Tag: New Development

432 Park Avenue Tops Out | The Tallest Building* in the Western Hemisphere

The uber luxury condominium being developed in New York, 432 Park Avenue, topped out Friday at 1,396 feet high making it the tallest residential building in the Western Hemisphere. If you don’t include the 400+ foot high antenna on top of One World Trade Center, then the top floor is actually 28 feet higher* than One World Trade delivering breathtaking views to its future residents. For the high net worth individual, owning one of these amazing homes with its promised luxurious finishes and views will set you back $17 to $80+ Million. Preview these incredible views – watch the video (below).

Historically, New York’s former top condominium buildings like Time Warner and 15 Central Park West delivered immense investment returns when first owners re-sold their homes. Looking for views and financial security? 432 Park stands out in the luxury home market for its iconic height and world renown location on Park Avenue. 

Sales and Marketing: Courtesy by Douglas Elliman Development Marketing and Macklowe Properties

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New York’s Fall Real Estate Luxury Market Starts Strong

New York’s Fall Real Estate Luxury Market Starts Strong Downtown Manhattan as seen from the Empire State Building - Photo by Tony Sargent (C) 2014

The Manhattan real estate market is picking up again in the luxury sector. While there was a slight lull in the summer between mid-June and July by August properties that had been on the market for a month or two started going to contract.  While I was in in San Francisco in July at Inman Connect’s real estate conference speaking on a luxury panel, I heard that the mid-luxury levels in San Francisco and Los Angeles had also been slow for a month or more. Was the market turning?

Traditionally the Fall market in New York is our secondary market – Buyers who did not have a chance to secure a property in the robust spring market re-enter market again in the Fall after a summer off.

I believe the Fall market started early this year – in August. The intense seller’s market for the first six months of the year lead to a slower June and July because of buyer fatigue. Added to that, listing inventory while having climbed somewhat in the 2nd quarter of 2014 over the 1st quarter was still well below the 5-year averages making it more challenging for buyers to find the properties they hoped for – rather than continuing a seemingly futile effort they stopped. (Read Streeteasy’s July Condo Report here)

As a result, in my view the level of pent-up demand is still extremely high. The buyers who are willing to step up and make a quick decision and not sweat the small stuff with regards to negotiations will buy properties this fall. Those buyers who are choosy and question every aspect of the deal or contract will be a disadvantage in negotiations.

For the buyers who’ve decided to stay put in their current homes until ‘the right one’ shows up some will (like many before them) choose instead to stay put and to invest in a country or Hamptons home to provide the escape from Manhattan.

What I’m seeing in the first two weeks of September is that the mid to high-end luxury market is very strong and contracts are getting signed on new properties and those which had seen showings but no contracts. Listings that I have been following as well as new developments also reported signed contracts in the first 19 days of September. For me August was very busy with properties that went to contract including 30 Bond, Penthouse and 200 Eleventh Avenue after multiple bids.

In the luxury development market new properties have started to be announced for the fall market. The face of New York’s residential real estate is changing, as is the design and height limits. With super tall sky-scrapers coming to the city, it will be interesting to see what the future holds for the world’s global elite in terms of luxury offerings in the future. It’s an exciting period in residential design.

 

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The Ten Most Expensive Manhattan Condominiums For Sale

The Ten Most Expensive Manhattan Condominiums For Sale View from 80 Columbus Circle (Time Warner Building) Apt 77B - Exclusive Courtesy of Brown Harris Stevens

With 78 Active luxury condominium and Penthouse listings priced at or above $20 million in Manhattan as of March 18th, 2014 I wanted to explore and share New York’s Top 10 Active Sales by price. All of the top 10 are either on or near Central Park. The highest asking price is $100 million with lowest of the top 10 being priced at $60 million. As a reference point, in 2008 when the market crashed, $43 million was about the highest price being paid for New York’s top properties.  Today Read more…

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The High Line District – Manhattan’s Newest Luxury Enclave

The High Line District – Manhattan’s Newest Luxury Enclave Evening Falls Over Jean Nouvel's 100 Eleventh Ave Luxury Condo (L) with Frank Gehry's IAC Building (R) | Photo by Tony Sargent (C) 2013

The area along the 10th Avenue corridor from 16th Street to 30th Street is fast becoming Manhattan’s newest luxury residential neighborhood. Renaming it “The High Line District” instead of the generic “West Chelsea” will best capture the district’s new and exciting eclectic nature and architectural significance.

Already featuring a mix of boutique condos, long-established art galleries, and distinctive architecture designed by such luminaries as Jean Nouvel, Frank Gehry, Annabelle Selldorf and Shigeru Ban, now new developments of uber luxury residential condos are coming to the area including modern designs by Thomas Juul-Hansen, Norman Foster, Zaha Hadid and other prominent architects. These projects are being developed by HFZ Capital, the Related Companies, Cary Tamarkin and others to create an exclusive new neighborhood deserving of new recognition. Read more…

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Condo to rise on former Ratner’s site off Delancey | Crain’s New York Business

Lower East Side Condo Development News: Crain’s reported that Urban-Scape, a Brooklyn-based developer recently purchased 100 Norfolk St in the Lower East Side with the intent to build a new condominium opposite the existing Blue building on Delancey St. Despite the 120′ height limits implemented in the Lower East Side after the 16-story Blue was built, Urban-Scape reportedly owns the neighboring properties to 100 Norfolk allowing for the transfer of air rights to the lot.

Expect to see more development in the Lower East Side Read more…

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305W16: Chelsea’s Newest Best Buy and Why

305W16: Chelsea’s Newest Best Buy and Why Photo by Richard Caplan (C) 2011 - Courtesy CORE / 305W16

After two years of recession-era pause, the new development at 305 West 16th Street opened its doors and sales office as the condop, 305W16, last month. During the past two years, many have walked by the imposing facade and wondered, “What’s behind those incognito windows?” But I questioned it. Really? Here?

A month ago, I was invited to CORE’s opening party at 305W16 and my relationship with the building changed completely. (Full disclosure – I am a broker with CORE and this is not a PR piece, but something I genuinely wanted to write). I was able to experience the building in a whole new way once I was inside at a fun and exciting event that featured DJs, great food, painted models, a fire breather and a flamenco performance. The views from the roof deck, while only seven stories high, were unexpectedly spectacular. At dusk, the open sight lines from the North and West set the sparkling lights of Chelsea and Midtown alight.

The best part of it all is Read more…

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New Developments. Why will apartments cost more?

New Developments. Why will apartments cost more? Carnegie 57 to open in 2013 - Photo: Marylinn K Yee/NYT

A recent article in The New York Times by Vivian Toy discusses the state of New Residential Developemts in Manhattan in 2010 and currently. To her point, applications for new construction fell off a cliff in 2009 and 2010 which may result in a shortage of inventory in the market in 2012 and 2013. Combined effects of the recession, harder to come by financing for both buyers and developers stalled the new construction of residential units, both for rent and for sale. Stall is the right word as there was a drop of 95% in the number of units applied for in 2010 vs. 2008 (approx. 500 vs. 9,500).

NYT housing Permit Graph Jan 141 16cover-graphic-popup

NY real estate NYT housing Permit Graph Jan 141 16cover-graphic-popup

Many new developments that were under way stalled during the recession but some have slowly re-emerged and have been selling, Read more…

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Monday Market Video: Average Manhattan Home Now Costs $2M

Posted on April 4, 2016

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