2013 New York Real Estate Year in Review

Good Morning and Happy New Year! 2013 roared to a close, with the Manhattan residential real estate market setting sales volume records, rising by 30 percent in the fourth quarter. Inventory dwindled to its lowest rate in 14 years, with approximately 4100 listings available at the close of the year. Observers agree that buyers both gained confidence in the economy and were spurred to action by the potential for continued rising interest rates. The median sales price for condos rose by a stunning 14.3 percent over 2012, reaching an all-time high of $1.32 million, according to Crain’s New York Business.

However, the condo median price increase was driven primarily by sharp rises for sales of luxury units, new developments, and larger units. In addition, foreign buyer interest continues to drive high-end condo sales. High-end condo sales represent only about five percent of the market, however. Co-op sales, about 60 percent of the market, had a modest median price increase of 4.6 percent in 2013, reaching approximately $680,000. A modest increase in the mid-range market is probably good news, according to some observers. It suggests there’s no market “bubble” and price increases are sustainable.

While the coming year looks good for sellers, they should nevertheless be wary of setting an unrealistically high price for their property just because prices overall are climbing. If you’re putting an older property on the market or a smaller or non-luxury unit, it’s probably not reasonable to expect it to fetch a double-digit price increase. Buyers are looking at continued tight inventory in 2014. They’ll probably have to spend more time looking for what suits their needs and should be ready to move quickly when a good option becomes available.

Overall, 2013 was a great year for Manhattan real estate and we expect 2014 to continue the upswing. I’d be happy to discuss Manhattan’s real estate picture in greater detail. Please email me to set up an appointment. I would also welcome the opportunity to discuss your real estate needs and plans.

Crain’s New York Business: http://www.crainsnewyork.com/article/20140103/REAL_ESTATE/140109975
The Real Deal: http://therealdeal.com/blog/2014/01/03/manhattan-apartment-market-closes-out-crazy-year-with-record-smashing-quarter/
CNBC.com: http://www.cnbc.com/id/101308576
New York Times: http://www.nytimes.com/2014/01/03/nyregion/manhattan-real-estate-market-surging-at-years-end.html?_r=0
Reuters: http://www.reuters.com/article/2014/01/03/us-realestate-newyork-sales-idUSBREA020ML20140103

Landlords, brokers reach out to storm victims

 

Stuy-Town will not charge rent in the days its buildings were without basic services. Stonehenge Partners is offering short-term leases, and some brokers are waiving their fees

Read more: http://www.crainsnewyork.com/article/20121108/REAL_ESTATE/121109901#ixzz2BkTDsfbw

Port Authority approves cheaper glass covering for the base of 1 WTC

1 WTC gets new, cheaper glass covering for base

November 16, 2011 09:30AM

1 World Trade Center

The Port Authority of New York & New Jersey has approved a new glass covering for the 20-story base of 1 World Trade Center, Crain's reported. The initial plans to clad the 185-foot-tall concrete base of the forthcoming tower in special prismatic glass fell through because of manufacturing difficulty and a susceptibility to shattering.

The new glass covering will be significantly cheaper for the Port Authority. The agency will pay $37.2 million to Permasteelisa North America Corp to engineer and install stainless steel slat panels around the base and cover it with glass fins, which will reflect light during the day. That compares to the $82 million contracted for the original plans. Crain's could not determine how much of that was actually paid out.

The installation will begin in 2013 and should keep construction on the Skidmore, Owings & Merrill-designed tower on track. Port Authority Chairman David Samson said the new plan "provides a practical way to cover the tower's secure base, and give it an innovative, inviting look for the thousands of workers who will be employed there and the millions of tourists who will visit it."

Safety concerns have loomed over the construction of the tower, as special measures were taken to ensure the stability of the bottom 20 floors. As a result, those floors will not have office space. [Crain's]

City seeks proposals for 2 Red Hook acres - Crain's New York Business

City seeks proposals for 2 Red Hook acres - Crain's New York Business

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