Tag: NYC

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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Gritty New York From 100 Years Ago: Never-before-seen photos now available online!

Gritty New York From 100 Years Ago: Never-before-seen photos now available online! (C) AP Photo: New York City Municipal Archive - West Side of Sixth Ave and 40th Street - May 1940

The New York Municipal Archives has just and it’s Department of Records just announced the availability on-line of almost a million images of New York from more than a 100 years ago to the mid-80’s. The images are part of a collection of over 2 million images shot over the years by municipal workers – from projects like the building of the Manhattan Bridge, to one of my favorites – the public swimming pool in Astoria, Queens in 1940. We see a city as vibrant as today but also gritty. From workers hanging new cables on the Brooklyn Bridge with the low-rise nature of downtown Manhattan punctuated by the Woolworth Tower, to crime scene photos. As with everything, time presents new perspectives on our lives and our city.  Click here to see more

What I do see is that Manhattan is as Read more…

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Dream Hotel Downtown Opens in Chelsea – 1st Pics!

Dream Hotel Downtown Opens in Chelsea – 1st Pics! Dream Hotel Downtown New York: All Photos by Tony Sargent

The highly designed Dream Hotel Downtown which is owned by Vikram Chatwal Hotels recently opened in Chelsea and yesterday I got in for a sneak peek at the pubic spaces and snapped a few photos (see more below).

Dream Hotel Downtown Lobby

Frankly I LOVE the designs of the interiors which feels retro 70s meets our Twittered decade. A mix of woods and glass and big bulbous lamps over the dining area give the place a wonderful warm feel. Read more…

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Old New York – 1956

Enjoy this look back at New York in 1956. One really gets a sense of how quickly the city did and continues to transform. The low height of trees gives away the sense of the new parks. Makes me realize Manhattan is not only the city that never sleeps, but also the city that continues to re-invent itself. Is it any wonder so many people want to “feel a part of it”? Which partly is why so many homes are bought by those who live elsewhere…from 1Brs to Townhouses and Luxury Condos. – Tony Sargent

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

Posted on April 4, 2016

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