Category: Williamsburg

Quick Market Update – NYC Luxury Real Estate

Quick Market Update – NYC Luxury Real Estate 60 Powers Street, Williamsburg Brooklyn - Photo: Tony Sargent

Wherever you are in New York, people ask – “How’s the market?” “The Market” really depends on which segment of the real estate market you are interested in. New York’s market is divided by neighborhood, by price point and property type.

Sellers ranging from Greenwich Village Studios to Deluxe Upper West Side apartments and to West Village Townhouse owners have contacted me lately asking about the market and evaluating selling. I’ve been actively marketing 2-3 Bedroom homes in Chelsea and Williamsburg, Brooklyn giving me a deep snapshot into the market on multiple levels.

  • West Village Studios – ($550K to $850K)  – The Studio / 1Br market is picking up again after a slow summer and fall. Contracts are being signed at a faster clip. Prices seem to be stable
  • Chelsea 2-3 Bedrooms – ($2.25M to $3.3M) – Chelsea continues to have higher levels of inventory in this category, providing buyers with some opportunity. Well priced listings are selling, or those listings that lingers have been going to contract, after their prices align with buyer expectations. On average 5-7 contracts have been signed per month with approximately 50+ active units on the market. My listing has a contract out. Fingers crossed!
  • Williamsburg –  When you move away from the Williamsburg waterfront and look at townhouses, there is little on the market that is not older. Around the Lorimer Street / Metropolitan Avenue area development of multi-family homes is evident. Walking up and down Devoe, Ainslie or Powers street old homes have been replaced by more modern designs. The are is vibrant and for the un-initiated, the Lorimer / Powers area is almost the perfect tip of the triangle to be able to have access to South Williamsburg and Williamsburg Bridge within minutes or being able to access the Bedford Street area and McCarren Park of Williamsburg. My listing there at 60 Powers Street has seen a lot of activity of late. Buyers are out in force – and many already live in the area and are renting or begrudgingly looking outside of Dumbo where they have been enjoying loft living for many years.  The big question is this: What about the L-train?  After being in Brooklyn now for two months to prep and stage my listing and market it, I’m in love. The train also (especially from Lorimer St) will hopefully be less of an issue than one thinks. To get to mid-town it’s four short stops to Court Square and a connection to the E or 7 train as well as others. For downtown, it’s easy to get to the J,M and Z trains.
  • Luxury Properties – The luxury sector has picked up significantly compared to 2017. That’s not to say it’s flying, however buyers who were on the sidelines have jumped into the market and are buying properties which have been reduced in price. Reports have been showing 24+ signed contracts over $4 Million which is a significant jump from the slower months recently. New Developments are still commanding the highest prices and volume of new luxury contracts with their views, amenities such as private garages and secure driveways like at 70 Vestry Street in Tribeca.

Bottom line: It’s still a challenging market for most, however if well positioned both sellers and buyers have opportunity in this market. If you have any questions, please contract me. I’m happy to help you.

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Why Compass? Our Mission.

After 18+ years in New York luxury real estate – having worked at both one of the largest firms for my first 11 years and a boutique luxury firm for 7, I felt the need to grow and be inspired again. Looking forward to the future, I felt that as we move forward in the world, technology will be playing a bigger part in the real estate industry. Real estate is always going to be a person to person business, but how you search for your home and how we are able to put technology to work for you, in my mind will make all the difference in your success.

Here’s what Compass is all about…for you. If you have any questions, reach out. No obligations. I’m happy to answer any of your real estate questions. Connected from London to San Francisco, Hong Kong to Dubai, anywhere you go, I’m here to help advise you. – Tony Sargent, NYC

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Fall’s Most Buzzed About Real Estate Conversions

Empire Stores DUMBO Rendering

Rendering: Midtown Equities’ retail and office conversion Empire Stores located in DUMBO in the Brooklyn Bridge; http://www.empirestoresdumbo.com/

With little space to build new properties in hyper-dense New York City, it’s no surprise that developers are eager to give makeovers to pre-existing buildings not living up to their potential. Whether they are being redone with an eye towards retail or commercial occupation, there are a slew of exciting renovations slated to open in the next few months all around the city. Check out a few of the most buzzed about below:

  1. Dumbo’s Empire Stores: Dumbo has long been one of Brooklyn’s chicest neighborhoods, with residents like style-setter Olivia Palermo upping the style factor on this quiet waterfront oasis of calm. The neighborhood is about to get a fresh injection of fashion and fun with the 19th century warehouse Empire Stores opening the end of this year. Expect stunning views over the city, and
    Read more…

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New York’s Most Dynamic Neighborhoods: By Kate Betts for Travel & Leisure

New York’s Most Dynamic Neighborhoods: By Kate Betts for Travel & Leisure The Dietz Lantern Condominium in Tribeca - Photo: Tony Sargent

Photo: Tobias Hutzler via T&L

I just came across this great article written by Kate Betts for Travel & Leisure magazine. It’s about touring New York’s most dynamic neighborhoods and experiencing the change over time. Gain insight into how neighborhoods like Tribeca, Williamsburg and Harlem have truly changed since the 1980’s and even the 1990’s moving from the fringe to becoming ‘established’ with such long-time Tribeca restaurants Nobu being joined by celebrated chef Andrew Carmellini’s Locanda Verde in Robert DeNiro’s hotel at 379 Greenwich St.  Read more…

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Quick Market Update – NYC Luxury Real Estate

Posted on March 15, 2018

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