Tag: Manhattan

Why Manhattan Real Estate Keeps Attracting International & Domestic Buyers Alike

International and local buyers keep falling in love with Manhattan real estate. Downtown, buyers are snapping up luxury new developments in Tribeca (56 Leonard), Chelsea (Walker Tower), West Chelsea and the West Village (150 Charles) and its expected that several new Hudson Yards projects including 520 West 28th to be designed by famed starchitect Zaha Hadid for Related will sell out quickly.

Manhattan real estate prices on average double every ten years drawing investors, however, I believe part of the magic of New York is that moment when one sees the lights of the city or a view one never had seen before. The city continues to grow and improve adding to its live-able quality and attracting buyers from all demographics and nationalities. Of course many old-timers lament the city’s change, but change is a constant in New York.

Cameron Michael has captured the essence of Manhattan in this Manhattan Project time-lapse video, which I wanted to share with you. Fall in love again…

The Manhattan Project HD from Cameron Michael on Vimeo.

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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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Luxury Real Estate – New York to Malibu | Connecting the Dots for a Cherished Client

Luxury Real Estate – New York to Malibu | Connecting the Dots for a Cherished Client 28 Laight Street Loft (In-Contract) - Photo by Rich Caplan (C) 2013

In 2012 I sold a Tribeca loft to my client after we won a five-way multiple bid. Staying in touch as I do with most of my clients, I was surprised to hear in April that my client was transferring to California for work and needed to sell. With high transaction costs it was hard to predict the final outcome but 2013 has been a record-breaking year for large luxury homes in Tribeca and this unit was not an exception.

As a luxury real estate expert with an international upbringing, my view is global. Since 2006 I’ve attended and spoken at some of the top real estate seminars in California and thus know many of the southern California’s top brokers by name and have a clear sense of each of their knowledge base and area of expertise.

After connecting my client with one of my top West-LA brokers with a similar design aesthetic and film background as my clients, I flew to LA and we toured nine houses from Malibu to Silver Lake in one day, having prepped my West Coast broker with insight about my my clients’ aesthetic and needs. Last week, my clients moved to California super happy to move into their new Malibu home, which we toured together in May – Thrilling also because I negotiated an over-ask offer for their Manhattan loft sale in one day after helping them finalize staging it.

Today’s market calls for Read more…

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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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CBS 2 Video | Living Large at 39 Fifth Avenue | Emily Smith’s Luxury Penthouse Tour with Tony Sargent and Emily Beare

What does $5.4 Million buy you in Manhattan? New York’s CBS 2’s Emily Smith and her camera-crew set out to find out and visited this beautiful townhouse-in-the-sky in Greenwich Village – a European inspired duplex luxury coop with custom details and a wrap-around terrace. Tony Sargent and Emily Beare of CORE share this listing on Lower Fifth Avenue in Manhattan and together had the opportunity to show WCBS’s delightful Emily Smith this New York luxury Penthouse on downtown’s coveted Gold Coast. Enjoy!

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13 New York Buildings That Turn 100 in 2013 – New York Architecture & History

13 New York Buildings That Turn 100 in 2013 – New York Architecture & History Source: Curbed.com - March 18, 2013 Article by Hana Alberts

In 2013 13 historically important and beautiful New York buildings will turn 100 years old. While Manhattan is a city of change and new buildings like the Freedom Tower, One57, and 56 Leonard Street capture our attention today, passing by the stately buildings of the past like The Woolworth Building or Grand Central make our daily lives richer in New York. Sometimes I force myself to put my phone away as I move around the city and look up at buildings I have never noticed before. The wide collection of stunning architecture we have in New York is refreshing. See New York’s best of 100 years ago, couresty of Curbed.com’s summary of each building and a link to the building’s web-sites. As spring hides but waits around the corner follow this list and create a walking tour for a lazy spring weekend.

Which one is your favorite?

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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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New York Luxury Real Estate: Why Manhattan’s $10M+ Market Offers Huge Buyer Opportunity

Posted on February 1, 2019

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