Lower Manhattan homes in demand — even after Sandy’s landfall

I think this story is a bit optimistic. If severe weather is going to become a pattern in lower manhattan and other waterfront communities in the boroughs; there may be some negative affects on properties in those locations.
Developers may seek out higher ground for new projects.
Time and the weather forecast will tell.

Lower Manhattan homes in demand — even after Sandy’s landfall

 

From left: Jonathan Miller, Gary Malin and Michelle Bourgeois

Hurricane Sandy hasn’t lessened the demand for Lower Manhattan residential properties, the New York Observer reported. Though it’s early to say what effect the storm will have on the Manhattan market as a whole and a slew of Lower Manhattan properties are still pumping out flood water from two weeks ago, showings and closings have not slowed down since Sandy passed through.
Even the day of the storm, as winds howled, Town salesperson Michelle Bourgeois helped close a deal on a Tribeca apartment — located in Zone B — for two clients. She even got both attorneys and found an open bank to finalize the deal.
“With the lack of inventory downtown, there’s a huge demand for properties of that size in great condition,” Bourgeois told the Observer. “When you get one that you love, well, you don’t want to risk losing it.”
According to Hall Willkie, a broker at Brown Harris Stevens, the storm will not have a general impact on overall downtown property values. “It may affect specific homes within buildings or locations which were severely damaged by the storm but not on the long term market as a whole,” he told the paper in an email.
Appraiser Jonathan Miller said the waterfront remains a strong selling point. But he said he expects a change for lending — with tight credit, a mortgage for an apartment located in a flood zone could sink the deal. [NYO] — Zachary Kussin

Tags: hall willkie, Hurricane Sandy, jonathan miller, lower manhattan, michelle bourgeois

 

http://therealdeal.com/blog/2012/11/13/lower-manhattan-homes-in-demand-even-after-storm/

A downtown Manhattan office building has sold for $49.8 million and its new owner, a subsidiary of Izaki Group Investments USA, has ambitious plans to convert it into luxury condos. The deal closed on Tuesday.
The 165,000-square-foot building, at 335-337 Broadway and marketed as 93 Worth St., is expected to be fully vacant by the end of November. And the condo conversion plans, which have been filed with the New York state Attorney General's office, is expected to be approved before the end of the year, said Eldad Blaustein, CEO of the Izaki Group.
Crain's first reported the sale of 93 Worth St. in June

Read more: http://www.crainsnewyork.com/article/20111005/REAL_ESTATE/111009951#ixzz1ZxPF6IEf

Dumbo and Boerum Hill join the ranks of NYC's most expensive nabes

Considering the proximity of these nabes to lower Manhattan, many former manhattanites are taking the plunge and moving across the bridge. My typical client who is making that move is usually seeking better quality and not so concerned with lowering their current rent. A $2500.00 budget in Mahattan doesn't go very far, even on the Upper East side or Hell's Kitchen where you can often find lower rents.
The draw is leaving your basic walk-up apt with no amenties to finding yourself in a full service bldg with tons of ammenties, rooftops, gyms, laundry, party rooms, conceirge srvc. etc.
Many of my clients who have been on tight budgets and fixated on living in the City, don't mind the 10-20 minute commute, if I can get them to just "take a look" at some Brooklyn neighborhoods. They soon discover that they are not "missing out" because there is a plethora of restaurants, bars, shops, green spaces, etc.

Dumbo and Boerum Hill join Soho and Tribeca as NYC's most expensive nabes

August 16, 2011 12:30PM

Dumbo

Soho and Tribeca were the most expensive New York City neighborhoods in the second quarter of 2011, but Dumbo was a surprising fourth entry on the top 10 list, according to PropertyShark.com. Dumbo was ahead of many other Manhattan neighborhoods such as the Upper East Side, the Upper West Side, the West Village and Chelsea, with a median sale price of $1.075 million. That price increased 9 percent from the median sales price in the second quarter of 2010, which was $990,000,
READ FULL STORY HERE:
http://therealdeal.com/newyork/articles/dumbo-and-boerum-hill-join-soho-and-tribeca-as-nyc-s-most-expensive-neighborhoods-according-to-propertyshark-com