Category: Buyers

Michael Stern Discusses New York’s Stella Tower & New Real Estate Developments

An interview with Michael Stern, one of the key developers behind the now renown super-luxury Chelsea development, Walker Tower, which broke price records and paved the way for even more high-end developments downtown. His newest luxury development, Stella Tower has been selling extremely fast in Hell’s Kitchen. CURBED published the floor plans for the yet to be released $14 million Penthouses a week ago. Stella Tower is being marketed by Douglas Elliman. To me, the rapid transformation of fringe neighborhoods into luxury enclaves like West Chelsea and the continued development of Hell’s Kitchen is truly an incredible New York real estate story. While some lament the past, I lived in Hell’s Kitchen in the early 1990’s and one certainly had to watch one’s back walking home at night. Not any more. New York continues to transform as it always has. – NYS Disclosure

 

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Bond Street and the Allure of Noho’s Luxury Real Estate

Bond Street and the Allure of Noho’s Luxury Real Estate Noho Views | Photos by Tony Sargent (C) 2014

One of the most exclusive streets in Noho, Bond Street is receiving a few new luxury neighbors. Currently under construction is Annabelle Selldorf’s 10 Bond Street, which is selling well and receiving praise for its design. Prices start at $4.55 Million (Exclusive is with Corcoran Sunshine). BuzzBuzzHome wrote that 31 Bond Street, a six story cast-iron beauty built in the 1880’s which sold in late 2013 in an off-market deal to Josh Gurwitz’s Good Properties, has just filed its plans for residential conversion; an additional story will be added to the building and it will of course house a trio of luxurious apartments and services to match.

Over the last 20 years Noho, (generally the area between Houston and 8th Street, Broadway and Third Avenue) has evolved into one of the most exclusive residential and bohemian-chic areas of Manhattan. Read more…

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Asia “On The Move” – Who’s In & Who’s Out In Stocks & Why?

Goldman Sachs’ Hong Kong-based Strategist, Timothy Moe Talks Stocks & Investment Strategy – Video

I found this video interview between Bloomberg TV’s Rishad Salamat and Timothy Moe on the state of the Asian stock markets extremely informative. With unique insight and perspective, Timothy provides his and Goldman Sachs Group Inc.’s predictions for the 2nd Quarter.  New York luxury real estate is increasingly attractive to international investors providing strong returns and increasing profits so I find as a luxury real estate broker, being aware of what’s happening around the world is key to potentially predicting trends in Manhattan’s own market. (Source: Bloomberg – April 4th)

After a robust market in the 1st quarter, inventory continues to be tight and prices are showing upward pressure. I will provide a more detailed update this week, however, I hope you find this video informative to your understanding of Asia and its stock markets. – Tony Sargent

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Apartment Buying Tips: How Did I Know I’d Found My New York Dream Home?

Apartment Buying Tips: How Did I Know I’d Found My New York Dream Home? November sunrise over the West Village | Photo by Tony Sargent (C) 2013

This morning I awoke to this spectacular dawn. The opportunity to experience nature as art in our city of steel and concrete is unique and why a New York view costs more.

Ten years ago, buying my first apartment in New York I looked for three months. When I first started looking, the dream apartment I hoped for was bigger and less expensive than the reality turned out to be. Maintenance would be lower. Then I started looking. Read more…

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6 Reasons Manhattan Real Estate Prices Aren’t Going Down Any Time Soon

6 Reasons Manhattan Real Estate Prices Aren’t Going Down Any Time Soon Sailing in New York Harbor | Photo by Tony Sargent (C) 2013

While 2013 has seen Manhattan luxury real estate flying off the market the larger story is that every great 1 to 3-bedroom apartment has 3+ buyers desiring to buy it. Here are 6 reasons why this trend is sustainable:

  1. Manhattan apartment stock is approximately 70% rental. With only 30% of apartments for sale there is already a built in potential for inventory shortage as society becomes increasingly affluent and established. Also while only 25% of apartments are condominiums/new developments, they accounted for approximately 50+% of all sales in the boom years, foreshadowing today’s re-sale inventory shortage.  Additionally, co-op owners stay in their units longer than condo owners putting enormous pressure on existing re-sale inventory.
  2. New development construction dried up for five years starting in 2008.  Today most new developments are aimed at the high-end market and priced at $2,000+ per square foot leaving overall mid-level re-sale inventory at 12-15 year lows.
  3. As newly minted Social Media and Internet entrepreneurs join the growing ranks of the global “1%” and baby boomers buying in New York, while Wall Street performance continues to be a barometer of the strength of Manhattan’s market, in 2013 the market has become less dependent on Wall Street’s middle level employee bonuses to remain strong.
  4. Lifestyle & Safety = people-friendly, family-friendly and senior-friendly. The safety of Manhattan and New York (look at Brooklyn) has grown exponentially with computer-modeled policing and development of areas once seen as off-limits.  Long-time residents mingle with baby-strollers as families decide to remain in New York. The great cultural lifestyle offered in Manhattan is drawing back wealthy baby-boomers to Manhattan from the suburbs while keeping those who would have left 20 years ago, in the city longer.
  5. High Rents and low mortgage rates continue to drive buyers of all price points back to the sales market.
  6. TV, Innovation & Tech: Entertainment filmed in New York adds to the city’s appeal to people, globally.

A beacon for leading creative or financial professionals, as well as global entrepreneurs desiring to make a splash, all arrows are pointing up again in New York.

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CNBC – VIDEO – Penthouse Shortage in NYC? Luxury Real Estate Inventory Down in Manhattan

The luxury real estate story in Manhattan for over a year has been about declining inventory and sharply rising property prices. I have had multiple bids on most of my listings in 2013. At the top of the luxury market competition for the best lines and views continued to rise over the Spring and into the early summer. This CNBC video shares a bit more of the story.

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Manhattan Real Estate Inventory Down | Signed Contracts Up

Manhattan Real Estate Inventory Down | Signed Contracts Up Snow over Downtown Manhattan | Photo by Tony Sargent (C) 2013

In the last weeks both Jonathan Miller (on Curbed) and Urban Digs reported and provided data to support what buyers and sellers alike are finding in the Manhattan luxury condo and luxury loft market; inventory is at seven-year lows and competition among buyers for new apartments that hit the market is super high. Multiple bids are back, especially in the $2-5 Million price point, and buyers in areas like Tribeca, Greenwich Village, the West Village and on the Upper West Side are feeling the heat. While the entry level market is very competitive downtown, pricing still needs to be on-target otherwise buyers are moving onto the next best property.

Check out these graphs created by Jonathan of Miller Samuel and Noah of Urban Digs. They say a picture is worth a thousand words. These graphs take things from ‘broker-speak’ to reality.

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Quick Market Update – NYC Luxury Real Estate

Posted on March 15, 2018

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