On HGTV’s Strategic Marketing competition on Selling New York, CORE associate broker and Senior Vice President, Tony Sargent and four other brokers compete to create the most innovative marketing for a luxury $7.45 Million Penthouse at 11 Fifth Avenue in Manhattan’s Greenwich Village. Who will win? Read more…
Tag: new york real estate
Photo Source: Courtesy NYT.com Photo By Spencer Platt/Getty Images
Will the changes in Wall Street, the Dow Jones Industrials and S&P’s recent downgrade of US Debt to AA create a negative impact on the Manhattan real estate market?
The strongest evidence for how the market will fare today will be to look back to the market crash of 2008. After the collapse of Bear Stearns, there was a three to four week pause in market activity, especially from the Wall Street segment of property buyers. After that initial gap, buyer activity resumed for a month before the market’s typical summer lull, but after Lehman collapsed, there was once again a period of very little activity. Real estate sales started from the entry level of the market and only gradually moved to the luxury segment. As the economy began to stabilize and buyers became more accustomed to their new reality, the Manhattan real estate market bounced back – fueled by the 2010 rise of the Dow and the global equity markets.
But what will happen as a result of our current market instability? Read more…
General Theological Seminary map - Buildings planned for sale to Brodsky Organization in red. Source: GTS
A recent WSJ article revealed that the General Theological Seminary in Chelsea has agreed to sell three of its buildings and some land to NY developer, The Brodsky Organization for $47.5 Million. Brodsky is also buying the land on 9th Avenue where they built the luxury residential building “The Chelsea Enclave” in 2009 and had originally entered into a 99-year lease causing the units to be condops vs. condominiums. Owning the land the building sits on may improve Chelsea Enclave values further. The purchase will include two townhouses, a building currently used for administrative purposes as well as another used for student housing. Read more…
In a proposed Federal Flip Tax regulation, “the (proposed) legislation would in effect prohibit Fannie Mae and Freddie Mac and the federal home loan bank from investing in mortgages where there is a flip tax, be it a condo or coop” according to Eva Talel, a partner at Stroock & Stroock & Lavan in a recently published NY1 report.
A Flip Tax in Manhattan is a fee of 1-3% usually charged by the coop or condo to sellers upon the sale of a unit. Read more…
William and Arthur Zeckendorf stand over Central Park West model Photo: Haute Living
As previously posted, William Zeckendorf signed a contract to sell his luxury New York apartment at 15 Central Park West in the late Fall. 15 CPW is the super-luxury building that he and his brother developed and has become “THE” building by which others are measured appealing to both celebrities and business leaders. November’s broker buzz was that Zeckendorf may have broken the elusive $10,000 per square foot mark for a Manhattan Apartment. He did manage to get the cake but not the icing. Read more…
Woman walks along the High Line, New York Photo Marcin Wichary Courtesy Friends of the High Line
Starting December 1, through the duration of the winter, the High Line will be open from 7am to 8pm daily. Read more…
Not so Hush Hush! According to Curbed.com Matt Damon turned his back on the 19th Floor 6,600 SF behemoth of a 6 Bedroom apartment at 535 West End Avenue. The price of this super-deluxe unit has now been chopped to $18.9 Million from the previous asking of $20 Million. While the price may appear mind-boggling while many are struggling, the higher end of the market has seen a lift in 2010. The highest priced sale in the building was over $17 Million.
From townhouses to luxury properties, contracts have been signed and sales have happened. Read more…