31 units will rise only 51-stories, making it by far the shortest of the bunch. However, given that it sits on a prime mid-rise block in the Upper East Side, on 60th Street between Park and Madison Avenues, apartments will have great views of Central Park and the city while, at the same time, being in a traditional New York neighborhood.
Read MoreSet to be one of the very tallest residential buildings in New York at a height of 1,398 feet, 432 Park Avenue will tower above all of its neighbors, including 520 Park Avenue, which lies three blocks north and is only 781 feet tall. The building sits directly south of the Four Season’s Hotel - between 57th and 56th Streets and Park and Madison Avenues – a location that has long been synonymous with luxury. 432 Park Avenue is in the middle of construction and completion is anticipated for 2015.
Read MoreTower Verre has been resurrected after the financial crisis put a damper on its plans to go vertical. We expect the building to rise 1,050 feet tall into the New York skyline, a bit shorter than its original 1,250-foot design. According to the WSJ, the tower will rise 72 stories and feature 145 ultra-luxury condos, designed by Thierry Despont. A hotel is planned for the lower floors, as well as space for the Museum of Modern Art (MoMa), the source of the building’s nickname MoMa Tower. Tower Verre is located at 53 West 53rd Street, between Fifth and Sixth Avenues.
Read MoreThe skinniest tower of them all, if not in the world, is 111 West 57 Street, located between Sixth and Seventh Avenues in New York. At a height of 1,350 feet, it sits on a lot that is only 60 feet wide (or 18 meters). Incredibly slender, every unit in the tower, which starts on the 17th floor, will be a full floor residence comprised of no more than 4,000 or 5,000 square feet - a great building for those who don’t want any neighbors! In addition, like One57, the building will almost bisect the park, creating amazing symmetrical views of Central Park to the North. Covered in bronze and terracotta strips, taking notes from New York’s buildings of the past, the building will have a number of setbacks along 57th Street that are the basis for it’s nickname Stairway to Heaven. The façade of the landmarked Steinway Building, which sits on the site, will be preserved, but the remaining part of the building will be demolished and used as amenity floors and residences. This super skinny tower, designed by SHoP Architects, will have only 80 units, including duplexes and a four-story penthouse. Combine the unique design, outrageous symmetrical views of Central Park, the successful team that brought us the exquisite restoration and renovation of Walker Tower (JDS and PMG), along with the full floor concept, and I think we have a great contender here. Occupancy anticipated in 2017. Exclusively marketed by: TBA. To learn more about each of the Ultra-Luxury 7 buildings developing along the 57th Street corridor, click on the links below:
Read MoreExtell’s second ultra-luxury development along 57th Street, 225 West 57, also known as the Nordstrom Tower, will rise just one Avenue due West of One57, which was also developed by Extell. At a potential height of 1,550 feet, the building will tower over both, its sister building, One57, and its soon-to-be-neighbor to the north, 220 Central Park South, by at least 500 feet.
Read MoreIn the April 2014 issue of Commercial Property Executive Magazine, the Co-Founder of Manhattan Miami Real Estate, Anthony Guerriero, was quoted in the article titled Hudson Yards Launches a Neighborhood. Below is an excerpt from the article:
Read MoreAs Hudson Yards construction activity is picking up, so are the weekly announcements of new ultra-luxury and luxury condo developments along the High Line Park, the 1.6 mile elevated train track turned public park that runs north from the West Village through West Chelsea to 34th Street in New York. Long an industrial no man’s land, West Chelsea was once littered with parking lots, nightclubs, auto repair shops, manufacturers, warehouses and a sprinkling of art galleries. But, that is all about to change.
Read MoreHudson Yards, the long awaited mega-development on the far west side of Manhattan, located due west of Penn Station, is finally rising. A year ago, we were questioning whether the new Hudson Yards development would ever happen. Over the last six months, however, as ground breaking has finally taken place on a few of the planned skyscrapers and Fortune 500 Companies, including L’Oreal, SAP, Time Warner, and Coach, have announced future moves to the area, the Hudson Yards has finally found its stride.
Read MoreAdjacent to the High Line, 508 West 24th Street is a new 10-story condo by architect/developer Cary Tamarkin in the West Chelsea neighborhood of Manhattan. With only fifteen sun-flooded residences ranging from 2,200 to 3,300 square feet, the building’s units will all feature views of the High Line Park.
Read MoreHalcyon is a 32-story luxury condominium tower located at 305 East 51st Street offering 123 premier residences in the heart of Midtown East neighborhood in Manhattan.
Read MoreAccording to global real estate brokerage, Savills' Plc, New York City ranked only second to Tokyo in terms of “above-gilts” yield when comparing this measure across the top 10 global cities. Behind New York City, was Paris and then London. “To understand the true appeal of residential as an asset class in each city”, Savills' analysis compared the “above-gilts” yields (gross rental yield less 10-year treasury bond yield for the respective country) for each of the 10 global cities. Savills' believes the above-gilts yield measure “sheds light not only on where income investors might put their money but also on how out of synch with underlying occupier demand a city’s residential values might be.”
Read MoreFor the last 9 months, we have been telling our buyers about the shortage of available inventory for sale in NY and how that will play out in the market. Well, Bloomberg finally picked up on the trend with its recent article titled: “Manhattan Homes Under $3 million Never Harder to Buy”. The article and accompanying video discusses the factors that created this inventory shortage and the resulting effect on buyers. In essence, the rising price expectations by sellers and lack of new development in the non-luxury segment (developers have only focused on more expensive luxury and ultra-luxury condos starting around $2,400 per square foot, a result of rising land prices) have caused this shortage.
Read MoreOne look down West 57th Street and it is easy to see how Manhattan is quickly becoming an ultra-modern metropolis, with tall, narrow glass towers more akin to Cloud Atlas than the old-world European charm from which New York was formed. While the dazzling skyscrapers of staggering heights have served to attract billionaire investors for the world over, some neighborhoods are less than welcoming to the new look of the city.
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It is hard to imagine a location more sought after than 57th Street in Manhattan. Everyone knows that the intersection of 5th Avenue & 57th Street has long been the epicenter of luxury. That epicenter has now extended along 57th Street. Billionaires from around the world have taken interest in the prestigious new glass towers peppering the New York skyline and have been anonymously placing bids on the soon-to-be completed condos for upwards of $90 million. Why has this location become so popular? Well, 57th Street in New York has long been home to well-deserved international prestige: the world’s best views of Central Park, unparalleled shopping along 5th Avenue, and the proximity to the most affluent and influential people in the world.
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